27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
CLARKS SUMMIT, Pa., July 21 /PRNewswire-FirstCall/ -- Comm Bancorp, Inc. (Nasdaq: CCBP) today reported second quarter 2010 earnings of $1,190 thousand or $0.69 per share compared to $1,215 thousand or $0.70 per share for the second quarter of 2009. Year-to-date earnings totaled $2,340 thousand or $1.36 per share in 2010 compared to $2,990 thousand or $1.73 per share in 2009. Return on average assets was 0.74% for the second quarter and 0.73% for the six months ended June 30, 2010, compared to 0.79% and 0.97% for the same periods of 2009. Return on average stockholders' equity equaled 9.22% for the second quarter and 9.19% year-to-date 2010, compared to 8.18% and 10.21% for the respective periods of the prior year.
INCOME STATEMENT REVIEW
Tax-equivalent net interest income for the first half of 2010 totaled $9,876 thousand, a decrease of $2,020 thousand or 17.0% from $11,896 thousand for the same period of 2009. Despite an increase of $24.0 million in average earning assets, tax-equivalent interest income for the six months ended June 30, decreased $2,103 thousand to $14,944 thousand in 2010, from $17,047 thousand in 2009. The decline in tax-equivalent interest income was due, for the most part, to a $43.7 million or 8.5% reduction in average loans. Average tax-exempt loans decreased $36.3 million, while taxable loans declined $7.4 million. With regard to tax-exempt loans, several large tax anticipation notes of local municipalities, which were outstanding during the first half of 2009, matured by year end. As part of our tax planning strategy for 2010, we chose not to actively compete for these types of loans. The maturities and repayments received from the loan portfolio were reinvested in lower-yielding assets, which contributed to a 92 basis point decrease in the tax-equivalent yield on earning assets to 4.91% in 2010 from 5.83% in 2009. Slightly mitigating the reduction in interest income was an $83 thousand decrease in interest expense. Our cost of funds decreased 15 basis points to 2.04% for the six months ended June 30, 2010, from 2.19% for the same period last year. The cost of funds was influenced primarily by a 53 basis point decrease in the average rate paid for time deposits. Partially offsetting the positive effect from the reduction in funding costs was growth in the average balance of interest-bearing liabilities of $27.5 million or 5.8% to $502.1 million for the six months ended June 30, 2010, from $474.6 million for the same six months of 2009. For the first half of the year, our tax-equivalent net interest margin contracted 82 basis points to 3.25% in 2010 compared to 4.07% in 2009.
For the three and six months ended June 30, 2010, the provision for loan losses amounted to $300 thousand and $1,300 thousand, compared to $520 thousand and $1,090 thousand for the respective periods of 2009.
Noninterest income totaled $2,327 thousand for the six months ended June 30, 2010, a decrease of $569 thousand or 19.6% from 2,896 thousand for the same six months of 2009. Included in noninterest revenue in 2009 was a net gain of $294 thousand from the disposition of our former Tunhannock and Eaton Township, Pennsylvania branch offices. For the six months ended June 30, we recorded gains on the sale of available-for-sale investment securities of $361 thousand in 2010 and $114 thousand in 2009. Activity in our secondary mortgage banking division subsided, which caused a $397 thousand decrease in mortgage banking income comparing the first half of 2010 and 2009. Service charges, fees and commissions decreased $125 thousand to $1,471 thousand in 2010 from $1,596 thousand in 2009. For the second quarter, noninterest income decreased $378 thousand when comparing 2010 and 2009, which reflected reductions in service charges, fees and commissions and mortgage banking income.
For the six months ended June 30, 2010, noninterest expense amounted to $8,720 thousand, a decrease of $635 thousand or 6.8% from $9,355 thousand for the same period last year. Decreases of $108 thousand in net occupancy and equipment expense and $593 thousand in other expenses were partially offset by a $66 thousand increase in salaries and employee benefits expense. Reductions in equipment and software depreciation and rental expense contributed to the 8.5% decrease in net occupancy and equipment expense. With regard to the 15.6% decline in other expenses, reductions in marketing-related expenses, directors' fees and deposit insurance were the primary factors influencing the overall decline. Comparing the second quarter of 2010 and 2009, noninterest expense decreased $641 thousand for primarily the same reasons as discussed for the year-to-date changes.
