Community Bank reports 2012 results
Community Bank said Friday it set new records for assets, deposits, dividends, book value and a number of volume and activity benchmarks for 2012.
The Bank earned $4,217,000 for 2012, representing a return on equity of 9.81 percent and a return on assets of 0.78 percent. Earnings per share were $1.71, a decline of $0.11 or 6 percent as compared to 2011. Book value reached $17.73 at the end of 2012, as compared to $17.11 for year end 2011, an increase of 3.6 percent.
Average assets during 2012 were $539,000,000, compared to average assets of 2011 of $497,000,000. The bank added average deposits of more than $47,000,000 during 2012, an increase of 11.6 percent over 2011. Dividends paid in 2012 were $2,052,000, an increase over 2011, when the Bank paid $2,004,000 in dividends.
President and Chief Executive Officer Barron P. McCune Jr. said in a statement the bank reached new records in volume and activity in nearly every category.
“Earnings were down slightly due to low interest rates, but the bank remains strong,” McCune said. “We were especially pleased this year to win the ‘Best Place To Work’ in Washington County in the mid-sized category for the third straight year.”