-----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, J8e3LSBXtT4R5J19U4BUQcdmRfZJahhkjgujk89tkHOGeF+Jbp/2/Mz+Mx98grPG +v7QoMdlMEKKuQmTbeA3sw== 0000893220-05-000148.txt : 20050125 0000893220-05-000148.hdr.sgml : 20050125 20050125105955 ACCESSION NUMBER: 0000893220-05-000148 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050122 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050125 DATE AS OF CHANGE: 20050125 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: 05546205 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 w05091e8vk.txt FORM 8-K DATED JANUARY 22, 2005 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): January 22, 2005 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 January 22, 2005, Comm Bancorp, Inc. issued a press release to announce its results of operations for the quarter and year ended December 31, 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. Item 9.01 Financial Statements and Exhibits (c) Exhibits: 99(i) Press Release dated January 22, 2005, and Supplemental Financial Data 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: January 22, 2005 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 January 22, 2005, and Supplemental Financial Data 4 EX-99.I 3 w05091exv99wi.txt PRESS RELEASE DATED JANUARY 22, 2005 EXHIBIT 99(i) NEWS RELEASE TO BUSINESS EDITOR: COMM BANCORP, INC. REPORTS 2004 EARNINGS Clarks Summit, PA, January 22/PR Newswire/-Comm Bancorp, Inc. (Nasdaq: CCBP) today reported 2004 earnings of $4,725 thousand or $2.50 per share. Comparable 2003 earnings were $4,700 thousand or $2.45 per share. Earnings for the fourth quarter increased $155 thousand or 14.5% to $1,225 thousand or $0.66 per share in 2004, from $1,070 thousand or $0.56 per share in 2003. For the fourth quarter and year ended December 31, 2004, return on average assets was 0.91% and 0.92% respectively, compared to 0.83% and 0.93% for the respective 2003 periods. Return on average equity was 10.25% for the fourth quarter and 9.97% for the year in 2004, compared to 9.14% and 10.23% for the same periods of 2003. "Despite enduring many factors which affected profitability in 2004, we are very pleased with the Company's performance," stated William F. Farber, Sr., President and Chief Executive Officer. "The Company was able to record marginal growth in earnings in spite of having to counteract a slight compression in our net interest margin, a decline in demand for mortgage-related products and added expenses from infrastructure expansion," continued Farber. "We experienced a substantial improvement in earnings for the fourth quarter of 2004 and the outlook for 2005 is favorable. During the first quarter, the Company will introduce new product and service alternatives that will generate additional fee income, while strengthening customer relationships. In addition, we have strategically positioned the Company's balance sheet to be able to benefit from a rising interest rate environment," concluded Farber. HIGHLIGHTS - Fourth quarter earnings improved 14.5% over prior year. - Revenue from service charges, fees and commissions increased 6.4% in 2004. - Net charge-offs declined 49.4%, comparing 2004 and 2003. - Average loan volume increased 8.0% in 2004. - Noninterest-bearing deposits grew 14.5% in 2004. INCOME STATEMENT REVIEW For the year-ended December 31, 2004, tax-equivalent interest revenue improved $292 thousand to $18,346 thousand from $18,054 thousand in 2003. Growth in average earning assets over interest-bearing liabilities, more than offset a 3 basis point reduction in the net interest spread. Average earning assets grew $12.9 million to $488.3 million in 2004, from $475.4 million in 2003. Average loans increased $27.6 million in 2004, while average investments and federal funds sold decreased $14.7 million. Total