Community Financial Corporation (Nasdaq:CFFC), a holding company
whose sole subsidiary is Community Bank, Staunton, Virginia, today
reported earnings for the first quarter of its fiscal year ending
March 31, 2012. For the quarter ended June 30, 2011, Community
Financial reported earnings of $548,000 compared to $988,000 for
the same period last year. After payment of preferred dividends,
net income available to common stockholders totaled $360,000 or
$0.08 per diluted common share for the current quarter compared to
$800,000 or $0.18 per diluted common share for the same quarter
last year. The decrease in net income for the current quarter
compared to the June 30, 2010 quarter was due primarily to a
$587,000, or 47.2%, increase in the provision for loan losses and a
$345,000, or 8.9%, increase in non-interest expense, partially
offset by a $232,000, or 4.1%, increase in net interest income.
Total interest income decreased $386,000, or 5.3%, during the
June 30, 2011 quarter compared to the June 30, 2010 period due
primarily to a decrease in the volume of our loan portfolio. Total
interest expense decreased by $618,000, or 38.2%, for the 2011
period compared to the same period in 2010 as a result of decreases
in the interest rates paid on interest-bearing liabilities and the
volume of interest-bearing liabilities. Our interest rate spread
increased by 45 basis points to 4.84% for the quarter ended June
30, 2011 compared to 4.39% for the same period in 2010.
Non-interest income decreased $8,000 to $974,000 for the quarter
ended June 30, 2011 from $983,000 for the June 30, 2010 quarter.
The decrease in non-interest income for the current quarter
compared to the June 30, 2010 period was due primarily to a
decrease in transaction account charges. Non-interest expenses
increased $345,000, or 8.9%, to $4.2 million for the June 30, 2011
quarter from $3.9 million for the June 30, 2010 quarter. The
increase in non-interest expenses was due primarily to a $306,000
increase in expenses associated with real estate owned and
related-collections, and a $169,000 increase in compensation
related expenses, partially offset by a $131,000 decrease in other
expense primarily related to professional expenses.
The Company's total assets decreased $6.7 million, or 1.3%, to
$523.4 million at June 30, 2011 from $530.1 million at March 31,
2011 due to a decrease in loans receivable and real estate
owned. The $7.9 million, or 2.1%, decrease in total deposits
to $371.1 million at June 30, 2011, is due to a decrease in time
deposits, partially offset by an increase in interest-bearing
transaction accounts. The decrease in time deposits is due to
management's strategy to decrease the cost of funds with deposit
pricing. Stockholders' equity increased $390,000, or 0.8%, to $50.2
million at June 30, 2011, from $49.8 million at March 31, 2011, due
to net income for the quarter less dividends paid on preferred
stock issued to the U.S. Treasury.
At June 30, 2011, non-performing assets totaled approximately
$19.0 million or 3.63% of assets compared to $16.6 million or 3.12%
of assets at March 31, 2011. Our allowance for loan losses to
non-performing loans was 75.5% and to total loans was 1.56% at June
30, 2011, compared to 126.3% and 1.61%, respectively, at March 31,
2011. The increase in non-performing assets consisted of an
increase of $3.6million in nonaccrual loans, which included
primarily residential permanent loans, partially offset by a $1.2
million decrease in real estate owned and repossessed assets. The
Company's ratio of loans 30 days or more delinquent to total loans
increased to 2.93% at June 30, 2011 from 2.67% at March 31, 2011.
Also the Bank's regulatory risk-based capital ratio increased from
12.29% at March 31, 2011 to 12.52% at June 30,
2011.
At June 30, 2011, Community Bank exceeded all regulatory capital
requirements and continued to be classified as a "well capitalized"
institution. Community Bank, the wholly owned subsidiary of
Community Financial, is headquartered in Staunton, Virginia and has
offices in Waynesboro, Stuarts Draft, Raphine, Verona, Lexington,
Buena Vista and Virginia Beach. Community Financial
Corporation is traded on the Nasdaq Global Market, under the symbol
CFFC.
Except for the historical information in this press release, the
matters discussed may be deemed to be forward-looking statements,
within the meaning of the Private Securities Litigation Reform Act
of 1995, that involve risks and uncertainties, including, but not
limited to, the credit risks of lending activities, including
changes in the level and trend of loan delinquencies and write-offs
that may be impacted by deterioration in the housing and commercial
real estate markets and changes in economic conditions in the
Company's market areas, changes in the financial condition or
business prospects of the Company's borrowers, changes in policies
by regulatory agencies, the impact of competitive loan products,
loan demand risks, fluctuations in interest rates and the
relationship between long and short term rates, operating results
and other risks detailed from time to time in the Company's filings
with the Securities and Exchange Commission. Actual strategies
and results in future periods may differ materially from those
currently expected. These forward-looking statements represent
the company's judgment as of the date of this release. The
Company disclaims, however, any intent or obligation to update
these forward-looking statements.
Community Financial Corporation
(NASDAQ: CFFC) |
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Selected Financial Condition Data |
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(In thousands) |
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Percent |
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Increase |
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June 30, 2011 |
March 31, 2011 |
(Decrease) |
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Total assets |
$523,351 |
$530,080 |
(1.3)% |
Loans receivable, net |
472,839 |
478,293 |
(1.1) |
Investment securities |
3,737 |
2,237 |
67.1 |
Real estate owned and repossessed assets |
9,216 |
10,384 |
(11.2) |
Deposits |
371,096 |
379,045 |
(2.1) |
Borrowings |
99,341 |
98,445 |
0.9 |
Stockholders' equity |
50,150 |
49,760 |
0.8 |
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Selected Operations Data |
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(In thousands) |
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Percent |
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Three Months Ended |
Increase |
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June 30, 2011 |
June 30, 2010 |
(Decrease) |
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Interest income |
$6,910 |
$7,296 |
(5.3)% |
Interest expense |
999 |
1,617 |
(38.2) |
Net interest income |
5,911 |
5,679 |
4.1 |
Provision for loan losses |
1,831 |
1,244 |
47.2 |
Net interest income after provision for
loan losses |
4,080 |
4,435 |
(8.0) |
Noninterest income |
974 |
983 |
(0.9) |
Noninterest expense |
4,202 |
3,857 |
8.9 |
Income taxes |
304 |
573 |
(47.0) |
Net income |
548 |
988 |
(44.5) |
Effective dividend on preferred
stock |
188 |
188 |
--- |
Net income available to common
stockholders |
360 |
800 |
(55.0) |
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Selected Ratios and Other
Information |
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Percent |
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At or for the Quarter
Ended |
Increase |
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June 30, 2011 |
June 30, 2010 |
(Decrease) |
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Return on average equity |
4.31% |
7.91% |
(45.5)% |
Return on average assets |
.42% |
.73% |
(42.5) |
Interest rate spread |
4.84% |
4.39% |
10.3 |
Diluted earnings per common share |
$0.08 |
$0.18 |
(55.6) |
Dividends paid on common shares |
--- |
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Non-performing assets to total assets |
3.63% |
3.01% |
20.6 |
Non-performing loans to total loans |
2.07% |
2.49% |
(16.9) |
Allowance for loan losses to total loans |
1.56% |
1.65% |
(5.5) |
Allowance for loan losses to nonperforming
loans |
75.5% |
66.3% |
13.9 |
CONTACT: R. Jerry Giles, Chief Financial Officer
TELEPHONE #: 540-886-0796
Community Financial Corp. (MM) (NASDAQ:CFFC)
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