Community Financial Announces Second Quarter Earnings
STAUNTON, Va., Nov. 12, 2010 (GLOBE NEWSWIRE) -- Community Financial Corporation (Nasdaq:CFFC), a holding company whose sole subsidiary is Community Bank, Staunton, Virginia, today reported a loss for the second quarter of its fiscal year ending March 31, 2011. For the quarter ended September 30, 2010, Community Financial reported a loss of $525,000 or $(0.16) per diluted common share, compared to $1,122,000 or $0.21 per diluted common share for the same period last year. The decrease in net income for the current quarter compared to the September 30, 2009 quarter was due primarily to an increase in the provision for loan losses, partially offset by an increase in net interest income.
Total interest income decreased $372,000 during the September 30, 2010 quarter compared to the September 30, 2009 quarter due to both a decrease in the volume and yield of our loan portfolio. Total interest expense decreased by $535,000 for the 2010 period compared to the same period in 2009 due primarily to a decrease in the interest rates paid on interest-bearing liabilities. Our interest rate spread increased by 13 basis points to 4.15% for the quarter ended September 30, 2010 compared to 4.02% for the same period in 2009.
Non-interest income increased $87,000 to $1,085,000 for the quarter ended September 30, 2010 from $998,000 for the September 30, 2009 quarter. The increase in non-interest income for the current quarter compared to the September 30, 2009 period was due to both an increase in transaction account charges and loan fees. Non-interest expenses increased $386,000 to $4.1 million for the September 30, 2010 quarter from $3.7 million for the September 30, 2009 quarter. The increase in non-interest expenses was due primarily to collection and disposition expenses related to foreclosed assets, partially offset by a decrease in FDIC premiums.
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