-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H2xSkqPTI+TqE4hkOZxAvXzkASyRY6jimRVLMvL+PIsT9Cs0B8dsRRVGg77ZG2/0 QiA/PeM+reJ4ecn/Ei18Xw== 0000893220-03-001705.txt : 20031021 0000893220-03-001705.hdr.sgml : 20031021 20031021141918 ACCESSION NUMBER: 0000893220-03-001705 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031021 ITEM INFORMATION: FILED AS OF DATE: 20031021 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMM BANCORP INC CENTRAL INDEX KEY: 0000730030 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 232242292 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17455 FILM NUMBER: 03949550 BUSINESS ADDRESS: STREET 1: 125 NORTH STATE STREET CITY: CLARKS SUMMIT STATE: PA ZIP: 18411 BUSINESS PHONE: 5707853181 MAIL ADDRESS: STREET 1: 125 NORTH STATE STREET CITY: CLARKSUMMIT STATE: PA ZIP: 18411 8-K 1 w90873e8vk.txt COMM BANCORP, INC. FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 21, 2003 --------------------- Comm Bancorp, Inc. - ---------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Pennsylvania 0-17455 23-2242292 - ------------------------------ --------------- ------------------- (State or other jurisdiction of (Commission (I.R.S. Employer incorporation) file number) Identification No.)
125 North State Street, Clarks Summit, PA 18411 - ----------------------------------------- ----------------------- (Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (570)586-0377 ------------------- Former name or former address, if changed from last report: Not Applicable Page 1 of 4 Item 1. Changes in Control of Registrant. Not Applicable. Item 2. Acquisition or Disposition of Assets. Not Applicable. Item 3. Bankruptcy or Receivership. Not Applicable. Item 4. Changes in Registrant's Certifying Accountant. Not Applicable. Item 5. Other Events. Not Applicable. Item 6. Resignations of Registrant's Directors. Not Applicable. Item 7. Financial Statements and Exhibits. (a) Financial Statements of Business Acquired. Not Applicable. (b) Pro Forma Financial Information. Not Applicable. (c) Exhibits. None. Item 8. Change in Fiscal Year. Not Applicable. Item 9. Regulation FD Disclosure. None. Item 10. Amendments to the Registrant's Code of Ethics, or waiver of a Provision of the Code of Ethics. Not Applicable. 2 Item 11. Temporary Suspension of Trading Under Registrant's Employee Benefit Plans. Not Applicable. Item 12. Results of Operations and Financial Condition. (a) Exhibit 99(i) Press Release, dated October 20, 2003. 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. COMM BANCORP, INC. ---------------------------- (Registrant) Date: October 21, 2003 By: /s/ Scott A. Seasock ---------------------------- Scott A. Seasock Executive Vice President and Chief Financial Officer (Principal Financial Officer) 4 EX-99.I 4 w90873exv99wi.txt PRESS RELEASE, DATED OCTOBER 20, 2003 NEWS RELEASE TO BUSINESS EDITOR: COMM BANCORP, INC. REPORTS THIRD QUARTER 2003 EARNINGS Clarks Summit, PA, October 20/PR Newswire/-Comm Bancorp, Inc. (Nasdaq: CCBP) today reported earnings of $1,155,000 or $0.61 per share for the third quarter of 2003. Year-to-date 2003 earnings totaled $3,630,000 or $1.89 per share. Comparable 2002 earnings were $1,270,000 or $0.65 per share for the third quarter and $3,810,000 or $1.94 per share year-to-date. Return on average equity for the three months and nine months ended September 30, 2003, was 10.10% and 10.60%, respectively, as compared to 11.39% and 11.91% for the same periods of 2002. Return on average assets was 0.89% for the third quarter and 0.97% year-to-date 2003, as compared to 1.05% and 1.09% for the respective 2002 periods. "The historically low interest rate environment continued to place pressure on our interest margins," commented William F. Farber, Sr., President and