##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2007
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from
 to
 Commission file number 0-17455
 Comm Bancorp, Inc.
  Pennsylvania
    
    23-2242292(State or other jurisdiction of incorporation
    
    (I.R.S. Employer Identification Number)or organization)
 125 North State Street, Clarks Summit, PA
    
    18411(Address of principal executive offices)
    
    (Zip Code)
 (570) 586-0377
 
  
   þ o
  o o þ
 o þ




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##### 



COMM BANCORP, INC.
 FORM 10-Q
March 31, 2007
 INDEX
 Contents
    
    Page No.Part I. Financial Information:Item 1. Financial StatementsConsolidated Statements of Income and Comprehensive Income 
for the Three Months Ended March 31, 2007 and 2006
    
    
    3Consolidated Balance Sheets  March 31, 2007, and December
31, 2006
    
    
    4Consolidated Statements of Changes in Stockholders Equity
for the Three Months Ended March 31, 2007 and 2006
    
    
    5Consolidated Statements of Cash Flows for the Three Months
Ended March 31, 2007 and 2006
    
    
    6Notes to Consolidated Financial Statements
    
    
    7Item 2. Managements Discussion and Analysis of Financial
Condition and Results of Operations
    
    
    8Item 3. Quantitative and Qualitative Disclosures About Market
Risk
    
    
    43Item 4. Controls and Procedures
    
    
    44Item 4T. Controls and Procedures
    
    
    *PART II. OTHER INFORMATION:Item 1. Legal Proceedings
    
    
    45Item 1A. Risk Factors
    
    
    45Item 2. Unregistered Sales of Equity Securities and Use of
Proceeds
    
    
    45Item 3. Defaults Upon Senior Securities
    
    
    45Item 4. Submission of Matters to a Vote of Security Holders
    
    
    45Item 5. Other Information
    
    
    45Item 6. Exhibits
    
    
    45Signatures
    
    
    46Exhibit Index
    
    
    47CEO and CFO CertificationsCEO and CFO Certifications Pursuant to Section 1350
  
 *
    
    Not Applicable 2




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##### Table of Contents



Comm Bancorp, Inc.
 
 CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
 (Dollars in thousands, except per share data)
 For the Three Months Ended March 31
    
    2007
    
    
    2006Interest income:Interest and fees on loans:Taxable
    
    $
    7,301
    
    
    $
    6,324Tax-exempt
    
    
    400
    
    
    
    430Interest and dividends
on investment securities available-for-sale:Taxable
    
    
    573
    
    
    
    603Tax-exempt
    
    
    371
    
    
    
    379Dividends
    
    
    11
    
    
    
    11Interest on
federal funds sold
    
    
    3
    
    
    
    6Total interest income
    
    
    8,659
    
    
    
    7,753Interest expense:Interest on deposits
    
    
    3,434
    
    
    
    2,820Interest on short-term borrowings
    
    
    144
    
    
    
    84Total interest expense
    
    
    3,578
    
    
    
    2,904Net interest income
    
    
    5,081
    
    
    
    4,849Provision for loan losses
    
    
    225
    
    
    
    180Net interest income after provision for loan losses
    
    
    4,856
    
    
    
    4,669Noninterest income:Service charges, fees and commissions
    
    
    705
    
    
    
    752Mortgage banking income
    
    
    75
    
    
    
    108Total noninterest income
    
    
    780
    
    
    
    860Noninterest expense:Salaries and employee benefits expense
    
    
    1,879
    
    
    
    1,790Net occupancy and equipment expense
    
    
    634
    
    
    
    605Other expenses
    
    
    1,240
    
    
    
    1,161Total noninterest
expense
    
    
    3,753
    
    
    
    3,556Income before income taxes
    
    
    1,883
    
    
    
    1,973Provision for income tax expense
    
    
    378
    
    
    
    423Net income
    
    
    1,505
    
    
    
    1,550Other comprehensive loss:Unrealized holding losses on investment securities available-for-sale
    
    
    (4
    )
    
    
    (450
    )Income tax benefit related to other comprehensive loss
    
    
    (1
    )
    
    
    (153
    )Other comprehensive loss, net of income taxes
    
    
    (3
    )
    
    
    (297
    )Comprehensive income
    
    $
    1,502
    
    
    $
    1,253Per share data:Net income
    
    $
    0.81
    
    
    $
    0.84Cash dividends declared
    
    $
    0.26
    
    
    $
    0.25Average common shares outstanding
    
    
    1,851,518
    
    
    
    1,851,816
  3




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##### Table of Contents



Comm Bancorp, Inc.
 
 CONSOLIDATED BALANCE SHEETS
 (Dollars in thousands, except per share data)
 March 31,
    
    
    December 31,2007
    
    
    2006Assets:Cash and due from banks
    
    $
    10,725
    
    
    $
    25,584Federal funds sold
    
    
    
    
    
    
    2,050Investment securities available-for-sale
    
    
    83,612
    
    
    
    91,213Loans held-for-sale, net
    
    
    1,967
    
    
    
    572Loans, net of unearned income
    
    
    451,973
    
    
    
    408,074Less: allowance for loan losses
    
    
    4,635
    
    
    
    4,435Net loans
    
    
    447,338
    
    
    
    403,639Premises and equipment, net
    
    
    10,831
    
    
    
    11,018Accrued interest receivable
    
    
    3,025
    
    
    
    2,863Other assets
    
    
    3,797
    
    
    
