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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Community Bks Millersbur (MM) | NASDAQ:CMTY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
PENNSYLVANIA
|
23-2251762
|
(State
of incorporation)
|
(I.R.S.
Employer Identification
Number)
|
777
East Park Dr., Harrisburg, PA
|
17111
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Yes
|
X
|
No
|
Large
accelerated filer
|
Accelerated
filer
|
X
|
Non-accelerated
filer
|
Yes
|
No
|
X
|
September
30,
|
December
31,
|
|||||||
2007
|
2006
|
|||||||
ASSETS
|
||||||||
Cash
and due from banks
|
$ |
66,810
|
$ |
73,608
|
||||
Interest-bearing
deposits in other banks
|
5,383
|
3,561
|
||||||
Trading
assets
|
20,003
|
---
|
||||||
Investment
securities, available for sale
|
639,962
|
636,066
|
||||||
Investment
securities, held to maturity (fair value
approximates
$22,729 and $23,415)
|
23,100
|
23,070
|
||||||
Loans,
net of allowance for loan losses of $25,580 and $23,626
|
2,584,164
|
2,347,263
|
||||||
Premises
and equipment, net
|
50,097
|
46,335
|
||||||
Goodwill
and other intangible assets
|
279,219
|
259,406
|
||||||
Accrued
interest receivable and other assets
|
120,896
|
107,061
|
||||||
Total
assets
|
$ |
3,789,634
|
$ |
3,496,370
|
||||
LIABILITIES
|
||||||||
Deposits
|
||||||||
Non-interest
bearing
|
$ |
346,488
|
$ |
368,329
|
||||
Interest
bearing
|
2,280,300
|
2,144,853
|
||||||
Total
deposits
|
2,626,788
|
2,513,182
|
||||||
Short-term
borrowings
|
124,288
|
108,927
|
||||||
Long-term
debt (including $29,999
at
fair value at September 30, 2007)
|
413,483
|
315,079
|
||||||
Subordinated
debt
|
75,260
|
51,548
|
||||||
Accrued
interest payable and other liabilities
|
23,340
|
21,473
|
||||||
Total
liabilities
|
3,263,159
|
3,010,209
|
||||||
STOCKHOLDERS’
EQUITY
|
||||||||
Preferred
stock, no par value; 500,000 shares
|
||||||||
authorized;
no shares issued and outstanding
|
---
|
---
|
||||||
Common
stock, $5.00 par value; 50,000,000 shares
|
||||||||
authorized;
25,686,000 and 24,478,000 shares issued
|
128,430
|
122,391
|
||||||
Surplus
|
396,654
|
373,142
|
||||||
Retained
Earnings
|
28,635
|
17,609
|
||||||
Accumulated
other comprehensive loss, net of tax
|
(4,692 | ) | (1,806 | ) | ||||
Treasury
stock; 861,000 and 959,000 shares, at cost
|
(22,552 | ) | (25,175 | ) | ||||
Total
stockholders’ equity
|
526,475
|
486,161
|
||||||
Total
liabilities and stockholders’ equity
|
$ |
3,789,634
|
$ |
3,496,370
|
||||
The
accompanying notes are an integral part of the consolidated financial
statements.
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
INTEREST
INCOME:
|
||||||||||||||||
Loans,
including fees
|
$ |
47,265
|
$ |
42,915
|
$ |
137,581
|
$ |
123,109
|
||||||||
Investment
securities:
|
||||||||||||||||
Taxable
|
5,705
|
4,322
|
16,702
|
13,116
|
||||||||||||
Tax
exempt
|
2,747
|
2,205
|
8,040
|
6,778
|
||||||||||||
Dividends
|
339
|
611
|
1,265
|
1,841
|
||||||||||||
Trading
account securities
|
266
|
---
|
498
|
---
|
||||||||||||
Other
|
346
|
390
|
1,524
|
1,426
|
||||||||||||
Total
interest income
|
56,668
|
50,443
|
165,610
|
146,270
|
||||||||||||
INTEREST
EXPENSE:
|
||||||||||||||||
Deposits
|
21,056
|
17,858
|
60,660
|
47,063
|
||||||||||||
Short-term
borrowings
|
918
|
739
|
3,240
|
2,080
|
||||||||||||
Long-term
debt
|
5,207
|
3,936
|
15,008
|
13,611
|
||||||||||||
Subordinated
debt
|
1,351
|
972
|
3,720
|
2,707
|
||||||||||||
Total
interest expense
|
28,532
|
23,505
|
82,628
|
65,461
|
||||||||||||
Net
interest income
|
28,136
|
26,938
|
82,982
|
80,809
|
||||||||||||
Provision
for loan losses
|
1,050
|
250
|
3,050
|
1,400
|
||||||||||||
Net
interest income after provision for loan losses
|
27,086
|
26,688
|
79,932
|
79,409
|
||||||||||||
NON-INTEREST
INCOME:
|
||||||||||||||||
Investment
management and trust services
|
1,211
|
968
|
4,259
|
3,069
|
||||||||||||
Service
charges on deposit accounts
|
4,278
|
3,037
|
11,951
|
8,423
|
||||||||||||
Other
service charges, commissions and fees
|
2,209
|
1,817
|
6,494
|
5,420
|
||||||||||||
Insurance
premium income and commissions
|
1,079
|
1,053
|
3,318
|
3,098
|
||||||||||||
Mortgage
banking activities
|
459
|
533
|
1,701
|
1,581
|
||||||||||||
Earnings
on investment in life insurance
|
755
|
679
|
2,199
|
2,010
|
||||||||||||
Investment
security gains (losses)
|
---
|
28
|
(4,388 | ) |
317
|
|||||||||||
Trading
activities gain
|
38
|
---
|
4
|
---
|
||||||||||||
Other
|
345
|
725
|
1,168
|
1,849
|
||||||||||||
Total
non-interest income
|
10,374
|
8,840
|
26,706
|
25,767
|
||||||||||||
NON-INTEREST
EXPENSES:
|
||||||||||||||||
Salaries
and employee benefits
|
12,419
|
11,611
|
37,497
|
34,280
|
||||||||||||
Net
occupancy and equipment expense
|
3,917
|
3,452
|
11,691
|
10,350
|
||||||||||||
Payment
card processing expense
|
848
|
553
|
2,235
|
1,391
|
||||||||||||
Marketing
expense
|
350
|
354
|
1,407
|
1,194
|
||||||||||||
Telecommunications
expense
|
718
|
542
|
1,855
|
1,659
|
||||||||||||
Merger
expenses
|
754
|
---
|
754
|
---
|
||||||||||||
Amortization
of intangibles
|
750
|
659
|
2,222
|
2,015
|
||||||||||||
Other
|
3,930
|
4,001
|
12,657
|
11,514
|
||||||||||||
Total
non-interest expenses
|
23,686
|
21,172
|
70,318
|
62,403
|
||||||||||||
Income
before income taxes
|
13,774
|
14,356
|
36,320
|
42,773
|
||||||||||||
Income
taxes
|
3,281
|
3,798
|
8,290
|
11,142
|
||||||||||||
Net
income
|
$ |
10,493
|
$ |
10,558
|
$ |
28,030
|
$ |
31,631
|
||||||||
CONSOLIDATED
PER SHARE DATA
|
||||||||||||||||
Basic
earnings per share
|
$ |
0.42
|
$ |
0.45
|
$ |
1.15
|
$ |
1.34
|
||||||||
Diluted
earnings per share
|
$ |
0.42
|
$ |
0.45
|
$ |
1.14
|
$ |
1.32
|
||||||||
Dividends
declared
|
$ |
0.21
|
$ |
0.20
|
$ |
0.63
|
$ |
0.59
|
||||||||
The
accompanying notes are an integral part of the consolidated financial
statements.
