-----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, GzLmtVyvf31Helg6vnIATir67sHoB+b10b02NBT8QKdZoNwcvpR+NXVnF54rXEYT Qevu/XO+8Bv/imvUVajEmQ== 0000893220-04-002194.txt : 20041020 0000893220-04-002194.hdr.sgml : 20041020 20041020144906 ACCESSION NUMBER: 0000893220-04-002194 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041019 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20041020 DATE AS OF CHANGE: 20041020 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: 041087369 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 w67754e8vk.txt FORM 8-K COMM BANCORP, INC. 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 19, 2004 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 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Page 1 of 4 Item 2.02 Results of Operations and Financial Condition On October 18, 2004, Comm Bancorp, Inc. issued a press release to announce its results of operations for the quarter and nine months ended September 30, 2004. A copy of the press release and related financial supplements are included as Exhibit 99(i) to this report. In accordance with general instructions B.2 of Form 8-K, this information is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934. 2 SIGNATURE 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 19, 2004 By: /s/ Scott A. Seasock -------------------------------- Scott A. Seasock Executive Vice President and Chief Financial Officer (Principal Financial Officer) 3 EXHIBIT INDEX
Exhibit Number Description - -------------- ----------- 99(i) Press Release dated October 18, 2004, and Supplemental Financial Data
4 EX-99.(I) 3 w67754exv99wxiy.txt PRESS RELEASE DATED OCTOBER 18, 2004 EXHIBIT 99(i) NEWS RELEASE TO BUSINESS EDITOR: COMM BANCORP, INC. REPORTS THIRD QUARTER 2004 EARNINGS Clarks Summit, PA, October 18/PR Newswire/-Comm Bancorp, Inc. (Nasdaq: CCBP) today reported third quarter 2004 earnings of $1,065,000 or $0.56 per share, compared to $1,155,000 or $0.61 per share for the same quarter of 2003. Year-to-date earnings totaled $3,500,000 or $1.84 per share in 2004 and $3,630,000 or $1.89 per share in 2003. Return on average stockholders' equity for the three months and nine months ended September 30, 2004, was 9.00% and 9.88% compared to 10.10% and 10.60% for the same periods of 2003. Return on average assets was 0.82% for the third quarter and 0.92% year-to-date 2004, as compared to 0.89% and 0.97% for the respective periods of last year. "Our third quarter earnings were impacted by a reduction in noninterest income due largely to a significant slowing in the demand for residential mortgages and mortgage refinancing," stated William F. Farber, Sr., President and Chief Executive Officer. "Most of our residential mortgages originated are subsequently sold on the secondary market. Due to the downturn in demand, net gains realized on the sale of loans declined significantly in the third quarter," continued Farber. "We are currently investigating new product alternatives in an effort to generate new revenue streams. In addition, over the past two years we have positioned the balance sheet to be able to benefit from a rising interest rate environment. These efforts should improve our earnings going forward," concluded Farber. HIGHLIGHTS - Total assets increased $20.5 million in 2004. - Loans grew at an annualized rate of 6.4% in 2004. - Noninterest-bearing deposits grew at a 13.5% annualized pace in 2004. INCOME STATEMENT REVIEW Tax-equivalent net interest income for the nine months ended September 30, 2004, improved $192 thousand to $13,691 thousand in 2004 from $13,499 thousand in 2003. A reduction of $845 thousand in interest expense more that compensated for a $653 thousand decline in tax-equivalent interest revenue. A 30 basis point reduction in the cost of funds from 2.58% to 2.28% was the primary factor causing the reduction in