    3,465Total assets
    
    $
    561,295
    
    
    $
    540,404Liabilities:Deposits:Noninterest-bearing
    
    $
    74,875
    
    
    $
    73,055Interest-bearing
    
    
    410,805
    
    
    
    410,387Total deposits
    
    
    485,680
    
    
    
    483,442Short-term borrowings
    
    
    17,100Accrued interest payable
    
    
    1,211
    
    
    
    1,106Other liabilities
    
    
    2,044
    
    
    
    1,738Total liabilities
    
    
    506,035
    
    
    
    486,286Stockholders equity:Common stock, par value $0.33, authorized 12,000,000 shares, issued and outstanding:March 31, 2007, 1,851,518 shares; December 31, 2006, 1,848,687 shares
    
    
    611
    
    
    
    610Capital surplus
    
    
    7,266
    
    
    
    7,146Retained earnings
    
    
    46,429
    
    
    
    45,405Accumulated other comprehensive income
    
    
    954
    
    
    
    957Total stockholders equity
    
    
    55,260
    
    
    
    54,118Total liabilities and stockholders equity
    
    $
    561,295
    
    
    $
    540,404
  4




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##### Table of Contents



Comm
Bancorp, Inc.
 
 CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY
(Dollars in thousands, except per share data)
 AccumulatedOther
    
    
    TotalCommon
    
    
    Capital
    
    
    Retained
    
    
    Comprehensive
    
    
    StockholdersStock
    
    
    Surplus
    
    
    Earnings
    
    
    Income
    
    
    EquityBalance, December 31, 2006
    
    $
    610
    
    
    $
    7,146
    
    
    $
    45,405
    
    
    $
    957
    
    
    $
    54,118Net income
    
    
    
    
    
    
    
    
    
    
    1,505
   
    
    
    

    
    
    
    1,505Dividends declared: $0.26 per share
    
    
    
    
    
    
    
    
    
    
(481
    )

    
    
    
    


    
    (481
    )Dividend reinvestment plan: 2,831 shares issued
    
    
    1
    
    
    
    120
    
    
    
    
    
    
    
    
    
    
    
    121Other comprehensive loss, net of income taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3
    )
    
    
    (3
    )Balance, March 31, 2007
    
    $
    611
    
    
    $
    7,266
    
    
    $
    46,429
    
    
    $
    954
    
    
    $
    55,260Balance, December 31, 2005
    
    $
    611
    
    
    $
    6,869
    
    
    $
    41,250
    
    
    $
    959
    
    
    $
    49,689Net income
    
    
    
    
    
    
    
    
    
    
    1,550
    
    
    
    
    
    
    
    1,550Dividends declared: $0.25 per share
    
    
    
    
    
    
    
    
    
    
    (463
    )
    
    
    
    
    
    
    (463
    )Dividend reinvestment plan: 1,662 shares issued
    
    
    
    
    
    
    68
    
    
    
    
    
    
    
    
    
    
    
    68Net change in other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (297
    )
    
    
    (297
    )Balance, March 31, 2006
    
    $
    611
    
    
    $
    6,937
    
    
    $
    42,337
    
    
    $
    662
    
    
    $
    50,547
  5




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##### Table of Contents



Comm Bancorp, Inc.
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands, except per share data)
 For the Three Months Ended March 31
    
    2007
    
    
    2006Cash flows from operating activities:Net income
    
    $
    1,505
    
    
    $
    1,550Adjustments to reconcile net income to net cash provided by operating activities:Provision for loan losses
    
    
    225
    
    
    
    180Depreciation and amortization of premises and equipment
    
    
    272
    
    
    
    249Net amortization (accretion) of investment securities
    
    
    (41
    )
    
    
    49Amortization of net loan costs
    
    
    91
    
    
    
    59Amortization of mortgage servicing rights
    
    
    32
    
    
    
    36Deferred income tax
benefit
    
    
    (59
    )
    
    
    (14
    )Net gains on sale of loans
    
    
    (43
    )
    
    
    (72
    )Losses on foreclosed assets
    
    
    
    
    
    
    30Changes in:Loans held for sale, net
    
    
    (1,352
    )
    
    
    (507
    )Accrued interest receivable
    
    
    (162
    )
    
    
    (374
    )Other assets
    
    
    (299
    )
    
    
    (530
    )Accrued interest payable
    
    
    105
    
    
    
    8Other liabilities
    
    
    283
    
    
    
    169Net cash provided by operating activities
    
    
    557
    
    
    
    833Cash flows from investing activities:Proceeds from repayments of investment securities available-for-sale
    
    
    18,039
    
    
    
    14,573Purchases of investment securities available-for-sale
    
    
    (10,401
    )
    
    
    (1,031
    )Proceeds from sale of foreclosed assets
    
    
    
    
    
    
    136Net increase in lending activities
    
    
    (44,015
    )
    
    
    (35,656
    )Purchases of premises and equipment
    
    
    (85
    )
    
    
    (309
    )Net cash used in investing activities
    
    
    (36,462
    )
    
    
    (22,287
    )Cash flows from financing activities:Net changes in:Money market, NOW, savings and noninterest-bearing accounts
    
    
    (6,408
    )
    
    
    (10,336
    )Time deposits
    
    
    8,646
    
    
    
    (1,470
    )Short-term borrowings
    
    
    17,100
    
    
    
    10,650Proceeds from the issuance of dividend reinvestment plan shares
    
    
    121
    
    
    
    68Cash dividends paid
    
    
    (463
    )
    