BALANCE SHEET REVIEW
Total assets equaled $641.8 million at June 30, 2010, an increase of $31.0 million from $610.8 million at June 30, 2009. Subdued loan demand, coupled with tax-planning strategies, resulted in a decrease of $45.8 million in loans, net of unearned income, to $465.1 million at the close of the second quarter of 2010 from $510.9 million one year earlier. Total deposits grew to $576.7 million at the end of the second quarter of 2010, from $538.8 million at June 30, 2009. Noninterest-bearing deposits increased $5.3 million, while interest-bearing deposits rose $32.6 million. Due to the decline in loan volumes, the investment portfolio played a more prominent role in our balance sheet composition. Available-for-sale investment securities increased $39.7 million or 54.2%. In addition, we had federal funds sold outstanding of $31.7 million at June 30, 2010. Comparatively, we had short-term borrowings outstanding of $8.0 million at June 30, 2009.
Stockholders' equity grew to $53.6 million or $31.13 per share at June 30, 2010. In comparison, stockholders' equity was $51.1 million or $29.66 per share at March 31, 2010, and $50.3 million or $34.64 per share at December 31, 2009. Net income of $1,190 thousand for the second quarter of 2010 and $2,340 thousand year-to-date was the primary factor leading to the capital improvement. At June 30, 2010, we reported a Tier I capital, Total capital and Leverage ratios of 10.4%, 13.3% and 8.0%. In addition, our subsidiary, Community Bank and Trust Company reported Tier I capital, Total capital and Leverage ratios of 9.4%, 12.3% and 7.2%. Community Bank and Trust Company continued to exceed the requirements to be categorized as well capitalized under the regulatory framework for prompt corrective action at the close of the second quarter of 2010.
Nonperforming assets decreased $2.7 million or 9.6% to $25.5 million or 5.41% of loans, net of unearned income and foreclosed assets at June 30, 2010, compared to $28.2 million or 5.86% at December 31, 2009. Specifically, the improvement from year end resulted from decreases of $2.4 million in nonaccrual loans, $2.3 million in restructured loans and $1.1 million in loans past due 90 days or more and still accruing. Partially offsetting these decreases was an increase in foreclosed assets of $3.1 million. Loans charged-off, net of recoveries, for the six months ended June 30, equaled 1.64% of average loans outstanding in 2010 and 0.13% in 2009. The allowance for loan losses equaled $14.9 million or 3.21% of loans, net of unearned income, at June 30, 2010, compared to $17.5 million or 3.65% at December 31, 2009, and $6.0 million or 1.18% at June 30, 2009.
Comm Bancorp, Inc. serves six Pennsylvania counties through Community Bank and Trust Company's 15 community-banking offices and one loan production office. Each office, interdependent with the community, offers a comprehensive array of financial products and services to individuals, businesses, not-for-profit organizations and government entities. In addition, customers can take advantage of Klick(SM) Banking, on-line banking services, by accessing the Company's website at http://www.combk.com. The Company's business philosophy includes offering direct access to senior management and other officers and providing friendly, informed and courteous service, local and timely decision-making, flexible and reasonable operating procedures and consistently-applied credit policies.
[TABULAR MATERIAL FOLLOWS].
