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Press Release: The Community Financial -5-

· 02/05/2021 09:28
(Audited) (dollars in thousands, except per share December September June 30, March 31, December 31, amounts) 31, 2020 30, 2020 2020 2020 2019 --------------------------------------- ----------- ----------- ----------- ----------- ------------- Assets Cash and due from banks $ 56,887 $ 93,130 $ 103,914 $ 15,498 $ 25,065 Federal funds sold -- 69,431 29,456 -- -- Interest-bearing deposits with banks 20,178 25,132 13,051 10,344 7,404 Securities available for sale ("AFS"), at fair value 246,105 229,620 234,982 214,163 208,187 Equity securities carried at fair value through income 4,855 4,851 4,831 4,768 4,669 Non-marketable equity securities held in other financial institutions 207 209 209 209 209 Federal Home Loan Bank ("FHLB") stock - at cost 2,777 3,415 4,691 5,627 3,447 Net U.S. Small Business Administration ("SBA") Paycheck Protection ("PPP") Loans 107,960 127,811 125,638 -- -- Portfolio Loans Receivable net of allowance for loan losses of $19,424, $18,829, $16,319, $15,061, and $10,942 1,486,115 1,479,313 1,478,498 1,477,087 1,445,109 ---------- ---------- ---------- ---------- ---------- Net Loans 1,594,075 1,607,124 1,604,136 1,477,087 1,445,109 Goodwill 10,835 10,835 10,835 10,835 10,835 Premises and equipment, net 20,271 20,671 20,972 21,305 21,662 Premises and equipment held for sale 430 430 430 430 430 Other real estate owned ("OREO") 3,109 3,998 3,695 6,338 7,773 Accrued interest receivable 8,717 8,975 6,773 5,077 5,019 Investment in bank owned life insurance 38,061 37,841 37,619 37,399 37,180 Core deposit intangible 1,527 1,666 1,810 1,961 2,118 Net deferred tax assets 7,909 7,307 6,565 6,421 6,168 Right of use assets - operating leases 7,831 8,005 8,132 8,257 8,382 Other assets 2,665 4,797 1,655 902 3,879 ---------- ---------- ---------- ---------- ---------- Total Assets $2,026,439 $2,137,437 $2,093,756 $1,826,621 $1,797,536 ========= ========= ========= ========= ========= Liabilities and Stockholders' Equity Liabilities Deposits Noninterest-bearing deposits $ 362,079 $ 360,839 $ 356,196 $ 254,114 $ 241,174 Interest-bearing deposits 1,383,523 1,418,767 1,314,168 1,258,475 1,270,663 ---------- ---------- ---------- ---------- ---------- Total deposits 1,745,602 1,779,606 1,670,364 1,512,589 1,511,837 Short-term borrowings -- -- 5,000 27,000 5,000 Long-term debt 27,302 42,319 67,336 67,353 40,370 Paycheck Protection Program Liquidity Facility ("PPPLF") Advance -- 85,893 126,801 -- -- Guaranteed preferred beneficial interest in junior subordinated debentures ("TRUPs") 12,000 12,000 12,000 12,000 12,000 Subordinated notes - 4.75% and 6.25% 19,526 -- -- -- 23,000 Lease liabilities - operating leases 8,088 8,193 8,296 8,397 8,495Three Months Ended ----------------------- ---------------------------------------------------- (dollars in thousands, December June March except per share 31, September 30, 31, December amounts) 2020 30, 2020 2020 2020 31, 2019 ----------------------- -------- ----------- ------- -------- ---------- Interest and Dividend Income Loans, including fees $16,776 $ 16,176 $16,277 $16,502 $16,565 Interest and dividends on securities 1,091 1,269 1,341 1,469 1,508 Interest on deposits with banks 46 38 20 68 206 ------- ----------- ------- ------- ------- Total Interest and Dividend Income 17,913 17,483 17,638 18,039 18,279 ------- ----------- ------- ------- ------- Interest Expense Deposits 1,166 1,534 1,937 3,044 3,777 Short-term borrowings -- 14 28 69 65 Long-term debt 775 567 449 573 724 ------- ----------- ------- ------- ------- Total Interest Expense 1,941 2,115 2,414 3,686 4,566 ------- ----------- ------- ------- ------- Net Interest Income ("NII") 15,972 15,368 15,224 14,353 13,713 Provision for loan losses 600 2,500 3,500 4,100 805 ------- ----------- ------- ------- ------- NII After Provision For Loan Losses 15,372 12,868 11,724 10,253 12,908 ------- ----------- ------- ------- ------- Noninterest Income Loan appraisal, credit, and miscellaneous charges 76 49 35 14 131 Gain on sale of asset -- 6 -- -- -- Net gains on sale of investment securities 714 229 112 329 226 Unrealized gains (losses) on equity securities (14) -- 40 75 (22) Loss on premises and equipment held for sale -- -- -- -- (1) Income from bank owned life insurance 220 222 220 219 223 Service charges 960 839 709 982 916 Referral fee income 414 321 1,143 502 740 ------- ----------- ------- ------- ------- Total Noninterest Income 2,370 1,666 2,259 2,121 2,213 Noninterest Expense Compensation and benefits 4,552 5,099 4,714 5,188 5,408 OREO valuation allowance and expenses 897 421 1,100 782 212 Sub Total 5,449 5,520 5,814 5,970 5,620 Operating Expenses Occupancy expense 806 734 736 734 812 Advertising 145 129 130 121 152 Data processing expense 829 990 924 928 780 Professional fees 658 652 477 626 649 Depreciation of premises and equipment 154 142 151 158 165 Telephone communications 49 43 53 43 39 Office supplies 28 31 30 31 45 FDIC Insurance 260 249 260 170 (3) Core deposit intangible amortization 139 144 151 157 163 Other 955 817 671 745 1,066 ------- ----------- ------- ------- ------- Total Operating Expenses 4,023 3,931 3,583 3,713 3,868 ------- ----------- ------- ------- ------- Total Noninterest Expense 9,472 9,451 9,397 9,683 9,488 ------- ----------- ------- ------- ------- Income before income taxes 8,270 5,083 4,586 2,691 5,633 Income tax expense 2,131 1,284 1,136 (57) 1,558 ------- ----------- ------- ------- ------- Net Income $ 6,139 $ 3,799 $ 3,450 $ 2,748 $ 4,075 ====== ======= ====== ====== ======

unforeseen events, except as required under the rules and regulations of the SEC.

Data is unaudited as of December 31, 2020. This selected information should be read in conjunction with the financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.

CONTACTS:

William J. Pasenelli, Chief Executive Officer

Todd L. Capitani, Chief Financial Officer

888.745.2265

SUPPLEMENTAL QUARTERLY FINANCIAL DATA (UNAUDITED)

CONDENSED CONSOLIDATED INCOME STATEMENT

SUPPLEMENTAL QUARTERLY FINANCIAL DATA (UNAUDITED) - Continued

CONDENSED CONSOLIDATED BALANCE SHEETS

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February 05, 2021 09:28 ET (14:28 GMT)