|
Outstanding
|
Common
|
Retained
|
Accumulated
Other
Comprehensive
|
Treasury
|
Total
|
|||||||||||||||||||||||
Shares
|
Stock
|
Surplus
|
Earnings
|
Income
(Loss)
|
Stock
|
Equity
|
||||||||||||||||||||||
Balance,
January 1, 2006
|
22,915
|
$ |
116,572
|
$ |
347,827
|
$ |
27,031
|
$ | (3,779 | ) | $ | (10,978 | ) | $ |
476,673
|
|||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||||||
Net
income
|
31,631
|
31,631
|
||||||||||||||||||||||||||
Unrealized
gain on securities, net of reclassification adjustment and tax
effect
|
1,109
|
1,109
|
||||||||||||||||||||||||||
Total
comprehensive income
|
32,740
|
|||||||||||||||||||||||||||
Cash
dividends ($0.59 per share)
|
(13,973 | ) | (13,973 | ) | ||||||||||||||||||||||||
5%
stock dividend
|
1,133
|
5,820
|
24,162
|
(29,982 | ) |
---
|
||||||||||||||||||||||
Purchases
of treasury stock
|
(668 | ) | (17,922 | ) | (17,922 | ) | ||||||||||||||||||||||
Exercise
of common stock options and issuances under stock
purchase plan
|
98
|
(1,291 | ) |
2,636
|
1,345
|
|||||||||||||||||||||||
Compensation
and tax benefits from employee stock transactions
|
721
|
721
|
||||||||||||||||||||||||||
Balance,
September 30, 2006
|
23,478
|
$ |
122,392
|
$ |
372,710
|
$ |
13,416
|
$ | (2,670 | ) | $ | (26,264 | ) | $ |
479,584
|
|||||||||||||
Balance,
January 1, 2007
|
23,519
|
$ |
122,391
|
$ |
373,142
|
$ |
17,609
|
$ | (1,806 | ) | $ | (25,175 | ) | $ |
486,161
|
|||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||||||
Net
income
|
28,030
|
28,030
|
||||||||||||||||||||||||||
Unrealized
loss on securities, net of reclassification adjustment and tax
effect
|
(2,886 | ) | (2,886 | ) | ||||||||||||||||||||||||
Total
comprehensive income
|
25,144
|
|||||||||||||||||||||||||||
Cash
dividends ($0.63 per share)
|
(15,323 | ) | (15,323 | ) | ||||||||||||||||||||||||
Purchases
of treasury stock
|
(12 | ) | (299 | ) | (299 | ) | ||||||||||||||||||||||
Exercise
of common stock options and issuances under stock
purchase plan
|
102
|
(41 | ) | (1,681 | ) |
3,234
|
1,512
|
|||||||||||||||||||||
Compensation
and tax benefits from employee stock transactions
|
610
|
610
|
||||||||||||||||||||||||||
Acquisition
of BUCS Financial Corp
|
548
|
2,741
|
10,300
|
13,041
|
||||||||||||||||||||||||
Acquisition
of East Prospect State Bank
|
668
|
3,339
|
12,602
|
(312 | ) |
15,629
|
||||||||||||||||||||||
Balance,
September 30, 2007
|
24,825
|
$ |
128,430
|
$ |
396,654
|
$ |
28,635
|
$ | (4,692 | ) | $ | (22,552 | ) | $ |
526,475
|
|||||||||||||
The
accompanying notes are an integral part of the consolidated financial
statements.
