Community Financial Reports Quarterly and Nine Month Earnings
14 Febbraio 2012 - 5:28PM
Community Financial Corporation (Nasdaq:CFFC), a holding company
whose sole subsidiary is Community Bank, Staunton, Virginia, today
reported earnings for the quarter and nine months ended December
31, 2011. For the quarter ended December 31, 2011, Community
Financial reported a loss of $521,000 or $(.16) per diluted share,
compared to $27,000 or $(.04) per diluted share for the same period
last year. Net income for the current quarter compared to the
December 31, 2010 quarter decreased due to an increase in the
provision for loan losses of $1.3 million or 71.6%, partially
offset by an increase in net interest income of $356,000 or 6.7%.
Total interest income decreased $241,000, or 3.6% during the
December 31, 2011 quarter compared to the December 31, 2010 quarter
as a result of a decrease in the volume of our loan portfolio.
Total interest expense decreased $597,000, or 42.7% for the 2011
period compared to the same period in 2010 as a result of both a
decrease in the interest rates paid on and the average volume of
interest-bearing liabilities. The interest rate spread increased by
52 basis points to 4.78% for the quarter ended December 31, 2011
compared to 4.26% for the same period in 2010.
Non-interest income decreased $163,000 to $934,000 for the
quarter ended December 31, 2011 from $1,097,000 for the December
31, 2010 quarter. The decrease in non-interest income for the
current quarter compared to the December 31, 2010 period was due to
both a decrease in transaction account charges and loan fees.
Non-interest expenses decreased $150,000 for the December 31, 2011
quarter compared to the December 31, 2010 quarter. The decrease in
non-interest expenses was due primarily to a $200,000 decrease in
real estate owned and collection expenses partially offset by a
$65,000 increase in data processing expense.
Community's net income for the nine months ended December 31,
2011 was $736,000 or $.04 diluted per share, compared to $489,000
or a loss of $(0.02) per diluted share for the nine months ended
December 31, 2010. The diluted earnings per share are calculated
after the payment of dividends on preferred stock. The increase in
net income for the nine months ended December 31, 2011 compared to
the same period ended December 31, 2010 can be attributed to both
an increase in net interest income and a decrease in the provision
for loan losses, partially offset by a decrease in non-interest
income and an increase in noninterest expenses. The increase in net
interest income is attributable to an increase in the interest rate
spread for the nine months ended December 31, 2011 compared to
December 31, 2010. The interest rate spread increased by 53
basis points to 4.79% for the nine months December 31, 2011
compared to 4.26% for the same period in 2010.
Non-interest income decreased $273,000 to $2.9 million for the
nine months ended December 31, 2011 from $3.2 million for the
December 31, 2010 period. The decrease in non-interest income for
the current period compared to the December 31, 2010 period was due
to a decrease in transaction account charges and loan fees.
Non-interest expenses increased $1.1 million for the nine months
ended December 31, 2011 compared to the December 31, 2010 period.
The increase in non-interest expenses was due primarily to a $1.0
million increase in real estate owned and collection expenses and a
$278,000 increase in compensation and benefits, partially offset by
a $202,000 decrease in FDIC premiums for the nine months ended
December 31, 2011.
At December 31, 2011, non-performing assets totaled
approximately $20.8 million or 4.1% of assets compared to $16.6
million or 3.1% of assets at March 31, 2011. Our allowance for loan
losses to non-performing loans was 124.0% and to total loans was
2.2% at December 31, 2011 compared to 127.0% and 1.6%,
respectively, at March 31, 2011. The increase in
non-performing assets consisted of an increase of $2.6 million of
real estate owned and repossessed assets and a $1.6 million
increase in nonaccrual loans. The Bank's regulatory risk-based
capital ratio increased from 12.29% at March 31, 2011 to 12.83% at
December 31, 2011.
