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The Community Financial Corporation Announces Record Fourth Quarter and Full Year Earnings for 2021

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The Community Financial Corporation (NASDAQ: TCFC) reported record earnings of $6.8 million for Q4 2021, marking a 10% year-over-year increase. Diluted EPS reached $1.18, up from $1.04 in Q4 2020. Total assets grew by 14.8% to $2.3 billion, driven by a 24.21% increase in transaction deposits. The Company resumed stock repurchases and increased its quarterly dividend by 17% to $0.175. Loan growth was robust, with gross portfolio loans up 12%, while the return on equity improved to 13%. Non-accrual loans decreased, demonstrating strong asset quality.

Positive
  • Record net income of $6.8 million, or $1.18 per diluted share.
  • Total assets rose 14.8% to $2.3 billion.
  • Transaction deposits increased 24.21%, showing solid customer engagement.
  • Resumed stock repurchases with 99,450 shares remaining under the 2020 plan.
  • Dividends increased 17% to $0.175 per share.
Negative
  • Noninterest income decreased by 3.4% from Q4 2020.
  • Efficiency ratio rose to 53.10%, indicating increased operating expenses.

Fourth Quarter 2021 Highlights

  • Record Net Income: Net income totaled $6.8 million for the quarter ended December 31, 2021, or $1.18 per diluted common share compared to net income of $6.1 million or $1.04 per diluted common share for the quarter ended December 31, 2020 and $6.4 million or $1.12 per diluted common share for the quarter ended September 30, 2021.
  • Continued Solid Profitability: Return on average assets ("ROAA") and return on average common equity ("ROACE") were 1.18% and 13.00% for the three months ended December 31, 2021 compared to 1.18% and 12.51% for the three months ended December 31, 2020 and 1.17% and 12.45% for the three months ended September 30, 2021.

    Pre-tax, pre-provision ("PTPP") ROAA and PTPP ROACE remained strong at 1.57% and 17.31% for the quarter ended December 31, 2021 compared to 1.71% and 18.08% for the quarter ended December 31, 2020 and 1.57% and 16.65% for the quarter ended September 30, 2021.
  • Robust Portfolio Loan Growth: Gross portfolio loans increased to $1,578.9 million, an increase of $45.9 million or 12.0% annualized, compared to the prior quarter. Portfolio loans increased $74.7 million or 5.0% during the year ended December 31, 2021. The loan pipeline at December 31, 2021 was $160.0 million compared to $192.0 million at September 30, 2021.
  • Continued Growth of Core Deposits: Transaction deposits increased $63.8 million or 15.33% annualized during the fourth quarter of 2021. Overall transaction deposits increased $337.0 million or 24.21% from $1,391.7 million at December 31, 2020 to $1,728.7 million at December 31, 2021. The Bank increased noninterest-bearing accounts by $83.7 million to $445.8 million or 21.68% of deposits at December 31, 2021 from 20.74% of deposits at December 31, 2020.
  • Resumption of Stock Repurchases: On December 9, 2021, the Company announced its Board of Directors approved the resumption of repurchases allowed under the 2020 Stock Purchase Plan. The Company may repurchase the 99,450 shares remaining under the October 2020 stock repurchase plan using up to $4.0 million in the aggregate and up to $1.5 million in the aggregate on a quarterly basis. During the month of December 2021, the Company repurchased 8,737 shares at an average price of $38.34 per share.
  • Strong Asset Quality: Non-accrual loans, OREO and TDRs were $8.1 million or 0.35% of total assets at December 31, 2021 compared to $7.2 million or 0.31% of total assets and $21.9 million or 1.08% of total assets at September 30, 2021 and December 31, 2020, respectively. Classified assets decreased $17.2 million to $5.2 million at December 31, 2021 from $22.4 million at December 31, 2020. The Company had no COVID-19 deferred loans at December 31, 2021.
  • Common Dividend Increase: On November 30, 2021, the Company announced a 17% increase of its quarterly per share dividend from $0.15 to $0.175 for the fourth quarter dividend that was paid in the first quarter of 2022.

