Community Bank 3Q earnings up
Community Bank Monday announced third quarter earnings of $1,134,000, a 6.1 percent increase over its earnings of in the third quarter of 2012. The most recent earnings equated to 46 cents per share, a return on equity of 10.44 percent and a return on average assets of .83 percent.
Year-to-date earnings are $3,029,000 compare to YTD earnings through three quarters in 2012 of $3,280,000.
“Community Bank has had an excellent year in loan production,” said Chief Executive Officer Pat McCune in a statement. “This has enabled us to increase earnings despite historically low interest rates on our loans and securities. The bank is doing well and we look forward to the future with confidence.”
The Carmichaels-based bank had average assets of $540,285,000 during the third quarter, as compared to average assets of $538,348,000 during the third quarter last year. Community Bank is a full service commercial bank now in its 112th year. It operates 11 offices in Southwestern Pennsylvania.