interest-bearing liabilities averaged $401.7 million in 2004, an increase of $4.7 million from $397.0 million in 2003. The growth was concentrated in lower-costing deposits, as the volumes of higher-costing time deposits declined. The change in volumes of earning assets and interest-bearing liabilities resulted in an increase in tax-equivalent net interest income of $1,473 thousand. The majority of the increase due to volume changes, was offset by a $1,181 thousand reduction in tax-equivalent net interest income due to changes in interest rates. A 21 basis point reduction in the cost of funds from 2.51% in 2003 to 2.30% in 2004, was more than offset by a 24 basis point decline in the tax-equivalent yield on earning assets from 5.89% in 2003 to 5.65% in 2004. The yield on the loan portfolio fell 63 basis points, while the yield on investment securities rose 47 basis points. The tax-equivalent net interest margin in 2004 was 3.76% compared to 3.80% in 2003. The provision for loan losses totaled $600 thousand in 2004 compared to $480 thousand in 2003. For the fourth quarter of 2004 and 2003, the provision for loan losses amounted to $150 thousand and $120 thousand, respectively. The demand for mortgage loans and refinancing slowed considerably in 2004, which resulted in a $635 thousand or 52.4% decrease in gains on the sale of residential mortgages. Overall, noninterest revenue declined $468 thousand or 11.6% to $3,566 thousand in 2004 from $4,034 thousand in 2003. Partially mitigating the effect of the decline in mortgage lending was a $180 thousand or 6.4% increase in service charges, fees and commissions. Net gains on the sale of investment securities, which were realized in the fourth quarter, were $13 thousand in 2003. There were no such gains in 2004. For the fourth quarter, noninterest income totaled $900 thousand in 2004 and $928 thousand in 2003. Gains on the sale of residential mortgages decreased $30 thousand, while fee income increased $15 thousand. Noninterest expense increased $178 thousand or 1.2% to $14,662 thousand in 2004, from $14,484 thousand in 2003. The slight increase was due mainly to a $214 thousand or 9.5% rise in occupancy and equipment expense coupled with a $173 thousand or 3.4% increase in other expenses. Salaries and employee benefits expense declined $209 thousand or 2.9%. For the fourth quarter of 2004, noninterest expense totaled $3,676 thousand, a decrease of $66 thousand or 1.8% compared to $3,742 thousand for the same quarter of 2003. Other expenses rose $36 thousand and occupancy and equipment expense rose $31 thousand, while salaries and employee benefits expense decreased $133 thousand. BALANCE SHEET REVIEW Total assets rose $18.9 million or 3.7% to $528.3 million at December 31, 2004, from $509.4 million at the end of 2003. Loans, net of unearned income, grew $23.8 million or 6.6% to $381.7 million at the close of 2004. Loan growth was funded primarily through deposit gathering as total deposits grew $19.0 million or 4.1% from the end of 2003. Interest-bearing deposits rose $10.4 million or 2.6%, while noninterest-bearing deposits increased $8.6 million or 14.6%. Federal funds sold were $900 thousand at year-end 2004 compared to $11.5 million one year ago. Available-for-sale investment securities increased $13.5 million to $118.7 million at December 31, 2004, from $105.2 million at December 31, 2003. Stockholders' equity improved $0.8 million to $47.3 million or $25.38 per share at December 31, 2004, compared to $46.5 million or $24.41 per share at December 31, 2003. Net income of $4,725 thousand was the primary factor contributing to the capital improvement. During the year ended December 31, 2004, 48,365 shares of common stock were repurchased for $1,956 thousand, while dividends declared equaled $1,658 thousand