    
    (426
    )Net cash provided by (used in) financing activities
    
    
    18,996
    
    
    
    (1,514
    )Net decrease in cash and cash equivalents
    
    
    (16,909
    )
    
    
    (22,968
    )Cash and cash equivalents at beginning of year
    
    
    27,634
    
    
    
    35,403Cash and cash equivalents at end of period
    
    $
    10,725
    
    
    $
    12,435Supplemental disclosures:Cash paid during the period for:Interest
    
    $
    3,473
    
    
    $
    2,896Noncash items:Transfers of loans to foreclosed assets
    
    
    
    
    
    
    213Unrealized losses on investment securities available-for-sale, net
    
    $
    3
    
    
    $
    297
  6




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Comm Bancorp, Inc.
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (Dollars in thousands, except per share data)
 1. Basis of presentation:
   2. Earnings per common share:
  7




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Comm Bancorp, Inc.
 
 MANAGEMENTS DISCUSSION AND ANALYSIS  (Dollars in thousands, except per share data)
 Forward-Looking Discussion:
      8




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##### Table of Contents



Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
  Critical Accounting Policies:
     9




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##### Table of Contents



Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
       10




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##### Table of Contents



Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
  Operating Environment:
  Review of Financial Position:
   11




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##### Table of Contents



Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
 SM
  Investment Portfolio:
   Distribution of investment securities available-for-sale
 March 31,
    
    
    December 31,2007
    
    
    2006Amount
    
    
    %
    
    
    Amount
    
    
    %U.S. Government agencies
    
    $
    32,268
    
    
    
    38.59
    %
    
    $
    39,201
    
    
    
    42.98
    %State and municipals:Taxable
    
    
    11,833
    
    
    
    14.15
    
    
    
    11,912
    
    
    
    13.06Tax-exempt
    
    
    31,390
    
    
    
    37.54
    
    
    
    30,956
    
    
    
    33.94Mortgage-backed securities
    
    
    6,156
    
    
    
    7.36
    
    
    
    7,760
    
    
    
    8.51Equity securities:Restricted
    
    
    1,693
    
    
    
    2.03
    
    
    
    1,206
    
    
    
    1.32Other
    
    
    272
    
    
    
    0.33
    
    
    
    178
    
    
    
    0.19Total
    
    $
    83,612
    
    
    
    100.00
    %
    
    $
    91,213
    
    
    
    100.00
    %
 12




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##### Table of Contents



Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
    13




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##### Table of Contents



Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
  Maturity distribution of available-for-sale portfolio
 After one
    
    
    After fiveWithin
    
    
    but within
    
    
    but within
    
    
    Afterone year
    
    
    five years
    
    
    ten years
    
    
    ten years
    
    
    TotalMarch 31, 2007
    
    Amount
    
    
    Yield
    
    
    Amount
    
    
    Yield
    
    
    Amount
    
    
    Yield
    
    
    Amount
    
    
    Yield
    
    
    Amount
    
    
    YieldAmortized cost:U.S. Government agencies
    
    $
    32,312
    
    
    
    5.04
    %
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    32,312
    
    
    
    5.04
    %State and municipals:Taxable
    
    
    8,342
    
    
    
    3.07
    
    
    $
    3,641
    
    
    
    2.73
    %
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,983
    
    
    
    2.97Tax-exempt
    
    
    130
    
    
    
    3.46
    
    
    
    5,723
    
    
    
    7.59
    
    
    $
    18,884
    
    
    
    7.58
    %
    
    $
    5,116
    
    
    
    7.41
    %
    
    
    29,853
    
    
    
    7.53Mortgage-backed securities
    
    
    4,770
    
    
    
    5.19
    
    
    
    1,196
    
    
    
    4.54
    
    
    
    221
    
    
    
    6.27
    
    
    
    
    
    
    
    
    
    
    
    6,187
    
    
    
    5.10Equity securities:Restricted
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,693
    
    
    
    2.18
    
    
    
    1,693
    
    
    
    2.18Other
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    138
    
    
    
    5.65
    
    
    
    138
    
    
    
    5.65Total
    
    $
    45,554
    
    
    
    4.69
    %
    
    $
    10,560
    
    
    
    5.57
    %
    
    $
    19,105
    
    
    
    7.56
    %
    
    $
    6,947
    
    
    
    6.10
    %
    
    $
    82,166
    
    
    
    5.59
    %Fair value:U.S. Government agencies
    
    $
    32,268
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    32,268State and municipals:Taxable
    
    
    8,286
    
    
    
    
    
    
    $
    3,547
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,833Tax-exempt
    
    
    130
    
    
    
    
    
    
    
    5,923
    
    
    
    
    
    
    $
    19,825
    
    
    
    
    
    
    $
    5,512
    
    
    
    
    
    
    
    31,390Mortgage-backed securities
    
    
    4,750
    
    
    
    
    
    
    
    1,183
    
    
    
    
    
    
    
    223
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,156Equity securities:Restricted
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,693
    
    
    
    
    
    
    
    1,693Other
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    272
    
    
    
    
    
    
    
    272Total
    
    $
    45,434
    
    
    
    
    
    
    $
    10,653
    
    
    
    
    
    
    $
    20,048
    
    
    
    
    
    
    $
    7,477
    
    
    
    
    
    
    $
    83,612
 Loan Portfolio:
  14




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##### Table of Contents



Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
      15




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##### Table of Contents



Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
   Distribution of loan portfolio
 March 31,
    
