Community Financial Group, Inc. Announces Earnings and Declares Dividend.Business Editors NASHVILLE Nashville, city (1990 pop. 487,969), state capital, coextensive with Davidson co., central Tenn., on the Cumberland River, in a fertile farm area; inc. as a city 1806, merged with Davidson co. 1963. , Tenn.--(BUSINESS WIRE)--April 11, 2000 Community Financial Group, Inc., (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 : CFGI CFGI Comité Français de Géologie de l'Ingénieur et de l'Environnement CFGI Confidential Foreign Government Information ), the parent company of The Bank of Nashville, today reported first quarter 2000 net income of $832,000, up from the $805,000 reported the first quarter 1999. Earnings per share were $.21 and $.19 for the quarters ended March 31, 2000 and 1999, respectively. A quarterly cash dividend of $.17 per share was declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. by the board of directors, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mack S. Linebaugh, Jr., 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. . The cash dividend for shareholders of record on April 28, 2000 is payable May 12, 2000. "While management and the board will continue to review and set the dividend amount each quarter based on current operating results, our plans are to continue to reward our shareholders through attractive dividend payments," said Linebaugh. "Based upon the March 31, 2000 closing price of $13.50 per share, the current dividend yield is 5.03 percent per share." On March 15, 2000 the Company announced the completion of its initial stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. of 400,000 shares and authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: a second Stock Repurchase Plan stock repurchase plan 1. See buyback. 2. See self-tender. for the acquisition of up to 500,000 shares of common stock. The new Plan will remain in effect until December December: see month. 31, 2000. As of March 31, 2000, 40,000 shares have been repurchased under the current Plan. "At the current market price we believe the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of our stock is an attractive investment for our company," said Linebaugh. "We view this as an effective use of the capital generated by the exercise of warrants in 1998." At March 31, 2000, assets totaled $318.5 million, an increase of 27.7 percent from the $249.4 million reported on March 31, 1999. Net loans of $213.7 million at March 31, 2000 reflected an increase of 34.7 percent from the $158.6 million reported on March 31, 1999. Deposits increased 38.3 percent to $238.5 million at March 31, 2000, up from the $172.4 million reported a year ago. Due to significant growth in assets, the annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return on average assets for the current period was 1.11 percent compared to 1.34 percent for the first quarter of 1999. Annualized return on average equity was 7.03 percent for the first quarter of 2000 compared to 6.40 percent for the same period in 1999. "The Company's solid plan for growth continues to produce positive returns," said Linebaugh "Our local economy is vibrant and our opportunities are great. We will continue to selectively and strategically invest in the future growth of our company with the goal of maximizing long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. benefits for our shareholders. "But financial results tell only part of our story, we are giving customers what they have told us they want, which is the feel and personality of a small bank combined with cutting-edge products and services that are traditionally associated with a large bank. This approach has proven to be very successful for us and we will continue to capitalize To regard the cost of an improvement or other purchase as a capital asset for purposes of determining Income Tax liability. To calculate the net worth upon which an investment is based. To issue company stocks or bonds to finance an investment. upon opportunities to expand our customer base. As we look toward a successful future, we are pursuing a management succession succession: see ecology. plan by selecting a new president to assist me in my role as chairman and to assure your Company's continued growth," concluded Linebaugh. The Bank of Nashville is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Community Financial Group, Inc. (NASDAQ: CFGI), a bank holding company headquartered in Nashville, Tennessee “Nashville” redirects here. For other uses, see Nashville (disambiguation). Nashville is the capital and the second most populous city of the U.S. state of Tennessee, after Memphis. . The Bank of Nashville operates branch offices in Davidson Da·vid·son , Jo(seph) 1883-1952. American sculptor best remembered for his vigorous portrait busts of Woodrow Wilson, Franklin D. Roosevelt, and Albert Einstein, among others. , Williamson Wil·liam·son , Mount A peak, 4,382.9 m (14,370 ft) high, in the Sierra Nevada of east-central California. and Sumner counties Sumner County is the name of several counties in the United States:
To the extent that statements contained herein relate to the plans, objectives or future performances of the Company, these statements may be deemed to be forward looking statements 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 based on management's current expectations and the current economic environment while actual strategies and results of future periods may differ materially from these expectations due to various risks and uncertainties. -0-
COMMUNITY FINANCIAL GROUP, INC.
Condensed Consolidated
Statements of Income Quarter Ended
------------------ %
March 31 Change
(in thousands except per share amounts) 2000 1999
-----------------------------
Interest income $ 6,263 $ 4,392 42.60
Interest expense 2,911 1,856 56.84
Net interest income 3,352 2,536 32.18
Provision for loan losses 210 45 366.67
Non-interest income 618 621 (0.48)
Non-interest expense 2,418 1,836 31.70
Income before income tax expense 1,342 1,276 5.17
Income tax expense 510 471 8.28
Net Income $ 832 $ 805 3.35
Per common share:
Net Income:
Basic 0.21 0.19 10.53
Diluted 0.21 0.19 10.53
Cash Dividends 0.17 0.07 142.86
Average common shares outstanding:
Basic 3,875 4,218 (8.13)
Diluted 3,920 4,296 (8.75)
Condensed Consolidated Balance Sheets
(in thousands) March 31
Assets 2000 1999
------------------
Cash and due from banks $ 9,817 $ 11,471 (14.42)
Federal funds sold 16,500 - N/A
Securities 72,261 74,524 (3.04)
Loans 217,972 162,177 34.40
Allowance for loan losses (4,260 (3,609) 18.04
Net loans 213,712 158,568 34.78
Other assets 6,245 4,865 28.37
Total assets $ 318,535 $ 249,428 27.71
Liabilities and shareholders' equity
Deposits $ 238,490 $ 172,413 38.32
Borrowed funds 30,810 23,500 31.11
Other liabilities 3,474 2,033 70.88
Total liabilities 272,774 197,946 37.80
Total shareholders' equity 45,761 51,482 (11.11)
Total liabilities and
shareholders' equity $ 318,535 $ 249,428 27.71
COMMUNITY FINANCIAL GROUP, INC.
CONSOLIDATED FINANCIAL
HIGHLIGHTS Quarter Ended
-------------------
March 31
(in thousands except per share data) 2000 1999
-------------------
Per Common Share
Net income:
Basic $ 0.21 $ 0.19
Diluted 0.21 0.19
Cash dividends 0.17 0.07
Common book value (excludes SFAS #115) 12.27 12.17
Average Balances
Loans, net of unearned discount
and net deferred loan fees $ 210,706 $ 152,057
Securities 74,155 68,705
Earning assets 288,634 231,080
Total assets 300,818 243,482
Demand deposits 20,078 19,028
Interest-bearing deposits 211,830 155,669
Total core deposits 173,305 143,714
Total deposits 231,908 174,697
Shareholders' equity 46,357 51,297
Ratios:
Return on average assets (annualized) 1.11% 1.34%
Return on average equity (annualized) 7.03% 6.40%
Net interest margin 4.66% 4.43%
Average realized equity to average assets 15.78% 20.94%
Realized equity to assets 14.71% 20.54%
Credit Quality Data:
Nonperforming loans $ 768 $ 480
Foreclosed properties 0 52
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Total nonperforming assets $ 768 $ 532
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Nonperforming assets as a percent of
loans and foreclosed properties 0.35% 0.33%
Allowance for loan losses $ 4,260 $ 3,609
Percent of period-end loans 1.95% 2.23%
Net charge-offs (recoveries) $ 12 $ 82
Percent of average loans 0.01% 0.05%
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