MCT announces quarterly earnings – Times News Online

Published July 27. 2024 08:30AM

The Board of Directors of Mauch Chunk Trust Financial Corp. have released earnings results for the corporation for the period ended June 30.

Net income for the three months ended June 30, was $253,000, $670,000 lower than the same period in 2023. On a per share basis, net income was 8 cents this year versus 28 cents last year.

Lower net income in 2024 is attributable to higher other expenses and an increase in the provision for loan losses, partially offset by increases in net interest income and other income and lower tax expense.

MCT, the wholly owned subsidiary of MCTFC, is a locally owned and managed independent community bank with its main office in Jim Thorpe. The bank operates seven full-service community offices in Carbon and Schuylkill Counties as well as a wealth management office in Jim Thorpe. MCT was incorporated on Aug. 25, 1902, as the successor institution to the Second National Bank of Mauch Chunk established in 1864.

For more information about MCT, please visit www.mct.bank.