MCT announces year end earnings
The board of directors of Mauch Chunk Trust Financial Corporation have released earnings results for the corporation for the year ended December 31.
Net income totaled $2.83 million for both 2018 and 2017. Likewise, per share basis net income remained the same at 93 cents for both reporting periods.
While overall earnings stayed the same, there were significant changes in the various income statement line items. Higher net interest income, service fees and wealth management fess contributed positively to earnings this year but were offset by increases in the provision for loan losses and other expenses as well as decreases in gains on the sales of securities and the nonrecurring sale of loan servicing rights.
Mauch Chunk Trust Financial Corp. is the parent company of the Mauch Chunk Trust Company, an independent community bank with its main office located in Jim Thorpe. Mauch Chunk Trust operates seven banking offices, including five in Carbon County and two in Schuylkill County.