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The Community Financial Corporation (NASDAQ: TCFC) reported a net income of $6.1 million for Q4 2020, up 42% year-over-year. The company’s return on average assets was 1.18%, while return on average common equity reached 12.51%. Total assets increased 12.7% to $2.0 billion, driven by a rise in loans, including $108 million in SBA PPP loans. The provision for loan losses fell to $0.6 million from $2.5 million in the previous quarter. The company also plans to increase its dividend by 20% and stock repurchases in 2021.
The Community Financial Corporation (NASDAQ: TCFC) announced a quarterly cash dividend of $0.125 per share, payable around January 25, 2021. Stockholders must be on record by the close of business on January 11, 2021. The company operates through Community Bank of the Chesapeake with branches in Maryland and Virginia. It is important to note that forward-looking statements in the release are subject to risks, including economic trends and regulatory changes, which may affect future results.
The Community Financial Corporation (NASDAQ: TCFC) announced the appointment of four new board members effective January 1, 2021. Michael B. Adams, an established business leader, brings significant experience from JON Properties. James M. Burke, the current President of Community Bank of the Chesapeake, has been with the company since 2005. Gregory C. Cockerham and James F. Di Misa, both retired employees with extensive banking backgrounds, also join the board. This board expansion is expected to enhance the company's strategic growth in the Fredericksburg market.
Community Financial Corporation (NASDAQ: TCFC) reported net income of $3.8 million for Q3 2020, or $0.64 per diluted share, slightly down from $3.7 million, or $0.66 per share in Q3 2019. A $2.5 million provision for loan losses was recorded due to COVID-19, raising the year-to-date total to $10.1 million. Efficiency ratio improved to 55.5%. Return on average assets decreased to 0.73% from 0.84% year-over-year. The company issued $20 million in subordinated debt on October 14, 2020.
The Community Financial Corporation (NASDAQ: TCFC) announced an expansion to its existing stock repurchase plan, increasing the maximum buyback to 300,000 shares from 184,863 shares. This decision allows the use of funds from a $20 million subordinated debt offering. The Company plans to limit spend on repurchases to $300,000 per quarter in the upcoming quarters while assessing pandemic impacts on asset quality. The repurchase strategy aims to enhance shareholder value, indicating management's belief that the stock remains undervalued.
The Community Financial Corporation (NASDAQ: TCFC) announced a successful private placement of $20 million in 4.75% Fixed-to-Floating Rate Subordinated Notes due 2030. Initially set at a fixed rate for five years, the interest will later adjust based on the three-month SOFR rate plus 458 basis points. The Company aims to bolster its regulatory capital and may utilize proceeds for stock repurchases. Piper Sandler & Co. served as the placement agent, and the Notes will not be registered under the Securities Act, limiting their sale in the U.S.
The Community Financial Corporation (NASDAQ: TCFC) has declared a quarterly cash dividend of $0.125 per share, set to be paid on October 20, 2020, to shareholders of record as of October 6, 2020.
This dividend reflects the company's commitment to returning value to its shareholders amidst ongoing operations through the Community Bank of the Chesapeake, which serves multiple locations in Maryland and Virginia.
The Community Financial Corporation (NASDAQ: TCFC) reported Q2 2020 net income of $3.5 million, or $0.59 per share, down from $3.6 million, or $0.65 per share, in Q2 2019. Year-to-date net income is $6.2 million compared to $7.5 million in 2019. The COVID-19 pandemic has led to a significant increase in provisions for loan losses, totaling $7.6 million YTD, up from $875,000 the previous year. Total net loans rose by 34.4% annualized to $1.604 billion. The bank continues to support customers with loan deferrals and has originated $130 million in SBA PPP loans.
Community Bank of the Chesapeake has appointed Sam Kessler as Vice President and Commercial Loan Officer. Kessler, who has nearly 20 years of lending experience, will focus on business lending and relationship building in the Orange, VA area and surrounding markets. He previously worked for Blue Ridge Bank and holds a degree from Shepherd University. The bank, which manages over $1.7 billion in assets, operates 12 banking centers across Southern Maryland and the Fredericksburg region.
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