Summary Data | ||||||
Comm Bancorp, Inc. | ||||||
Five Quarter Trend | ||||||
(In thousands, except per share data) | ||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | ||
2010 | 2010 | 2009 | 2009 | 2009 | ||
Key performance data: | ||||||
Per share data: | ||||||
Net income (loss) | $ 0.69 | $ 0.67 | $(2.65) | $(1.95) | $ 0.70 | |
Cash dividends declared | $ 0.14 | $ 0.28 | $ 0.28 | |||
Book value | $31.13 | $29.66 | $29.25 | $32.30 | $34.64 | |
Tangible book value | $30.93 | $29.46 | $29.05 | $32.10 | $34.44 | |
Market value: | ||||||
High | $23.56 | $23.53 | $34.50 | $40.00 | $40.00 | |
Low | $17.50 | $18.00 | $21.80 | $31.00 | $35.31 | |
Closing | $17.50 | $18.50 | $21.84 | $34.50 | $40.00 | |
Market capitalization | $30,151 | $31,874 | $37,587 | $59,286 | $68,651 | |
Common shares outstanding | 1,722,923 | 1,722,923 | 1,721,007 | 1,718,439 | 1,716,263 | |
Selected ratios: | ||||||
Return on average stockholders' equity | 9.22% | 9.16% | (29.70)% | (22.63)% | 8.18% | |
Return on average assets | 0.74% | 0.72% | (2.60)% | (2.19)% | 0.79% | |
Leverage | 7.99% | 7.77% | 7.90% | 8.68% | 9.25% | |
Total risk-based capital | 13.29% | 12.94% | 12.61% | 11.42% | 11.97% | |
Efficiency | 79.37% | 71.45% | 87.17% | 60.78% | 74.60% | |
Nonperforming assets to loans, net, and foreclosed assets | 5.41% | 5.43% | 5.86% | 5.59% | 5.45% | |
Net charge-offs to average loans, net | 0.23% | 3.05% | 1.38% | 2.42% | 0.03% | |
Allowance for loan losses to loans, net | 3.21% | 3.19% | 3.65% | 2.28% | 1.18% | |
Earning assets yield (FTE) | 4.82% | 5.01% | 5.01% | 5.35% | 5.79% | |
Cost of funds | 1.99% | 2.08% | 2.01% | 2.07% | 2.11% | |
Net interest spread (FTE) | 2.83% | 2.93% | 3.00% | 3.28% | 3.68% | |
Net interest margin (FTE) | 3.19% | 3.30% | 3.37% | 3.70% | 4.09% | |
Comm Bancorp, Inc. | |||
Consolidated Statements of Income | |||
(In thousands, except per share data) | |||
Six Months Ended | June 30, | June 30, | |
2010 | 2009 | ||
Interest income: | |||
Interest and fees on loans: | |||
Taxable | $11,883 | $12,884 | |
Tax-exempt | 640 | 1,285 | |
Interest and dividends on investment securities available-for-sale: | |||
Taxable | 1,252 | 664 | |
Tax-exempt | 540 | 1,010 | |
Dividends | 4 | 20 | |
Interest on federal funds sold | 17 | 1 | |
Total interest income | 14,336 | 15,864 | |
Interest expense: | |||
Interest on deposits | 4,748 | 5,059 | |
Interest on short-term borrowings | 92 | ||
Interest on long-term debt | 320 | ||
Total interest expense | 5,068 | 5,151 | |
Net interest income | 9,268 | 10,713 | |
Provision for loan losses | 1,300 | 1,090 | |
Net interest income after provision for loan losses | 7,968 | 9,623 | |
Noninterest income: | |||
Service charges, fees and commissions | 1,471 | 1,596 | |
Mortgage banking income | 495 | 892 | |
Net gain on sale of premises and equipment | 294 | ||
Net gain on sale of investment securities available-for-sale | 361 | 114 | |
Total noninterest income | 2,327 | 2,896 | |
Noninterest expense: | |||
Salaries and employee benefits expense | 4,370 | 4,304 | |
Net occupancy and equipment expense | 1,150 | 1,258 | |
Other expenses | 3,200 | 3,793 | |
Total noninterest expense | 8,720 | 9,355 | |
Income before income taxes | 1,575 | 3,164 | |
Provision for income tax expense (benefit) | (765) | 174 | |
Net income | $ 2,340 | $ 2,990 | |
Other comprehensive income: | |||
Unrealized holding gains on investment securities available-for-sale | $ 1,755 | $ 355 | |