WALDORF, Md., Jan. 27, 2022 (GLOBE NEWSWIRE) -- The Community Financial Corporation (NASDAQ: TCFC) (the “Company”), the holding company for Community Bank of the Chesapeake (the “Bank”), today reported its results of operations for the fourth quarter and year ended December 31, 2021. Net income for the three months ended December 31, 2021 of $6.8 million, or $1.18 per diluted common share compared with net income of $6.4 million, or $1.12 per diluted common share for the third quarter of 2021, and net income of $6.1 million, or $1.04 per diluted common share for the quarter ended December 31, 2020. The Company reported net income for the year ended December 31, 2021 of $25.9 million, or $4.47 per diluted common share compared to a net income of $16.1 million, or $2.74 per diluted common share for the year ended December 31, 2020. Results for 2020 included a $10.7 million provision for loan losses("PLL") impacted by the COVID-19 pandemic compared to $0.6 million for 2021.

Management Commentary

“Record earnings in the fourth quarter of 2021 contributed to a record year of earnings and growth at The Community Financial Corporation,” stated William J. Pasenelli, Chief Executive Officer. “Our work over the past few years has successfully repositioned the Bank and is delivering on our commitments to our communities, our customers, and our shareholders. Efforts in Southern Maryland have solidified our market share and improved our deposit franchise. Expansion into new markets and products has accelerated our loan growth and delivered five consecutive quarters of record earnings. Our persistent focus on credit quality and resolution of long-standing classified assets has reduced classified assets to $5.2 million, their lowest level since before 2008. I am proud of everything we have accomplished and believe we are exceptionally well-positioned to continue to build on these improved results as we expand into new markets.”

“Investments in technology have begun to deliver growth in non-interest income, increased efficiency and improved customer service,” stated James M. Burke, President. “We anticipate these technology initiatives will continue to drive results and facilitate our expansion into new markets and products. Our growth in Virginia continues ahead of plan as we open our new branch in Spotsylvania. We continue to expect net loan growth of between 8% and 10% in 2022.”

During the second quarter of 2021, the Bank introduced a new residential mortgage program and a retail and commercial credit card program that merge the technology and expertise of two proven FinTech firms with our business development team's demonstrated capabilities. The Company expects these programs to improve non-interest income and interest income beginning in 2022-2023. The Bank's credit card program balances increased from approximately $50,000 at June 30, 2021 to just over $1.6 million at December 31, 2021.

The Bank’s expansion into Virginia significantly contributed to our growth over the last five years. Fredericksburg, Spotsylvania and surrounding areas provide significant opportunities for continued organic growth supported by our efficient operating model and ability to leverage technology. At December 31, 2021, loans in the greater Fredericksburg, Virginia area accounted for approximately 49% of the Bank's outstanding portfolio loans. Portfolio loans include all loan portfolios except the U.S. SBA PPP loan portfolio. In addition, Fredericksburg branch deposits were $93.2 million with an average cost of deposits of four basis points.

On April 21, 2021, the Bank purchased its second full-service branch location in Virginia at 5831 Plank Road, Spotsylvania. The full-service branch is expected to open in the second quarter of 2022 and will provide banking, lending and wealth management services with a focus on digital banking.

Effective March 31, 2021, the Bank consolidated its St. Patrick's Drive branch in Waldorf, Maryland into the Bank's nearby main office branch. This realignment of our branches will enable the Company to serve a wider customer base. The net financial impact of the new Spotsylvania branch and the closing of the St. Patrick's Drive branch is expected to be neutral to the Company's expense run rate.

On December 8, 2021, the Company announced that effective August 31, 2022, James M. Burke will succeed William J. Pasenelli as Chief Executive Officer of the Company and the Bank. On August 31, 2022, Mr. Pasenelli will retire from his executive roles and as a member of the Board of Directors of each of the Company and the Bank. In connection with the foregoing announcements, on December 8, 2021, Mr. Pasenelli and the Company entered into a Retirement and Consulting Agreement (the “Agreement”) pursuant to which Mr. Pasenelli will provide the Company with consulting and advisory services through August 31, 2023.

