Community Bank reports higher earnings for third quarter
Community Bank recently announced third quarter financial results.
For the third quarter of 2013, Community Bank earned $1,134,000. This is an increase of 6.1 percent over the earnings of the bank in the third quarter of 2012. Third quarter earnings equated to $.46 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. This compares to YTD earnings through three quarters in 2012 of $3,280,000.
Pat McCune, President and CEO of Community Bank, explained that “Community Bank has had an excellent year in loan production. 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.”
Community 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. The bank operates 11 offices in Southwestern Pennsylvania.
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