    
    December 31,2007
    
    
    2006Amount
    
    
    %
    
    
    Amount
    
    
    %Commercial, financial and others
    
    $
    183,159
    
    
    
    40.52
    %
    
    $
    143,792
    
    
    
    35.24
    %Real estate:Construction
    
    
    7,325
    
    
    
    1.62
    
    
    
    5,513
    
    
    
    1.35Mortgage
    
    
    227,043
    
    
    
    50.24
    
    
    
    225,703
    
    
    
    55.31Consumer, net
    
    
    32,743
    
    
    
    7.24
    
    
    
    31,546
    
    
    
    7.73Lease financing, net
    
    
    1,703
    
    
    
    0.38
    
    
    
    1,520
    
    
    
    0.37Loans, net of unearned income
    
    
    451,973
    
    
    
    100.00
    %
    
    
    408,074
    
    
    
    100.00
    %Less: allowance for loan losses
    
    
    4,635
    
    
    
    
    
    
    
    4,435Net loans
    
    $
    447,338
    
    
    
    
    
    
    $
    403,639
  16




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##### Table of Contents



Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
  Maturity distribution and interest sensitivity of loan portfolio
 After oneWithin
    
    
    but within
    
    
    AfterMarch 31, 2007
    
    one year
    
    
    five years
    
    
    five years
    
    
    TotalMaturity schedule:Commercial, financial and others
    
    $
    84,354
    
    
    $
    48,847
    
    
    $
    49,958
    
    
    $
    183,159Real estate:Construction
    
    
    7,325
    
    
    
    
    
    
    
    
    
    
    
    7,325Mortgage
    
    
    25,181
    
    
    
    84,286
    
    
    
    117,576
    
    
    
    227,043Consumer, net
    
    
    4,811
    
    
    
    21,145
    
    
    
    6,787
    
    
    
    32,743Lease financing, net
    
    
    342
    
    
    
    1,361
    
    
    
    
    
    
    
    1,703Total
    
    $
    122,013
    
    
    $
    155,639
    
    
    $
    174,321
    
    
    $
    451,973Sensitivity schedule:Predetermined interest rates
    
    $
    58,929
    
    
    $
    82,645
    
    
    $
    70,887
    
    
    $
    212,461Floating or adjustable interest rates
    
    
    63,084
    
    
    
    72,994
    
    
    
    103,434
    
    
    
    239,512Total
    
    $
    122,013
    
    
    $
    155,639
    
    
    $
    174,321
    
    
    $
    451,973
    17




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##### Table of Contents



Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
    Distribution of off-balance sheet commitments
 March 31,
    
    
    December 31,2007
    
    
    2006Commitments to extend credit
    
    $
    75,489
    
    
    $
    66,192Unused portions of home equity and credit card lines
    
    
    12,678
    
    
    
    15,777Commercial letters of credit
    
    
    21,262
    
    
    
    21,405Total
    
    $
    109,429
    
    
    $
    103,374
  Asset Quality:
  18




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Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
    Distribution of nonperforming assets
 March 31,
    
    
    December 31,2007
    
    
    2006Nonaccrual loans:Commercial, financial and others
    
    $
    1,022
    
    
    $
    1,060Real estate:ConstructionMortgage
    
    
    861
    
    
    
    856Consumer, net
    
    
    67
    
    
    
    94Lease
financing, netTotal nonaccrual loans
    
    
    1,950
    
    
    
    2,010Accruing loans past due 90 days or more:Commercial, financial and others
    
    
    148
    
    
    
    13Real estate:ConstructionMortgage
    
    
    917
    
    
    
    217Consumer, net
    
    
    62
    
    
    
    60Lease financing, net
    
    
    16
    
    
    
    2Total accruing loans past due 90 days or more
    
    
    1,143
    
    
    
    292Total nonperforming loans
    
    
    3,093
    
    
    
    2,302Foreclosed assets
    
    
    352
    
    
    
    352Total nonperforming assets
    
    $
    3,445
    
    
    $
    2,654Ratios:Nonperforming loans as a percentage of loans, net
    
    
    0.68
    %
    
    
    0.56
    %Nonperforming assets as a percentage of loans, net, and
foreclosed assets
    
    
    0.76
    %
    
    
    0.65
    %
 19




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Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
   20




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Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
  Distribution of impaired loans
 March 31,
    
    
    December 31,2007
    
    
    2006Nonaccrual loans:Commercial, financial and others
    
    $
    1,022
    
    
    $
    1,060Real estate:ConstructionMortgage
    
    
    861
    
    
    
    856Consumer, net
    
    
    67
    
    
    
    94Lease financing, netTotal nonaccrual loans
    
    
    1,950
    
    
    
    2,010Accruing loans:Commercial, financial and others
    
    
    2,074
    
    
    
    1,312Real estate:ConstructionMortgage
    
    
    6,533
    
    
    
    6,334Consumer, net
    
    
    40
    
    
    
    44Lease financing, netTotal accruing loans
    
    
    8,647
    
    
    
    7,690Total impaired loans
    
    $
    10,597
    
    
    $
    9,700Ratio:Impaired loans as a percentage of loans, net
    
    
    2.34
    %
    
    
    2.38
    %
  March 31,
    
    
    December 31,2007
    
    
    2006Impaired loans:With a related allowance
    
    $
    7,913
    
    
    $
    8,017With no related allowance
    
    
    2,684
    
    
    
    1,683Total
    
    $
    10,597
    
    
    $
    9,700
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Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
  March 31,2007Balance at January 1
    
