EX-99.I 2 c07157exv99wi.htm EXHIBIT 99(I) Exhibit 99(i)
Exhibit 99(i)
NEWS RELEASE
TO BUSINESS EDITOR:
COMM BANCORP, INC. Reports Third Quarter 2010 Earnings
Clarks Summit, PA, October 21/PR Newswire/-Comm Bancorp, Inc. (Nasdaq:CCBP) today reported third quarter 2010 earnings of $1,000 thousand or $0.58 per share compared to a net loss of $3,375 thousand or $1.95 per share for the third quarter of 2009. Year-to-date earnings totaled $3,340 thousand or $1.94 per share in 2010 compared to a net loss of $385 thousand or $0.22 per share in 2009. The earnings improvement resulted primarily from reductions in the provision for loan losses and noninterest expense, which were partially offset by lower net interest income and noninterest income.
Return on average assets was 0.62% for the quarter and 0.69% for the nine months ended September 30, 2010, compared to (2.19)% and (0.08)% for the respective 2009 periods. Return on average stockholders’ equity was 7.32% and 8.54%, respectively, for the third quarter and year-to-date 2010, compared to (22.63)% and (0.87)% for the same periods of 2009.
INCOME STATEMENT REVIEW
Tax-equivalent net interest income for the nine months ended September 30, 2010, totaled $14,841 thousand, a decrease of $2,551 thousand or 14.7% from $17,392 thousand for the same period of 2009. Despite an increase of $20.6 million in average earning assets, tax-equivalent interest income for the nine months ended September 30, decreased $2,812 thousand to $22,169 thousand in 2010, from $24,981 thousand in 2009. The decline in tax-equivalent interest income was due, for the most part, to a $46.5 million or 9.1% reduction in average loans. Average tax-exempt loans decreased $34.0 million, while taxable loans declined $12.5 million. With regard to tax-exempt loans, several large tax anticipation notes of local municipalities, which were outstanding last year, matured at the end of 2009. As part of our tax planning strategy for 2010, we chose not to actively compete for these types of loans. The maturities and repayments received from the loan portfolio were reinvested in lower-yielding assets, which contributed to an 81 basis point decrease in the tax-equivalent yield on earning assets to 4.86% in 2010 from 5.67% in 2009. Slightly mitigating the reduction in interest income was a $261 thousand decrease in interest expense. Our cost of funds decreased 19 basis points to 1.96% for the nine months ended September 30, 2010, from 2.15% for the same period last year. The cost of funds was affected primarily by a 46 basis point decrease in the average rate paid for total time deposits. Partially offsetting the positive effect from the reduction in funding costs was growth in average interest-bearing liabilities of $27.5 million or 5.8% to $499.7 million for the nine months ended September 30, 2010, from $472.2 million for the same nine months of 2009. Year-to-date, the tax-equivalent net interest margin contracted 70 basis points to 3.25% in 2010 compared to 3.95% in 2009.

 

 


 