or $0.88 per share in 2004. Accumulated other comprehensive income, which related entirely to unrealized gains and losses on our available-for-sale portfolio, decreased $579 thousand from year-end 2003. The Company's stock closed at a price of $41.78 per share and traded at 165% of book and 16.7 times trailing twelve month earnings-per-share at December 31, 2004. Nonperforming assets increased $877 thousand to $3.3 million at December 31 2004, from $2.4 million at year-end 2003. The deterioration in asset quality resulted from a $526 thousand rise in nonaccrual loans, coupled with increases of $213 thousand in accruing loans past due 90 days or more and $138 thousand in foreclosed assets. As a percentage of loans, net of unearned income, nonperforming assets equaled 0.86% at year-end 2004 compared to 0.67% at December 31, 2003. The allowance for loan losses was $3.9 million or 1.01% of loans, net of unearned income, at December 31, 2004, compared to $3.6 million or 1.00% of loans, net of unearned income at December 31, 2003. The allowance for loan losses covered 117.5% of nonperforming assets at year-end 2004, compared to 148.9% at the end of 2003. Net loans charged-off decreased $316 thousand or 49.3% to $325 thousand in 2004 from $641 thousand in 2003. As a percentage of average loans outstanding, net charge-offs equaled 0.09% in 2004 and 0.18% in 2003. 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 KlickSM 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) Dec. 31, Sept. 30, June 30, March 31, Dec. 31, 2004 2004 2004 2004 2003 Key performance data: Per share data: Net income $ 0.66 $ 0.56 $ 0.66 $ 0.62 $ 0.56 Cash dividends declared $ 0.22 $ 0.22 $ 0.22 $ 0.22 $ 0.22 Book value $ 25.38 $ 25.27 $ 24.60 $ 25.01 $ 24.41 Tangible book value $ 25.05 $ 24.91 $ 24.20 $ 24.57 $ 23.95 Market value: High $ 41.78 $ 41.00 $ 41.45 $ 40.87 $ 38.85 Low $ 39.20 $ 39.20 $ 38.78 $ 38.06 $ 35.97 Closing $ 41.78 $ 41.00 $ 41.45 $ 40.87 $ 37.75 Market capitalization $ 77,894 $ 76,957 $ 78,264 $ 77,954 $ 71,971 Common shares outstanding 1,864,391 1,877,000 1,888,151 1,907,377 1,906,528 Selected ratios: Return on average stockholders' equity 10.25% 9.00% 10.61% 10.03% 9.14% Return on average assets 0.91% 0.82% 0.99% 0.94% 0.83% Leverage ratio 8.75% 8.78% 8.80% 8.83% 8.66% Efficiency ratio 70.30% 73.82% 69.05% 70.67% 72.28% Nonperforming assets to loans, net 0.86% 0.78% 0.56% 0.49% 0.67% Net charge-offs to average loans, net 0.10% 0.09% 0.06% 0.09% 0.29% Allowance for loan losses to loans, net 1.01% 1.02% 0.99% 1.00% 1.00% Earning assets yield (FTE) 5.58% 5.55% 5.75% 5.73% 5.64% Cost of funds 2.34% 2.29% 2.27% 2.29% 2.30% Net interest spread (FTE) 3.24% 3.26% 3.48% 3.44% 3.34% Net interest margin (FTE) 3.66% 3.67% 3.88% 3.83% 3.73%
COMM BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER SHARE DATA)
Year ended Dec. 31, Dec.31, 2004 2003 Interest income: Interest and fees on loans: Taxable $ 21,597 $ 22,228 Tax-exempt 848 780 Interest and dividends on investment securities available-for-sale: Taxable 2,139 1,994 Tax-exempt 1,572 1,586 Dividends 29 40 Interest on federal funds sold 148 180 Total interest income 26,333 26,808 Interest expense: Interest on deposits 9,232 9,969 Interest on borrowed funds 1 3 Total interest expense 9,233 9,972 Net interest income 17,100 16,836 Provision for loan losses 600 480 Net interest income after provision for loan losses 16,500 16,356 Noninterest income: Service charges, fees and commissions 2,989 2,809 Net gains on sale of loans 577 1,212 Net gains on sale of investment securities 13 Total noninterest income 3,566 4,034 Noninterest expense: Salaries and employee benefits expense 6,968 7,177 Net occupancy and equipment expense 2,464 2,250 Other expenses 5,230 5,057 Total noninterest expense 14,662 14,484 Income before income taxes 5,404 5,906 Provision for income tax expense 679 1,206 Net income $ 4,725 $ 4,700 Other comprehensive loss: Unrealized losses on investment securities available-for-sale $ (878) $ (700) Reclassification adjustment for gains included in net income (13) Income tax benefit related to other comprehensive loss (299) (242) Other comprehensive loss, net of income taxes (579) (471) Comprehensive income $ 4,146 $ 4,229 Per share data: Net income $ 2.50 $ 2.45 Cash dividends declared $ 0.88 $ 0.88 Average common shares outstanding 1,890,960 1,921,063