Chief Executive Officer. "However, activity in our secondary mortgage department remained strong. Increased gains from the sale of mortgages helped mitigate the effect margin compression had on earnings," continued Farber. With regard to nonfinancial activity, the Company expects to open its 17th community banking office in Tannersville, Pennsylvania, during the fourth quarter. This office will be located in Monroe County, a new market area for the Company. "This area is one of the fastest growing metropolitan markets in the Commonwealth," stated Farber. "We look forward to the many growth opportunities this area may present," concluded Farber. HIGHLIGHTS - - Total assets grew $37 million or 10% annualized from year-end 2002. - - Loans, net of unearned income grew at an annualized rate of 19% in the third quarter of 2003. - - Year-to-date noninterest revenue rose 8% compared to prior year. - - Year-to-date net charge-offs declined 26% in comparison to last year. INCOME STATEMENT REVIEW Tax-equivalent net interest income decreased $387 thousand or 2.8% to $13.5 million for the nine months ended September 30, 2003 from $13.9 million in the prior year period. A decline of $2.1 million in tax-equivalent interest revenue was partially offset by a $1.7 million reduction in interest expense. With respect to interest revenue, the effects of a 100 basis point decline in the tax-equivalent yield on earning assets to 5.98% more than offset the additional interest revenue generated from the growth of $27.7 million or 6.2% in average earning assets. The reduction in interest expense resulted from a 75 basis point decrease in the cost of funds to 2.58%, partially offset by additional interest paid on growth of $20.9 million in average interest-bearing liabilities. For the nine months ended September 30, 2003, the net interest spread decreased 25 basis points to 3.40%, while the net interest margin contracted 35 basis points to 3.82%. For the third quarter of 2003, tax- equivalent net interest income increased $11 thousand in comparison to the prior year period. The tax-equivalent net interest margin for the third quarter fell 25 basis points to 3.74% in 2003 from 3.99% last year. The provision for loan losses was $120 thousand and $360 thousand for the three months and nine months ended September 30, 2003, compared to $195 thousand and $935 thousand for the respective periods of 2002. The allowance for loan losses, as a percentage of loans, net of unearned income, equaled 1.06% at the end of the third quarter of 2003 and 1.15% one year ago. Noninterest income increased $42 thousand or 4.3% to $1,030 thousand for the three months ended September 30, 2003, compared to $988 thousand for the same three months of last year. For the nine months ended September 30, 2003, noninterest income improved $239 thousand or 8.3% over the prior year period. The increases for both the current quarter and nine-month period resulted primarily from greater gains on the sale of residential mortgages partially offset by reductions in services charges, fees and commissions. Gains on the sale of residential mortgages rose $120 thousand or 57.7% for the third quarter and $448 thousand or 79.3% year-to-date when comparing 2003 and 2002. Services charges, fees and commissions declined $61 thousand or 8.0% and $123 thousand or 5.6% when comparing the three-month and nine-month periods ended September 30, 2003 and 2002. Noninterest expense for the quarter ended September 30, 2003, increased $311 thousand or 9.1% to $3,739 thousand compared to $3,428 thousand for the respective prior year period. Salaries and employee benefits expense increased $138 thousand or 8.0%, occupancy and equipment expense rose $100 thousand or 21.8% and other expenses increased $73 