Reclassification adjustment for gains included in net income | (361) | (114) | |
Income tax expense related to other comprehensive income | 474 | 82 | |
Other comprehensive income, net of income taxes | 920 | 159 | |
Comprehensive income | $ 3,260 | $ 3,149 | |
Per share data: | |||
Net income | $ 1.36 | $ 1.73 | |
Cash dividends declared | $ 0.56 | ||
Average common shares outstanding | 1,722,923 | 1,725,310 | |
Comm Bancorp, Inc. | ||||||
Consolidated Statements of Income | ||||||
(In thousands, except per share data) | ||||||
Three months ended | June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | |
2010 | 2010 | 2009 | 2009 | 2009 | ||
Interest income: | ||||||
Interest and fees on loans: | ||||||
Taxable | $5,942 | $ 5,941 | $ 6,169 | $6,194 | $6,436 | |
Tax-exempt | 318 | 322 | 602 | 598 | 619 | |
Interest and dividends on investment securities available-for-sale: | ||||||
Taxable | 523 | 729 | 118 | 205 | 315 | |
Tax-exempt | 238 | 302 | 326 | 407 | 473 | |
Dividends | 2 | 2 | (20) | 9 | 9 | |
Interest on federal funds sold | 9 | 8 | 14 | 4 | ||
Total interest income | 7,032 | 7,304 | 7,209 | 7,417 | 7,852 | |
Interest expense: | ||||||
Interest on deposits | 2,315 | 2,433 | 2,511 | 2,433 | 2,426 | |
Interest on short-term borrowings | 5 | 36 | ||||
Interest on long-term debt | 160 | 160 | ||||
Total interest expense | 2,475 | 2,593 | 2,511 | 2,438 | 2,462 | |
Net interest income | 4,557 | 4,711 | 4,698 | 4,979 | 5,390 | |
Provision for loan losses | 300 | 1,000 | 7,670 | 8,670 | 520 | |
Net interest income (loss) after provision for loan losses | 4,257 | 3,711 | (2,972) | (3,691) | 4,870 | |
Noninterest income: | ||||||
Service charges, fees and commissions | 730 | 741 | 825 | 848 | 832 | |
Mortgage banking income | 214 | 281 | 185 | 287 | 490 | |
Net gain on sale of investment securities available-for-sale | 361 | 91 | 1,385 | |||
Total noninterest income | 944 | 1,383 | 1,101 | 2,520 | 1,322 | |
Noninterest expense: | ||||||
Salaries and employee benefits expense | 2,183 | 2,187 | 2,184 | 2,025 | 2,164 | |
Net occupancy and equipment expense | 547 | 603 | 589 | 591 | 583 | |
Other expenses | 1,636 | 1,564 | 2,282 | 1,942 | 2,260 | |
Total noninterest expense | 4,366 | 4,354 | 5,055 | 4,558 | 5,007 | |
Income (loss) before income taxes | 835 | 740 | (6,926) | (5,729) | 1,185 | |
Provision for income tax benefit | (355) | (410) | (2,741) | (2,354) | (30) | |
Net income (loss) | $1,190 | $1,150 | $(4,185) | $(3,375) | $1,215 | |
Other comprehensive income (loss): | ||||||
Unrealized holding gains (losses) on investment securities available-for-sale | $2,030 | $ (275) | $(1,174) | $ 1,118 | $ 13 | |
Reclassification adjustment for gains included in net income | (361) | (91) | (1,385) | |||
Income tax expense (benefit) related to other comprehensive income (loss) | 690 | (216) | (430) | (91) | 4 | |
Other comprehensive income (loss), net of income taxes | 1,340 | (420) | (835) | (176) | 9 | |
Comprehensive income (loss) | $2,530 | $ 730 | $(5,020) | $(3,551) | $1,224 | |
Per share data: | ||||||
Net income (loss) | $ 0.69 | $ 0.67 | $ (2.43) | $ (1.95) | $ 0.70 | |
Cash dividends declared | $ 0.14 | $ 0.28 | $ 0.28 | |||
Average common shares outstanding | 1,722,923 | 1,722,923 | 1,721,007 | 1,718,439 | 1,722,282 | |
Comm Bancorp, Inc. | ||||||
Details of Net Interest and Net Interest Margin | ||||||
(In thousands, fully taxable equivalent basis) | ||||||
