Comm Bancorp, Inc. Reports Net Profit for First Quarter 2010
CLARKS SUMMIT, Pa., May 18 /PRNewswire-FirstCall/ -- Comm Bancorp, Inc. (Nasdaq: CCBP) today reported first quarter 2010 earnings of $1,150 thousand or $0.67 per share compared to $1,775 thousand or $1.03 per share for the first quarter of 2009. For the three months ended March 31, return on average assets and return on average stockholders' equity equaled 0.72% and 9.16% in 2010, compared to 1.15% and 12.30% in 2009.
INCOME STATEMENT REVIEW
For the three months ended March 31, tax-equivalent net interest income decreased $910 thousand or 15.3% to $5,033 thousand in 2010 from $5,943 thousand in 2009. An 11.7% decrease in tax-equivalent interest income was partially offset by a 3.6% reduction in interest expense. Despite growth of $22.5 million in average earning assets, tax-equivalent interest income declined $1,006 thousand comparing the first quarters of 2010 and 2009, due largely to a $42.2 million or 8.2% decrease in average loans. Average tax-exempt loans decreased $37.1 million, while taxable loans declined $5.1 million. With regard to tax-exempt loans, several large tax anticipation notes of local municipalities, which were outstanding in the first quarter of 2009, matured at the end of 2009. As part of our tax planning strategy for 2010, we chose not to actively compete for tax-exempt loans. The maturities and repayments received from the loan portfolio were reinvested in lower-yielding assets, which resulted in an 87 basis point decrease in the tax-equivalent yield on earning assets to 5.01% in 2010 from 5.88% in 2009. With regard to interest expense, our cost of funds decreased 19 basis points to 2.08% for the first quarter of 2010 from 2.27% for the same quarter of last year. We experienced reductions in the rates paid for all interest-bearing liability categories except for money market accounts. Specifically, a decrease in the cost of time deposits had the greatest impact. For the three months ended March 31, the average cost of total time deposits decreased 64 basis points to 2.94% in 2010 from 3.58% in 2009. Partially offsetting the positive effect from the reduction in funding costs was growth in interest-bearing liabilities of $24.7 million or 5.1% to $505.7 million for the three months ended March 31, 2010 from $481.0 million for the same three months of 2009. Our tax-equivalent net interest margin for the first quarter contracted 75 basis points to 3.30% in 2010 compared to 4.05% in 2009.
For the three months ended March 31, 2010, the provision for loan losses totaled $1,000 thousand, an increase of $430 thousand compared to $570 thousand for the same three months of 2009.
Noninterest revenue for the first quarter decreased $191 thousand or 12.1% to $1,383 thousand in 2010 from $1,574 thousand in 2009. Included in noninterest revenue in 2009 was a net gain of $294 thousand from the disposition of our former Tunhannock and Eaton Township, Pennsylvania branch offices. For the three months ended March 31, we recorded gains on the sale of available-for-sale investment securities of $361 thousand in 2010 and $114 thousand in 2009. Activity in our secondary mortgage banking division subsided somewhat, which caused a $121 thousand decrease in mortgage banking income comparing the first quarters of 2010 and 2009. Service charges, fees and commissions decreased $23 thousand to $741 thousand in 2010 from $764 thousand in 2009.
Noninterest expense for the first quarter amounted to $4,354 thousand in 2010 and $4,348 thousand in 2009. Increases of $47 thousand in salaries and employee benefits expense and $31 thousand in other expenses were almost entirely offset by a decrease in net occupancy and equipment expense of $72 thousand.
BALANCE SHEET REVIEW
Total assets equaled $648.6 million at March 31, 2010, a decrease of $3.6 million from $652.2 million at December 31, 2009. Subdued loan demand resulted in a decrease of $10.6 million in loans, net of unearned income, to $466.3 million at the close of the first quarter of 2010 from $476.9 million at the end of 2009. Cyclical deposit trends of local school district and municipal customers caused a $4.4 million decrease in total deposits to $586.4 million at the end of the first quarter of 2010, from $590.8 million at the end of 2009. Available-for-sale investment securities increased $8.6 million, while federal funds sold rose $8.5 million from December 31, 2009.