|
Nine
Months Ended
|
||||||||
September
30,
|
||||||||
2007
|
2006
|
|||||||
Operating
Activities:
|
||||||||
Net
income
|
$ |
28,030
|
$ |
31,631
|
||||
Adjustments
to reconcile net income to net cash
|
||||||||
provided
by operating activities:
|
||||||||
Provision
for loan losses
|
3,050
|
1,400
|
||||||
Depreciation
and amortization
|
5,950
|
5,475
|
||||||
Stock
option expense
|
610
|
478
|
||||||
Net
amortization (accretion) of securities
|
(587 | ) |
321
|
|||||
Realized
(gains) losses on sales of available-for-sale securities,
net
|
4,388
|
(317 | ) | |||||
Loans
originated for sale
|
(22,720 | ) | (8,665 | ) | ||||
Proceeds
from sales of loans held for sale
|
21,695
|
6,444
|
||||||
Gains
on loan sales
|
(975 | ) | (599 | ) | ||||
Earnings
on investment in life insurance
|
(2,199 | ) | (2,010 | ) | ||||
Purchases
of trading assets
|
(20,000 | ) |
---
|
|||||
Net
change in fair value of trading assets and liabilities
|
(4 | ) |
---
|
|||||
Net
change in other assets and other liabilities, net
|
(2,033 | ) |
10,904
|
|||||
Net
cash provided by operating activities
|
15,205
|
45,062
|
||||||
Investing
Activities:
|
||||||||
Net
change in interest-bearing deposits in other banks
|
279
|
(30,351 | ) | |||||
Activity
in available-for-sale securities:
|
||||||||
Sales
|
225,149
|
64,914
|
||||||
Maturities,
prepayments and calls
|
65,104
|
43,826
|
||||||
Purchases
|
(252,177 | ) | (45,518 | ) | ||||
Net
increase in total loans
|
(111,199 | ) | (110,409 | ) | ||||
Proceeds
from sales of loans
|
1,441
|
1,267
|
||||||
Additions
to premises and equipment
|
(3,380 | ) | (6,364 | ) | ||||
Cash
acquired in acquisitions
|
8,208
|
---
|
||||||
Cash
paid for acquisitions
|
(13,797 | ) | (2,440 | ) | ||||
Net
cash used in investing activities
|
(80,372 | ) | (85,075 | ) | ||||
Financing
Activities:
|
||||||||
Net
increase (decrease) in deposits
|
(51,902 | ) |
189,152
|
|||||
Net
change in short-term borrowings
|
5,360
|
(29,688 | ) | |||||
Proceeds
from issuance of long-term debt
|
175,619
|
75,620
|
||||||
Repayment
of long-term debt
|
(56,598 | ) | (148,765 | ) | ||||
Cash
dividends and cash paid in lieu of fractional shares
|
(15,323 | ) | (13,973 | ) | ||||
Purchases
of treasury stock
|
(299 | ) | (17,922 | ) | ||||
Tax
benefits from employee stock transactions
|
---
|
243
|
||||||
Proceeds
from issuance of common stock
|
1,512
|
1,345
|
||||||
Net
cash provided by financing activities
|
58,369
|
56,012
|
||||||
Net
change in cash and cash equivalents
|
(6,798 | ) |
15,999
|
|||||
Cash
and cash equivalents at beginning of period
|
73,608
|
76,820
|
||||||
Cash
and cash equivalents at end of period
|
$ |
66,810
|
$ |
92,819
|
||||
The
accompanying notes are an integral part of the consolidated financial
statements.
|
Trading
assets, consisting of Federal agency debt securities
|
$ 20,003
|
Federal
Home Loan Bank (“FHLB”) advances (contractual principal;
$30,000)
|
$ 29,999
|
Description
|
Level
I
|
Level
II
|
Total
|
Trading
assets – Federal agency debt securities
|
$
---
|
$20,003
|
$20,003
|
FHLB
borrowings
|
$
---
|
$29,999
|
$29,999
|
Available-for-sale
securities
|
$
---
|
$639,962
|
$639,962
|
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Net
income
|
$ |
10,493
|
$ |
10,558
|
$ |
28,030
|
$ |
31,631
|
||||||||
Weighted
average shares outstanding (basic)
|
24,815
|
23,459
|
24,376
|
23,693
|
||||||||||||
Effect
of dilutive stock options
|
174
|
204
|
225
|
233
|
||||||||||||
Weighted
average shares outstanding (diluted)
|
24,989
|
23,663
|
24,601
|
23,926
|
||||||||||||
Per
share information:
|
||||||||||||||||
Basic
earnings per share
|
$ |
0.42
|
$ |
0.45
|
$ |
1.15
|
$ |
1.34
|
||||||||
Diluted
earnings per share
|
0.42
|
0.45
|
1.14
|
1.32
|
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Unrealized
holding gains (losses)
|
||||||||||||||||
on
available-for-sale securities
|
$ |
5,551
|
$ |
11,470
|
$ | (8,828 | ) | $ |
2,023
|
|||||||
Reclassification
adjustments for
|
||||||||||||||||
losses
(gains) included in net income
|
---
|
(28 | ) |
4,388
|
(317 | ) | ||||||||||
Net
unrealized gains (losses)
|
5,551
|
11,442
|
(4,440 | ) |
1,706
|
|||||||||||
Tax
effect
|
(1,943 | ) | (4,005 | ) |
1,554
|
(597 | ) | |||||||||
Net-of-tax
amount
|
$ |
3,608
|
$ |
7,437
|
$ | (2,886 | ) | $ |
1,109
|
September
30,
2007
|
December
31,
2006
|
|||||||
Net
unrealized gain (loss) on available-for-sale securities
|
$ | (4,006 | ) | $ |
434
|
|||
Tax
effect
|
1,402
|
(152 | ) | |||||
Net-of-tax
amount
|
(2,604 | ) |
282
|
|||||
Unfunded
pension liability
|
(3,213 | ) | (3,213 | ) | ||||
Tax
effect
|
1,125
|
1,125
|
||||||
Net-of-tax
amount
|
(2,088 | ) | (2,088 | ) | ||||
Accumulated
other comprehensive loss
|
$ | (4,692 | ) | $ | (1,806 | ) |
2007
|
2006
|
|||||||||||
(in
thousands, except per share data)
|
Nine
Months Ended
September
30
|
Three
Months Ended
September
30
|
Nine
Months Ended
September
30
|
|||||||||
Net
interest income
|
$ |
84,558
|
$ |
28,522
|
$ |
85,552
|
||||||
Other
income
|
27,499
|
9,741
|
28,549
|
|||||||||
Net
income
|
24,809
|
10,729
|
32,557
|
|||||||||
Diluted
earnings per common share
|
$ |
0.99
|
$ |
0.43
|
$ |
1.30
|
(in
thousands)
|
September
30,
2007
|
December
31,
2006
|
||||||
Outstanding
advances from the FHLB of Pittsburgh mature from 2007 to
2017. The advances are collateralized by FHLB stock, certain
first mortgage loans and both agency and mortgage-backed
securities. The advance rates range from 2.85% to 6.35%, with a
weighted average interest rate of 4.74%. Advances totaling $328
million are convertible advances. Convertible advances with an
initial fixed-rate period are convertible to variable rate at the
option
of the FHLB. Convertible advances with an initial variable-rate
period at LIBOR-100 basis points are convertible to fixed-rate or
to a
variable rate tied to a spread over LIBOR. Under the terms of the
arrangements, if the FHLB opts to convert advances to variable rate,
Community has the ability to prepay the advances at no
penalty. At the current time no advances have been converted
and remain fixed rate.
