MCT releases financial report
The board of directors of Mauch Chunk Trust Financial Corporation have released earnings results for the corporation for the year ended Dec. 31.
Net income for the year ended Dec. 31, 2019, was $2.41 million, $421,000 lower than 2018 net income of $2.83 million. On a per-share basis, net income was 72 cents for 2019 versus 84 cents per share the prior year.
The overall decrease in earnings was mainly attributable to increases in the provision for loan losses, other expenses, prepayments penalties on FHLB advances and lower net realized gains on the sale of foreclosed assets. These negative variances were partially offset by higher net interest income and an increase in realized gains on the sale of securities.
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. Mauch Chunk Trust operates seven banking offices, including five in Carbon County and two in Schuylkill County.
Incorporated in 1902, Mauch Chunk Trust is the successor institution to the Second National Bank of Mauch Chunk established in 1864. For more information on Mauch Chunk Trust visit www.mauchchunktrust.com.