MCT has decrease in earnings
The Board of Directors of Mauch Chunk Trust Financial Corporation has released the earnings results for the corporation for the period ended June 30, 2013.
Net income for the six months ended June 30, 2013 was $1.6 million, $612 thousand less than the first half of 2012.
On a per share basis, net income was $.53 this year versus $.72 per share last year. For the quarter ended June 30, 2013, net income was $870 thousand, $343 thousand lower than the same period in 2012. On a per share basis, second quarter net income was $ .28 this year versus $ .39 last year.
Lower net income in 2013 is attributable to decreases in net interest income and net realized gains on the sales of securities, offset, in part, by increases in all other categories of other income as well as decreases in the provision for loan losses and 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, and Carbon County, PA.
Mauch Chunk Trust operates six (6) banking offices, including five in Carbon County and 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.
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 2013. For more information on Mauch Chunk Trust visit their Web-Site at www.mauchchunktrust.com