|
$ |
413,483
|
$ |
315,079
|
September
30, 2008
|
$ |
14,481
|
||
September
30, 2009
|
70,079
|
|||
September
30, 2010
|
5,090
|
|||
September
30, 2011
|
25,092
|
|||
September
30, 2012
|
11,083
|
|||
Thereafter
|
287,658
|
|||
$ |
413,483
|
Dividend
yield
|
3.1%
|
Volatility
|
29.2%
|
Risk-free
interest rate
|
4.5%
|
Expected
life (years)
|
6.0
|
Resulting
grant-date fair value
|
$
6.33
|
§
|
Allowance
for Loan Losses: Adequacy of
Allowance
|
§
|
Purchase
Accounting for Business
Combinations
|
§
|
“Other
than Temporary” Impairment of Investment
Securities
|
·
|
Adequacy
of Allowance
|
·
|
Purchase
Accounting for Business
Combinations
|
·
|
Other
than Temporary Impairment of Investment
Securities
|
September
30,
|
Change
|
|||||||||||||||
(in
thousands)
|
2007
|
2006
|
Volume
|
%
|
||||||||||||
Cash
and due from banks
|
$ |
62,333
|
$ |
62,636
|
$ | (303 | ) | --- | % | |||||||
Federal
funds sold and interest-bearing deposits
|
27,494
|
29,324
|
(1,830 | ) | (6 | )% | ||||||||||
Investments
(including trading assets)
|
682,695
|
566,772
|
115,923
|
20 | % | |||||||||||
Loans
|
2,578,729
|
2,339,352
|
239,377
|
10 | % | |||||||||||
Allowance
for loan losses
|
(25,490 | ) | (24,385 | ) | (1,105 | ) | 5 | % | ||||||||
Net
loans
|
2,553,239
|
2,314,967
|
238,272
|
10 | % | |||||||||||
Goodwill
and other intangible assets
|
279,494
|
259,023
|
20,471
|
8 | % | |||||||||||
Other
assets
|
173,083
|
153,183
|
19,900
|
13 | % | |||||||||||
Total
assets
|
$ |
3,778,338
|
$ |
3,385,905
|
$ |
392,433
|
12 | % | ||||||||
Noninterest-bearing
deposits
|
$ |
356,064
|
$ |
344,708
|
$ |
11,356
|
3 | % | ||||||||
Interest-bearing
deposits
|
2,282,324
|
2,093,349
|
188,975
|
9 | % | |||||||||||
Short-term
borrowings
|
81,387
|
60,680
|
20,707
|
34 | % | |||||||||||
Long-term
debt
|
435,014
|
340,162
|
94,852
|
28 | % | |||||||||||
Subordinated
debt
|
75,260
|
51,548
|
23,712
|
46 | % | |||||||||||
Other
liabilities
|
27,200
|
23,547
|
3,653
|
3 | % | |||||||||||
Total
liabilities
|
3,257,249
|
2,913,994
|
343,255
|
12 | % | |||||||||||
Stockholders’
equity
|
521,089
|
471,911
|
49,178
|
10 | % | |||||||||||
Total
liabilities and stockholders’ equity
|
$ |
3,778,338
|
$ |
3,385,905
|
$ |
392,433
|
12 | % | ||||||||
Change
|
||||||||||||||||
(in
thousands)
|
September
30,
2007
|
September
30,
2006
|
Amount
|
Annualized
%
|
||||||||||||
Commercial
|
$ |
958,605
|
$ |
831,951
|
$ |
126,654
|
15 | % | ||||||||
Commercial
real estate
|
807,618
|
831,288
|
(23,670 | ) | (3 | )% | ||||||||||
Residential
real estate
|
178,487
|
150,926
|
27,561
|
18 | % | |||||||||||
Consumer
|
634,019
|
525,187
|
108,832
|
21 | % | |||||||||||
Total
|
$ |
2,578,729
|
$ |
2,339,352
|
$ |
239,377
|
10 | % |
Change
|
||||||||||||||||
(in
thousands)
|
September
30,
2007
|
September
30,
2006
|
Amount
|
Annualized
%
|
||||||||||||
Demand
|
$ |
356,064
|
$ |
344,708
|
$ |
11,356
|
3 | % | ||||||||
Savings
& NOW accounts
|
937,362
|
873,670
|
63,692
|
7 | % | |||||||||||
Time
|
1,038,140
|
984,415
|
53,725
|
5 | % | |||||||||||
Time
$100,000 or more
|
306,822
|
235,264
|
71,558
|
30 | % | |||||||||||
$ |
2,638,388
|
$ |
2,438,057
|
$ |
200,331
|
8 | % |
September
30,
|
Change
|
|||||||||||||||
(in
thousands)
|
2007
|
2006
|
Volume
|
%
|
||||||||||||
Cash
and due from banks
|
$ |
59,608
|
$ |
60,462
|
$ | (854 | ) | (1 | )% | |||||||
Federal
funds sold and interest-bearing deposits
|
39,203
|
31,340
|
7,863
|
25 | % | |||||||||||
Investments
(including trading assets)
|
678,833
|
585,909
|
92,924
|
16 | % | |||||||||||
Loans
|
2,519,749
|
2,314,258
|
205,491
|
9 | % | |||||||||||
Allowance
for loan losses
|
(25,170 | ) | (23,817 | ) | (1,353 | ) | 6 | % | ||||||||
Net
loans
|
2,494,579
|
2,290,441
|
204,138
|
9 | % | |||||||||||
Goodwill
and other intangible assets
|
272,584
|
258,902
|
13,682
|
5 | % | |||||||||||
Other
assets
|
165,491
|
159,964
|
5,527
|
3 | % | |||||||||||
Total
assets
|
$ |
3,710,298
|
$ |
3,387,018