thousand or 5.8%. New staff and training required for the anticipated opening of the Tannersville Office in the fourth quarter and personnel added in the lending division were responsible for the higher employee-related costs. Depreciation and maintenance costs associated with the relocation of the Clifford Office in January of 2003 and the installation of a document imaging system factored into the increased occupancy and equipment costs. Other expenses were impacted by higher contractual services relative to increased activity in the secondary mortgage division and increased state shares tax, partially offset by reductions in marketing costs, supply costs and other real estate expense. For the nine months ended September 30, 2003, noninterest expense increased $726 thousand or 7.2% to $10,742 thousand, compared to $10,016 thousand for prior year period. BALANCE SHEET REVIEW Total assets grew $36.7 million or at an annualized rate of 10.1% to $523.1 million at September 30, 2003, from $486.4 million at December 31, 2002. Total deposits grew $36.3 million or at an annualized rate of 11.1% from year-end 2002. Noninterest-bearing deposits grew $13.1 million or at an annual rate of 35.2%, while interest-bearing deposits rose $23.2 million or 8.0%. Loans, net of unearned income, increased $29.0 million or at an annual rate of 12.0%. Investment securities decreased $8.1 million. There were $22.6 million in federal funds sold outstanding at the end of the third quarter of 2003, compared to $10.5 million at the end of last year. In comparison to the end of the previous quarter, total assets increased $10.2 million or at an annual rate of 7.9%, total deposits grew $10.0 million or at an annual rate of 8.6% and loans, net of unearned income, rose $15.7 million or at an annual rate of 18.5%. Stockholders' equity totaled $46.0 million at September 30, 2003, compared to $45.7 million at June 30, 2003, and $45.3 million at December 31, 2002. On a per share basis, stockholders' equity equaled $24.16 per share, $23.94 per share and $23.31 per share for these respective periods. During the nine months ended September 30, 2003, 44,788 shares of common stock totaling $1.6 million were repurchased. Dividends declared for the nine months ended September 30, totaled $1,268 thousand or $0.66 per share in 2003 and $1,195 thousand or $0.61 per share in 2002. The Company's common stock closed at a price of $35.75 per share and traded at 148% of book and 13.8 times trailing twelve months earnings per share at September 30, 2003. Nonperforming assets totaled $2.6 million and equaled 0.74% of loans, net of unearned income, at September 30, 2003, compared to $2.3 million at the end of the previous quarter and $2.5 million at the end of 2002. The change from the previous quarter-end resulted from an increase of $482 thousand in accruing loans past due 90 days or more, partially offset by declines of $140 thousand in nonaccrual loans and $36 thousand in foreclosed assets. The allowance for loan losses was $3.7 million and 1.06% of loans, net of unearned income, at September 30, 2003, compared to $3.7 million and 1.09% at the prior quarter-end and $3.6 million and 1.15% one year ago. The coverage ratio, the allowance for loan losses as a percentage of nonperforming assets, equaled 143.5% at the end of the third quarter compared to 160.7% at June 30, 2003. Net charge-offs were $74 thousand and $382 thousand for the three months and nine months ended September 30, 2003, compared to $86 thousand and $515 thousand for the respective 2002 periods. Annualized net charge-offs, as a percentage of average loans outstanding, equaled 0.08% for the third quarter and 0.15% year-to-date 2003, compared to 0.11% and 0.22% for the same periods of last year. Comm