For the three and nine months ended September 30, 2010, the provision for loan losses amounted to $300 thousand and $1,600 thousand, compared to $8,670 thousand and $9,760 thousand for the respective periods of 2009. The provision for loan losses in 2009 reflected the effect of collateral valuation revisions to certain large commercial real estate loans, coupled with a change in the methodology for estimating the allowance for loan losses. With regard to collateral valuation revisions, independent appraisals for these commercial real estate loans indicated significant market devaluations brought on by the deterioration in the local economy at that time. In addition, in the third quarter of 2009, management revised its methodology for estimating losses in the remainder of the loan portfolio by shortening the number of periods considered for estimating loss factors in order to reflect rapidly changing market conditions.
Noninterest income totaled $3,443 thousand for the nine months ended September 30, 2010, a decrease of $1,973 thousand from $5,416 thousand for the same nine months of 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 nine months ended September 30, 2010, we recorded gains on the sale of available-for-sale investment securities of $361 thousand, a decrease of $1,138 thousand from gains of $1,499 thousand recorded in 2009. Activity in our secondary mortgage banking division provided income of $900 thousand in 2010 and $1,179 thousand in 2009. Service charges, fees and commissions decreased $262 thousand to $2,182 thousand in 2010 from $2,444 thousand in 2009. For the third quarter, noninterest income decreased $1,404 thousand, which reflected reductions in service charges, fees and commissions and net gains on the sale of available-for-sale investment securities, partially offset by an increase in mortgage banking income.
For the nine months ended September 30, 2010, noninterest expense amounted to $13,669 thousand, a decrease of $244 thousand from $13,913 thousand for the same period last year. Decreases of $141 thousand in net occupancy and equipment expense and $332 thousand in other expenses were partially offset by a $229 thousand increase in salaries and employee benefits expense. Reductions in equipment and software depreciation and rental expense contributed to the 7.6% decrease in net occupancy and equipment expense. With regard to the 5.8% decline in other expenses, reductions in marketing-related expenses, directors’ fees and deposit insurance were the primary factors influencing the overall reduction. For the third quarter of 2010, noninterest expense increased $391 thousand, which resulted primarily from increases in legal expenses and expenditures related to other real estate and loan collection.
BALANCE SHEET REVIEW
Total assets equaled $652.8 million at September 30, 2010, an increase of $38.5 million from $614.3 million at September 30, 2009. Subdued loan demand, coupled with stricter underwriting and tax-planning strategies, resulted in a decrease of $59.8 million in loans, net of unearned income, to $447.3 million at the close of the third quarter of 2010 from $507.1 million one year earlier. Total deposits grew to $585.9 million at the end of the third quarter of 2010, from $555.1 million at September 30, 2009. Noninterest-bearing deposits increased $2.8 million, while interest-bearing deposits rose $28.0 million. Due to the decline in loan volumes, the investment portfolio played a more prominent role in our balance sheet composition. Available-for-sale investment securities increased $70.3 million or 183.4%. Federal funds outstanding at the end of the third quarter amounted to $19.5 million in 2010 and $46.1 million in 2009.

 

 


 

Stockholders’ equity grew to $55.2 million or $32.01 per share at September 30, 2010. In comparison, stockholders’ equity was $53.6 million or $31.13 per share at June 30, 2010, and $50.3 million or $29.25 per share at December 31, 2009. Net income of $1,000 thousand for the third quarter of 2010 and $3,340 thousand year-to-date was the primary factor leading to the capital improvement. At September 30, 2010, we reported Tier I capital, Total capital and Leverage ratios of 11.0%, 13.9% and 8.2%. In addition, our wholly owned subsidiary, Community Bank and Trust Company reported Tier I capital, Total capital and Leverage ratios of 9.9%, 12.9% and 7.4%. 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 third quarter of 2010.
Nonperforming assets decreased $3.6 million or 12.8% to $24.6 million or 5.42% of loans, net of unearned income and foreclosed assets at September 30, 2010, compared to $28.2 million or 5.86% at December 31, 2009. Specifically, the improvement from year end resulted from decreases of $4.2 million in nonaccrual loans, $2.3 million in restructured loans and $0.7 million in loans past due 90 days or more and still accruing. Partially offsetting these decreases was an increase in foreclosed assets of $3.6 million. Loans charged-off, net of recoveries, for the nine months ended September 30, equaled 1.54% of average loans outstanding in 2010 and 0.90% in 2009. The allowance for loan losses equaled $13.7 million or 3.06% of loans, net of unearned income, at September 30, 2010, compared to $17.5 million or 3.65% at December 31, 2009, and $11.6 million or 2.28% at September 30, 2009.
On August 9, 2010, F.N.B. Corporation and Comm Bancorp, Inc. issued a joint press release announcing the signing of a definitive merger agreement pursuant to which F.N.B. Corporation will acquire Comm Bancorp, Inc. A copy of the definitive merger agreement and joint press release have been filed as Exhibits 10.1 and 99.1 to our Current Report on Form 8-K with the Securities and Exchange Commission on August 10, 2010, Commission File Number: 0-17455.
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 KlickSM 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)
                                         