During the third quarter of 2021, the Company completed its repurchase of $7.0 million of shares of the Company’s common stock. Pursuant to the repurchase plan announced on October 20, 2020 (the “2020 Repurchase Plan”), the Company was authorized by the Board of Directors to use up to $7.0 million of the proceeds raised in its October 2020 $20.0 million subordinated debt offering to repurchase up to 300,000 outstanding shares of common stock. Between November 2020 and August 2021, 200,550 shares were repurchased at a total cost of approximately $6.98 million. On December 9, 2021, the Company announced its Board of Directors approved the resumption of repurchases allowed under the 2020 Stock Purchase Plan. The Company may repurchase the 99,450 shares remaining under the October 2020 stock repurchase plan using up to $4.0 million in the aggregate and up to $1.5 million in the aggregate on a quarterly basis.

Results of Operations

  (UNAUDITED)    
  Three Months Ended December 31,    
(dollars in thousands)  2021   2020  $ Change % Change
         
Interest and dividend income $17,778  $17,913  $(135) (0.8)%
Interest expense  897   1,941   (1,044) (53.8)%
Net interest income  16,881   15,972   909  5.7%
Provision for loan losses  —   600   (600) (100.0)%
Noninterest income  2,290   2,370   (80) (3.4)%
Noninterest expense  10,179   9,472   707  7.5%
Income before income taxes  8,992   8,270   722  8.7%
Income tax expense  2,241   2,131   110  5.2%
Net income $6,751  $6,139  $612  10.0%


  (UNAUDITED)    
  Year Ended December 31,    
(dollars in thousands)  2021   2020  $ Change % Change
         
Interest and dividend income $70,559  $71,073  $(514) (0.7)%
Interest expense  4,125   10,156   (6,031) (59.4)%
Net interest income  66,434   60,917   5,517  9.1%
Provision for loan losses  586   10,700   (10,114) (94.5)%
Noninterest income  7,906   8,416   (510) (6.1)%
Noninterest expense  39,152   38,003   1,149  3.0%
Income before income taxes  34,602   20,630   13,972  67.7%
Income tax expense  8,716   4,494   4,222  94.0%
Net income $25,886  $16,136  $9,750  60.4%
                

Net Interest Income

Net interest income increased for the three months ended December 31, 2021 compared to the three months ended December 31, 2020. Net interest margin of 3.22% for the three months ended December 31, 2021 decreased 18 basis points from 3.40% for the comparable period. The increase in net interest income resulted primarily from decreases in interest expense from lower funding costs and increased interest income from larger loan and investment average balances. These increases to net interest income were partially offset by the impacts of lower interest-earning asset repricing.

Net interest income increased for the twelve months ended December 31, 2021 compared to the twelve months ended December 31, 2020. Net interest margin of 3.34% for the twelve months ended December 31, 2021 was 2 basis points lower than the 3.36% for the twelve months ended December 31, 2020. The increase in net interest income resulted primarily from decreases in interest expense from lower funding costs and increased interest income from larger loan and investment average balances. These increases to net interest income were partially offset by the impacts of lower interest-earning asset repricing. Interest earning asset yields decreased 37 basis points from 3.92% for the twelve months ended December 31, 2020 to 3.55% for the twelve months ended December 31, 2021. The Company’s cost of funds decreased 36 basis points from 0.57% for the twelve months ended December 31, 2020 to 0.21% for the twelve months ended December 31, 2021.

Excluding the recognition of interest income related to U.S. SBA PPP loan forgiveness, compression of our net interest margin is likely to continue in the first quarter of 2022 as interest-earning assets reprice faster than interest-bearing liabilities and the Bank continues to invest excess liquidity into securities. The speed at which the Federal Reserve may increase interest rates could impact the Company’s net interest margins in 2022. Average investments and interest-bearing cash accounts have increased $221.7 million from $303.3 million for the three months ended December 31, 2020 to $525.0 million for the three months ended December 31, 2021. We expect U.S. SBA PPP loan forgiveness to positively impact margins and net interest income in the first quarter of 2022 with the recognition of remaining net deferred fees.