    $
    2,410Provision for loan losses
    
    
    (7
    )Loans charged-offLoans recoveredBalance at period-end
    
    $
    2,403
  Three Months Ended March 31
    
    2007
    
    
    2006Gross interest due under terms
    
    $
    203
    
    
    $
    106Interest income recognized
    
    
    212
    
    
    
    142Interest income not recognized (recognized in excess of due)
    
    $
    (9
    )
    
    $
    (36
    )Interest income recognized (cash-basis)
    
    $
    212
    
    
    $
    142Average recorded investment in impaired loans
    
    $
    10,771
    
    
    $
    5,589
  22




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Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
  Allocation of the allowance for loan losses
 March 31,
    
    
    December 31,2007
    
    
    2006Category
    
    
    
    
    
    
    Categoryas a
    
    
    
    
    
    
    as a% of
    
    
    
    
    
    
    % ofAmount
    
    
    loans
    
    
    Amount
    
    
    loansAllocated allowance:Specific:Commercial, financial and others
    
    $
    973
    
    
    
    0.68
    %
    
    $
    1,000
    
    
    
    0.58
    %Real estate:ConstructionMortgage
    
    
    1,344
    
    
    
    1.64
    
    
    
    1,296
    
    
    
    1.76Consumer, net
    
    
    86
    
    
    
    0.02
    
    
    
    114
    
    
    
    0.03Lease financing, netTotal specific
    
    
    2,403
    
    
    
    2.34
    
    
    
    2,410
    
    
    
    2.37Formula:Commercial, financial and others
    
    
    136
    
    
    
    39.84
    
    
    
    120
    
    
    
    34.66Real estate:Construction
    
    
    
    
    
    
    1.62
    
    
    
    
    
    
    
    1.35Mortgage
    
    
    434
    
    
    
    48.60
    
    
    
    520
    
    
    
    53.55Consumer, net
    
    
    344
    
    
    
    7.22
    
    
    
    374
    
    
    
    7.70Lease financing, net
    
    
    
    
    
    
    0.38
    
    
    
    
    
    
    
    0.37Total formula
    
    
    914
    
    
    
    97.66
    
    
    
    1,014
    
    
    
    97.63Total allocated allowance
    
    
    3,317
    
    
    
    100.00
    %
    
    
    3,424
    
    
    
    100.00
    %Unallocated allowance
    
    
    1,318
    
    
    
    
    
    
    
    1,011Total allowance for loan losses
    
    $
    4,635
    
    
    
    
    
    
    $
    4,435
   23




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Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
   Reconciliation of allowance for loan losses
 March 31,2007Allowance for loan losses at beginning of period
    
    $
    4,435Loans charged-off:Commercial, financial and others
    
    
    1Real estate:ConstructionMortgageConsumer, net
    
    
    45Lease financing, netTotal
    
    
    46Loans recovered:Commercial, financial and others
    
    
    4Real estate:ConstructionMortgageConsumer, net
    
    
    17Lease financing, netTotal
    
    
    21Net loans charged-off
    
    
    25Provision charged to operating expense
    
    
    225Allowance for loan losses at end of period
    
    $
    4,635Ratios:Net loans charged-off as a percentage of average loans outstanding
    
    
    0.02
    %Allowance for loan losses as a percentage of period end loans
    
    
    1.03
    %
   24




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Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
  Deposits:
   Deposit distribution
 March 31,
    
    
    March 31,2007
    
    
    2006Average
    
    
    Average
    
    
    Average
    
    
    AverageBalance
    
    
    Rate
    
    
    Balance
    
    
    RateInterest-bearing:Money market accounts
    
    $
    29,314
    
    
    
    3.00
    %
    
    $
    32,688
    
    
    
    2.37
    %NOW accounts
    
    
    64,371
    
    
    
    3.15
    
    
    
    59,142
    
    
    
    2.05Savings accounts
    
    
    99,502
    
    
    
    1.40
    
    
    
    114,254
    
    
    
    1.20Time deposits less than $100
    
    
    178,635
    
    
    
    4.37
    
    
    
    187,179
    
    
    
    3.84Time deposits $100 or more
    
    
    38,102
    
    
    
    4.78
    
    
    
    22,293
    
    
    
    4.02Total interest-bearing
    
    
    409,924
    
    
    
    3.40
    %
    
    
    415,556
    
    
    
    2.75
    %Noninterest-bearing
    
    
    71,670
    
    
    
    
    
    
    
    66,601Total deposits
    
    $
    481,594
    
    
    
    
    
    
    $
    482,157
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Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
  .
  Maturity distribution of time deposits of $100 or more
 March 31,
    
    
    December 31,2007
    
    
    2006Within three months
    
    $
    10,352
    
    
    $
    5,307After three months but within six months
    
    
    13,702
    
    
    
    6,923After six months but within twelve months
    
    
    9,129
    
    
    
    13,136After twelve months
    
    
    10,165
    
    
    
    10,554Total
    
    $
    43,348
    
    
    $
    35,920
 Market Risk Sensitivity:
  26




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Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
    27




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Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
   Interest rate sensitivity
 Due after
    
    
    Due afterthree months
    
    
    one yearDue within
    
    
    but within
    
    
    but within
    
    
    Due afterMarch 31, 2007
    
    three months
    
    
    twelve months
    
    
    five years
    
    
    five years
    
    
    TotalRate sensitive assets:Investment securities
    
    $
    15,639
    
    
    $
    29,795
    
    
    $
    10,653
    
    
    $
    27,525
    
    
    $
    83,612Loans held for sale,
net
    
    
    1,967
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,967Loans, net of unearned
income
    