Bancorp, Inc. serves four Pennsylvania counties through Community Bank and Trust Company's 16 community banking offices. Each office, interdependent with the community, offers a comprehensive array of financial products and services to individuals, businesses, not-for-profit organizations and government entities. In addition, customers can take advantage of Klick(sm) Banking, on-line banking services, by accessing the Company's web site at http://www.combk.com. The Company's business philosophy includes offering direct access to senior management and other officers and providing friendly, informed and courteous service, local and timely decision making, flexible and reasonable operating procedures and consistently-applied credit policies. [TABULAR MATERIAL FOLLOWS] SUMMARY DATA COMM BANCORP, INC. FIVE QUARTER TREND (IN THOUSANDS, EXCEPT PER SHARE DATA)
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, 2003 2003 2003 2002 2002 ------------- ------------- ------------- ------------- ------------- Key performance data: Per share data: Net income $ 0.61 $ 0.60 $ 0.68 $ 0.71 $ 0.65 Cash dividends declared $ 0.22 $ 0.22 $ 0.22 $ 0.21 $ 0.21 Book value $ 24.16 $ 23.94 $ 23.70 $ 23.31 $ 23.04 Tangible book value $ 23.66 $ 23.41 $ 23.14 $ 22.71 $ 22.41 Market value: High $ 36.67 $ 37.40 $ 35.48 $ 35.50 $ 35.97 Low $ 34.25 $ 34.23 $ 33.50 $ 32.76 $ 32.01 Closing $ 35.75 $ 34.80 $ 35.00 $ 35.29 $ 34.00 Market capitalization $ 68,099 $ 66,451 $ 68,109 $ 68,631 $ 66,334 Common shares outstanding 1,904,869 1,909,518 1,945,977 1,944,769 1,951,014 Selected ratios: Return on average stockholders' equity 10.10% 9.96% 11.77% 12.21% 11.39% Return on average assets 0.89% 0.92% 1.11% 1.12% 1.05% Leverage ratio 8.56% 8.55% 8.77% 8.77% 8.70% Efficiency ratio 70.51% 69.71% 65.15% 66.70% 66.13% Nonperforming assets to loans, net 0.74% 0.68% 0.68% 0.79% 0.68% Net charge-offs to average loans, net 0.08% 0.20% 0.17% 0.07% 0.11% Allowance for loan losses to loans, net 1.06% 1.09% 1.13% 1.16% 1.15% Earning assets yield (FTE) 5.69% 5.97% 6.31% 6.32% 6.65% Cost of funds 2.36% 2.61% 2.80% 2.93% 3.16% Net interest spread (FTE) 3.33% 3.36% 3.51% 3.39% 3.49% Net interest margin (FTE) 3.74% 3.78% 3.95% 3.85% 3.99%
COMM BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER SHARE DATA)
Nine months ended Sept. 30, Sept. 30, 2003 2002 Interest income: Interest and fees on loans: Taxable $ 16,781 $ 17,137 Tax-exempt 577 522 Interest and dividends on investment securities available-for-sale: Taxable 1,485 2,769 Tax-exempt 1,193 1,455 Dividends 34 56 Interest on federal funds sold 163 255 Total interest income 20,233 22,194 Interest expense: Interest on deposits 7,646 9,327 Total interest expense 7,646 9,327 Net interest income 12,587 12,867 Provision for loan losses 360 935 Net interest income after provision for loan losses 12,227 11,932 Noninterest income: Service charges, fees and commissions 2,093 2,216 Net gains on sale of loans 1,013 565 Net gains on sale of investment securities 86 Total noninterest income 3,106 2,867 Noninterest expense: Salaries and employee benefits expense 5,328 4,992 Net occupancy and equipment expense 1,646 1,359 Other expenses 3,768 3,665 Total noninterest expense 10,742 10,016 Income before income taxes 4,591 4,783 Provision for income tax expense 961 973 Net income $ 3,630 $ 3,810 Other comprehensive income (loss): Unrealized gains (losses) on investment securities available-for-sale $ (432) $ 3,580 Reclassification adjustment for gains included in net income (86) Income tax expense (benefit) related to other comprehensive income (loss) (147) 1,188 Other comprehensive income (loss), net of income taxes (285) 2,306 Comprehensive income $ 3,345 $ 6,116 Per share data: Net income $ 1.89 $ 1.94 Cash dividends declared $ 0.66 $ 0.61 Average common shares outstanding 1,925,962 1,963,665