    Sept. 30,     June 30,     March 31,     Dec. 31,     Sept. 30,  
    2010     2010     2010     2009     2009  
 
                                       
Key performance data:
                                       
 
                                       
Per share data:
                                       
Net income (loss)
  $ 0.58     $ 0.69     $ 0.67     $ (2.65 )   $ (1.95 )
Cash dividends declared
                          $ 0.14     $ 0.28  
Book value
  $ 32.01     $ 31.13     $ 29.66     $ 29.25     $ 32.30  
Tangible book value
  $ 31.81     $ 30.93     $ 29.46     $ 29.05     $ 32.10  
Market value:
                                       
High
  $ 39.11     $ 23.56     $ 23.53     $ 34.50     $ 40.00  
Low
  $ 15.36     $ 17.50     $ 18.00     $ 21.80     $ 31.00  
Closing
  $ 39.11     $ 17.50     $ 18.50     $ 21.84     $ 34.50  
Market capitalization
  $ 67,384     $ 30,151     $ 31,874     $ 37,587     $ 59,286  
Common shares outstanding
    1,722,923       1,722,923       1,722,923       1,721,007       1,718,439  
 
                                       
Selected ratios:
                                       
 
                                       
Return on average stockholders’ equity
    7.32 %     9.22 %     9.16 %     (29.70 )%     (22.63 )%
 
                                       
Return on average assets
    0.62 %     0.74 %     0.72 %     (2.60 )%     (2.19 )%
 
                                       
Leverage
    8.16 %     7.99 %     7.77 %     7.90 %     8.68 %
 
                                       
Total risk-based capital
    13.91 %     13.29 %     12.94 %     12.61 %     11.42 %
 
                                       
Efficiency
    85.27 %     79.37 %     71.45 %     87.17 %     60.78 %
 
                                       
Nonperforming assets to loans, net, and foreclosed assets
    5.42 %     5.41 %     5.43 %     5.86 %     5.59 %
 
                                       
Net charge-offs to average loans, net
    1.34 %     0.23 %     3.05 %     1.38 %     2.42 %
 
                                       
Allowance for loan losses to loans, net
    3.06 %     3.21 %     3.19 %     3.65 %     2.28 %
 
                                       
Earning assets yield (FTE)
    4.76 %     4.82 %     5.01 %     5.01 %     5.35 %
 
                                       
Cost of funds
    1.81 %     1.99 %     2.08 %     2.01 %     2.07 %
 
                                       
Net interest spread (FTE)
    2.95 %     2.83 %     2.93 %     3.00 %     3.28 %
 
                                       
Net interest margin (FTE)
    3.27 %     3.19 %     3.30 %     3.37 %     3.70 %

 

 


 

Comm Bancorp, Inc.
Consolidated Statements of Income (Loss)
(In thousands, except per share data)
                 
    Sept. 30,     Sept. 30,  
Nine Months Ended   2010     2009  
 
               
Interest income:
               
Interest and fees on loans:
               
Taxable
  $ 17,689     $ 19,078  
Tax-exempt
    959       1,883  
Interest and dividends on investment securities available-for-sale:
               
Taxable
    1,842       869  
Tax-exempt
    759       1,417  
Dividends
    6       29  
Interest on federal funds sold
    29       5  
Total interest income
    21,284       23,281  
 
               
Interest expense:
               
Interest on deposits
    6,848       7,492  
Interest on short-term borrowings
            97  
Interest on long-term debt
    480          
Total interest expense
    7,328       7,589  
Net interest income
    13,956       15,692  
Provision for loan losses
    1,600       9,760  
Net interest income after provision for loan losses
    12,356       5,932  
 
               
Noninterest income:
               
Service charges, fees and commissions
    2,182       2,444  
Mortgage banking income
    900       1,179  
Net gain on sale of premises and equipment
            294  
Net gain on sale of investment securties available-for-sale
    361       1,499  
Total noninterest income
    3,443       5,416  
 
               
Noninterest expense:
               