|
$ |
323,280
|
10 | % | ||||||||
Noninterest-bearing
deposits
|
$ |
353,370
|
$ |
356,200
|
$ | (2,830 | ) | (1 | )% | |||||||
Interest-bearing
deposits
|
2,234,155
|
2,017,997
|
216,158
|
11 | % | |||||||||||
Short-term
borrowings
|
90,304
|
62,340
|
27,964
|
45 | % | |||||||||||
Long-term
debt
|
427,820
|
403,828
|
23,992
|
6 | % | |||||||||||
Subordinated
debt
|
69,180
|
49,282
|
19,898
|
40 | % | |||||||||||
Other
liabilities
|
25,201 29
|
23,691
|
1,510
|
6 | % | |||||||||||
Total
liabilities
|
3,200,030
|
2,913,338
|
286,692
|
10 | % | |||||||||||
Stockholders’
equity
|
510,268
|
473,680
|
36,588
|
8 | % | |||||||||||
Total
liabilities and stockholders’ equity
|
$ |
3,710,298
|
$ |
3,387,018
|
$ |
323,280
|
10 | % | ||||||||
Net
Interest Margin – Quarter to Date
|
||||||||||||||||||||||||
(in
thousands)
|
September
30, 2007
|
September
30, 2006
|
||||||||||||||||||||||
Average
Balance
|
FTE
Interest Income/ Expense
|
Average
Rate Earned/
Paid
|
Average
Balance
|
FTE
Interest Income/ Expense
|
Average
Rate Earned/
Paid
|
|||||||||||||||||||
Federal
funds sold and interest-
bearing
deposits in banks
|
$ |
27,494
|
$ |
346
|
4.99 | % | $ |
29,324
|
$ |
390
|
5.28 | % | ||||||||||||
Investment
securities
|
682,695
|
10,664
|
6.20 | % |
566,772
|
8,556
|
5.99 | % | ||||||||||||||||
Loans
- commercial
|
958,605
|
19,019
|
7.87 | % |
831,950
|
16,687
|
7.76 | % | ||||||||||||||||
-
commercial real estate
|
807,618
|
14,631
|
7.19 | % |
831,288
|
14,810
|
7.07 | % | ||||||||||||||||
-
residential real estate
|
178,487
|
2,709
|
6.02 | % |
150,926
|
2,364
|
6.21 | % | ||||||||||||||||
-
consumer
|
634,019
|
11,559
|
7.23 | % |
525,188
|
9,552
|
7.22 | % | ||||||||||||||||
Total
earning assets
|
$ |
3,288,918
|
$ |
58,928
|
7.11 | % | $ |
2,935,448
|
$ |
52,359
|
7.08 | % | ||||||||||||
Deposits
- savings and NOW accounts
|
$ |
937,362
|
$ |
5,659
|
2.40 | % | $ |
873,670
|
$ |
4,969
|
2.26 | % | ||||||||||||
- time
|
1,344,962
|
15,397
|
4.54 | % |
1,219,679
|
12,889
|
4.19 | % | ||||||||||||||||
Short-term
borrowings
|
81,387
|
918
|
4.47 | % |
60,680
|
739
|
4.83 | % | ||||||||||||||||
Long-term
debt
|
435,014
|
5,207
|
4.75 | % |
340,162
|
3,936
|
4.59 | % | ||||||||||||||||
Subordinated
debt
|
75,260
|
1,351
|
7.12 | % |
51,548
|
972
|
7.48 | % | ||||||||||||||||
Total
interest-bearing liabilities
|
$ |
2,873,985
|
$ |
28,532
|
3.94 | % | $ |
2,545,739
|
$ |
23,505
|
3.66 | % | ||||||||||||
Interest
income to earning assets
|
7.11 | % | 7.08 | % | ||||||||||||||||||||
Interest
expense to paying liabilities
|
3.94 | % | 3.66 | % | ||||||||||||||||||||
Interest
spread
|
3.17 | % | 3.42 | % | ||||||||||||||||||||
Impact
of non-interest funds
|
0.50 | % | 0.48 | % | ||||||||||||||||||||
Net
interest margin
|
$ |
30,396
|
3.67 | % | $ |
28,854
|
3.90 | % |
o
|
The
existence of a generally higher level of short-term interest rates
since
mid-year 2006 and the prolonged presence of an “inverted” or “flat" yield
curve throughout most of 2006 and into the first half of
2007. This trend was then coupled with the more recent decline
in short-term rates during the third quarter of 2007. These
dynamics contributed to a generally upward re-pricing of a significant
portion of the funding base. At the same time, the more recent
declines in rates have undermined attempts to simultaneously increase
the
yields on the loan portfolio.
|
o
|
The
Federal Open Market Committee’s more recent tightening of the benchmark
Federal Funds rate during the third quarter of
2007.
|
o
|
A
less robust pace of loan growth since mid-year
2006.
|
o
|
Some
favorable influence from enhanced investment yields and higher portfolio
balances in 2007.
|
o
|
Ongoing
competitive pressure to sustain higher short-term time deposit pricing
to
maintain and increase funding balances necessary to meet the current
level
of earning asset growth.
|
o
|
Consumer
preferences for higher-cost rate offerings on time
deposits.