Stockholders' equity equaled $51.1 million or $29.66 per share at March 31, 2010, an increase of $0.8 million compared to $50.3 million or $29.25 per share at December 31, 2009. At March 31, 2010, we reported a Tier I capital, Total capital and Leverage ratios of 10.1 percent, 12.9 percent and 7.8 percent. In addition, Community Bank and Trust Company reported Tier I capital, Total capital and Leverage ratios of 9.0 percent, 11.9 percent and 7.0 percent. Community Bank and Trust Company continued to exceed the requirements to be categorized as well capitalized under the regulatory framework for prompt corrective action at the close of the first quarter of 2010.
As a result of concentrated remedial efforts, nonperforming assets decreased $2.5 million or 8.9% to $25.7 million or 5.43% of loans, net of unearned income and foreclosed assets at March 31, 2010, compared to $28.2 million or 5.86% at December 31, 2009. Specifically, the improvement from year end resulted from decreases of $1.7 million in nonaccrual loans, $2.3 million in restructured loans and $1.3 million in loans past due 90 days or more and still accruing. Partially offsetting these decreases was an increase in foreclosed assets of $2.8 million. Loans charged-off, net of recoveries, for the first quarter equaled 3.05% and 0.23% of average loans outstanding for the three months ended March 31, 2010 and 2009. The allowance for loan losses equaled $14.9 million or 3.19% of loans, net of unearned income, at March 31, 2010, compared to $17.5 million or 3.65% at December 31, 2009, and compared to $5.5 million or 1.09% at March 31, 2009.
Comm Bancorp, Inc. serves six Pennsylvania counties through Community Bank and Trust Company's 15 community-banking offices and one loan production office. 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 website 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) |
||||||
March 31, |
Dec. 31, |
Sept. 30, |
June 30, |
March 31, |
||
2010 |
2009 |
2009 |
2009 |
2009 |
||
Key performance data: |
||||||
Per share data: |
||||||
Net income (loss) |
$ 0.67 |
$(2.65) |
$(1.95) |
$ 0.70 |
$ 1.03 |
|
Cash dividends declared |
$ 0.14 |
$ 0.28 |
$ 0.28 |
$ 0.28 |
||
Book value |
$29.66 |
$29.25 |
$32.30 |
$34.64 |
$34.22 |
|
Tangible book value |
$29.46 |
$29.05 |
$32.10 |
$34.44 |
$34.02 |
|
Market value: |
||||||
High |
$23.53 |
$34.50 |
$40.00 |
$40.00 |
$40.99 |
|
Low |
$18.00 |
$21.80 |
$31.00 |
$35.31 |
$35.04 |
|
Closing |
$18.50 |
$21.84 |
$34.50 |
$40.00 |
$36.75 |
|
Market capitalization |
$31,874 |
$37,587 |
$59,286 |
$68,651 |
$63,278 |
|
Common shares outstanding |
1,722,923 |
1,721,007 |
1,718,439 |
1,716,263 |
1,721,845 |
|
Selected ratios: |
||||||
Return on average stockholders' equity |
9.16% |
(29.70)% |
(22.63)% |
8.18% |
12.30% |
|
Return on average assets |
0.72% |
(2.60)% |
(2.19)% |
0.79% |
1.15% |
|
Leverage |
7.77% |
7.90% |
8.68% |
9.25% |
9.10% |
|
Total risk-based capital |
12.94% |
12.61% |
11.42% |
11.97% |
11.89% |
|
Efficiency |
71.45% |
87.17% |
60.78% |
74.60% |
63.26% |
|
Nonperforming assets to loans, net, and foreclosed assets |
