Community Financial Corporation (Nasdaq:CFFC), a holding company
whose sole subsidiary is Community Bank, Staunton, Virginia, today
reported earnings for the second quarter of its fiscal year ending
March 31, 2012. For the quarter ended September 30, 2011, Community
Financial reported earnings of $709,000 or $0.12 per diluted common
share, compared to a loss of $(525,000) or $(0.16) per diluted
common share for the same period last year. The increase in net
income for the current quarter compared to the September 30, 2010
quarter was due primarily to a decrease in the provision for loan
losses of $1.6 million or 58.9% and increase in net interest income
of $421,000 or 7.9%.
Total interest income decreased $173,000 during the September
30, 2011 quarter compared to the September 30, 2010 quarter due to
a decrease in average loan volume offset by an increase in the
yield on our loan portfolio. Total interest expense decreased by
$593,000 for the 2011 period compared to the same period in 2010
due to both a decrease in the interest rates paid on and the
average volume of interest-bearing liabilities. Our interest rate
spread increased by 62 basis points to 4.77% for the quarter ended
September 30, 2011 compared to 4.15% for the same period in
2010.
Non-interest income decreased $54,000 to $1,031,000 for the
quarter ended September 30, 2011 from $1,085,000 for the September
30, 2010 quarter. The decrease in non-interest income for the
current quarter compared to the September 30, 2010 period was due
to both a decrease in transaction account charges and loan fees.
Non-interest expenses decreased $15,000 for the September 30, 2011
quarter compared to the September 30, 2010 quarter. The decrease in
non-interest expenses was due primarily to a $104,000 decrease in
FDIC premiums and a $90,000 decrease in various operating expenses
for the September 30, 2011 quarter partially offset by a $129,000
increase in compensation and benefits and a $50,000 increase in
real estate owned and collection expenses.
The Company's total assets decreased $13.3 million, or 2.5%, to
$516.8 million at September, 2011 from $530.1 million at March 31,
2011 due to a decrease in loans receivable. The $9.7 million, or
2.6%, decrease in total deposits to $369.3 million at September,
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
$941,000, or 1.9%, to $50.7 million at September 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.
Community's net income for the six months ended September 30,
2011 was $1,257,000 or $.20 per diluted common share, compared to
$462,000 or $0.02 per diluted common share for the six months ended
September 30, 2010. The increase in net income for the six months
ended September 30, 2011 compared to the same period ended
September 30, 2010 can be attributed to both a decrease in the
provision for loan loss and an increase in net interest income. The
increase in net interest income is attributable to an increase in
the interest rate spread for the six months ended September 30,
2011 compared to September 30, 2010. The interest rate spread
increased by 54 basis points to 4.80% for the six months September
30, 2011 compared to 4.26% for the same period in
2010.
Non-interest income decreased $63,000 to $2,005,000 for the six
months ended September 30, 2011 from $2,067,000 for the September
30, 2010 period. The decrease in non-interest income for the
current period compared to the September 30, 2010 period was due to
both a decrease in transaction account charges and loan fees.
Non-interest expenses increased $1,253,000 for the six months ended
September 30, 2011 compared to the September 30, 2010 period. The
increase in non-interest expenses was due primarily to a $1,280,000
increase in real estate owned and collection expenses and a
$299,000 increase in compensation and benefits partially offset by
a $156,000 decrease in FDIC premiums and a $220,000 decrease in
various operating expenses for the six months ended September 30,
2011.
At September 30, 2011, non-performing assets totaled
approximately $23.3 million or 4.51% 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 62.0% and to total loans
was 1.6% at September 30, 2011 compared to 126.3% and 1.6%,
respectively, at March 31, 2011due to loans which became OREO
having a significantly higher allowance for loan loss attributed to
them than do the formerly performing loans that moved into the
nonperforming loan category. The increase in non-performing
assets consisted of an increase of $641,000 of real estate owned
and repossessed assets and a $6.1 million increase in nonaccrual
loans.The Company's loans 30 days or more delinquent increased to
3.20% at September 30, 2011 from 2.67% at March 31, 2011. Also the
Bank's regulatory risk-based capital increased from 12.29% at March
31, 2011 to 12.78% at September 30, 2011.
