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Press Release: The Community Financial -7-

· 02/05/2021 09:28
(dollars in thousands, except per share December 31, September 30, December 31, amounts) 2020 2020 June 30, 2020 March 31, 2020 2019 ----------------------- -------------- --------------- -------------- -------------- -------------- Total assets $2,026,439 $2,137,437 $2,093,756 $1,826,621 $1,797,536 Less: Intangible assets Goodwill 10,835 10,835 10,835 10,835 10,835 Core deposit intangible 1,527 1,666 1,810 1,961 2,118 ---------- ---------- --- ---------- ---------- ---------- Total intangible assets 12,362 12,501 12,645 12,796 12,953(1) Asset quality ratios are calculated using total portfolio loans. Portfolio loans include all loan portfolios except the U.S. SBA PPP loan portfolio.Year Ended December 31, ------------------------------------ 2020 2019 ----------------------------------- ------------------- --------------- KEY OPERATING RATIOS Return on average assets ("ROAA") 0.81% 0.88% Pre-tax Pre-Provision ROAA** 1.58 1.32 Return on average common equity ("ROACE") 8.46 9.32 Pre-tax Pre-Provision ROACE** 16.43 14.07 Average total equity to average total assets 9.61 9.40 Interest rate spread 3.22 3.06 Net interest margin 3.36 3.31 Cost of funds 0.57 1.22 Cost of deposits 0.47 1.06 Cost of debt 1.74 3.59 Efficiency ratio 54.81 61.10 Noninterest expense to average assets 1.91 2.08 Net operating expense to average assets 1.49 1.75 Avg. int-earning assets to avg. int-bearing liabilities 125.41 121.62 Net charge-offs to average portfolio loans (1) 0.15 0.16 COMMON SHARE DATA Basic net income per common share $ 2.74 $ 2.75 Diluted net income per common share 2.74 2.75 Cash dividends paid per common share 0.50 0.50 Weighted average common shares outstanding: Basic 5,892,269 5,560,588 Diluted 5,893,559 5,560,588(Audited) Three Months Ended Years Ended December December 31, 31, ----------------------- ------------------ ---------------------- (dollars in thousands, except per share amounts) 2020 2019 2020 2019 ----------------------- -------- -------- ------- ------------- Interest and Dividend Income Loans, including fees $16,776 $16,565 $65,731 $ 65,602 Interest and dividends on securities 1,091 1,508 5,170 6,414 Interest on deposits with banks 46 206 172 437 ------- ------- ------- ---------- Total Interest and Dividend Income 17,913 18,279 71,073 72,453 ------- ------- ------- ---------- Interest Expense Deposits 1,166 3,777 7,681 15,378 Short-term borrowings -- 65 111 774 Long-term debt 775 724 2,364 2,767 ------- ------- ------- ---------- Total Interest Expense 1,941 4,566 10,156 18,919 ------- ------- ------- ---------- Net Interest Income ("NII") 15,972 13,713 60,917 53,534 Provision for loan losses 600 805 10,700 2,130 ------- ------- ------- ---------- NII After Provision For Loan Losses 15,372 12,908 50,217 51,404 ------- ------- ------- ---------- Noninterest Income Loan appraisal, credit, and misc. charges 76 131 174 335 Gain on sale of assets -- -- 6 -- Net gains on sale of investment securities 714 226 1,384 226 Unrealized gains (losses) on equity securities (14) (22) 101 134 Loss on premises and equipment held for sale -- (1) -- (1) Income from bank owned life insurance 220 223 881 885 Service charges 960 916 3,490 3,308 Referral fee income 414 740 2,380 879 ------- ------- ------- ---------- Total Noninterest Income 2,370 2,213 8,416 5,766 ------- ------- ------- ---------- Noninterest Expense Compensation and benefits 4,552 5,408 19,553 20,445 OREO valuation allowance and expenses 897 212 3,200 963 Sub-total 5,449 5,620 22,753 21,408 ------- ------- ------- ---------- Operating Expense Occupancy expense 806 812 3,010 3,101 Advertising 145 152 525 762 Data processing expense 829 780 3,671 3,048 Professional fees 658 649 2,413 2,196 Depreciation of premises and equipment 154 165 605 685 Telephone communications 49 39 188 203 Office supplies 28 45 120 149 FDIC Insurance 260 (3) 939 334 Core deposit intangible amortization 139 163 591 688 Other 955 1,066 3,188 3,659 ------- ------- ------- ---------- Total Operating Expense 4,023 3,868 15,250 14,825 ------- ------- ------- ---------- Total Noninterest Expense 9,472 9,488 38,003 36,233 ------- ------- ------- ---------- Income before income taxes 8,270 5,633 20,630 20,937 Income tax expense 2,131 1,558 4,494 5,665 ------- ------- ------- ---------- Net Income $ 6,139 $ 4,075 $16,136 $ 15,272 ====== ====== ====== ======(1) Asset quality ratios are calculated using total portfolio loans. Portfolio loans include all loan portfolios except the U.S. SBA PPP loan portfolio.employees 189 189 194 196 194 Branches 12 12 12 12 12 Loan Production Offices 4 4 4 4 5 CAPITAL RATIOS Tier 1 capital to average assets 9.56% 9.73% 9.76% 10.20% 10.08% Tier 1 common capital to risk-weighted assets 11.47 11.11 11.12 11.04 11.11 Tier 1 capital to risk-weighted assets 12.23 11.87 11.89 11.82 11.91 Total risk-based capital to risk-weighted assets 14.69 13.06 12.94 12.80 14.16 Common equity to assets 9.77 9.02 9.05 10.14 10.10 Tangible common equity to tangible assets ** 9.22 8.49 8.50 9.51 9.44

** Non-GAAP financial measure. See reconciliation of GAAP and NON-GAAP measures.

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SUPPLEMENTAL YEAR TO DATE FINANCIAL DATA (UNAUDITED)

CONDENSED CONSOLIDATED INCOME STATEMENT

SUPPLEMENTAL YEAR TO DATE FINANCIAL DATA (UNAUDITED)

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** Non-GAAP financial measure. See reconciliation of GAAP and NON-GAAP measures.

RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)

Reconciliation of US GAAP total assets, common equity, common equity to assets and book value to Non-GAAP tangible assets, tangible common equity, tangible common equity to tangible assets and tangible book value.

This press release, including the accompanying financial statement tables, contains financial information determined by methods other than in accordance with generally accepted accounting principles, or GAAP. This financial information includes certain performance measures, which exclude intangible assets. These non-GAAP measures are included because the Company believes they may provide useful supplemental information for evaluating the underlying performance trends of the Company.

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