Community Financial Corp. Announces Sale of Bank - Quarterly Report.Business Editors OLNEY Olney is the name of a place in the United Kingdom:
Wayne H. 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. of Community Financial Corp. (Nasdaq.nms: 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 ) announced today that the Company had entered into a definitive purchase agreement with Midwest Community Bancshares (the owner of the Bank of Marion, Marion, Illinois Marion is a city in Williamson County, Illinois, United States. The population was 16,035 at the 2000 census. A census update in 2007 found the population to be 17,011. It is the county seat of Williamson CountyGR6. ) for the sale of 100% of the stock of the Egyptian State Bank, an 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. commercial bank operating from offices located in Carrier Mills, Illinois Carrier Mills is a village in Saline County, Illinois, United States. The population was 1,886 at the 2000 census. Carrier Mills was named after George Washington Carrier and his saw mill. with branches in Creal Springs and Stonefort, Illinois Stonefort is a village in Saline County, Illinois, United States. The population was 292 at the 2000 census. Stonefort school system merged with Carrier Mills, and is platted on the face of a bluff or Stonefort Bluff. . At June 30, 2000, Egyptian State Bank had $40 million in assets, $34.4 million in deposits, and $5.2 million in shareholder equity. It is anticipated that the existing employees will be maintained and Egyptian State Bank will operate as a subsidiary of Midwest Community Bancshares. Mr. Benson commented, "We view this transfer to Midwest as being in the long term best interest of our shareholders and our customers." Dutch Doelitzsch, Chairman of Midwest Community Bancshares, said, "As a growing company focused on community banking, we are extremely pleased with this purchase and look forward to bringing our hometown home·town n. The town or city of one's birth, rearing, or main residence. Noun 1. hometown - the town (or city) where you grew up or where you have your principal residence; "he never went back to his hometown again" banking approach to these communities." The Company continues to consider the sale of one or more of its subsidiary banks. Net income (loss) 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. shares for the quarter ending September 30, 2000 and 1999 was ($0.46) and $0.18, respectively. For the nine months ended September 30, 2000 and 1999, it was ($0.25) and $0.40, respectively. Net interest income for the three month period ending September 30, 2000, was down $129,000 or 5.3%, and non-interest expense was up $217,000 or 10.2%, as compared to the three months ended September 30, 1999. Net interest income for the nine month period ended September 30, 2000, was up $79,000 or 1.1%, non-interest income was up $174,000 or 11.3%, and non-interest expense was up $183,000 or 2.7%, as compared to the nine months ended September 30, 1999. The decrease in net income for the three months ended September 30, 2000 as compared to the three months ended September 30, 1999 was primarily due to a $1.7 million increase in the provision for loan losses which was the result of the need to add $190,000 to general reserves relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc changing economic conditions and a $1.5 million write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of a commercial loan in which the Department of Justice seized seized (seised) n. 1) having ownership, commonly used in wills as "I give all the property of which I die seized as follows:...." 2) having taken possession of evidence for use in a criminal prosecution. 3) having taken property or a person by force. (See: seisin, seizure) certain assets of a customer who is alleged to have been involved in a Ponzi scheme A fraudulent investment plan in which the investments of later investors are used to pay earlier investors, giving the appearance that the investments of the initial participants dramatically increase in value in a short amount of time. . The Company is aggressively pursuing the recovery of these assets. Community Financial Corp. is the bank holding company for Community Bank & Trust, N.A., American Bank of Illinois, 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) September 30, December 31,
2000 1999
(Unaudited) (Audited)
ASSETS:
Cash and cash equivalents $12,899 $15,655
Investment securities $58,781 $62,178
Mortgage backed securities $30,368 $34,679
Loans $176,407 $179,467
Goodwill & Core Deposit Intangible $4,275 $4,574
Other assets $13,137 $13,366
Total Assets $295,867 $309,919
LIABILITIES:
Deposits $235,199 $225,170
Borrowed money $24,933 $48,891
Other liabilities $1,670 $2,032
Total Liabilities $261,802 $276,093
Total Stockholders' Equity $34,065 $33,826
Total Liabilities and
Stockholders' Equity $295,867 $309,919
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands except per share data)
THREE MONTHS ENDED NINE MONTHS ENDED
September 30 September 30
2000 1999 2000 1999
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Interest income $5,512 $5,542 $16,439 $16,193
Interest expense $3,212 $3,113 $9,375 $9,208
Net interest income $2,300 $2,429 $7,064 $6,985
Provision for loan
losses $1,954 $211 $2,545 $477
Net interest income
after provision for
loan losses $346 $2,218 $4,519 $6,508
Total noninterest
income $564 $493 $1,712 $1,538
Total noninterest
expense $2,339 $2,122 $7,011 $6,828
Income (loss) before federal
income tax provision ($1,429) $589 ($780) $1,218
Federal income tax
provision (benefit) ($448) $222 ($242) $390
Net income (loss) ($981) $367 ($538) $828
Basic Earnings (loss) Per Share ($0.46) $0.18 ($0.25) $0.40
Diluted Earnings (loss) Per Share($0.46) $0.18 ($0.25) $0.40
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