Comm Bancorp (CCBP) Reports a Q3 Loss
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Comm Bancorp, Inc. (Nasdaq: CCBP) reported a net loss of $385 thousand or $0.22 per share for the nine months ended September 30, 2009, compared to net income of $4,700 thousand or $2.68 per share for the same period of 2008.
The net loss was $1.95 per share in Q3 of 2009 compared to net income of $0.84 per share for the same quarter of 2008. The net losses reported for nine months and quarter ended September 30, 2009, were primarily a result of recognizing a provision for loan losses of $8.7 million in Q3 of 2009.
Return on average assets was (2.19)% for the third quarter and (0.08)% for the nine months ended September 30, 2009, compared to 1.00% and 1.10% for the respective 2008 periods. Return on average stockholders' equity was (22.63)% and (0.87)%, respectively, for the third quarter and year-to-date 2009, compared to 10.31% and 11.17% for the same periods of 2008.
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