interest expense. Declining interest rates also affected tax-equivalent interest revenue, as the tax-equivalent yield on earning assets decreased 31 basis points to 5.67% from 5.98%. The yield on the loan portfolio decreased 76 basis points in comparison to last year. However, the yield on investment securities and federal funds sold improved 60 basis points. Average earning assets grew $10.0 million, which partially offset the effects of the decline in yield. For the third quarter, net interest income on a fully tax-equivalent basis decreased $41 thousand to $4,537 thousand in 2004 from $4,578 thousand in 2003. The predominant factor contributing to the decline in third quarter net interest income was a 54 basis point decrease in the tax-equivalent yield on the loan portfolio. In addition to market interest rates, loan yields in the third quarter were also impacted by a one-time reversal of interest income from loans that were placed on nonaccrual status. The tax-equivalent net interest margin in 2004 was 3.67% for the third quarter, compared to 3.74% for the respective period of 2003. The provision for loan losses was $150 thousand and $450 thousand for the three months and nine months ended September 30, 2004. For the respective periods of 2003 the provision was $120 thousand and $360 thousand. Noninterest income totaled $864 thousand for the three months ended September 30, 2004, a decrease of $166 thousand or 16.1% compared to $1,030 thousand for the same three months of the previous year. Year-to-date noninterest revenue totaled $2,666 thousand in 2004, a decrease of $440 thousand or 14.2% compared to $3,106 thousand in 2003. The demand for mortgage loans and refinancing subsided, which considerably impacted revenue derived from the sale of residential mortgages. As a result, net gains on the sale of loans fell $244 thousand or 74.4% for the comparable third quarters and $605 thousand or 59.7% year-to-date. Partially mitigating the effects of lower mortgage demand, service charges, fees and commissions rose $78 thousand or 11.1% for the comparable third quarters and $165 thousand or 7.9% year-to-date. Noninterest expense for the third quarter and year-to-date showed only a slight increase in comparing 2004 and 2003. For the three months ended September 30, 2004, noninterest expense rose only $25 thousand or 0.7% over the same period of the prior year. The increase was due mainly to a 7.9% rise in other expenses. Occupancy and equipment expense increased only 1.4%, while salaries and employee benefits expense declined 4.7%. For the nine months ended September 30, 2004, noninterest expense totaled $10,986 thousand, an increase of $244 thousand or 2.3% from $10,742 thousand for the same nine months of 2003. Occupancy and equipment expense rose $183 thousand or 11.1% due largely to additional expenses associated with operating our Tannersville Branch and Loan Operations Center. Other expenses increased $137 thousand or 3.6%, while salaries and employee benefits expense fell 1.4%. BALANCE SHEET REVIEW Total assets rose $20.5 million or at an annualized rate of 5.4% to $529.9 million at September 30, 2004, from December 31, 2003. Loans, net of unearned income, grew $17.1 million or at an annualized rate of 6.4% to $375.0 million at the close of the third quarter. Loan growth was funded through deposit gathering as total deposits grew $19.8 million or at an annualized rate of 5.8% from the end of 2003. Interest-bearing deposits rose $13.7 million and accounted for 69.2% of total deposit growth, while noninterest-bearing deposits increased $6.1 million and represented 30.8% of total deposit growth. In comparison to the end of the previous quarter, total assets grew $12.7 million, funded in large part by an $11.6 million increase in total deposits. The increased liquidity was channeled into the investment