    
    128,759
    
    
    
    89,803
    
    
    
    160,433
    
    
    
    72,978
    
    
    
    451,973Total
    
    $
    146,365
    
    
    $
    119,598
    
    
    $
    171,086
    
    
    $
    100,503
    
    
    $
    537,552Rate sensitive liabilities:Money market accounts
    
    $
    22,267
    
    
    $
    6,888
    
    
    
    
    
    
    
    
    
    
    $
    29,155NOW accounts
    
    
    48,255
    
    
    
    13,820
    
    
    
    
    
    
    
    
    
    
    
    62,075Savings accounts
    
    
    10,964
    
    
    
    
    
    
    $
    87,655
    
    
    
    
    
    
    
    98,619Time deposits less
than $100
    
    
    32,052
    
    
    
    75,874
    
    
    
    56,858
    
    
    $
    12,824
    
    
    
    177,608Time deposits $100 or more
    
    
    10,352
    
    
    
    22,831
    
    
    
    10,165
    
    
    
    
    
    
    
    43,348Short-term borrowings
    
    
    17,100
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    17,100Total
    
    $
    140,990
    
    
    $
    119,413
    
    
    $
    154,678
    
    
    $
    12,824
    
    
    $
    427,905Rate sensitivity gap:Period
    
    $
    5,375
    
    
    $
    185
    
    
    $
    16,408
    
    
    $
    87,679Cumulative
    
    $
    5,375
    
    
    $
    5,560
    
    
    $
    21,968
    
    
    $
    109,647
    
    
    $
    109,647RSA/RSL ratio:Period
    
    
    1.04
    
    
    
    1.00
    
    
    
    1.11
    
    
    
    7.84Cumulative
    
    
    1.04
    
    
    
    1.02
    
    
    
    1.05
    
    
    
    1.26
    
    
    
    1.26
  28




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Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
      29




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Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
   Liquidity:
  
    
    Funding new and existing loan commitments;
    
    Payment of deposits on demand or at their contractual maturity;
    
    Repayment of borrowings as they mature;
    
    Payment of lease obligations; and
    
    Payment of operating expenses.
   30




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Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
      31




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Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
  Capital Adequacy:
      32




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Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
  33




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Comm Bancorp, Inc.
MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)
(Dollars in thousands, except per share data)
  Regulatory capital
 Minimum to be WellCapitalized underMinimum for Capital
    
    Prompt CorrectiveActual
    
    Adequacy Purposes
    
    Action ProvisionsMarch 31
    
    2007
    
    2006
    
    2007
    
    2006
    
    2007
    
    2006Basis for ratios:Tier I capital to risk-weighted assets:Consolidated
    
    $
    53,894
    
    
    $
    49,465
    
    
    $
    18,539
    
    
    $
    17,696Community Bank
    
    
    52,006
    
    
    
    47,421
    
    
    
    18,510
    
    
    
    17,662
    
    
    $
    27,765
    
    
    $
    26,493Total capital to risk-weighted assets:Consolidated
    
    
    58,529
    
    
    
    53,616
    
    
    
    37,078
    
    
    
    35,392Community Bank
    
    
    56,641
    
    
    
    51,572
    
    
    
    37,021
    
    
    
    35,324
    
    
    
    46,276
    
    
    
    44,155Tier I capital to total average assets
less intangibles assets:Consolidated
    
    
    53,894
    
    
    
    49,465
    
    
    
    21,977
    
    
    
    21,668Community Bank
    
    
    52,006
    
    
    
    47,421
    
    
    $
    21,940
    
    
    $
    21,626
    
    
    $
    27,425
    
    
    $
    27,032Risk-weighted assets:Consolidated
    
    
    450,157
    
    
    
    422,572Community Bank
    
    
    449,434
    
    
    
    421,719Risk-weighted off-balance sheet items:Consolidated
    
    
    13,323
    
    
    
    19,831Community Bank
    
    
    13,323
    
    
    
    19,831Average assets for Leverage ratio:Consolidated
    
    
    549,421
    
    
    
    541,705Community Bank
    
    $
    548,496
    
    
    $
    540,650Ratios:Tier I capital as a percentage of risk-
weighted assets and off-balance sheet
items:Consolidated
    
    
    11.6
    %
    
    
    11.2
    %
    
    
    4.0
    %
    
    
    4.0
    %Community Bank
    
    
    11.2
    
    
    
    10.7
    
    
    
    4.0
    
    
    
    4.0
    
    
    
    6.0
    %
    
    
    6.0
    %Total of Tier I and Tier II capital as a
percentage of risk-weighted assets and
off-balance sheet items:Consolidated
    
    
    12.6
    
    
    
    12.1
    
    
    
    8.0
    
    
    
    8.0Community Bank
    
    
    12.2
    
    
    
    11.7
    
    
    
    8.0
    
    
    
    8.0
    
    
    
    10.0
    
    
    
    10.0Tier I capital as a percentage of total
average assets less intangibles assets:Consolidated
    
    
    9.8
    
    
    
    9.1
    
    
    
    4.0
    
    
    
    4.0Community Bank
    
    
    9.5
    %
    
    
    8.8
    %
    
    
    4.0
    %
    
    
    4.0
    %
    
    
    5.0
    %
    
    
    5.0
    %
  34




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Comm Bancorp, Inc.  MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)  (Dollars in thousands, except per share data)
   Review of Financial Performance:
  Net Interest Income:
  