Three months ended | June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | |
2010 | 2010 | 2009 | 2009 | 2009 | ||
Net interest income: | ||||||
Interest income | ||||||
Loans, net: | ||||||
Taxable | $5,942 | $5,941 | $6,169 | $6,194 | $6,436 | |
Tax-exempt | 482 | 488 | 912 | 906 | 938 | |
Total loans, net | 6,424 | 6,429 | 7,081 | 7,100 | 7,374 | |
Investments: | ||||||
Taxable | 525 | 731 | 98 | 214 | 324 | |
Tax-exempt | 360 | 458 | 494 | 616 | 717 | |
Total investments | 885 | 1,189 | 592 | 830 | 1,041 | |
Federal funds sold | 9 | 8 | 14 | 4 | ||
Total interest income | 7,318 | 7,626 | 7,687 | 7,934 | 8,415 | |
Interest expense: | ||||||
Deposits | 2,315 | 2,433 | 2,511 | 2,433 | 2,426 | |
Borrowed funds | 160 | 160 | 5 | 36 | ||
Total interest expense | 2,475 | 2,593 | 2,511 | 2,438 | 2,462 | |
Net interest income | $4,843 | $5,033 | $5,176 | $5,496 | $5,953 | |
Loans, net: | ||||||
Taxable | 5.48% | 5.44% | 5.46% | 5.45% | 5.80% | |
Tax-exempt | 6.23% | 6.29% | 5.96% | 5.89% | 5.66% | |
Total loans, net | 5.53% | 5.50% | 5.52% | 5.50% | 5.78% | |
Investments: | ||||||
Taxable | 2.23% | 3.31% | 1.80% | 3.10% | 3.92% | |
Tax-exempt | 7.49% | 7.46% | 7.33% | 7.07% | 7.43% | |
Total investments | 3.13% | 4.21% | 4.86% | 5.32% | 5.81% | |
Federal funds sold | 0.12% | 0.11% | 0.11% | 0.11% | ||
Total earning assets | 4.82% | 5.01% | 5.01% | 5.35% | 5.79% | |
Interest expense: | ||||||
Deposits | 1.89% | 1.98% | 2.01% | 2.08% | 2.18% | |
Borrowed funds | 8.02% | 8.08% | 0.67% | 0.68% | ||
Total interest-bearing liabilities | 1.99% | 2.08% | 2.01% | 2.07% | 2.11% | |
Net interest spread | 2.83% | 2.93% | 3.00% | 3.28% | 3.68% | |
Net interest margin | 3.19% | 3.30% | 3.37% | 3.70% | 4.09% | |
Comm Bancorp, Inc. | ||||||
Consolidated Balance Sheets | ||||||
(In thousands, except per share data) | ||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | ||
At period end | 2010 | 2010 | 2009 | 2009 | 2009 | |
Assets: | ||||||
Cash and due from banks | $ 10,050 | $ 8,798 | $ 23,978 | $ 8,728 | $ 8,315 | |
Federal funds sold | 31,700 | 33,800 | 25,300 | 46,100 | ||
Investment securities available-for-sale | 112,851 | 116,593 | 108,005 | 38,302 | 73,169 | |
Loans held for sale, net | 110 | 811 | 2,016 | 787 | ||
Loans, net of unearned income | 465,143 | 466,296 | 476,944 | 507,094 | 510,870 | |
Less: allowance for loan losses | 14,928 | 14,891 | 17,462 | 11,566 | 6,019 | |
Net loans | 450,215 | 451,405 | 459,482 | 495,528 | 504,851 | |
Premises and equipment, net | 11,425 | 11,480 | 11,616 | 11,631 | 11,709 | |
Accrued interest receivable | 1,962 | 2,213 | 2,122 | 2,597 | 2,526 | |
Other assets | 23,452 | 23,512 | 19,634 | 11,386 | 9,456 | |
Total assets | $641,765 | $648,612 | $652,153 | $614,272 | $610,813 | |
Liabilities: | ||||||
Deposits: | ||||||
Noninterest-bearing | $ 87,348 | $ 90,999 | $ 88,335 | $ 79,591 | $ 82,002 | |
Interest-bearing | 489,370 | 495,361 | 502,448 | 475,509 | 456,795 | |
Total deposits | 576,718 | 586,360 | 590,783 | 555,100 | 538,797 | |
Short-term borrowings | 7,950 | |||||
Long-term debt | 8,000 | 8,000 | 8,000 | |||
Accrued interest payable | 1,284 | 1,623 | 1,296 | 1,185 | 1,696 | |
Other liabilities | 2,124 | 1,520 | 1,740 | 2,478 | 2,912 | |
Total liabilities | 588,126 | 597,503 | 601,819 | 558,763 | 551,355 | |
Stockholders' equity: | ||||||
Common stock, par value $0.33 authorized | ||||||
12,000,000, shares issued and outstanding 1,722,923; | ||||||
1,722,923; 1,721,007; 1,718,439; 1,716,263 | 569 | 569 | 568 | 567 | 566 | |
