Community Financial Announces First Quarter Earnings
STAUNTON, Va., July 28, 2010 (GLOBE NEWSWIRE) -- Community Financial Corporation (Nasdaq:CFFC), a holding company whose sole subsidiary is Community Bank, Staunton, Virginia, today reported earnings for the first quarter of its fiscal year ending March 31, 2010. For the quarter ended June 30, 2010, Community Financial reported earnings of $988,000 compared to $720,000 for the same period last year. After payment of preferred dividends, net income available to common stockholders totaled $800,000 or $0.18 per diluted common share for the current quarter compared to $532,000 or $0.12 per diluted common share for the same quarter last year. The increase in net income for the current quarter compared to the June 30, 2009 quarter was due primarily to an increase in net interest income partially offset by an increase in the provision for loan losses.
Total interest income increased $397,000 during the June 30, 2010 quarter compared to the June 30, 2009 period due primarily to an increase in the volume of our loan portfolio. Total interest expense decreased by $825,000 for the 2010 period compared to the same period in 2009 as a result of the decrease in the interest rates paid on interest-bearing liabilities, partially offset by the increase in the volume of interest-bearing liabilities. Our interest rate spread increased by 85 basis points to 4.39% for the quarter ended June 30, 2010 compared to 3.54% for the same period in 2009.
Non-interest income increased $37,000 to $983,000 for the quarter ended June 30, 2010 from $944,000 for the June 30, 2009 quarter. The increase in non-interest income for the current quarter compared to the June 30, 2009 period was due primarily to an increase in transaction account charges. Non-interest expenses decreased $79,000 to $3.8 million for the June 30, 2010 quarter from $3.9 million for the June 30, 2009 quarter. The decrease in non-interest expenses was due primarily to compensation related expenses, primarily separation expenses related to the departure of an executive officer and an increase in FDIC premiums during the 2009 quarter.
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