Community Financial Corp. Announces Improved Quarterly Earnings.Business Editors OLNEY Olney is the name of a place in the United Kingdom:
Community Financial Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CFIC CFIC Campaign Finance Information Center CFIC Central Florida Innovation Corporation CFIC Canadian Food Industry Council CFIC Central Flight Instructor Course CFIC Christian Friends of Israeli Communities CFIC Canadian Forest Industries Council ), the Olney, Illinois-based bank holding company, today announced that net income for the quarter ended March 31, 2000 increased by 57.0% as compared to the same quarter of the prior year. Net income for the quarter ended March 31, 2000 was $314,000, or $.15 per basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, as compared to net income of $200,000, or $.10 per basic and diluted share for the quarter ended March 31, 1999. Contributing to the increase in net income was a $158,000, or 7.3%, increase in net interest income and a $245,000, or 52.7%, increase in noninterest income. These increases more than offset a $116,000, or 5.1%, increase in total noninterest expense. The increase in noninterest expense was primarily attributable to nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. expenses incurred in connection with a proxy contest Proxy contest A battle for the control of a firm in which a dissident group seeks, from the firm's other shareholders, the right to vote those shareholders' shares in favor of the dissident group's slate of directors. Also called proxy fights. currently being waged by a dissident stockholder. Compensation and benefits expenses were virtually unchanged increasing $15,000, or 1.3% during the quarter as compared to the same quarter in the prior year. "While we realize that there is still much work to be done, these improved results confirm that we are clearly on the right track. We are pleased that the strategic initiatives we have been implementing over the course of the last year have begun to produce results," said Wayne Wayne, city (1990 pop. 19,899), Wayne co., SE Mich., a suburb of Detroit, on the Lower Rouge River; inc. as a village 1869, and with surrounding areas as a city 1960. It has automobile and aircraft industries and other varied manufactures. H. Benson Benson may mean: Places in England:
"The quarterly results also demonstrate the progress we have made in our efforts to safely restructure our assets and liabilities to reduce our leverage position and improve our net interest margin," said Mr. Benson. During the first quarter of 2000, deposits increased by $5.0 million, or 2.2%, while borrowings, which carry higher interest rates than deposits, decreased by $11.9 million, or 28.4%. As a result, net interest margin increased 26 basis points during the quarter as compared to the same quarter in the prior year. When used in this press release, the words or phrases "will likely result", "are expected to", "will continue", "is anticipated", "estimate", "project", or similar expressions are intended to identify "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements are subject to certain risks and uncertainties including changes in economic conditions in the Company's market area, changes in policies by regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. , fluctuations in interest rates, demand for loans in the Company's market area, and competition that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Community Financial Corp. is the bank holding company for Community Bank & Trust, N.A., American Bank of Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. , Saline County Saline County is the name of several counties in the United States:
COMMUNITY FINANCIAL CORP.
Summary of Financial Highlights
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)
March 31 December 31
2000 1999
(Unaudited) (Audited)
ASSETS:
Cash and cash equivalents $13,038 $15,655
Investment securities $61,187 $62,178
Mortgage backed securities $33,041 $34,679
Loans $177,802 $179,467
Goodwill & Core Deposit Intangible $4,474 $4,574
Other assets $13,034 $13,366
Total Assets $302,576 $309,919
LIABILITIES:
Deposits $230,167 $225,170
Borrowed money $36,261 $48,891
Other liabilities $1,973 $2,032
Total Liabilities $268,401 $276,093
Total Stockholders' Equity $34,175 $33,826
Total Liabilities and
Stockholders' Equity $302,576 $309,919
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands except per share data)
THREE MONTHS ENDED
March 31
2000 1999
(Unaudited) (Unaudited)
Interest income $5,373 $5,219
Interest expense $3,040 $3,044
Net interest income $2,333 $2,175
Provision for loan losses $185 $78
Net interest income after
provision for loan losses $2,148 $2,097
Total noninterest income $710 $465
Total noninterest expense $2,397 $2,281
Income before federal income tax $461 $281
Federal income tax $147 $81
Net income $314 $200
Basic Earnings Per Share $0.15 $0.10
Diluted Earnings Per Share $0.15 $0.10
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