At December 31, 2011, Community Bank was 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, Harrisonburg, Lexington, Buena Vista and Virginia
Beach. Community Financial Corporation is traded on the Nasdaq
National 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, 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) |
|
|
|
|
Selected Financial Condition Data |
|
|
|
(In thousands) |
|
|
Percent |
|
|
|
Increase |
|
December 31, 2011 |
March 31, 2011 |
(Decrease) |
|
|
|
|
Total assets |
$509,504 |
$530,080 |
(3.9)% |
Loans receivable, net |
449,891 |
478,293 |
(5.9) |
Investment securities |
8,486 |
2,237 |
279.4 |
Real estate owned and repossessed assets |
13,017 |
10,384 |
25.4 |
Deposits |
363,045 |
379,045 |
(4.2) |
Borrowings |
93,000 |
98,445 |
(5.5) |
Stockholders' equity |
50,022 |
49,760 |
0.5 |
|
|
|
|
Selected Operations Data |
|
|
|
(In thousands) |
|
|
Percent |
|
Three Months Ended |
Increase |
|
December 31, 2011 |
December 31, 2010 |
(Decrease) |
|
|
|
|
Interest income |
$6,478 |
$6,719 |
(3.6)% |
Interest expense |
802 |
1,399 |
(42.7) |
Net interest income |
5,676 |
5,320 |
6.7 |
Provision for loan losses |
3,047 |
1,176 |
159.1 |
Net interest income after provision for
loan losses |
2,629 |
3,544 |
(25.8) |
Noninterest income |
934 |
1,097 |
(14.9) |
Noninterest expense |
4,439 |
4,589 |
(3.3) |
Income taxes |
(354) |
25 |
NM |
Net income (loss) |
(521) |
27 |
NM |
Effective dividend on preferred
stock |
188 |
188 |
-- |
Net income (loss) available to common
stockholders |
(709) |
(161) |
(340.4) |
|
|
|
|
|
|
|
Percent |
|
At or for the Quarter
Ended |
Increase |
|
December 31, 2011 |
December 31, 2010 |
(Decrease) |
|
|
|
|
Return on average equity |
(4.14)% |
0.22% |
NM% |
Return on average assets |
(.41) |
.02 |
NM |
Interest rate spread |
4.78 |
4.26 |
12.2 |
Diluted earnings (loss) per common share |
(.16) |
(.04) |
(300.0) |
Dividends paid on common shares |
-- |
-- |
-- |
|
|
|
|
|
|
|
Percent |
|
Nine Months Ended |
Increase |
|
December 31, 2011 |
December 31, 2010 |
(Decrease) |
(In thousands) |
|
|
|
Interest income |
$20,010 |
$20,810 |
(3.8)% |
Interest expense |
2,702 |
4,510 |
(40.1) |
Net interest income |
17,308 |
16,300 |
6.2 |
Provision for loan losses |
4,876 |
5,548 |
(12.1) |
Net interest income after provision for
loan losses |
12,432 |
10,752 |
15.6 |
Noninterest income |
2,877 |
3,150 |
(8.7) |
Noninterest expense |
14,223 |
13,168 |
8.0 |
Income taxes |
350 |
244 |
43.4 |
Net income |
736 |
490 |
50.2 |
Effective dividend on preferred stock |
565 |
565 |
-- |
Net income (loss) available to common
stockholders |
172 |
(74) |
332.4 |
|
|
|
|
Other Selected Data |
|
|
Percent |
|
At or for the Nine Months
Ended |
Increase |
|
December 31, 2011 |
December 31, 2010 |
(Decrease) |
|
|
|
|
Return on average equity |
1.92% |
1.30% |
47.7% |
Return on average assets |
.19 |
.12 |
58.3 |
Interest rate spread |
4.79 |
4.26 |
12.4 |
Non-performing assets to total assets |
4.09 |
5.06 |
(19.2) |
Allowance for loan losses to total
loans |
2.10 |
1.92 |
12.0 |
Allowance for loan losses to nonperforming
loans |
124.0 |
32.9 |
143.6 |
|
|
|
|
Per share data |
|
|
Percent |
|
At or for the Nine Months
Ended |
Increase |
|
December 31, 2011 |
December 31, 2010 |
(Decrease) |
|
|
|
|
Diluted earnings (loss) per common share |
$.04 |
$(.02) |
300.0% |
Book value per common share |
8.57 |
8.34 |
2.8 |
Dividends paid on common shares |
-- |
-- |
-- |
Shares outstanding |
4,361,658 |
4,361,658 |
-- |
CONTACT: R. Jerry Giles, Senior Vice President/Chief Financial Officer
TELEPHONE #: 540-886-0796
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