Salaries and employee benefits expense
    6,558       6,329  
Net occupancy and equipment expense
    1,708       1,849  
Other expenses
    5,403       5,735  
Total noninterest expense
    13,669       13,913  
Income (loss) before income taxes
    2,130       (2,565 )
Income tax benefit
    (1,210 )     (2,180 )
Net income (loss)
  $ 3,340     $ (385 )
 
               
Other comprehensive income (loss):
               
Unrealized holding gains on investment securities available-for-sale
  $ 2,532     $ 1,473  
Reclassification adjustment for gains included in net income
    (361 )     (1,499 )
Income tax expense (benefit) related to other comprehensive income (loss)
    738       (9 )
Other comprehensive income (loss), net of income taxes
    1,433       (17 )
Comprehensive income (loss)
  $ 4,773     $ (402 )
 
               
Per share data:
               
Net income (loss)
  $ 1.94     $ (0.22 )
Cash dividends declared
          $ 0.84  
Average common shares outstanding
    1,722,923       1,722,994  

 

 


 

Comm Bancorp, Inc.
Consolidated Statements of Income (Loss)
(In thousands, except per share data)
                                         
    Sept. 30,     June 30,     March 31,     Dec. 31,     Sept. 30,  
Three months ended   2010     2010     2010     2009     2009  
 
                                       
Interest income:
                                       
Interest and fees on loans:
                                       
Taxable
  $ 5,806     $ 5,942     $ 5,941     $ 6,169     $ 6,194  
Tax-exempt
    319       318       322       602       598  
Interest and dividends on investment securities available-for-sale:
                                       
Taxable
    590       523       729       118       205  
Tax-exempt
    219       238       302       326       407  
Dividends
    2       2       2       (20 )     9  
Interest on federal funds sold
    12       9       8       14       4  
Total interest income
    6,948       7,032       7,304       7,209       7,417  
 
                                       
Interest expense:
                                       
Interest on deposits
    2,100       2,315       2,433       2,511       2,433  
Interest on short-term borrowings
                                    5  
Interest on long-term debt
    160       160       160                  
Total interest expense
    2,260       2,475       2,593       2,511       2,438  
Net interest income
    4,688       4,557       4,711       4,698       4,979  
Provision for loan losses
    300       300       1,000       7,670       8,670  
Net interest income (loss) after provision for loan losses
    4,388       4,257       3,711       (2,972 )     (3,691 )
 
                                       
Noninterest income:
                                       
Service charges, fees and commissions
    711       730       741       825       848  
Mortgage banking income
    405       214       281       185       287  
Net gain on sale of investment securities available-for-sale
                    361       91       1,385  
Total noninterest income
    1,116       944       1,383       1,101       2,520  
 
                                       
Noninterest expense:
                                       
Salaries and employee benefits expense
    2,188       2,183       2,187       2,184       2,025  
Net occupancy and equipment expense
    558       547       603       589       591  
Other expenses
    2,203       1,636       1,564       2,282       1,942  
Total noninterest expense
    4,949       4,366       4,354       5,055       4,558  
Income (loss) before income taxes
    555       835       740       (6,926 )     (5,729 )
Provision for income tax benefit
    (445 )     (355 )     (410 )     (2,741 )     (2,354 )
Net income (loss)
  $ 1,000     $ 1,190     $ 1,150     $ (4,185 )   $ (3,375 )
 
                                       
Other comprehensive income (loss):
                                       
Unrealized holding gains (losses) on investment securities available-for-sale
  $ 777     $ 2,030     $ (275 )   $ (1,174 )   $ 1,118  
Reclassification adjustment for gains included in net income
                    (361 )     (91 )     (1,385 )
Income tax expense (benefit) related to other comprehensive income (loss)
    264       690       (216 )     (430 )     (91 )
Other comprehensive income (loss), net of income taxes
    513       1,340       (420 )     (835 )     (176 )
Comprehensive income (loss)
  $ 1,513     $ 2,530     $ 730     $ (5,020 )   $ (3,551 )
 