For the fourth quarter of 2021 interest income decreased compared to the fourth quarter of 2020 as asset yields declined and the accelerated interest recognition following the forgiveness of U.S. SBA PPP loans slowed. Increased interest income from larger average loan and investment balances partially offset the slight decrease in interest income for the comparable periods. For 2021, interest income decreased from significantly lower asset yields partially offset by increased interest income from larger average balances and U.S. SBA PPP loan income. Interest income from the Company's participation in the U.S. SBA PPP program was $0.8 million and $5.2 million for the three and twelve months ended December 31, 2021 compared to $1.3 million and $2.7 million for the three and twelve months ended December 31, 2020. For the three and twelve months ended December 31, 2021, net interest margin increased 10 and 13 basis points as a result of net U.S. SBA PPP loan interest income recognition compared to decreased net interest margin of six basis points and increased net interest margin of three basis points for the comparable periods in 2020. For the three months ended September 30, 2021, net interest margin of 3.28% increased 13 basis points as result of net U.S. SBA PPP loan interest income.

The Company's net interest margin was stable in 2020 after adjusting for U.S. SBA PPP loan and funding activity. The sharp decline in interest rates in 2020 and 2021 not only reduced interest income on floating-rate loans, liquid interest-earning assets and investments, but has also reduced competitive pressures and depositor expectations concerning deposit interest rates. The repricing of time deposits, the increase in noninterest-bearing accounts as a percentage of total deposits and lower costs for transaction deposit accounts all contributed to lowering the Bank's cost of funds in 2020 and 2021. Cost of funds decreased from 0.42% for the three months ended December 31, 2020 to 0.17% for the three months ended December 31, 2021. During the third quarter of 2021, the Company's cost of funds was 0.21%. Cost of funds decreased from 0.57% for the twelve months ended December 31, 2020 to 0.21% for the twelve months ended December 31, 2021.

In the last six months of 2020, FHLB advances of $30.0 million were repaid early with a 2.2% average rate. Prepayment fees increased interest expense $0.6 million for the year ended December 31, 2020. FHLB advances of $15.0 million were repaid early with a 0.4% average rate in the third quarter of 2021, increasing interest expense $0.1 million for the year ended December 31, 2021.

Noninterest Income

Noninterest income decreased for the three months ended December 31, 2021 compared to the three months ended December 31, 2020. The decrease for the comparable periods was primarily due to gains on the sale of investment securities in the fourth quarter of 2020 partially offset by increases in service charge income, interest rate protection referral fee income and miscellaneous fee income. In the fourth quarter of 2021, miscellaneous loan charges increased $0.1 million due to prepayment penalty income related to $4.9 million in loan payoffs. Noninterest income as a percentage of average assets was 0.40% and 0.46%, respectively, for the three months ended December 31, 2021 and 2020.

Noninterest income decreased for the twelve months ended December 31, 2021 compared to the twelve months ended December 31, 2020. The decrease was primarily due to larger gains on the sale of investment securities in 2020, decreased interest rate protection referral fee income, unrealized losses on equity securities, and a loss on the sale of impaired loans. These decreases to noninterest income were partially offset by increased service charge income and miscellaneous fee income. During the quarter ended March 31, 2021, the Bank sold non-accrual and classified commercial real estate and residential mortgage loans with an amortized cost, net of charge-offs, of $9.1 million and recognized a loss on the sale of $191,000. Noninterest income as a percentage of assets was 0.36% and 0.42%, respectively, for the twelve months ended December 31, 2021 and 2020.

Noninterest Expense

Noninterest expense for the three months ended December 31, 2021, increased compared to the three months ended December 31, 2020 as increased compensation and benefits, professional fees and data processing costs were partially offset by decreased FDIC insurance, occupancy expense and OREO expenses. Compensation and benefits increased for the comparable periods primarily due to increased incentive compensation resulting from improvements in profitability and asset quality as well as the Company's decision to pay employees for unused vacation in December 2021 that was not available to carryover into 2022. Data processing and professional fees have increased due to the Bank's larger balance sheet, more customer transaction activity and investments in technology, new products and services. FDIC insurance and OREO costs decreased due to improved credit trends. Occupancy expense decreased primarily due to the consolidation of the St. Patrick's Drive branch in March 2021.

During the first quarter of 2021, the Company reported an expense of $1.3 million related to an isolated wire transfer fraud incident. Our investigation has found no evidence that information systems of the Bank were compromised or that employee fraud was involved. In the second quarter of 2021, the Company recovered $0.2 million of the funds transferred and submitted an insurance claim. Any recovery of insurance proceeds would be recognized in the quarter received.