portfolio, as loans, net of unearned income, declined $2.3 million. Available-for-sale investment securities increased $11.9 million to $111.5 million at the end of the third quarter. Stockholders' equity improved $0.9 million to $47.4 million or $25.27 per share at September 30, 2004, compared to $46.5 million or $24.41 per share at December 31, 2003. Common stock repurchases totaled $1.4 million for the nine months ended September 30, 2004. Dividends declared were $0.22 per share for the third quarter and $0.66 per share year-to-date 2004. Accumulated other comprehensive income, which related entirely to unrealized gains and losses on our available-for-sale portfolio, decreased $157 thousand from year-end 2003. However, in comparison to the end of the second quarter, an improvement in the market value of the available-for-sale portfolio resulted in an increase in accumulated other comprehensive income of $794 thousand. Asset quality declined slightly as nonperforming assets increased $529 thousand to $2.9 million at September 30, 2004, from $2.4 million at year-end 2003. An increase in nonaccrual loans of $659 thousand was primarily responsible for the deterioration. In comparison to the end of the previous quarter, nonperforming assets increased $836 thousand. As a percentage of loans, net of unearned income, nonperforming assets equaled 0.78% at September 30, 2004, 0.56% at June 30, 2004 and 0.67% at December 31, 2003. The allowance for loan losses was $3.8 million and covered approximately 130.0% of nonperforming assets at September 30, 2004. In comparison, the allowance for loan losses was $3.7 million and covered 143.5% at September 30, 2003. At the end of the third quarter of 2004, the allowance for loan losses equaled 1.02% of loans, net of unearned income, compared to 1.06% one year earlier. Comm Bancorp, Inc. serves five Pennsylvania counties through Community Bank and Trust Company's 17 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, 2004 2004 2004 2003 2003 Key performance data: Per share data: Net income $ 0.56 $ 0.66 $ 0.62 $ 0.56 $ 0.61 Cash dividends declared $ 0.22 $ 0.22 $ 0.22 $ 0.22 $ 0.22 Book value $ 25.27 $ 24.60 $ 25.01 $ 24.41 $ 24.16 Tangible book value $ 24.91 $ 24.20 $ 24.57 $ 23.95 $ 23.66 Market value: High $ 41.00 $ 41.45 $ 40.87 $ 38.85 $ 36.67 Low $ 39.20 $ 38.78 $ 38.06 $ 35.97 $ 34.25 Closing $ 41.00 $ 41.45 $ 40.87 $ 37.75 $ 35.75 Market capitalization $ 76,957 $ 78,264 $ 77,954 $ 71,971 $ 68,099 Common shares outstanding 1,877,000 1,888,151 1,907,377 1,906,528 1,904,869 Selected ratios: Return on average stockholders' equity 9.00% 10.61% 10.03% 9.14% 10.10% Return on average assets 0.82% 0.99% 0.94% 0.83% 0.89% Leverage ratio 8.78% 8.80% 8.83% 8.66% 8.56% Efficiency ratio 73.82% 69.05% 70.67% 72.28% 70.51% Nonperforming assets to loans, net 0.78% 0.56% 0.49% 0.67% 0.74% Net charge-offs to average loans, net 0.09% 0.06% 0.09% 0.29% 0.08% Allowance for loan losses to loans, net 1.02% 0.99% 1.00% 1.00% 1.06% Earning assets yield (FTE) 5.55% 5.75% 5.73% 5.64% 5.69% Cost of funds 2.29% 2.27% 2.29% 2.30% 2.36% Net interest spread (FTE) 3.26% 3.48% 3.44% 3.34% 3.33% Net interest margin (FTE) 3.67% 3.88% 3.83% 3.73% 3.74%
CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER SHARE DATA)
Sept. 30, Sept. 30, Nine months ended 2004 2003 Interest income: Interest and fees on loans: Taxable $ 16,125 $ 16,781 Tax-exempt 604 577 Interest and dividends on investment securities available-for-sale: Taxable 1,529 1,485 Tax-exempt 1,180 1,193 Dividends 28 34 Interest on federal funds sold 106 163 Total interest income 19,572 20,233 Interest expense: Interest on deposits 6,801 7,646 Interest on borrowed funds Total interest expense 6,801 7,646 Net interest income 12,771 12,587 Provision for loan losses 450 360 Net interest income after provision for loan losses 12,321 12,227 Noninterest