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Press Release: The Community Financial -8-

· 02/05/2021 09:28
Three Months Ended December 31, For the Three Months Ended ---------------------------------------------------------------------------- 2020 2019 December 31, 2020 September 30, 2020 ------------------------------------- ------------------------------------- ------------------------------------- ------------------------------------- Average Average Average Average Average Average Average Average (dollars in thousands) Balance Interest Yield/Cost Balance Interest Yield/Cost Balance Interest Yield/Cost Balance Interest Yield/Cost ----------------------- ----------- ---------- ------------ ----------- ---------- ------------ ----------- ---------- ------------ ----------- ---------- ------------ Assets Interest-earning assets: Commercial real estate $1,027,831 $ 10,833 4.22% $ 939,570 $ 11,044 4.70% $1,027,831 $ 10,833 4.22% $1,006,436 $ 10,627 4.22% Residential first mortgages 140,303 1,132 3.23 166,448 1,457 3.50 140,303 1,132 3.23 157,039 1,188 3.03 Residential rentals 134,564 1,468 4.36 119,851 1,485 4.96 134,564 1,468 4.36 132,572 1,499 4.52 Construction and land development 35,910 435 4.85 32,707 468 5.72 35,910 435 4.85 38,861 448 4.61 Home equity and second mortgages 30,045 268 3.57 36,102 477 5.29 30,045 268 3.57 32,670 295 3.61 Commercial and equipment loans 107,245 1,320 4.92 125,272 1,620 5.17 107,245 1,320 4.92 116,472 1,205 4.14 SBA PPP loans 120,473 1,308 4.34 -- -- -- 120,473 1,308 4.34 127,092 902 2.84 Consumer loans 1,058 12 4.54 1,020 14 5.49 1,058 12 4.54 1,102 12 4.36 Allowance for loan losses (19,138) -- -- (11,472) -- -- (19,138) -- -- (16,738) -- -- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Net loans (1) $1,578,291 $ 16,776 4.25 1,409,498 16,565 4.70 1,578,291 16,776 4.25 1,595,506 16,176 4.06 Taxable investment securities 211,101 978 1.85 218,741 1,508 2.76 211,101 978 1.85 218,305 1,143 2.09 Nontaxable investment securities 20,378 113 2.22 -- -- -- 20,378 113 2.22 23,633 126 2.13 Interest-bearing deposits in other banks 28,970 23 0.32 25,087 133 2.12 28,970 23 0.32 24,713 25 0.40 Federal funds sold 42,841 23 0.21 12,846 73 2.27 42,841 23 0.21 20,561 13 0.25 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total Interest-Earning Assets 1,881,581 17,913 3.81 1,666,172 18,279 4.39 1,881,581 17,913 3.81 1,882,718 17,483 3.71 ---------- ---------- ---------- ---------- Cash and cash equivalents 88,963 27,808 88,963 87,895 Goodwill 10,835 10,835 10,835 10,835 Core deposit intangible 1,617 2,224 1,617 1,761 Other assets 91,711 90,143 91,711 88,278Three Months Ended For the Year Ended -------------------------------------------------------------------------------- ------------------------------ December 31, September 30, December 31, December 31, December 31, (dollars in thousands) 2020 2020 June 30, 2020 March 31, 2020 2019 2020 2019 ----------------------- -------------- --------------- -------------- --------------- -------------- -------------- -------------- Net income (as reported) $ 6,139 $ 3,799 $ 3,450 $ 2,748 $ 4,075 $ 16,136 $ 15,272 Provision for loan losses 600 2,500 3,500 4,100 805 10,700 2,130 Income tax expenses 2,131 1,284 1,136 (57) 1,558 4,494 5,665 ---------- ---------- --- ---------- ---------- ---------- ---------- ---------- Non-GAAP PTPP income $ 8,870 $ 7,583 $ 8,086 $ 6,791 $ 6,438 $ 31,330 $ 23,067 ========= ========= === ========= ========= ========= ========= ========= GAAP ROAA 1.18% 0.73% 0.69% 0.61 % 0.91% 0.81% 0.88% Pre-tax Pre-Provision ROAA 1.71% 1.46% 1.62% 1.51 % 1.43% 1.58% 1.32% GAAP ROACE 12.51% 7.86% 7.27% 6.00 % 9.58% 8.46% 9.32% Pre-tax Pre-Provision ROACE 18.08% 15.69% 17.03% 14.82 % 15.14% 16.43% 14.07% Average assets $2,074,707 $2,071,487 $1,995,552 $1,797,426 $1,797,182 $1,985,275 $1,743,448 Average equity $ 196,279 $ 193,351 $ 189,890 $ 183,272 $ 170,058 $ 190,720 $ 163,936---------- ---------- --- ---------- ---------- ---------- Tangible assets $2,014,077 $2,124,936 $2,081,111 $1,813,825 $1,784,583 ========= ========= === ========= ========= ========= Total common equity $ 198,013 $ 192,850 $ 189,442 $ 185,267 $ 181,494 Less: Intangible assets 12,362 12,501 12,645 12,796 12,953 ---------- ---------- --- ---------- ---------- ---------- Tangible common equity $ 185,651 $ 180,349 $ 176,797 $ 172,471 $ 168,541 ========= ========= === ========= ========= ========= Common shares outstanding at end of period 5,903,613 5,911,940 5,911,715 5,910,064 5,900,249 ========== ========== === ========== ========== ========== GAAP common equity to assets 9.77% 9.02% 9.05% 10.14% 10.10% Non-GAAP tangible common equity to tangible assets 9.22% 8.49% 8.50% 9.51% 9.44% GAAP common book value per share $ 33.54 $ 32.62 $ 32.05 $ 31.35 $ 30.76 Non-GAAP tangible common book value per share $ 31.45 $ 30.51 $ 29.91 $ 29.18 $ 28.57

RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)

Pre-Tax Pre-Provision ("PTPP") Income, PTPP Return on Average Assets ("ROAA") and PTPP Return on Average Common Equity ("ROACE")

We believe that pre-tax pre-provision income, which reflects our profitability before income taxes and loan loss provisions, allows investors to better assess our operating income and expenses in relation to our core operating revenue by removing the volatility that is associated with credit provisions and different state income tax rates for comparable institutions. We also believe that during a crisis such as the COVID-19 pandemic, this information is useful as the impact of the pandemic on the loan loss provisions of various institutions will likely vary based on the geography of the communities served by a particular institution.

AVERAGE CONSOLIDATED BALANCE SHEETS AND NET INTEREST INCOME (UNAUDITED)

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