COMM BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER SHARE DATA)
Dec. 31, Sept. 30, June 30, March 31, Dec. 31, Three months ended 2004 2004 2004 2004 2003 Interest income: Interest and fees on loans: Taxable $ 5,472 $ 5,405 $ 5,431 $ 5,289 $ 5,447 Tax-exempt 244 191 208 205 203 Interest and dividends on investment securities available-for-sale: Taxable 610 495 499 535 509 Tax-exempt 392 392 395 393 393 Dividends 1 7 11 10 6 Interest on federal funds sold 42 68 22 16 17 Total interest income 6,761 6,558 6,566 6,448 6,575 Interest expense: Interest on deposits 2,431 2,323 2,240 2,238 2,323 Interest on borrowed funds 1 3 Total interest expense 2,432 2,323 2,240 2,238 2,326 Net interest income 4,329 4,235 4,326 4,210 4,249 Provision for loan losses 150 150 150 150 120 Net interest income after provision for loan losses 4,179 4,085 4,176 4,060 4,129 Noninterest income: Service charges, fees and commissions 731 780 752 726 716 Net gains on sale of loans 169 84 128 196 199 Net gains on sale of investment securities 13 Total noninterest income 900 864 880 922 928 Noninterest expense: Salaries and employee benefits expense 1,716 1,772 1,754 1,726 1,849 Net occupancy and equipment expense 635 566 599 664 604 Other expenses 1,325 1,426 1,242 1,237 1,289 Total noninterest expense 3,676 3,764 3,595 3,627 3,742 Income before income taxes 1,403 1,185 1,461 1,355 1,315 Provision for income tax expense 178 120 206 175 245 Net income $ 1,225 $ 1,065 $ 1,255 $ 1,180 $ 1,070 Other comprehensive income (loss): Unrealized gains (losses) on investment securities available-for-sale $ (640) $ 1,203 $ (1,991) $ 550 $ (268) Reclassification adjustment for gains included in net income (13) Income tax expense (benefit) related to other comprehensive income (loss) (218) 409 (677) 187 (95) Other comprehensive income (loss), net of income taxes (422) 794 (1,314) 363 (186) Comprehensive income (loss) $ 803 $ 1,859 $ (59) $ 1,543 $ 884 Per share data: Net income $ 0.66 $ 0.56 $ 0.66 $ 0.62 $ 0.56 Cash dividends declared $ 0.22 $ 0.22 $ 0.22 $ 0.22 $ 0.22 Average common shares outstanding 1,869,693 1,886,534 1,900,321 1,907,573 1,906,528
COMM BANCORP, INC. DETAILS OF NET INTEREST AND NET INTEREST MARGIN (IN THOUSANDS, FULLY TAXABLE EQUIVALENT BASIS)
Three months ended Dec.31, Sept.30, June 30, March 31, Dec.31, 2004 2004 2004 2004 2003 Net interest income: Interest income Loans, net: Taxable $ 5,472 $ 5,405 $ 5,431 $ 5,289 $ 5,447 Tax-exempt 368 290 315 311 306 Total loans, net 5,840 5,695 5,746 5,600 5,753 Investments: Taxable 611 502 510 545 515 Tax-exempt 594 595 597 596 596 Total investments 1,205 1,097 1,107 1,141 1,111 Federal funds sold 42 68 22 16 17 Total interest income 7,087 6,860 6,875 6,757 6,881 Interest expense Deposits 2,431 2,323 2,240 2,238 2,323 Borrowed funds 1 3 Total interest expense 2,432 2,323 2,240 2,238 2,326 Net interest income $ 4,655 $ 4,537 $ 4,635 $ 4,519 $ 4,555 Loans, net: Taxable 6.14% 6.13% 6.36% 6.27% 6.48% Tax-exempt 6.04% 4.83% 4.05% 4.31% 4.87% Total loans, net 6.13% 6.05% 6.17% 6.12% 6.37% Investments: Taxable 2.83% 3.02% 3.15% 3.23% 2.35% Tax-exempt 7.39% 7.40% 7.45% 7.48% 7.41% Total investments 4.07% 4.45% 4.57% 4.59% 3.71% Federal funds sold 1.90% 1.42% 0.98% 1.00% 0.94% Total earning assets 5.58% 5.55% 5.75% 5.73% 5.64% Interest expense Deposits 2.34% 2.29% 2.27% 2.29% 2.30% Borrowed funds 2.35% 1.13% Total interest-bearing liabilities 2.34% 2.29% 2.27% 2.29% 2.30% Net interest spread 3.24% 3.26% 3.48% 3.44% 3.34% Net interest margin 3.66% 3.67% 3.88% 3.83% 3.73%