Capital surplus | 8,010 | 8,010 | 7,966 | 7,881 | 7,799 | |
Retained earnings | 43,321 | 42,131 | 40,981 | 45,407 | 49,263 | |
Accumulated other comprehensive income | 1,739 | 399 | 819 | 1,654 | 1,830 | |
Total stockholders' equity | 53,639 | 51,109 | 50,334 | 55,509 | 59,458 | |
Total liabilities and stockholders' equity | $641,765 | $648,612 | $652,153 | $614,272 | $610,813 | |
Comm Bancorp, Inc. | ||||||
Consolidated Balance Sheets | ||||||
(In thousands, except per share data) | ||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | ||
Average quarterly balances | 2010 | 2010 | 2009 | 2009 | 2009 | |
Assets: | ||||||
Loans, net: | ||||||
Taxable | $435,316 | $442,821 | $448,359 | $451,025 | $444,905 | |
Tax-exempt | 30,960 | 31,479 | 60,710 | 61,000 | 66,500 | |
Total loans, net | 466,276 | 474,300 | 509,069 | 512,025 | 511,405 | |
Investments: | ||||||
Taxable | 94,305 | 89,635 | 21,598 | 27,354 | 33,115 | |
Tax-exempt | 19,269 | 24,889 | 26,740 | 34,562 | 38,729 | |
Total investments | 113,574 | 114,524 | 48,338 | 61,916 | 71,844 | |
Federal funds sold | 28,930 | 29,093 | 51,706 | 14,709 | 37 | |
Total earning assets | 608,780 | 617,917 | 609,113 | 588,650 | 583,286 | |
Other assets | 33,439 | 29,344 | 29,950 | 22,649 | 30,625 | |
Total assets | $642,219 | $647,261 | $639,063 | $611,299 | $613,911 | |
Liabilities and stockholders' equity: | ||||||
Deposits: | ||||||
Interest-bearing | $490,502 | $497,712 | $495,714 | $464,411 | $446,992 | |
Noninterest-bearing | 89,285 | 86,711 | 84,139 | 81,047 | 82,221 | |
Total deposits | 579,787 | 584,423 | 579,853 | 545,458 | 529,213 | |
Short-term borrowings | 1 | 33 | 2,970 | 21,359 | ||
Long-term debt | 8,000 | 8,000 | 87 | |||
Other liabilities | 2,646 | 3,881 | 3,223 | 3,710 | 3,743 | |
Total liabilities | 590,434 | 596,337 | 583,163 | 552,138 | 554,315 | |
Stockholders' equity | 51,785 | 50,924 | 55,900 | 59,161 | 59,596 | |
Total liabilities and stockholders' equity | $642,219 | $647,261 | $639,063 | $611,299 | $613,911 | |
Comm Bancorp, Inc. | ||||||
Asset Quality Data | ||||||
(In thousands) | ||||||
June 30, | March 31, | Dec. 31, | Sept. 30, | June 30, | ||
At quarter end | 2010 | 2010 | 2009 | 2009 | 2009 | |
Nonperforming assets: | ||||||
Nonaccrual loans | $16,678 | $17,302 | $19,015 | $20,567 | $20,166 | |
Restructured loans | 1,975 | 1,980 | 4,302 | 4,773 | 4,888 | |
Accruing loans past due 90 days or more | 553 | 392 | 1,634 | 1,177 | 1,139 | |
Foreclosed assets | 6,322 | 5,979 | 3,209 | 1,932 | 1,726 | |
Total nonperforming assets | $25,528 | $25,653 | $28,160 | $28,449 | $27,919 | |
Three months ended | ||||||
Allowance for loan losses: | ||||||
Beginning balance | $14,891 | $17,462 | $11,566 | $ 6,019 | $ 5,531 | |
Charge-offs | 437 | 3,591 | 1,814 | 3,133 | 147 | |
Recoveries | 174 | 20 | 40 | 10 | 115 | |
Provision for loan losses | 300 | 1,000 | 7,670 | 8,670 | 520 | |
Ending balance | $14,928 | $14,891 | $17,462 | $11,566 | $ 6,019 | |
Except for the historical information contained, herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties in the banking industry and overall economy. Such risks and uncertainties are detailed in the Company's Securities and Exchange Commission reports, including the Annual Report on Form 10-K and quarterly reports on Form 10-Q.
SOURCE Comm Bancorp, Inc.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
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