At September 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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|
|
|
|
September 30,
2011 |
March 31, 2011 |
Percent Increase (Decrease) |
|
|
|
|
Total assets |
$516,784 |
$530,080 |
(2.5)% |
Loans receivable, net |
460,532 |
478,293 |
(3.7) |
Investment securities |
3,486 |
2,237 |
55.8 |
Real estate owned and repossessed
assets |
11,024 |
10,384 |
6.2 |
Deposits |
369,297 |
379,045 |
(2.6) |
Borrowings |
93,680 |
98,445 |
(4.8) |
Stockholders' equity |
50,701 |
49,760 |
1.9 |
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|
Selected Operations Data |
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|
(In thousands) |
|
|
|
Three Months Ended
September 30, |
Percent Increase |
|
2011 |
2010 |
(Decrease) |
|
|
|
|
Interest income |
$6,622 |
$6,795 |
(2.5)% |
Interest expense |
900 |
1,493 |
(39.7) |
Net interest income |
5,722 |
5,302 |
7.9 |
Provision for loan losses |
1,123 |
2,730 |
(58.9) |
Net interest income after
provision for loan losses |
4,599 |
2,572 |
78.8 |
Noninterest income |
1,031 |
1,085 |
(5.0) |
Noninterest expense |
4,520 |
4,535 |
(0.3) |
Income tax expense (benefit) |
400 |
(353) |
NM |
Net income (loss) |
709 |
(525) |
NM |
Effective dividend on preferred
stock |
188 |
188 |
--- |
Net income (loss) available to common
stockholders |
521 |
(713) |
NM |
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Selected Ratios and Other
Information |
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At or for the Three Months
Ended September 30, |
Percent
Increase |
|
2011 |
2010 |
(Decrease) |
Return on average equity |
5.63% |
(4.24)% |
NM% |
Return on average assets |
.55% |
(.38)% |
NM |
Interest rate spread |
4.77% |
4.15% |
3.2 |
Diluted earnings (loss) per common
share |
$0.12 |
$(0.16) |
NM |
Dividends paid on common shares |
--- |
--- |
--- |
Non-performing assets to total assets |
4.51% |
3.54% |
27.4 |
Allowance for loan losses to total loans |
1.62% |
1.67% |
(3.0) |
Allowance for loan losses to
nonperforming loans |
62.0% |
69.8% |
(11.2) |
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|
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Six Months Ended
September 30, |
Percent Increase |
|
2011 |
2010 |
(Decrease) |
(In thousands) |
|
|
|
Interest income |
$13,532 |
$14,091 |
(4.0)% |
Interest expense |
1,900 |
3,111 |
(38.9) |
Net interest income |
11,632 |
10,980 |
5.9 |
Provision for loan losses |
1,829 |
3,772 |
(51.5) |
Net interest income after
provision for loan losses |
9,803 |
7,209 |
36.0 |
Noninterest income |
2,005 |
2,067 |
(3.0) |
Noninterest expense |
9,847 |
8,594 |
14.6 |
Income tax expense |
704 |
220 |
220.0 |
Net income |
1,257 |
462 |
172.1 |
Effective dividend on preferred
stock |
376 |
376 |
--- |
Net income available to common
stockholders |
881 |
86 |
924.4 |
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Other Selected Data |
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At or For the Six Months
Ended September 30, |
Percent Increase |
|
2011 |
2010 |
(Decrease) |
|
|
|
|
Return on average equity |
4.94% |
1.84% |
168.5% |
Return on average assets |
.48 |
.17 |
182.4 |
Interest rate spread |
4.80 |
4.26 |
12.7 |
Non-performing assets to total assets |
4.51 |
3.54 |
27.4 |
Allowance for loan losses to total
loans |
1.62 |
1.67 |
(3.0) |
Allowance for loan losses to nonperforming
assets |
62.0% |
43.8% |
41.6 |
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Per share data |
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At or For the Six
Months Ended September 30, |
Percent Increase |
|
2011 |
2010 |
(Decrease) |
|
|
|
|
Diluted earnings per common share |
$ .20 |
$ .02 |
900.0% |
Book value per common share |
8.73 |
8.37 |
4.3 |
Dividends paid on common shares |
--- |
--- |
--- |
Shares outstanding |
4,361,658 |
4,361,658 |
--- |
CONTACT: R. Jerry Giles, Chief Financial Officer
TELEPHONE #: 540-886-0796
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