income: Service charges, fees and commissions 2,258 2,093 Net gains on sale of loans 408 1,013 Net gains on sale of investment securities Total noninterest income 2,666 3,106 Noninterest expense: Salaries and employee benefits expense 5,252 5,328 Net occupancy and equipment expense 1,829 1,646 Other expenses 3,905 3,768 Total noninterest expense 10,986 10,742 Income before income taxes 4,001 4,591 Provision for income tax expense 501 961 Net income $ 3,500 $ 3,630 Other comprehensive income (loss): Unrealized gains (losses) on investment securities available-for-sale $ (238) $ (432) Reclassification adjustment for gains included in net income Income tax expense (benefit) related to other comprehensive income (loss) (81) (147) Other comprehensive income (loss), net of income taxes (157) (285) Comprehensive income $ 3,343 $ 3,345 Per share data: Net income $ 1.84 $ 1.89 Cash dividends declared $ 0.66 $ 0.66 Average common shares outstanding 1,898,101 1,925,962
CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER SHARE DATA)
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Three months ended 2004 2004 2004 2003 2003 Interest income: Interest and fees on loans: Taxable $ 5,405 $ 5,431 $ 5,289 $ 5,447 $ 5,617 Tax-exempt 191 208 205 203 199 Interest and dividends on investment securities available-for-sale: Taxable 495 499 535 509 397 Tax-exempt 392 395 393 393 394 Dividends 7 11 10 6 9 Interest on federal funds sold 68 22 16 17 49 Total interest income 6,558 6,566 6,448 6,575 6,665 Interest expense: Interest on deposits 2,323 2,240 2,238 2,323 2,392 Interest on borrowed funds 3 Total interest expense 2,323 2,240 2,238 2,326 2,392 Net interest income 4,235 4,326 4,210 4,249 4,273 Provision for loan losses 150 150 150 120 120 Net interest income after provision for loan losses 4,085 4,176 4,060 4,129 4,153 Noninterest income: Service charges, fees and commissions 780 752 726 716 702 Net gains on sale of loans 84 128 196 199 328 Net gains on sale of investment securities 13 Total noninterest income 864 880 922 928 1,030 Noninterest expense: Salaries and employee benefits expense 1,772 1,754 1,726 1,849 1,859 Net occupancy and equipment expense 566 599 664 604 558 Other expenses 1,426 1,242 1,237 1,289 1,322 Total noninterest expense 3,764 3,595 3,627 3,742 3,739 Income before income taxes 1,185 1,461 1,355 1,315 1,444 Provision for income tax expense 120 206 175 245 289 Net income $ 1,065 $ 1,255 $ 1,180 $ 1,070 $ 1,155 Other comprehensive income (loss): Unrealized gains (losses) on investment securities available-for-sale $ 1,203 $ (1,991) $ 550 $ (268) $ (408) Reclassification adjustment for gains included in net income (13) Income tax expense (benefit) related to other comprehensive income (loss) 409 (677) 187 (95) (139) Other comprehensive income (loss), net of income taxes 794 (1,314) 363 (186) (269) Comprehensive income (loss) $ 1,859 $ (59) $ 1,543 $ 884 $ 886 Per share data: Net income $ 0.56 $ 0.66 $ 0.62 $ 0.56 $ 0.61 Cash dividends declared $ 0.22 $ 0.22 $ 0.22 $ 0.22 $ 0.22 Average common shares outstanding 1,886,534 1,900,321 1,907,573 1,906,528 1,908,995
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, Three months ended 2004 2004 2004 2003 2003 Net interest income: Interest income Loans, net: Taxable $ 5,405 $ 5,431 $ 5,289 $ 5,447 $ 5,617 Tax-exempt 290 315 311 306 302 Total loans, net 5,695 5,746 5,600 5,753 5,919 Investments: Taxable 502 510 545 515 406 Tax-exempt 595 597 596 596 596 Total investments 1,097 1,107 1,141 1,111 1,002 Federal funds sold 68 22 16 17 49 Total interest income 6,860 6,875 6,757 6,881 6,970 Interest expense Deposits 2,323 2,240 2,238 2,323 2,392 Borrowed funds 3 Total interest expense 2,323 2,240 2,238 2,326 2,392 Net interest income $ 4,537 $ 4,635 $ 4,519 $ 4,555 $ 4,578 Loans, net: Taxable 6.13% 6.36% 6.27% 6.48% 6.70% Tax-exempt 4.83% 4.05% 4.31% 4.87% 5.06% Total loans, net 6.05% 6.17% 6.12% 6.37% 6.59% Investments: Taxable 3.02% 3.15% 3.23% 2.35% 2.06% Tax-exempt 7.40% 7.45% 7.48% 7.41% 7.41% Total investments 4.45% 4.57% 4.59% 3.71% 3.62% Federal funds sold 1.42% 0.98% 1.00% 0.94% 1.00% Total earning assets 5.55% 5.75% 5.73% 5.64% 5.69% Interest expense Deposits 2.29% 2.27% 2.29% 2.30% 2.36% Borrowed funds 1.13% Total interest-bearing liabilities 2.29% 2.27% 2.29% 2.30% 2.36% Net interest spread 3.26% 3.48% 3.44% 3.34% 3.33% Net interest margin 3.67% 3.88% 3.83% 3.73% 3.74%
