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Community Financial Reports Quarterly And Nine Month Earnings

STAUNTON, Va., Feb. 11, 2011 (GLOBE NEWSWIRE) -- Community Financial Corporation (Nasdaq:CFFC), a holding company whose sole subsidiary is Community Bank, Staunton, Virginia, today reported earnings for the quarter and nine months ended December 31, 2010. For the quarter ended December 31, 2010, Community Financial reported earnings of $27,000 or $(.04) loss per diluted share, compared to $832,000 or $.15 per diluted share for the same period last year. The diluted earnings per share are after the payment of dividends on preferred stock. Net income for the current quarter compared to the December 31, 2009 quarter decreased due to an increase in the provision for loan losses of $909,000 in the 2010 quarter partially offset by an increase in net interest income of $230,000 and an increase in non-interest income of $74,000.

Total interest income decreased $265,000, or 3.8% during the December 31, 2010 quarter compared to the December 31, 2009 quarter as a result of both a decrease in the volume and yield of our loan portfolio. Total interest expense decreased $497,000, or 26.2% for the 2010 period compared to the same period in 2009 as a result of both a decrease in the interest rates paid and volume on interest-bearing liabilities. The interest rate spread increased by 36 basis points to 4.26% for the quarter ended December 31, 2010 compared to 3.90% for the same period in 2009.

The increase in non-interest income was due to an increase in secondary mortgage loan fees. Non-interest expenses increased $653,000 or 19.0% to $4.1 million for the December 31, 2010 quarter from $3.4 million for the December 31, 2009 quarter. The increase in non-interest expenses was due primarily to higher compensation related and real estate owned expenses.

Community's net income for the nine months ended December 31, 2010 was $489,000 or $(.02) loss diluted per share, compared to $2,673,000 or $0.48 diluted per share for the nine months ended December 31, 2009. The diluted earnings per share are after the payment of dividends on preferred stock. The decrease in net income for the nine months ended December 31, 2010 compared to the same period ended December 31, 2009 can be attributed to the increase in the provision for loan losses and noninterest expenses partially offset by an increase in net interest income and non-interest income. The increase in net interest income is attributable to an increase in the interest rate spread and increase in the average balance of loans for the nine months ended December 31, 2010 compared to December 31, 2009. The interest rate spread increased by 44 basis points to 4.33% for the nine months December 31, 2010 compared to 3.89% for the same period in 2009.       

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