5.43% |
5.86% |
5.59% |
5.45% |
5.26% |
|
Net charge-offs to average loans, net |
3.05% |
1.38% |
2.42% |
0.03% |
0.23% |
|
Allowance for loan losses to loans, net |
3.19% |
3.65% |
2.28% |
1.18% |
1.09% |
|
Earning assets yield (FTE) |
5.01% |
5.01% |
5.35% |
5.79% |
5.88% |
|
Cost of funds |
2.08% |
2.01% |
2.07% |
2.11% |
2.27% |
|
Net interest spread (FTE) |
2.93% |
3.00% |
3.28% |
3.68% |
3.61% |
|
Net interest margin (FTE) |
3.30% |
3.37% |
3.70% |
4.09% |
4.05% |
|
Comm Bancorp, Inc. |
|||
Consolidated Statements of Income |
|||
(In thousands, except per share data) |
|||
Three Months Ended |
Mar. 31, |
Mar. 31, |
|
2010 |
2009 |
||
Interest income: |
|||
Interest and fees on loans: |
|||
Taxable |
$5,941 |
$6,448 |
|
Tax-exempt |
322 |
666 |
|
Interest and dividends on investment securities available-for-sale: |
|||
Taxable |
729 |
349 |
|
Tax-exempt |
302 |
537 |
|
Dividends |
2 |
11 |
|
Interest on federal funds sold |
8 |
1 |
|
Total interest income |
7,304 |
8,012 |
|
Interest expense: |
|||
Interest on deposits |
2,433 |
2,633 |
|
Interest on short-term borrowings |
56 |
||
Interest on long-term debt |
160 |
||
Total interest expense |
2,593 |
2,689 |
|
Net interest income |
4,711 |
5,323 |
|
Provision for loan losses |
1,000 |
570 |
|
Net interest income after provision for loan losses |
3,711 |
4,753 |
|
Noninterest income: |
|||
Service charges, fees and commissions |
741 |
764 |
|
Mortgage banking income |
281 |
402 |
|
Net gain on sale of premises and equipment |
294 |
||
Net gain on sale of investment securities available-for-sale |
361 |
114 |
|
Total noninterest income |
1,383 |
1,574 |
|
Noninterest expense: |
|||
Salaries and employee benefits expense |
2,187 |
2,140 |
|
Net occupancy and equipment expense |
603 |
675 |
|
Other expenses |
1,564 |
1,533 |
|
Total noninterest expense |
4,354 |
4,348 |
|
Income before income taxes |
740 |
1,979 |
|
Provision for income tax expense (benefit) |
(410) |
204 |
|
Net income |
$1,150 |
$1,775 |
|
Other comprehensive income (loss): |
|||
Unrealized holding gains (losses) on investment securities available-for-sale |
$ (275) |
$ 342 |
|
Reclassification adjustment for gains included in net income |
(361) |
(114) |
|
Income tax expense (benefit) related to other comprehensive income (loss) |
(216) |
78 |
|
Other comprehensive income (loss), net of income taxes |
(420) |
150 |
|
Comprehensive income |
$ 730 |
$1,925 |
|
Per share data: |
|||
Net income |
$ 0.67 |
$ 1.03 |
|
Cash dividends declared |
$ 0.28 |
||
Average common shares outstanding |
1,722,923 |
1,728,371 |
|
Comm Bancorp, Inc. |
||||||
Consolidated Statements of Income |
||||||
(In thousands, except per share data) |
||||||
Three months ended |
March 31, |
Dec. 31, |
Sept. 30, |
June 30, |
March 31, |
|
2010 |
2009 |
2009 |
2009 |
2009 |
||
Interest income: |
||||||
Interest and fees on loans: |
||||||
Taxable |
$5,941 |
$ 6,169 |
$ 6,194 |
$6,436 |
$6,448 |
|
Tax-exempt |
322 |
602 |
598 |
619 |
666 |
|
Interest and dividends on investment securities available-for-sale: |
||||||