                                       
Per share data:
                                       
Net income (loss)
  $ 0.58     $ 0.69     $ 0.67     $ (2.43 )   $ (1.95 )
Cash dividends declared
                          $ 0.14     $ 0.28  
Average common shares outstanding
    1,722,923       1,722,923       1,722,923       1,721,007       1,718,439  

 

 


 

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   2010     2010     2010     2009     2009  
 
                                       
Net interest income:
                                       
Interest income
                                       
Loans, net:
                                       
Taxable
  $ 5,806     $ 5,942     $ 5,941     $ 6,169     $ 6,194  
Tax-exempt
    483       482       488       912       906  
Total loans, net
    6,289       6,424       6,429       7,081       7,100  
Investments:
                                       
Taxable
    592       525       731       98       214  
Tax-exempt
    332       360       458       494       616  
Total investments
    924       885       1,189       592       830  
Federal funds sold
    12       9       8       14       4  
Total interest income
    7,225       7,318       7,626       7,687       7,934  
Interest expense:
                                       
Deposits
    2,100       2,315       2,433       2,511       2,433  
Borrowed funds
    160       160       160               5  
Total interest expense
    2,260       2,475       2,593       2,511       2,438  
Net interest income
  $ 4,965     $ 4,843     $ 5,033     $ 5,176     $ 5,496  
 
                                       
Loans, net:
                                       
Taxable
    5.38 %     5.48 %     5.44 %     5.46 %     5.45 %
Tax-exempt
    6.07 %     6.23 %     6.29 %     5.96 %     5.89 %
Total loans, net
    5.43 %     5.53 %     5.50 %     5.52 %     5.50 %
Investments:
                                       
Taxable
    2.62 %     2.23 %     3.31 %     1.80 %     3.10 %
Tax-exempt
    7.28 %     7.49 %     7.46 %     7.33 %     7.07 %
Total investments
    3.40 %     3.13 %     4.21 %     4.86 %     5.32 %
Federal funds sold
    0.14 %     0.12 %     0.11 %     0.11 %     0.11 %
Total earning assets
    4.76 %     4.82 %     5.01 %     5.01 %     5.35 %
Interest expense:
                                       
Deposits
    1.71 %     1.89 %     1.98 %     2.01 %     2.08 %
Borrowed funds
    8.00 %     8.00 %     8.00 %             0.67 %
Total interest-bearing liabilities
    1.81 %     1.99 %     2.08 %     2.01 %     2.07 %
Net interest spread
    2.95 %     2.83 %     2.93 %     3.00 %     3.28 %
Net interest margin
    3.27 %     3.19 %     3.30 %     3.37 %     3.70 %

 

 


 

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   2010     2010     2010     2009     2009  
 
                                       
Assets:
                                       
Cash and due from banks
  $ 52,658     $ 10,050     $ 8,798     $ 23,978     $ 8,728  
Federal funds sold
    19,501       31,700       33,800       25,300       46,100  
Investment securities available-for-sale
    108,555       112,851       116,593       108,005       38,302  
Loans held for sale, net
    625       110       811       2,016          
Loans, net of unearned income
    447,282       465,143       466,296       476,944       507,094  
Less: allowance for loan losses
    13,669       14,928       14,891       17,462       11,566  
Net loans
    433,613       450,215       451,405       459,482       495,528  
Premises and equipment, net
    11,300       11,425       11,480       11,616       11,631  
Accrued interest receivable
    2,023       1,962       2,213       2,122       2,597  
Other assets
    24,502       23,452       23,512       19,634       11,386  
Total assets
  $ 652,777     $ 641,765     $ 648,612     $ 652,153     $ 614,272  
 
                                       
Liabilities:
                                       
Deposits:
                                       
Noninterest-bearing
  $ 82,407     $ 87,348     $ 90,999     $ 88,335     $ 79,591  
Interest-bearing
    503,536       489,370       495,361       502,448       475,509  
Total deposits
    585,943       576,718       586,360       590,783       555,100  
Short-term borrowings
                                       
