7 unchanged sentences
Community Bank is a Pennsylvania-chartered commercial bank headquartered in Carmichaels, Pennsylvania.
−Removed: The Bank operates 10 offices in Greene, Allegheny, Washington, Fayette and Westmoreland Counties in southwestern Pennsylvania and three offices in Marshall and Ohio Counties in West Virginia.
+Added: The Bank operates nine offices in Greene, Allegheny, Washington, Fayette and Westmoreland Counties in southwestern Pennsylvania and three offices in Marshall and Ohio Counties in West Virginia.
The Bank also has a loan production office in Allegheny County, a loan production office and a corporate center in Washington County and an operations center in Greene County, Pennsylvania.
3 unchanged sentences
On December 1, 2023, the Company announced that the Bank and EU entered into an Asset Purchase Agreement with World Insurance Associates, LLC ("World") pursuant to which EU sold substantially all of its assets to World for a purchase price of $30.5 million cash plus possible additional earn-out payments.
−Removed: The sale of assets was completed on December 8, 2023 and resulted in a pre-tax gain of $24.6 million.
+Added: The sale of assets was completed on December 8, 2023 and resulted in an initial pre-tax gain of $24.6 million.
+Added: During 2024, the Company recognized an additional gain of $138,000 following the final settlement of all liabilities and an earn-out payment of $708,000.
Assets remaining in the EU subsidiary at December 31, 2024 consisted primarily of cash received from the sale of assets.
−Removed: The EU subsidiary will be dissolved with the remaining assets and liabilities being transferred to the Bank during 2024.
+Added: The Bank intends to merge EU into the Bank during 2025.
The Bank was originally chartered in 1901 as The First National Bank of Carmichaels.
57 unchanged sentences
We promote the health and wellness of our employees by strongly encouraging work-life balance, offering flexible work schedules, keeping the employee portion of health care premiums to a minimum and sponsoring various wellness programs.
−Removed: The Company’s southwestern Pennsylvania market area consists of Allegheny, Fayette, Greene, Washington and Westmoreland Counties.
+Added: The Company’s primary market area consists of Allegheny, Fayette, Greene, Washington and Westmoreland Counties in southwestern Pennsylvania.
Greene County is a significantly more rural county compared to the counties in which we have our other branches.
Our offices located in Allegheny, Washington, Fayette, and Westmoreland Counties are in the southern suburban area of metropolitan Pittsburgh.
−Removed: Our market area extends into West Virginia with three offices in Marshall and Ohio Counties.
−Removed: The following table sets forth certain economic statistics for our market area.
+Added: Our primary market area extends into Marshall and Ohio counties in West Virginia.
+Added: While the majority of activities occur in this primary market, the Bank extends lending and depository services throughout Pennsylvania, West Virginia, Ohio, New York and beyond.
+Added: The following table sets forth certain economic statistics for our primary market area.
Population (1)
17 unchanged sentences
Bureau of Labor Statistics (Second Quarter 2024)
−Removed: The market area has been impacted by the energy industry through the extraction of untapped natural gas reserves in the Marcellus Shale and Utica Shale Formation.
+Added: The market area has been impacted by the energy industry through the extraction of untapped natural gas reserves in the Marcellus Shale and Utica Shale Formations.
The Utica Shale formation lies beneath most of Ohio, West Virginia, Pennsylvania and New York, as well as Kentucky, Maryland, Tennessee, Virginia and a part of Canada.
16 unchanged sentences
Our principal lending activity has been the origination in our local market area of residential one- to four-family, commercial real estate, construction, commercial and industrial, and consumer loans.
−Removed: At December 31, 2023, our total loans receivable, which excludes the allowance for credit losses, increased $60.5 million, or 5.8%, to $1.11 billion compared to $1.05 billion at December 31, 2022.
+Added: At December 31, 2024, our total loans receivable, which excludes the allowance for credit losses, decreased $17.8 million, or 1.6%, to $1.09 billion compared to $1.11 billion at December 31, 2023.
Residential Real Estate Loans .
20 unchanged sentences
Fixed-rate one- to four-family residential mortgage loans with terms of 15 years or more are originated for resale to the secondary market.
−Removed: During the year ended December 31, 2023, we originated $2.4 million of fixed-rate residential mortgage loans, respectively, which were subsequently sold in the secondary mortgage market.
+Added: During the year ended December 31, 2024, we originated $5.8 million of fixed-rate residential mortgage loans which were subsequently sold in the secondary mortgage market.