Taxable |
729 |
118 |
205 |
315 |
349 |
|
Tax-exempt |
302 |
326 |
407 |
473 |
537 |
|
Dividends |
2 |
(20) |
9 |
9 |
11 |
|
Interest on federal funds sold |
8 |
14 |
4 |
1 |
||
Total interest income |
7,304 |
7,209 |
7,417 |
7,852 |
8,012 |
|
Interest expense: |
||||||
Interest on deposits |
2,433 |
2,511 |
2,433 |
2,426 |
2,633 |
|
Interest on short-term borrowings |
5 |
36 |
56 |
|||
Interest on long-term debt |
160 |
|||||
Total interest expense |
2,593 |
2,511 |
2,438 |
2,462 |
2,689 |
|
Net interest income |
4,711 |
4,698 |
4,979 |
5,390 |
5,323 |
|
Provision for loan losses |
1,000 |
7,670 |
8,670 |
520 |
570 |
|
Net interest income (loss) after provision for loan losses |
3,711 |
(2,972) |
(3,691) |
4,870 |
4,753 |
|
Noninterest income: |
||||||
Service charges, fees and commissions |
741 |
825 |
848 |
832 |
764 |
|
Mortgage banking income |
281 |
185 |
287 |
490 |
402 |
|
Net gain on sale of premises and equipment |
294 |
|||||
Net gain on sale of investment securities available-for-sale |
361 |
91 |
1,385 |
114 |
||
Total noninterest income |
1,383 |
1,101 |
2,520 |
1,322 |
1,574 |
|
Noninterest expense: |
||||||
Salaries and employee benefits expense |
2,187 |
2,184 |
2,025 |
2,164 |
2,140 |
|
Net occupancy and equipment expense |
603 |
589 |
591 |
583 |
675 |
|
Other expenses |
1,564 |
2,282 |
1,942 |
2,260 |
1,533 |
|
Total noninterest expense |
4,354 |
5,055 |
4,558 |
5,007 |
4,348 |
|
Income (loss) before income taxes |
740 |
(6,926) |
(5,729) |
1,185 |
1,979 |
|
Provision for income tax expense (benefit) |
(410) |
(2,741) |
(2,354) |
(30) |
204 |
|
Net income (loss) |
$1,150 |
$(4,185) |
$(3,375) |
$1,215 |
$1,775 |
|
Other comprehensive income (loss): |
||||||
Unrealized holding gains (losses) on investment securities available-for-sale |
$ (275) |
$(1,174) |
$ 1,118 |
$ 13 |
$ 342 |
|
Reclassification adjustment for gains included in net income |
(361) |
(91) |
(1,385) |
(114) |
||
Income tax expense (benefit) related to other comprehensive income (loss) |
(216) |
(430) |
(91) |
4 |
78 |
|
Other comprehensive income (loss), net of income taxes |
(420) |
(835) |
(176) |
9 |
150 |
|
Comprehensive income (loss) |
$ 730 |
$(5,020) |
$(3,551) |
$1,224 |
$1,925 |
|
Per share data: |
||||||
Net income (loss) |
$ 0.67 |
$ (2.43) |
$ (1.95) |
$ 0.70 |
$ 1.03 |
|
Cash dividends declared |
$ 0.14 |
$ 0.28 |
$ 0.28 |
$ 0.28 |
||
Average common shares outstanding |
1,722,923 |
1,721,007 |
1,718,439 |
1,722,282 |
1,728,371 |
|
Comm Bancorp, Inc. |
||||||
Details of Net Interest and Net Interest Margin |
||||||
(In thousands, fully taxable equivalent basis) |
||||||
Three months ended |
March 31, |
Dec. 31, |
Sept. 30, |
June 30, |
March 31, |
|
2010 |
2009 |
2009 |
2009 |
2009 |
||
Net interest income: |
||||||
Interest income |
||||||
Loans, net: |
||||||
Taxable |
$5,941 |
$6,169 |
$6,194 |
$6,436 |
$6,448 |
|
Tax-exempt |
488 |
912 |
906 |
938 |
1,009 |
|
Total loans, net |
6,429 |
7,081 |
7,100 |
7,374 |
7,457 |
|
Investments: |
||||||
Taxable |
731 |
98 |
214 |
324 |
360 |
|
Tax-exempt |
458 |
494 |
616 |
717 |
814 |
|
