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Despite the economic uncertainty ongoing in the banking community, Community Bank has reported an increase in third-quarter earnings.
On Monday, Community Bank said it generated a net income of $11.8 million in the third quarter, an increase of nearly 7 percent over 2007 third-quarter earnings. The company said it experienced an increase because of its strong organic loans and core deposit growth, continued expansion of non-interest income sources and improved interest margin, and continued solid-asset quality.
''It feels great,'' said Scott Kingsley, Community Bank chief financial officer, about report third-quarter growth. ''In fact, we think it goes back to the heart of our operating strategy to stick to offering products customers understand (and) to make decisions based on knowing the customer's ability to pay when we make that loan.''
Kingsley said the bank's strategy is very stable, not allowing for large sudden economic drops.
''It's about having products to sell to customers that we can explain,'' he said. ''We're not trying to sell any exotic investments that we don't even understand ourselves.''
The bank has reported year-to-date earnings of $34 million, a 10.8 percent increase over the yearly earnings in 2007. Kingsley said that despite the economy, he believes future earnings will continue to be favorable for the company.
''We're very optimistic going into the fourth quarter and 2009,'' he said. ''The talk of a stimulus (package) from the Treasury and the Federal Reserve is being done to shore up confidence in consumers. We are not immune to people lacking confidence in the system, like there is now. However, we think the economic stimulus will be a good thing (for the economy).''
The bank's third-quarter net interest income grew to $37.1 million, an increase of 8.1 percent above the third quarter in 2007. Third quarter non-interest income increased $1.8 million, a 10.2 percent increase over the same period last year. The bank's wealth management revenue increased 2.2 percent over 2007 from additional insurance agency revenues and growth in most of the company's other product offerings despite difficult market conditions.
Quarterly operating expenses of $39.3 million increased 6.8 percent during the third quarter of 2007. The company also recorded higher FDIC-insurance premiums, incurred higher volume-based processing costs and had increased facility-based utilities and maintenance costs compared to the prior year.
Sourcehttp://post-journal.com/page/content.detail/id/515601.html?nav=5003