Long-term debt
    8,000       8,000       8,000       8,000          
Accrued interest payable
    1,110       1,284       1,623       1,296       1,185  
Other liabilities
    2,572       2,124       1,520       1,740       2,478  
Total liabilities
    597,625       588,126       597,503       601,819       558,763  
 
                                       
Stockholders’ equity:
                                       
Common stock, par value $0.33 authorized 12,000,000, shares issued and outstanding 1,722,923; 1,722,923; 1,722,923; 1,721,007; 1,718,439
    569       569       569       568       567  
Capital surplus
    8,010       8,010       8,010       7,966       7,881  
Retained earnings
    44,321       43,321       42,131       40,981       45,407  
Accumulated other comprehensive income
    2,252       1,739       399       819       1,654  
Total stockholders’ equity
    55,152       53,639       51,109       50,334       55,509  
Total liabilities and stockholders’ equity
  $ 652,777     $ 641,765     $ 648,612     $ 652,153     $ 614,272  

 

 


 

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   2010     2010     2010     2009     2009  
 
                                       
Assets:
                                       
Loans, net:
                                       
Taxable
  $ 428,327     $ 435,316     $ 442,821     $ 448,359     $ 451,025  
Tax-exempt
    31,547       30,960       31,479       60,710       61,000  
Total loans, net
    459,874       466,276       474,300       509,069       512,025  
Investments:
                                       
Taxable
    89,740       94,305       89,635       21,598       27,354  
Tax-exempt
    18,084       19,269       24,889       26,740       34,562  
Total investments
    107,824       113,574       114,524       48,338       61,916  
Federal funds sold
    34,910       28,930       29,093       51,706       14,709  
Total earning assets
    602,608       608,780       617,917       609,113       588,650  
Other assets
    37,023       33,439       29,344       29,950       22,649  
Total assets
  $ 639,631     $ 642,219     $ 647,261     $ 639,063     $ 611,299  
 
                                       
Liabilities and stockholders’ equity:
                                       
Deposits:
                                       
Interest-bearing
  $ 487,033     $ 490,502     $ 497,712     $ 495,714     $ 464,411  
Noninterest-bearing
    87,204       89,285       86,711       84,139       81,047  
Total deposits
    574,237       579,787       584,423       579,853       545,458  
Short-term borrowings
            1       33               2,970  
Long-term debt
    8,000       8,000       8,000       87          
Other liabilities
    3,191       2,646       3,881       3,223       3,710  
Total liabilities
    585,428       590,434       596,337       583,163       552,138  
Stockholders’ equity
    54,203       51,785       50,924       55,900       59,161  
Total liabilities and stockholders’ equity
  $ 639,631     $ 642,219     $ 647,261     $ 639,063     $ 611,299  

 

 


 

Comm Bancorp, Inc.
Asset Quality Data
(In thousands)
                                         
    Sept. 30,     June 30,     March 31,     Dec. 31,     Sept. 30,  
At quarter end   2010     2010     2010     2009     2009  
 
                                       
Nonperforming assets:
                                       
Nonaccrual loans
  $ 14,875     $ 16,678     $ 17,302     $ 19,015     $ 20,567  
Restructured loans
    1,969       1,975       1,980       4,302       4,773  
Accruing loans past due 90 days or more
    897       553       392       1,634       1,177  
Foreclosed assets
    6,853       6,322       5,979       3,209       1,932  
Total nonperforming assets
  $ 24,594     $ 25,528     $ 25,653     $ 28,160     $ 28,449  
 
                                       
Three months ended
                                       
 
                                       
Allowance for loan losses:
                                       
Beginning balance
  $ 14,928     $ 14,891     $ 17,462     $ 11,566     $ 6,019  
Charge-offs
    1,693       437       3,591       1,814       3,133  
Recoveries
    134       174       20       40       10  
Provision for loan losses
    300       300       1,000       7,670       8,670  
Ending balance
  $ 13,669     $ 14,928     $ 14,891     $ 17,462     $ 11,566  
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.