COMM BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER SHARE DATA)
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Three months ended 2003 2003 2003 2002 2002 Interest income: Interest and fees on loans: Taxable $ 5,617 $ 5,612 $ 5,552 $ 5,674 $ 5,684 Tax-exempt 199 187 191 166 177 Interest and dividends on investment securities available-for-sale: Taxable 397 430 658 712 804 Tax-exempt 394 399 400 430 439 Dividends 9 11 14 15 17 Interest on federal funds sold 49 86 28 93 164 Total interest income 6,665 6,725 6,843 7,090 7,285 Interest expense: Interest on deposits 2,392 2,582 2,672 2,889 3,036 Total interest expense 2,392 2,582 2,672 2,889 3,036 Net interest income 4,273 4,143 4,171 4,201 4,249 Provision for loan losses 120 120 120 165 195 Net interest income after provision for loan losses 4,153 4,023 4,051 4,036 4,054 Noninterest income: Service charges, fees and commissions 702 695 696 688 763 Net gains on sale of loans 328 295 390 354 208 Net gains on sale of investment securities 236 17 Total noninterest income 1,030 990 1,086 1,278 988 Noninterest expense: Salaries and employee benefits expense 1,859 1,773 1,696 1,775 1,721 Net occupancy and equipment expense 558 548 540 494 458 Other expenses 1,322 1,257 1,189 1,245 1,249 Total noninterest expense 3,739 3,578 3,425 3,514 3,428 Income before income taxes 1,444 1,435 1,712 1,800 1,614 Provision for income tax expense 289 290 382 410 344 Net income $ 1,155 $ 1,145 $ 1,330 $ 1,390 $ 1,270 Other comprehensive income (loss): Unrealized gains (losses) on investment securities available-for-sale $ (408) $ 212 $ (236) $ (335) $ 1,561 Reclassification adjustment for gains included in net income (236) (17) Income tax expense (benefit) related to other comprehensive income (loss) (139) 72 (80) (194) 525 Other comprehensive income (loss), net of income taxes (269) 140 (156) (377) 1,019 Comprehensive income $ 886 $ 1,285 $ 1,174 $ 1,013 $ 2,289 Per share data: Net income $ 0.61 $ 0.60 $ 0.68 $ 0.71 $ 0.65 Cash dividends declared $ 0.22 $ 0.22 $ 0.22 $ 0.21 $ 0.21 Average common shares outstanding 1,908,995 1,923,082 1,946,217 1,949,678 1,956,741
COMM BANCORP, INC. DETAILS OF NET INTEREST AND NET INTEREST MARGIN (IN THOUSANDS, FULLY TAXABLE EQUIVALENT BASIS)
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, 2003 2003 2003 2002 2002 Three months ended Net interest income: Interest income Loans, net: Taxable $ 5,617 $ 5,612 $ 5,552 $ 5,674 $ 5,684 Tax-exempt 302 284 289 252 268 Total loans, net 5,919 5,896 5,841 5,926 5,952 Investments: Taxable 406 441 672 727 821 Tax-exempt 596 605 606 651 666 Total investments 1,002 1,046 1,278 1,378 1,487 Federal funds sold 49 86 28 93 164 Total interest income 6,970 7,028 7,147 7,397 7,603 Interest expense Deposits 2,392 2,582 2,672 2,889 3,036 Total interest expense 2,392 2,582 2,672 2,889 3,036 Net interest income $ 4,578 $ 4,446 $ 4,475 $ 4,508 $ 4,567 Loans, net: Taxable 6.70% 7.05% 7.19% 7.24% 7.42% Tax-exempt 5.06% 5.88% 6.07% 7.77% 7.74% Total loans, net 6.59% 6.98% 7.12% 7.26% 7.44% Investments: Taxable 2.06% 2.47% 3.19% 3.57% 5.18% Tax-exempt 7.41% 7.44% 7.56% 7.44% 7.48% Total investments 3.62% 4.02% 4.40% 4.74% 6.01% Federal funds sold 1.00% 1.20% 1.28% 1.47% 1.71% Total earning assets 5.69% 5.97% 6.31% 6.32% 6.65% Interest expense Deposits 2.36% 2.61% 2.80% 2.93% 3.16% Total interest-bearing liabilities 2.36% 2.61% 2.80% 2.93% 3.16% Net interest spread 3.33% 3.36% 3.51% 3.39% 3.49% Net interest margin 3.74% 3.78% 3.95% 3.85% 3.99%
COMM BANCORP, INC. CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT PER SHARE DATA)