The origination of fixed-rate mortgage loans versus adjustable-rate mortgage loans is monitored on an ongoing basis and is affected significantly by the level of market interest rates, customer preference, our interest rate risk position and our competitors’ loan products.
11 unchanged sentences
At December 31, 2024, home equity loans totaled $71.3 million.
−Removed: Our home equity loans and lines of credit are generally secured by the borrower’s principal residence.
+Added: Our home equity loans and lines of credit are generally secured by a junior lien on the borrower’s principal residence.
The maximum amount of a home equity loan or line of credit is generally 85% of the appraised value of a borrower’s real estate collateral less the amount of any prior mortgages or related liabilities.
142 unchanged sentences
Mortgage-Backed Securities.
−Removed: We invest in mortgage-backed (“MBS”) and collateralized mortgage obligation (“CMO”) securities insured or guaranteed by the United States government or government-sponsored enterprises.
+Added: We invest in MBS and CMO securities insured or guaranteed by the United States government or government-sponsored enterprises.
These securities, which consist of MBS’s issued by Ginnie Mae, Fannie Mae and Freddie Mac, had an amortized cost of $164.7 million and $178.0 million at December 31, 2024 and 2023, respectively, and a fair value of $145.3 million and $159.7 million at December 31, 2024 and 2023, respectively.
14 unchanged sentences
Collateralized Loan Obligation Securities.
−Removed: We invest in collateralized loan obligation (“CLO”) securities issued by specialized financial institutions or investment banks.
+Added: We invest in CLO securities issued by specialized financial institutions or investment banks.
These floating-rate securities are backed by pools of high-quality commercial and industrial and commercial real estate loans, typically first-lien bank loans to corporations.
−Removed: Our CLO portfolio had an amortized cost of $29.9 million and a fair value of $29.8 million at December 31, 2023.
−Removed: The Bank held no CLO's as of December 31, 2022.
+Added: Our CLO portfolio had an amortized cost of $98.7 million and $29.9 million at December 31, 2024 and 2023, respectively, and a fair value of $98.8 million and $29.8 million at December 31, 2024 and 2023, respectively.
Corporate Debt.
−Removed: At December 31, 2023, we held corporate debt securities with a fair value of $7.7 million.
We invest in corporate debt issued by financial institutions which have fixed to floating-rate terms.
2 unchanged sentences
We perform a credit analysis to verify the creditworthiness of the financial institution prior to purchase.
+Added: At December 31, 2024, we held corporate debt securities with a fair value of $8.1 million, compared to $7.7 million at December 31, 2023.
Sources of Funds
16 unchanged sentences
The FHLB functions as a central reserve bank providing credit for us and other member savings associations and financial institutions.
−Removed: As a member, we are required to own capital stock in the FHLB and are authorized to apply for advances on the security of such stock and certain of our home mortgages, provided certain standards related to creditworthiness have been met.
+Added: As a member, we are required to own capital stock in the FHLB and are authorized to apply for advances on the security of such stock and certain mortgages, provided certain standards related to creditworthiness have been met.
We typically secure advances from the FHLB with one- to four-family residential mortgage and commercial real estate loans.
5 unchanged sentences
As an alternative to pledging securities, the facility is also used for standby letters of credit to collateralize public deposits in excess of the level insured by the FDIC.
−Removed: Commitments for standby letters of credit to secure public deposits were $18.9 million and $26.2 million as of December 31, 2023 and 2022.
+Added: There were no standby letters of credit issued on our behalf by the FHLB to secure public deposits as of December 31, 2024 and $18.9 million as of December 31, 2023.
Securities sold under agreements to repurchase represent business deposit customers whose funds, above designated target balances, are transferred into an overnight interest-earning investment account by purchasing securities from the Bank’s investment portfolio under an agreement to repurchase.
11 unchanged sentences
Community Bank is the only subsidiary of the Company.
−Removed: The Bank wholly-owns Exchange Underwriters, Inc., a former full-service, independent insurance agency.
+Added: The Bank's sole and wholly-owned subsidiary is Exchange Underwriters, Inc., a former full-service, independent insurance agency.
REGULATION AND SUPERVISION
51 unchanged sentences
The rule limits a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not hold a capital conservation buffer consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets in addition to the amount necessary to meet its minimum risk-based capital requirements.
−Removed: The capital conservation buffer requirement was phased in at 0.625% per year beginning January 1, 2016 and ended January 1, 2019, when the full 2.5% capital conservation buffer requirement became effective.
Loans-to-One Borrower.
143 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.