COMM BANCORP, INC. CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT PER SHARE DATA)
Dec. 31, Sept. 30, June 30, March 31, Dec.31, At period end 2004 2004 2004 2004 2003 Assets: Cash and due from banks $ 11,802 $ 10,960 $ 6,923 $ 9,121 $ 17,099 Federal funds sold 900 15,900 17,100 9,750 11,500 Investment securities available-for-sale 118,756 111,522 99,639 101,982 105,248 Loans held for sale, net 1,917 3,302 2,432 4,062 3,205 Loans, net of unearned income 381,723 374,986 377,268 365,280 357,940 Less: Allowance for loan losses 3,859 3,809 3,743 3,652 3,584 Net loans 377,864 371,177 373,525 361,628 354,356 Premises and equipment, net 11,628 11,843 12,078 12,361 12,484 Other assets 5,455 5,242 5,554 5,726 5,560 Total Assets $528,322 $ 529,946 $517,251 $ 504,630 $509,452 Liabilities: Deposits: Noninterest-bearing $ 67,714 $ 65,199 $ 63,405 $ 58,296 $ 59,119 Interest-bearing 410,770 414,104 404,290 395,071 400,347 Total deposits 478,484 479,303 467,695 453,367 459,466 Other liabilities 2,520 3,204 3,112 3,569 3,445 Total liabilities 481,004 482,507 470,807 456,936 462,911 Stockholders' equity: Common stock, par value $0.33 authorized 12,000,000, issued 1,864,391; 1,877,000; 1,888,151; 1,907,377; 1,906,528 615 619 623 629 629 Capital surplus 6,675 6,658 6,637 6,637 6,576 Retained earnings 38,494 38,206 38,022 37,952 37,223 Accumulated other comprehensive income 1,534 1,956 1,162 2,476 2,113 Total stockholders' equity 47,318 47,439 46,444 47,694 46,541 Total liabilities and stockholders' equity $528,322 $ 529,946 $517,251 $ 504,630 $509,452
COMM BANCORP, INC. CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT PER SHARE DATA)
Dec.31, Sept.30, June 30, March 31, Dec. 31, Average quarterly balances 2004 2004 2004 2004 2003 Assets: Loans, net: Taxable $ 354,820 $ 350,602 $ 343,312 $ 339,100 $ 333,352 Tax-exempt 24,231 23,910 31,278 29,008 24,948 Total loans, net 379,051 374,512 374,590 368,108 358,300 Investments: Taxable 85,853 66,088 65,145 67,907 86,989 Tax-exempt 31,961 32,004 32,234 32,030 31,917 Total investments 117,814 98,092 97,379 99,937 118,906 Federal funds sold 8,793 19,109 8,995 6,463 7,202 Total earning assets 505,658 491,713 480,964 474,508 484,408 Other assets 27,176 27,298 27,698 28,304 28,030 Total assets $ 532,834 $ 519,011 $ 508,662 $ 502,812 $ 512,438 Liabilities and stockholders' equity: Deposits: Interest-bearing $ 413,706 $ 402,952 $ 396,265 $ 393,627 $ 399,985 Noninterest-bearing 68,832 66,268 61,824 58,812 61,791 Total deposits 482,538 469,220 458,089 452,439 461,776 Borrowed funds 60 1 1,051 Other liabilities 2,704 2,697 2,987 3,038 3,142 Total liabilities 485,302 471,917 461,076 455,478 465,969 Stockholders' equity 47,532 47,094 47,586 47,334 46,469 Total liabilities and stockholders' equity $ 532,834 $ 519,011 $ 508,662 $ 502,812 $ 512,438
COMM BANCORP, INC. ASSET QUALITY DATA (IN THOUSANDS)
Dec.31, Sept.30, June 30, March 31, Dec.31, At quarter end 2004 2004 2004 2004 2003 Nonperforming assets: Nonaccrual/restructured loans $ 1,972 $ 2,105 $ 1,490 $ 1,368 $ 1,446 Accruing loans past due 90 days or more 913 574 400 251 700 Foreclosed assets 399 257 210 182 261 Total nonperforming assets $ 3,284 $ 2,936 $ 2,100 $ 1,801 $ 2,407 Three months ended Allowance for loan losses: Beginning balance $ 3,809 $ 3,743 $ 3,652 $ 3,584 $ 3,723 Charge-offs 117 119 118 128 303 Recoveries 17 35 59 46 44 Provision for loan losses 150 150 150 150 120 Ending balance $ 3,859 $ 3,809 $ 3,743 $ 3,652 $ 3,584
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-----