Community Financial Corp. Announces Quarterly Earnings.Business Editors Olney Olney is the name of a place in the United Kingdom:
Community Financial Corp. [pilcrow (paragraph sign)] 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 six months ended June 30, 2000 was $.21 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 $.22 per basic and diluted share for the six months ended June 30, 1999. Net interest income for the three month period ending June 30, 2000, was down $33,000 or 1%, non-interest income was down $60,000 or 10%, and non-interest expense was down $151,000 or 6%. Net interest income for the six month period was up $208,000 or 5%, non-interest income was up $103,000 or 10%, and non-interest expense was down $34,000 or .07%. Additional professional fees of $169,000 pre-tax were incurred during the 6 month period ended June 30, 2000, as a result of 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. and reserve for loan losses was increased $236,000 due to previous loan growth and a slight downward shift in the economy due to the current monetary policy of increasing interest rates. It is anticipated that an additional cost of approximately $75,000 pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern will be recognized in the third quarter for professional fees relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the proxy contest. "We are pleased to see continued improvement in our year to date net interest income and non-interest income, especially in a rising rate environment and continue to implement aspects of the Company's Strategic Plan to further enhance this improvement," said Mr. Wayne Benson, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . 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. , Egyptian State Bank, and MidAmerica Bank of St. Clair County St. Clair County is the name of four counties in the United States:
COMMUNITY FINANCIAL CORP.
Summary of Financial Highlights
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)
June 30, December 31,
2000 1999
(Unaudited) (Audited)
ASSETS:
Cash and cash equivalents $16,641 $15,655
Investment securities $60,609 $62,178
Mortgage backed securities $31,624 $34,679
Loans $181,081 $179,467
Goodwill & Core Deposit Intangible $4,374 $4,574
Other assets $12,494 $13,366
Total Assets $306,823 $309,919
LIABILITIES:
Deposits $238,134 $225,170
Borrowed money $32,880 $48,891
Other liabilities $1,413 $2,032
Total Liabilities $272,427 $276,093
Total Stockholders' Equity $34,396 $33,826
Total Liabilities and
Stockholders' Equity $306,823 $309,919
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands except per share data)
THREE MONTHS ENDED SIX MONTHS ENDED
June 30 June 30
2000 1999 2000 1999
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Interest income $5,472 $5,432 $10,927 $10,651
Interest expense $3,124 $3,051 $6,163 $6,095
Net interest income $2,348 $2,381 $4,764 $4,556
Provision for loan
losses $406 $188 $591 $266
Net interest income
after provision for
loan losses $1,942 $2,193 $4,173 $4,290
Total noninterest
income $520 $580 $1,148 $1,045
Total noninterest
expense $2,274 $2,425 $4,672 $4,706
Income before federal
income tax provision $188 $348 $649 $629
Federal income tax
provision (benefit) $59 $87 $206 $168
Net income $129 $261 $443 $461
Basic Earnings Per Share $0.06 $0.12 $0.21 $0.22
Diluted Earnings Per Share $0.06 $0.12 $0.21 $0.22
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