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, At period end 2003 2003 2003 2002 2002 Assets: Cash and due from banks $ 12,611 $ 13,983 $ 12,232 $ 10,883 $ 13,004 Federal funds sold 22,600 34,350 18,700 10,500 31,550 Investment securities available-for-sale 116,121 106,186 114,956 124,203 117,586 Loans held for sale, net 5,677 7,522 3,763 3,916 2,113 Loans, net of unearned income 352,593 336,853 327,956 323,575 317,439 Less: Allowance for loan losses 3,723 3,677 3,722 3,745 3,640 Net loans 348,870 333,176 324,234 319,830 313,799 Premises and equipment, net 12,129 12,134 11,878 11,861 11,512 Other assets 5,136 5,554 5,194 5,225 5,873 Total assets $523,144 $512,905 $490,957 $486,418 $495,437 Liabilities: Deposits: Noninterest-bearing $ 62,918 $ 59,612 $ 52,022 $ 49,820 $ 52,537 Interest-bearing 410,552 403,853 389,272 387,393 393,628 Total deposits 473,470 463,465 441,294 437,213 446,165 Other liabilities 3,657 3,722 3,541 3,872 4,327 Total liabilities 477,127 467,187 444,835 441,085 450,492 Stockholders' equity: Common stock, par value $0.33 authorized 12,000,000, issued 1,904,869; 1,909,518; 1,945,977; 1,944,769; 1,951,014 629 630 642 642 644 Capital surplus 6,517 6,478 6,536 6,484 6,456 Retained earnings 36,572 36,042 36,516 35,623 34,884 Accumulated other comprehensive income 2,299 2,568 2,428 2,584 2,961 Total stockholders' equity 46,017 45,718 46,122 45,333 44,945 Total liabilities and stockholders' equity $523,144 $512,905 $490,957 $486,418 $495,437
COMM BANCORP, INC. CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT PER SHARE DATA)
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Average quarterly balances 2003 2003 2003 2002 2002 Assets: Loans, net: Taxable $332,444 $319,400 $313,318 $311,113 $303,869 Tax-exempt 23,696 19,386 19,300 12,864 13,743 Total loans, net 356,140 338,786 332,618 323,977 317,612 Investments: Taxable 78,049 71,684 85,368 80,734 62,894 Tax-exempt 31,906 32,620 32,527 34,698 35,325 Total investments 109,955 104,304 117,895 115,432 98,219 Federal funds sold 19,529 28,845 8,869 25,069 38,110 Total earning assets 485,624 471,935 459,382 464,478 453,941 Other assets 26,594 28,333 26,750 27,435 26,445 Total assets $512,218 $500,268 $486,132 $491,913 $480,386 Liabilities and stockholders' equity: Deposits: Interest-bearing $402,796 $396,555 $387,246 $390,727 $381,176 Noninterest-bearing 61,066 54,214 49,721 52,293 51,183 Total deposits 463,862 450,769 436,967 443,020 432,359 Other liabilities 2,986 3,383 3,320 3,720 3,789 Total liabilities 466,848 454,152 440,287 446,740 436,148 Stockholders' equity 45,370 46,116 45,845 45,173 44,238 Total liabilities and stockholders' equity $512,218 $500,268 $486,132 $491,913 $480,386
COMM BANCORP, INC. ASSET QUALITY DATA (IN THOUSANDS)
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, At quarter end 2003 2003 2003 2002 2002 Nonperforming assets: Nonaccrual/restructured loans $1,374 $1,514 $1,727 $1,992 $1,501 Accruing loans past due 90 days or more 1,094 612 312 510 370 Foreclosed assets 126 162 202 40 292 Total nonperforming assets $2,594 $2,288 $2,241 $2,542 $2,163 Three months ended Allowance for loan losses: Beginning balance $3,677 $3,722 $3,745 $3,640 $3,531 Charge-offs 87 199 164 102 123 Recoveries 13 34 21 42 37 Provision for loan losses 120 120 120 165 195 Ending balance $3,723 $3,677 $3,722 $3,745 $3,640
SOURCE Comm Bancorp, Inc. /Contact: MEDIA/INVESTORS, Scott A. Seasock, 570-586-0377 or fax, 570-587-3761, of Comm Bancorp, Inc. Co: Comm Bancorp, Inc. St: Pennsylvania In: Fin Except for the historical information contained, herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties in the banking industry and overall economy. Such risks and uncertainties are detailed in the Company's Securities and Exchange Commission reports, including the Annual Report on Form 10-K and quarterly reports on Form 10-Q. -----END PRIVACY-ENHANCED MESSAGE-----