|
Net
Interest Margin – Year to Date
|
||||||||||||||||||||||||
(in
thousands)
|
September
30, 2007
|
September
30, 2006
|
||||||||||||||||||||||
Average
Balance
|
FTE
Interest Income/ Expense
|
Average
Rate Earned/
Paid
|
Average
Balance
|
FTE
Interest Income/ Expense
|
Average
Rate Earned/
Paid
|
|||||||||||||||||||
Federal
funds sold and interest-
bearing
deposits in banks
|
$ |
39,203
|
$ |
1,524
|
5.20 | % | $ |
39,340
|
$ |
1,426
|
4.85 | % | ||||||||||||
Investment
securities
|
678,833
|
31,311
|
6.17 | % |
585,909
|
26,085
|
5.95 | % | ||||||||||||||||
Loans
- commercial
|
942,456
|
55,779
|
7.91 | % |
825,241
|
47,844
|
7.75 | % | ||||||||||||||||
-
commercial real estate
|
806,338
|
43,304
|
7.18 | % |
819,887
|
42,741
|
6.97 | % | ||||||||||||||||
-
residential real estate
|
169,051
|
7,892
|
6.24 | % |
151,751
|
6,933
|
6.11 | % | ||||||||||||||||
-
consumer
|
601,904
|
32,547
|
7.23 | % |
517,378
|
27,045
|
6.99 | % | ||||||||||||||||
Total
earning assets
|
$ |
3,237,785
|
$ |
172,357
|
7.12 | % | $ |
2,939,506
|
$ |
152,074
|
6.92 | % | ||||||||||||
Deposits
- savings and NOW accounts
|
$ |
912,949
|
$ |
16,144
|
2.36 | % | $ |
840,397
|
$ |
12,363
|
1.97 | % | ||||||||||||
- time
|
1,321,206
|
44,516
|
4.50 | % |
1,177,600
|
34,700
|
3.94 | % | ||||||||||||||||
Short-term
borrowings
|
90,304
|
3,240
|
4.80 | % |
62,340
|
2,080
|
4.46 | % | ||||||||||||||||
Long-term
debt
|
427,820
|
15,008
|
4.69 | % |
403,828
|
13,611
|
4.51 | % | ||||||||||||||||
Subordinated
debt
|
69,180
|
3,720
|
7.19 | % |
49,282
|
2,707
|
7.34 | % | ||||||||||||||||
Total
interest-bearing liabilities
|
$ |
2,821,459
|
$ |
82,628
|
3.92 | % | $ |
2,533,447
|
$ |
65,461
|
3.45 | % | ||||||||||||
Interest
income to earning assets
|
7.12 | % | 6.92 | % | ||||||||||||||||||||
Interest
expense to paying liabilities
|
3.92 | % | 3.45 | % | ||||||||||||||||||||
Interest
spread
|
3.20 | % | 3.47 | % | ||||||||||||||||||||
Impact
of non-interest funds
|
0.51 | % | 0.47 | % | ||||||||||||||||||||
Net
interest margin
|
$ |
89,729
|
3.71 | % | $ |
86,613
|
3.94 | % |
Three
Months Ended September 30,
|
||||||||||||
(in
thousands)
|
2007
|
2006
|
Increase
(Decrease)
|
|||||||||
Investment
management and trust services
|
$ |
1,211
|
$ |
968
|
$ |
243
|
||||||
Service
charges on deposit accounts
|
4,278
|
3,037
|
1,241
|
|||||||||
Other
service charges, commissions and fees
|
2,209
|
1,817
|
392
|
|||||||||
Insurance
premium income and commissions
|
1,079
|
1,053
|
26
|
|||||||||
Mortgage
banking activities
|
459
|
533
|
(74 | ) | ||||||||
Earnings
on investment in life insurance
|
755
|
679
|
76
|
|||||||||
Trading
activities gains
|
38
|
---
|
38
|
|||||||||
Other
|
345
|
725
|
(380 | ) | ||||||||
Total
non-interest income, excluding available-
for-sale
investment security gains (losses)
|
$ |
10,374
|
$ |
8,812
|
$ |
1,562
|
Nine
Months Ended September 30,
|
||||||||||||
(in
thousands)
|
2007
|
2006
|
Increase
(Decrease)
|
|||||||||
Investment
management and trust services
|
$ |
4,259
|
$ |
3,069
|
$ |
1,190
|
||||||
Service
charges on deposit accounts
|
11,951
|
8,423
|
3,528
|
|||||||||
Other
service charges, commissions and fees
|
6,494
|
5,420
|
1,074
|
|||||||||
Insurance
premium income and commissions
|
3,318
|
3,098
|
220
|
|||||||||
Mortgage
banking activities
|
1,701
|
1,581
|
120
|
|||||||||
Earnings
on investment in life insurance
|
2,199
|
2,010
|
189
|
|||||||||
Trading
activities gains
|
4
|
---
|
4
|
|||||||||
Other
|
1,168
|
1,849
|
(681 | ) | ||||||||
Total
non-interest income, excluding available-
for-sale
investment security gains (losses)
|
$ |
31,094
|
$ |
25,450
|
$ |
5,644
|
Three
Months Ended September 30,
|
||||||||||||
(in
thousands)
|
2007
|
2006
|
Increase
(Decrease)
|
|||||||||
Salaries
and employee benefits
|
$ |
12,419
|
$ |
11,611
|
$ |
808
|
||||||
Net
occupancy and equipment expenses
|
3,917
|
3,452
|
465
|
|||||||||
Payment
card processing expense
|
848
|
553
|
295
|
|||||||||
Marketing
expense
|
350
|
354
|
(4 | ) | ||||||||
Telecommunications
expense
|
718
|
542
|
176
|
|||||||||
Merger
expenses
|
754
|
---
|
754
|
|||||||||
Amortization
of intangibles
|
750
|
659
|
91
|
|||||||||
Other
|
3,930
|
4,001
|
(71 | ) | ||||||||
Total
non-interest expenses
|
$ |
23,686
|
$ |
21,172
|
$ |
2,514
|
Nine
Months Ended September 30,
|
||||||||||||
(in
thousands)
|
2007
|
2006
|
Increase
|
|||||||||
Salaries
and employee benefits
|
$ |
37,497
|
$ |
34,280
|
$ |
3,217
|
||||||
Net
occupancy and equipment expenses
|
11,691
|
10,350
|
1,341
|
|||||||||
Payment
card processing expense
|
2,235
|
1,391
|
844
|
|||||||||
Marketing
expense
|
1,407
|
1,194
|
213
|
|||||||||
Telecommunications
expense
|
1,855
|
1,659
|
196
|
|||||||||
Merger
expenses
|
754
|
---
|
754
|
|||||||||
Amortization
of intangibles
|
2,222
|
2,015
|
207
|
|||||||||
Other
|
12,657
|
11,514
|
1,143
|
|||||||||
Total
non-interest expenses
|
$ |
70,318
|
$ |
62,403
|
$ |
7,915
|
September
30,
2007
|
Regulatory
Minimum
|
“Well
Capitalized”
|
|
Leverage
ratio
|
|||
Community
Banks, Inc.