Total investments |
1,189 |
592 |
830 |
1,041 |
1,174 |
|
Federal funds sold |
8 |
14 |
4 |
1 |
||
Total interest income |
7,626 |
7,687 |
7,934 |
8,415 |
8,632 |
|
Interest expense: |
||||||
Deposits |
2,433 |
2,511 |
2,433 |
2,426 |
2,633 |
|
Borrowed funds |
160 |
5 |
36 |
56 |
||
Total interest expense |
2,593 |
2,511 |
2,438 |
2,462 |
2,689 |
|
Net interest income |
$5,033 |
$5,176 |
$5,496 |
$5,953 |
$5,943 |
|
Loans, net: |
||||||
Taxable |
5.44% |
0.72% |
5.45% |
5.80% |
5.84% |
|
Tax-exempt |
6.29% |
5.96% |
5.89% |
5.66% |
5.97% |
|
Total loans, net |
5.50% |
5.52% |
5.50% |
5.78% |
5.86% |
|
Investments: |
||||||
Taxable |
3.31% |
1.80% |
3.10% |
3.92% |
4.29% |
|
Tax-exempt |
7.46% |
7.33% |
7.07% |
7.43% |
7.49% |
|
Total investments |
4.21% |
4.86% |
5.32% |
5.81% |
6.09% |
|
Federal funds sold |
0.11% |
0.11% |
0.11% |
0.49% |
||
Total earning assets |
5.01% |
5.01% |
5.35% |
5.79% |
5.88% |
|
Interest expense: |
||||||
Deposits |
1.98% |
2.01% |
2.08% |
2.18% |
2.38% |
|
Borrowed funds |
8.08% |
0.67% |
0.68% |
0.71% |
||
Total interest-bearing liabilities |
2.08% |
2.01% |
2.07% |
2.11% |
2.27% |
|
Net interest spread |
2.93% |
3.00% |
3.28% |
3.68% |
3.61% |
|
Net interest margin |
3.30% |
3.37% |
3.70% |
4.09% |
4.05% |
|
Comm Bancorp, Inc. |
||||||
Consolidated Balance Sheets |
||||||
(In thousands, except per share data) |
||||||
March 31, |
Dec. 31, |
Sept. 30, |
June 30, |
March 31, |
||
At period end |
2010 |
2009 |
2009 |
2009 |
2009 |
|
Assets: |
||||||
Cash and due from banks |
$ 8,798 |
$ 23,978 |
$ 8,728 |
$ 8,315 |
$ 9,441 |
|
Federal funds sold |
33,800 |
25,300 |
46,100 |
|||
Investment securities available-for-sale |
116,593 |
108,005 |
38,302 |
73,169 |
75,249 |
|
Loans held for sale, net |
811 |
2,016 |
787 |
2,243 |
||
Loans, net of unearned income |
466,296 |
476,944 |
507,094 |
510,870 |
507,166 |
|
Less: allowance for loan losses |
14,891 |
17,462 |
11,566 |
6,019 |
5,531 |
|
Net loans |
451,405 |
459,482 |
495,528 |
504,851 |
501,635 |
|
Premises and equipment, net |
11,480 |
11,616 |
11,631 |
11,709 |
11,785 |
|
Accrued interest receivable |
2,213 |
2,122 |
2,597 |
2,526 |
2,456 |
|
Other assets |
23,512 |
19,634 |
11,386 |
9,456 |
8,951 |
|
Total assets |
$648,612 |
$652,153 |
$614,272 |
$610,813 |
$611,760 |
|
Liabilities: |
||||||
Deposits: |
||||||
Noninterest-bearing |
$ 90,999 |
$ 88,335 |
$ 79,591 |
$ 82,002 |
$ 77,752 |
|
Interest-bearing |
495,361 |
502,448 |
475,509 |
456,795 |
443,114 |
|
Total deposits |
586,360 |
590,783 |
555,100 |
538,797 |
520,866 |
|
Short-term borrowings |
7,950 |
27,450 |
||||
Long-term debt |
8,000 |
8,000 |
||||
Accrued interest payable |
1,623 |
1,296 |
1,185 |
1,696 |
2,124 |
|
Other liabilities |
1,520 |
1,740 |
2,478 |
2,912 |
2,397 |
|
Total liabilities |
597,503 |
601,819 |
558,763 |
551,355 |
552,837 |
|
Stockholders' equity: |
||||||
Common stock, par value $0.33 authorized |
||||||
12,000,000, shares issued and outstanding 1,722,923; |
||||||
1,721,007; 1,718,439; 1,716,263; 1,721,845 |
569 |
568 |
567 |
566 |
568 |
|
Capital surplus |
8,010 |
