COMM BANCORP, INC. Reports Increased Second Quarter Earnings
Comm Bancorp, Inc. today reported second quarter 2007 earnings of $1,880 thousand or $1.06 per share, an increase of $305 thousand or 19.4% compared to $1,575 thousand or $0.85 per share for the same quarter of 2006. Earnings for the six months ended June 30, improved $260 thousand or 8.3% to $3,385 thousand or $1.87 per share in 2007 compared to $3,125 thousand or $1.69 per share in 2006.
Return on average assets was 1.35% for the second quarter and 1.23% for the first half of 2007, compared to 1.16% for each of the respective periods of 2006. Return on average stockholders’ equity was 14.46% and 12.75%, respectively, for the second quarter and year-to-date 2007, compared to 12.30% and 12.39% for the same periods of 2006.
“I am extremely pleased with our Company’s financial performance during the second quarter of 2007,” stated William F. Farber, Sr., President and Chief Executive Officer. “Despite the challenging interest rate environment, we were able to improve both net interest spread and margin from the previous quarter. We also experienced a nearly 26.0% increase in noninterest revenue from the first quarter. In addition to these financial accomplishments, several projects were either completed or initiated in the second quarter that I believe will strengthen stockholder value over the long term,” Farber mentioned. “At the start of the second quarter, we rolled out our new service offering, CB&T Direct(sm) remote deposit image capture system to current and potential business customers. We are the first community bank in our market area to implement this service and I am excited at the response it has received from area businesses. We are also developing a private banking division, through which our larger, more complex customers will have the benefit of a dedicated banking advisor who will coordinate and support all their financial and wealth management needs. Finally, during the second quarter we purchased land in Tunkhannock, Wyoming County, Pennsylvania to build a new office to replace outdated facilities. The new property is in a more convenient location and will facilitate market share growth in this county,” concluded Farber.
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