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 2004 2004 2004 2003 2003 Assets: Cash and due from banks $ 10,960 $ 6,923 $ 9,121 $ 17,099 $ 12,611 Federal funds sold 15,900 17,100 9,750 11,500 22,600 Investment securities available-for-sale 111,522 99,639 101,982 105,248 116,121 Loans held for sale, net 3,302 2,432 4,062 3,205 5,677 Loans, net of unearned income 374,986 377,268 365,280 357,940 352,593 Less: Allowance for loan losses 3,809 3,743 3,652 3,584 3,723 Net loans 371,177 373,525 361,628 354,356 348,870 Premises and equipment, net 11,843 12,078 12,361 12,484 12,129 Other assets 5,242 5,554 5,726 5,560 5,136 Total Assets $ 529,946 $ 517,251 $ 504,630 $ 509,452 $ 523,144 Liabilities: Deposits: Noninterest-bearing $ 65,199 $ 63,405 $ 58,296 $ 59,119 $ 62,918 Interest-bearing 414,104 404,290 395,071 400,347 410,552 Total deposits 479,303 467,695 453,367 459,466 473,470 Other liabilities 3,204 3,112 3,569 3,445 3,657 Total liabilities 482,507 470,807 456,936 462,911 477,127 Stockholders' equity: Common stock, par value $0.33 authorized 12,000,000, issued 1,877,000; 1,888,151; 1,907,377; 1,906,528; 1,904,869 619 623 629 629 629 Capital surplus 6,658 6,637 6,637 6,576 6,517 Retained earnings 38,206 38,022 37,952 37,223 36,572 Accumulated other comprehensive income 1,956 1,162 2,476 2,113 2,299 Total stockholders' equity 47,439 46,444 47,694 46,541 46,017 Total liabilities and stockholders' equity $ 529,946 $ 517,251 $ 504,630 $ 509,452 $ 523,144
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 2004 2004 2004 2003 2003 Assets: Loans, net: Taxable $ 350,602 $ 343,312 $ 339,100 $ 333,352 $ 332,444 Tax-exempt 23,910 31,278 29,008 24,948 23,696 Total loans, net 374,512 374,590 368,108 358,300 356,140 Investments: Taxable 66,088 65,145 67,907 86,989 78,049 Tax-exempt 32,004 32,234 32,030 31,917 31,906 Total investments 98,092 97,379 99,937 118,906 109,955 Federal funds sold 19,109 8,995 6,463 7,202 19,529 Total earning assets 491,713 480,964 474,508 484,408 485,624 Other assets 27,298 27,698 28,304 28,030 26,594 Total assets $ 519,011 $ 508,662 $ 502,812 $ 512,438 $ 512,218 Liabilities and stockholders' equity: Deposits: Interest-bearing $ 402,952 $ 396,265 $ 393,627 $ 399,985 $ 402,796 Noninterest-bearing 66,268 61,824 58,812 61,791 61,066 Total deposits 469,220 458,089 452,439 461,776 463,862 Borrowed funds 1 1,051 Other liabilities 2,697 2,987 3,038 3,142 2,986 Total liabilities 471,917 461,076 455,478 465,969 466,848 Stockholders' equity 47,094 47,586 47,334 46,469 45,370 Total liabilities and stockholders' equity $ 519,011 $ 508,662 $ 502,812 $ 512,438 $ 512,218
COMM BANCORP, INC. ASSET QUALITY DATA (IN THOUSANDS)
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, At quarter end 2004 2004 2004 2003 2003 Nonperforming assets: Nonaccrual/restructured loans $ 2,105 $ 1,490 $ 1,368 $ 1,446 $ 1,374 Accruing loans past due 90 days or more 574 400 251 700 1,094 Foreclosed assets 257 210 182 261 126 Total nonperforming assets $ 2,936 $ 2,100 $ 1,801 $ 2,407 $ 2,594 Three months ended Allowance for loan losses: Beginning balance $ 3,743 $ 3,652 $ 3,584 $ 3,723 $ 3,677 Charge-offs 119 118 128 303 87 Recoveries 35 59 46 44 13 Provision for loan losses 150 150 150 120 120 Ending balance $ 3,809 $ 3,743 $ 3,652 $ 3,584 $ 3,723
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-----