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 | % |
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 |
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 |
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 | % |
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 |
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 |
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 |
Co:
|
Comm Bancorp, Inc. | |
St:
|
Pennsylvania | |
In:
|
Fin |