|
9.26%
|
4%
|
5%
|
CommunityBanks
|
8.96%
|
4%
|
5%
|
Tier
1 capital ratio
|
|||
Community
Banks, Inc.
|
11.30%
|
4%
|
6%
|
CommunityBanks
|
10.91%
|
4%
|
6%
|
Total
risk-based capital ratio
|
|||
Community
Banks, Inc.
|
12.19%
|
8%
|
10%
|
CommunityBanks
|
11.81%
|
8%
|
10%
|
Significant
contractual obligations at September 30, 2007, are summarized as
follows:
|
Payments
due by period
|
||||||||||||||||||||
(in
thousands)
|
Total
|
Less
than
1
year
|
1-3
years
|
3-5
years
|
More
than
5
years
|
|||||||||||||||
Long-term
debt
|
$ |
413,483
|
$ |
14,481
|
$ |
75,169
|
$ |
36,175
|
$ |
287,658
|
||||||||||
Operating
lease obligations
|
38,435
|
2,115
|
4,243
|
3,892
|
28,185
|
|||||||||||||||
Subordinated
debt
|
75,260
|
---
|
---
|
---
|
75,260
|
|||||||||||||||
Time
deposits
|
1,376,954
|
915,514
|
420,529
|
38,697
|
2,214
|
|||||||||||||||
Total
|
$ |
1,904,132
|
$ |
932,110
|
$ |
499,941
|
$ |
78,764
|
$ |
393,317
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Income
statement data:
|
||||||||||||||||
Net
income
|
||||||||||||||||
Net
income
|
$ |
10,493
|
$ |
10,558
|
$ |
28,030
|
$ |
31,631
|
||||||||
Amortization
of core deposit and other intangible assets
(1)
|
488
|
428
|
1,445
|
1,309
|
||||||||||||
Merger
expenses
(1)
|
490
|
---
|
490
|
---
|
||||||||||||
Net
operating (tangible) income
|
$ |
11,471
|
$ |
10,986
|
$ |
29,965
|
$ |
32,940
|
||||||||
Balance
sheet data:
|
||||||||||||||||
Average
assets
|
||||||||||||||||
Average
assets
|
$ |
3,778,338
|
$ |
3,385,905
|
$ |
3,710,298
|
$ |
3,387,018
|
||||||||
Goodwill
|
(265,048 | ) | (245,794 | ) | (258,449 | ) | (245,439 | ) | ||||||||
Core
deposit and other intangible assets
|
(14,446 | ) | (13,229 | ) | (14,135 | ) | (13,463 | ) | ||||||||
Average
tangible assets
|
$ |
3,498,844
|
$ |
3,126,882
|
$ |
3,437,714
|
$ |
3,128,116
|
||||||||
Operating
return on average tangible assets
|
1.30 | % | 1.39 | % | 1.17 | % | 1.41 | % | ||||||||
Average
equity
|
||||||||||||||||
Average
equity
|
$ |
521,089
|
$ |
471,911
|
$ |
510,268
|
$ |
473,680
|
||||||||
Goodwill
|
(265,048 | ) | (245,794 | ) | (258,449 | ) | (245,439 | ) | ||||||||
Core
deposit and other intangible assets
|
(14,446 | ) | (13,229 | ) | (14,135 | ) | (13,463 | ) | ||||||||
Deferred
taxes
|
2,349
|
1,755
|
2,124
|
1,775
|
||||||||||||
Average
tangible equity
|
$ |
243,944
|
$ |
214,643
|
$ |
239,808
|
$ |
216,553
|
||||||||
Operating
return on average tangible equity
|
18.66 | % | 20.31 | % | 16.71 | % | 20.34 | % | ||||||||
At
end of quarter:
|
||||||||||||||||
Total
assets
|
||||||||||||||||
Total
assets
|
$ |
3,789,634
|
$ |
3,431,208
|
$ |
3,789,634
|
$ |
3,431,208
|
||||||||
Goodwill
|
(265,136 | ) | (245,864 | ) | (265,136 | ) | (245,864 | ) | ||||||||
Core
deposit and other intangible assets
|
(14,083 | ) | (13,641 | ) | (14,083 | ) | (13,641 | ) | ||||||||
Total
tangible assets
|
$ |
3,510,415
|
$ |
3,171,703
|
$ |
3,510,415
|
$ |
3,171,703
|
||||||||
Total
equity
|
||||||||||||||||
Total
equity
|
$ |
526,475
|
$ |
479,584
|
$ |
526,475
|
$ |
479,584
|
||||||||
Goodwill
|
(265,136 | ) | (245,864 | ) | (265,136 | ) | (245,864 | ) | ||||||||
Core
deposit and other intangible assets
|
(14,083 | ) | (13,641 | ) | (14,083 | ) | (13,641 | ) | ||||||||
Deferred
taxes
|
2,277
|
1,698
|
2,277
|
1,698
|
||||||||||||
Total
tangible equity
|
$ |
249,533
|
$ |
221,777
|
$ |
249,533
|
$ |
221,777
|
||||||||
Tangible
book value at end of period
|
$ |
10.05
|
$ |
9.45
|
$ |
10.05
|
$ |
9.45
|
||||||||
(1)
Net
of related tax effect
|
Interest
Rate Sensitivity
|
||||||||||||||||||||
(in
thousands)
|
1-90
days
|
90-180
days
|
180-365
days
|
1
year or
more
|
Total
|
|||||||||||||||
Assets
|
||||||||||||||||||||
Interest-bearing
deposits in other banks
|
$ |
5,383
|
---
|
---
|
---
|
$ |
5,383
|
|||||||||||||
Investment
securities (including trading assets)
|
71,746
|
22,308
|
43,471
|
545,540
|
683,065
|
|||||||||||||||
Loans
(1)
|
764,274
|
106,730
|
241,199
|
1,497,541
|
2,609,744
|
|||||||||||||||
Earning
assets
|
841,403
|
129,038
|
284,670
|
2,043,081
|
3,298,192
|
|||||||||||||||
Non-earning
assets
|
720
|
720
|
1,351
|
488,651
|
491,442
|
|||||||||||||||
Total
assets
|
$ |
842,123
|
$ |
129,758
|
$ |
286,021
|
$ |
2,531,732
|
$ |
3,789,634
|
||||||||||
Liabilities
|
||||||||||||||||||||
Savings
|
$ |
238,570
|
$ |
39,305
|
$ |
78,593
|
$ |
546,878
|
$ |
903,346
|
||||||||||
Time
|