7,966 |
7,881 |
7,799 |
7,741 |
|
Retained earnings |
42,131 |
40,981 |
45,407 |
49,263 |
48,793 |
|
Accumulated other comprehensive income |
399 |
819 |
1,654 |
1,830 |
1,821 |
|
Total stockholders' equity |
51,109 |
50,334 |
55,509 |
59,458 |
58,923 |
|
Total liabilities and stockholders' equity |
$648,612 |
$652,153 |
$614,272 |
$610,813 |
$611,760 |
|
Comm Bancorp, Inc. |
||||||
Consolidated Balance Sheets |
||||||
(In thousands, except per share data) |
||||||
March 31, |
Dec. 31, |
Sept. 30, |
June 30, |
March 31, |
||
Average quarterly balances |
2010 |
2009 |
2009 |
2009 |
2009 |
|
Assets: |
||||||
Loans, net: |
||||||
Taxable |
$442,821 |
$448,359 |
$451,025 |
$444,905 |
$447,922 |
|
Tax-exempt |
31,479 |
60,710 |
61,000 |
66,500 |
68,567 |
|
Total loans, net |
474,300 |
509,069 |
512,025 |
511,405 |
516,489 |
|
Investments: |
||||||
Taxable |
89,635 |
21,598 |
27,354 |
33,115 |
34,068 |
|
Tax-exempt |
24,889 |
26,740 |
34,562 |
38,729 |
44,051 |
|
Total investments |
114,524 |
48,338 |
61,916 |
71,844 |
78,119 |
|
Federal funds sold |
29,093 |
51,706 |
14,709 |
37 |
833 |
|
Total earning assets |
617,917 |
609,113 |
588,650 |
583,286 |
595,441 |
|
Other assets |
29,344 |
29,950 |
22,649 |
30,625 |
27,910 |
|
Total assets |
$647,261 |
$639,063 |
$611,299 |
$613,911 |
$623,351 |
|
Liabilities and stockholders' equity: |
||||||
Deposits: |
||||||
Interest-bearing |
$497,712 |
$495,714 |
$464,411 |
$446,992 |
$449,242 |
|
Noninterest-bearing |
86,711 |
84,139 |
81,047 |
82,221 |
79,997 |
|
Total deposits |
584,423 |
579,853 |
545,458 |
529,213 |
529,239 |
|
Short-term borrowings |
33 |
2,970 |
21,359 |
31,773 |
||
Long-term debt |
8,000 |
87 |
||||
Other liabilities |
3,881 |
3,223 |
3,710 |
3,743 |
3,821 |
|
Total liabilities |
596,337 |
583,163 |
552,138 |
554,315 |
564,833 |
|
Stockholders' equity |
50,924 |
55,900 |
59,161 |
59,596 |
58,518 |
|
Total liabilities and stockholders' equity |
$647,261 |
$639,063 |
$611,299 |
$613,911 |
$623,351 |
|
Comm Bancorp, Inc. |
||||||
Asset Quality Data |
||||||
(In thousands) |
||||||
March 31, |
Dec. 31, |
Sept. 30, |
June 30, |
March 31, |
||
At quarter end |
2010 |
2009 |
2009 |
2009 |
2009 |
|
Nonperforming assets: |
||||||
Nonaccrual loans |
$17,302 |
$19,015 |
$20,567 |
$20,166 |
$20,154 |
|
Restructured loans |
1,980 |
4,302 |
4,773 |
4,888 |
3,357 |
|
Accruing loans past due 90 days or more |
392 |
1,634 |
1,177 |
1,139 |
1,402 |
|
Foreclosed assets |
5,979 |
3,209 |
1,932 |
1,726 |
1,854 |
|
Total nonperforming assets |
$25,653 |
$28,160 |
$28,449 |
$27,919 |
$26,767 |
|
Three months ended |
||||||
Allowance for loan losses: |
||||||
Beginning balance |
$17,462 |
$ 11,566 |
$ 6,019 |
$ 5,531 |
$ 5,255 |
|
Charge-offs |
3,591 |
1,814 |
3,133 |
147 |
324 |
|
Recoveries |
20 |
40 |
10 |
115 |
30 |
|
Provision for loan losses |
1,000 |
7,670 |
8,670 |
520 |
570 |
|
Ending balance |
$14,891 |
$17,462 |
$11,566 |
$ 6,019 |
$ 5,531 |
|
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. |
||||||
SOURCE Comm Bancorp, Inc.
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