    
    Variations in the volume, rate and composition of earning assets and
interest-bearing liabilities;
    
    Changes in general market rates; and
    
    The level of nonperforming assets.
 35
    Table of Contents   Comm Bancorp, Inc.  MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)  (Dollars in thousands, except per share data)
   Net interest income changes due to rate and volume
 March 31,2007 vs. 2006Increase (decrease)attributable toTotalChange
    
    
    Rate
    
    
    VolumeInterest income:Loans:Taxable
    
    $
    977
    
    
    $
    497
    
    
    $
    480Tax-exempt
    
    
    (45
    )
    
    
    16
    
    
    
    (61
    )Investments:Taxable
    
    
    (30
    )
    
    
    104
    
    
    
    (134
    )Tax-exempt
    
    
    (12
    )
    
    
    20
    
    
    
    (32
    )Federal funds sold
    
    
    (3
    )
    
    
    1
    
    
    
    (4
    )Total interest income
    
    
    887
    
    
    
    638
    
    
    
    249Interest expense:Money market accounts
    
    
    26
    
    
    
    47
    
    
    
    (21
    )NOW accounts
    
    
    201
    
    
    
    173
    
    
    
    28Savings accounts
    
    
    5
    
    
    
    52
    
    
    
    (47
    )Time deposits less than $100
    
    
    154
    
    
    
    238
    
    
    
    (84
    )Time deposits $100 or more
    
    
    228
    
    
    
    48
    
    
    
    180Short-term borrowings
    
    
    60
    
    
    
    17U
    
    
    
    43Total interest expense
    
    
    674
    
    
    
    575
    
    
    
    99Net interest income
    
    $
    213
    
    
    $
    63
    
    
    $
    150
 36




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Comm Bancorp, Inc.  MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)  (Dollars in thousands, except per share data)
    37
    Table of Contents   Comm Bancorp, Inc.  MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)  (Dollars in thousands, except per share data)
    38




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Comm Bancorp, Inc.  MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)  (Dollars in thousands, except per share data)
  Summary of net interest income
 March 31, 2007
    
    

March 31, 2006Interest
    
    
    Average
    
    
    
    
    
    
    Interest
    
    
    AverageAverage
    
    
    Income/
    
    
    Interest
    
    
    Average
    
    
    Income/
    
    
    InterestBalance
    
    
    Expense
    
    
    Rate
    
    
    Balance
    
    
    Expense
    
    
    RateASSETS:Earning assets:Loans:Taxable
    
    $
    401,864
    
    
    $
    7,301
    
    
    
    7.37
    %
    
    $
    374,452
    
    
    $
    6,324
    
    
    
    6.85
    %Tax-exempt
    
    
    39,463
    
    
    
    606
    
    
    
    6.23
    
    
    
    43,507
    
    
    
    651
    
    
    
    6.07Investments:Taxable
    
    
    54,897
    
    
    
    584
    
    
    
    4.31
    
    
    
    68,482
    
    
    
    614
    
    
    
    3.64Tax-exempt
    
    
    29,701
    
    
    
    562
    
    
    
    7.67
    
    
    
    31,413
    
    
    
    574
    
    
    
    7.41Federal funds sold
    
    
    251
    
    
    
    3
    
    
    
    4.85
    
    
    
    670
    
    
    
    6
    
    
    
    3.63Total earning assets
    
    
    526,176
    
    
    
    9,056
    
    
    
    6.98
    %
    
    
    518,524
    
    
    
    8,169
    
    
    
    6.39
    %Less: allowance for loan losses
    
    
    4,560
    
    
    
    
    
    
    
    
    
    
    
    4,181Other assets
    
    
    28,217
    
    
    
    
    
    
    
    
    
    
    
    27,782Total assets
    
    $
    549,833
    
    
    
    
    
    
    
    
    
    
    $
    542,125LIABILITIES AND STOCKHOLDERS EQUITY:Interest-bearing liabilities:Money market accounts
    
    $
    29,314
    
    
    
    217
    
    
    
    3.00
    %
    
    $
    32,688
    
    
    
    191
    
    
    
    2.37
    %NOW accounts
    
    
    64,371
    
    
    
    500
    
    
    
    3.15
    
    
    
    59,142
    
    
    
    299
    
    
    
    2.05Savings accounts
    
    
    99,502
    
    
    
    344
    
    
    
    1.40
    
    
    
    114,254
    
    
    
    339
    
    
    
    1.20Time deposits less than $100
    
    
    178,635
    
    
    
    1,924
    
    
    
    4.37
    
    
    
    187,179
    
    
    
    1,770
    
    
    
    3.84Time deposits $100 or more
    
    
    38,102
    
    
    
    449
    
    
    
    4.78
    
    
    
    22,293
    
    
    
    221
    
    
    
    4.02Short-term borrowings
    
    
    10,684
    
    
    
    144
    
    
    
    5.47
    
    
    
    7,374
    
    
    
    84
    
    
    
    4.62Total interest-bearing liabilities
    
    
    420,608
    
    
    
    3,578
    
    
    
    3.45
    %
    
    
    422,930
    
    
    
    2,904
    
    
    
    2.78
    %Noninterest-bearing deposits
    
    
    71,670
    
    
    
    
    
    
    
    
    
    
    
    66,601Other liabilities
    
    
    2,644
    
    
    
    
    
    
    
    
    
    
    
