The Board of Directors of Mauch Chunk Trust Financial Corporation has released the earnings results for the corporation for the period ended Sept. 30, 2013.
Net income for the nine months ended September 30, 2013 was $2.7 million in both 2013 and 2012. On a per share basis, net income was $ .89 in both years. For the quarter ended Sept. 30, 2013 net income was $1.1 million, $613 thousand higher than the third quarter of 2012.
Year-to-date results in 2013 are attributable to reductions in the provision for loan losses, other expenses and federal income taxes, offset by decreases in net interest income and net realized gains on securities sales.
Higher net income for the third quarter is attributable to an increase in other income as well as reductions in the provision for loan losses and other expenses, partially offset by an increase in federal income taxes.
Mauch Chunk Trust Financial Corp. is the parent company of the Mauch Chunk Trust Company, an independent community bank with its main office located at 1111 North St., Jim Thorpe.
Mauch Chunk Trust operates six (6) banking offices, including five in Carbon County and 226 Claremont Ave., Hometown, Schuylkill County.
The company will open its seventh office in West Penn Township, Schuylkill County, during the fourth quarter of 2013.
Incorporated in 1902, Mauch Chunk Trust is the successor institution to the Second National Bank of Mauch Chunk established in 1864.
In 2013 the company was named one of the top 200 community banks in the United States under $2 billion in assets by the American Banker newspaper. For more information on Mauch Chunk Trust, visit www.mauchchunktrust.com