167,346
|
218,453
|
276,996
|
367,101
|
1,029,896
|
|||||||||||||||
Time
in denominations of $100,000 or more
|
101,947
|
78,321
|
72,451
|
94,339
|
347,058
|
|||||||||||||||
Short-term
borrowings
|
124,288
|
---
|
---
|
---
|
124,288
|
|||||||||||||||
Long-term
debt
|
11,581
|
111,053
|
1,779
|
289,070
|
413,483
|
|||||||||||||||
Subordinated
debt
|
23,196
|
---
|
3,093
|
48,971
|
75,260
|
|||||||||||||||
Interest
bearing liabilities
|
666,928
|
447,132
|
432,912
|
1,346,359
|
2,893,331
|
|||||||||||||||
Other
liabilities and equity
|
10,394
|
10,395
|
20,789
|
854,725
|
896,303
|
|||||||||||||||
Total
liabilities and equity
|
$ |
677,322
|
$ |
457,527
|
$ |
453,701
|
$ |
2,201,084
|
$ |
3,789,634
|
Interest
Sensitivity GAP
|
||||||||||||
(in
thousands)
|
1-90
days
|
90-180
days
|
180-365
days
|
|||||||||
Periodic
|
$ |
164,801
|
$ | (327,769 | ) | $ | (167,680 | ) | ||||
Cumulative
|
(162,968 | ) | (330,648 | ) | ||||||||
Cumulative
GAP as a percentage
of
total assets
|
4.4 | % | (4.3 | )% | (8.7 | )% |
PART
II - OTHER INFORMATION
|
Total
Number of Shares
Purchased
|
Average
Price
Paid
Per
Share
|
Total
Number of
Shares
Purchased
as
Part of
Publicly
Announced
Plans
or Programs
|
Capacity
to
Purchase
More
Shares
Under
Repurchase
Program
|
|
7/1/07
- 7/31/07
|
306
|
$29.63
|
306
|
41,600
|
8/1/07
– 8/31/07
|
273
|
29.83
|
273
|
41,600
|
9/1/07
- 9/30/07
|
257
|
30.19
|
257
|
41,600
|
|
PART
II – Other Information
(continued)
|
2.1
|
Amended
and Restated Agreement and Plan of Merger between Susquehanna Bancshares,
Inc. and Community Banks, Inc., dated as of April 30, 2007, as amended
and
restated as of July 25, 2007. (Incorporated by reference to Annex
A,
attached to the Joint Proxy Statement/Prospectus of Community and
Susquehanna dated August 10, 2007, and filed by Susquehanna Bancshares,
Inc., (file No. 333-144397) with the Commission, pursuant to Rule
424(b)(3), on August 13, 2007)
|
3.1
|
Amended
and Restated Articles of Incorporation (Incorporated by
reference to Appendix A to Community’s 2006 Proxy Statement filed with the
Commission on March 31, 2006)
|
3.2
|
Amended
By-Laws (Incorporated by reference to Exhibit 3(ii), attached to
Community’s Current Report on Form 8-K filed with the Commission on
December 14, 2006)
|
4.1
|
Supplemental
Provisions to Rights Agreement dated as of February 28, 2002 by and
between CommunityBanks, Inc. and CommunityBanks adopted by Community
on
August 7, 2007.
|
31.1
|
Rule
13a-14(a)/15d-14(a) Certification (Chief Executive
Officer)
|
31.2
|
Rule
13a-14(a)/15d-14(a) Certification (Chief Financial
Officer)
|
32
|
Section
1350 Certifications (Chief Executive Officer and Chief Financial
Officer)
|
COMMUNITY
BANKS, INC.
|
(Registrant)
|
Date
|
November
9, 2007
|
/s/
|
Eddie
L. Dunklebarger
|
|
Eddie
L. Dunklebarger
|
||||
Chairman
and President
|
||||
(Chief
Executive Officer)
|
||||
Date
|
November
9, 2007
|
/s/
|
Donald
F. Holt
|
|
Donald
F. Holt
|
||||
Executive
Vice President
|
||||
(Chief
Financial Officer)
|
|
EXHIBIT
INDEX
|
2.1
|
Amended
and Restated Agreement and Plan of Merger between Susquehanna Bancshares,
Inc. and Community Banks, Inc., dated as of April 30, 2007, as amended
and
restated as of July 25, 2007. (Incorporated by reference to Annex
A,
attached to the Joint Proxy Statement/Prospectus of Community and
Susquehanna dated August 10, 2007, and filed by Susquehanna Bancshares,
Inc., (file No. 333-144397) with the Commission, pursuant to Rule
424(b)(3), on August 13, 2007)
|
3.1
|
Amended
and Restated Articles of Incorporation (Incorporated by
reference to Appendix A to Community’s 2006 Proxy Statement filed with the
Commission on March 31, 2006)
|
3.2
|
Amended
By-Laws (Incorporated by reference to Exhibit 3(ii), attached to
Community’s Current Report on Form 8-K filed with the Commission on
December 14, 2006)
|
4.1
|
Supplemental
Provisions to Rights Agreement dated as of February 28, 2002 by and
between CommunityBanks, Inc. and CommunityBanks adopted by Community
on
August 7, 2007..
|
31.1
|
Rule
13a-14(a)/15d-14(a) Certification (Chief Executive
Officer)
|
31.2
|
Rule
13a-14(a)/15d-14(a) Certification (Chief Financial
Officer)
|
32
|
Section
1350 Certifications (Chief Executive Officer and Chief Financial
Officer)
|
1 Year Community Bks Millersbur (MM) Chart |
1 Month Community Bks Millersbur (MM) Chart |
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