    2,189Stockholders equity
    
    
    54,911
    
    
    
    
    
    
    
    
    
    
    
    50,405Total liabilities and stockholders equity
    
    $
    549,833
    
    
    
    
    
    
    
    
    
    
    $
    542,125Net interest/income spread
    
    
    
    
    
    $
    5,478
    
    
    
    3.53
    %
    
    
    
    
    
    $
    5,265
    
    
    
    3.61
    %Net interest margin
    
    
    
    
    
    
    
    
    
    
    4.22
    %
    
    
    
    
    
    
    
    
    
    
    4.12
    %Tax equivalent adjustments:Loans
    
    
    
    
    
    $
    206
    
    
    
    
    
    
    
    
    
    
    $
    221Investments
    
    
    
    
    
    
    191
    
    
    
    
    
    
    
    
    
    
    
    195Total adjustments
    
    
    
    
    
    $
    397
    
    
    
    
    
    
    
    
    
    
    $
    416
 Note:
    
    Average balances were calculated using average daily balances. Average balances for loans
include nonaccrual loans. Available-for-sale securities, included in investment securities,
are stated at amortized cost with the related average unrealized holding gains of $1,424 and
$1,400 for the first quarter of 2007 and 2006 included in other assets. Tax-equivalent
adjustments were calculated using the prevailing statutory tax rate of 34.0 percent.
 39




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##### Table of Contents



Comm Bancorp, Inc.  MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)  (Dollars in thousands, except per share data)
 Provision for Loan Losses:
  Noninterest Income:
   Noninterest Expense:
   40




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##### Table of Contents



Comm Bancorp, Inc.  MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)  (Dollars in thousands, except per share data)
   Noninterest expenses
 Three Months EndedMarch 31,2007
    
    

    2006Salaries and employee benefits expense:Salaries and payroll taxes
    
    $
    1,484
    
    
    $
    1,448Employee benefits
    
    
    395
    
    
    
    342Salaries and employee benefits expense
    
    
    1,879
    
    
    
    1,790Net occupancy and equipment expense:Net occupancy expense
    
    
    321
    
    
    
    317Equipment expense
    
    
    313
    
    
    
    288Net occupancy and equipment expense
    
    
    634
    
    
    
    605Other expenses:Marketing expense
    
    
    159
    
    
    
    113Other taxes
    
    
    134
    
    
    
    131Stationery and supplies
    
    
    111
    
    
    
    82Contractual services
    
    
    453
    
    
    
    426Insurance including FDIC assessment
    
    
    51
    
    
    
    62Other
    
    
    332
    
    
    
    347Other expenses
    
    
    1,240
    
    
    
    1,161Total noninterest expense
    
    $
    3,753
    
    
    $
    3,556
   41




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##### Table of Contents



Comm Bancorp, Inc.  MANAGEMENTS DISCUSSION AND ANALYSIS (CONTINUED)  (Dollars in thousands, except per share data)
    Income Taxes:
   42




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##### Table of Contents



Comm Bancorp, Inc.
 
 QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
 Disclosure of Quantitative and Qualitative Disclosure about Market Risk
  43




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##### Table of Contents



Comm Bancorp, Inc.
 
 CONTROLS AND PROCEDURES
 Evaluation of Controls and Procedures
  Internal Control Over Financial Reporting
  44




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##### Table of Contents



Comm Bancorp, Inc.
 OTHER INFORMATION
 
 Part II. Other Information
 
 Item 1. Legal Proceedings
   
 Item 1A. Risk Factors
  
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  Total Number of
    
    
    Maximum NumberTotal Number
    
    
    Average
    
    
    Shares Purchased
    
    
    of Shares that mayof Shares
    
    
    Price Paid
    
    
    as Part of Publicly
    
    
    yet be PurchasedMonth Ending
    
    Purchased
    
    
    Per Share
    
    
    Announced Programs
    
    
    Under the ProgramsJanuary 31, 2007
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    38,374February 28, 2007
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    38,374March 31, 2007
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    38,374Total
    
    
    0
    
    
    
    0
    
    
    
    0
  
 Item 3. Defaults upon Senior Securities
   
 Item 4. Submission of Matters to a Vote of Security Holders
   
 Item 5. Other Information
   
 Item 6. Exhibits
 31
    (i)
    
    CEO and CFO certifications pursuant to Rule
13a-14(a)/15d-14(a).32
    
    
    CEO and CFO certifications pursuant to Section 1350.
 45




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##### Table of Contents



COMM BANCORP, INC.
FORM 10-Q
 
 SIGNATURE PAGE
  Registrant, Comm Bancorp, Inc.Date:
    
    May 10, 2007
    
    
    
    /s/ William F. Farber, Sr.

William F. Farber, Sr.President and Chief Executive OfficerChairman of the Board/Director(Principal Executive Officer)Date:
    
    May 10, 2007
    
    
    
    /s/ Scott A. Seasock

Scott A. SeasockExecutive Vice President andChief Financial Officer(Principal Financial Officer)Date:
    
    May 10, 2007
    
    
    
    /s/ Stephanie A. Westington

Stephanie A. Westington, CPAVice President of Finance(Principal Accounting Officer)
 46




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##### Table of Contents



EXHIBIT INDEX
 Item Number
    
    Description
    
    Page31(i)
    
    CEO and CFO Certifications Pursuant to Rule
13a-14(a)/15d-14(a)
    
    
    4832
    
    CEO and CFO Certifications Pursuant to Section 1350
    
    
    52
 47