The Company’s efficiency ratio was 53.10% for the three months ended December 31, 2021 compared to 51.64% for the three months ended December 31, 2020. The Company’s net operating expense ratio was 1.38% for the three months ended December 31, 2021 compared to 1.37% for the three months ended December 31, 2020.

Including the wire transfer fraud expense, the Company quarterly expense run rate for the twelve months ended December 31, 2021 averaged $9.8 million. The Company's quarterly expense run rate, excluding the wire transfer fraud expense, for the twelve months ended December 31, 2021 averaged $9.5 million. Management's projected quarterly expense run rate for the first quarter of 2022 is estimated between $9.6 million and $9.8 million and includes base compensation increases given to select employee groups in January 2022 to address local wage competitive pressures.

Noninterest expense increased $1.1 million or 3.0% for the twelve months ended December 31, 2021 compared to the twelve months ended December 31, 2020. The increase in noninterest expense for the comparable periods was primarily due to the $1.3 million wire fraud reported in the first quarter and increases in compensation and benefits, professional fees and data processing costs. These increases to noninterest expense were partially offset by decreased OREO, FDIC insurance and occupancy expense. Compensation and benefits increased for the comparable periods primarily due to modest increases in base compensation, increased incentive compensation, higher 2021 healthcare costs as well as the Company's decision to pay employees for unused vacation in December 2021 that was not available to carryover into 2022. Data processing and professional fees have increased due to the Bank's larger balance sheet, more customer transaction activity and investments in technology, new products and services. FDIC insurance and OREO costs decreased due to improved credit trends. Occupancy expense decreased primarily due to the closure of the St. Patrick's Drive branch in March 2021.

Compensation and benefits for the twelve months ended December 31, 2021 and 2020 were reduced $0.3 million and $0.5 million, respectively, for the allocation of deferred costs for U.S. SBA PPP loans originated.

The Company’s efficiency ratio was 52.67% for the twelve months ended December 31, 2021 compared to 54.81% for the twelve months ended December 31, 2020. The Company’s net operating expense ratios were 1.44% and 1.49%, respectively for the comparable periods. The efficiency and net operating expense ratios have improved (decreased) as the Company has been able to generate more net interest income and noninterest income while controlling expense growth.

Income Tax Expense

For the three months and year ended December 31, 2021 the effective tax rate was 24.9% and 25.2%. The Company’s consolidated effective tax rate was 25.8% and 21.8% for the three months and year ended December 31, 2020. The Company's new state tax apportionment approach was implemented during the first quarter of 2020 and included the impact of amended income tax filings of the Company and Bank. Management evaluated the tax position and determined the change in tax position qualified as a change in estimate under FASB ASC Section 250. The following table shows a breakdown of income tax expense for the year ended December 31, 2020 split between the apportionment adjustment and a normalized 2020 income tax provision:

  (UNAUDITED)
  For the Year Ended December 31, 2020
(dollars in thousands) Tax Provision Effective Tax Rate
Income tax apportionment adjustment $(743) (3.6)%
Income taxes before apportionment adjustment  5,237  25.4 
Income tax expense as reported $4,494  21.8%
     
Income before income taxes $20,630   
       

Balance Sheet

Assets

Total assets increased $300.9 million, or 14.8%, to $2.3 billion at December 31, 2021 compared to total assets of $2.0 billion at December 31, 2020, primarily due to increased cash of $62.6 million and investments of $250.3 million. The increase in cash and investments was principally driven by increases to our customer deposits accounts and cash received from the SBA from the forgiveness of U.S. SBA PPP loans. In addition, net loans decreased $7.3 million. The Company’s loan pipeline was approximately $160.0 million at December 31, 2021.

During the fourth quarter of 2021, total net loans, which include portfolio loans and U.S. SBA PPP loans, increased 4.4% annualized or $17.1 million from $1,569.6 million at September 30, 2021 to $1,586.8 million at December 31, 2021. Gross portfolio loans increased 12.0% annualized or $45.9 million from $1,533.1 million at September 30, 2021 to $1,578.9 million at December 31, 2021. Portfolio loans increased $74.7 million or 5.0% in 2021, growing from $1,504.3 million at  December 31, 2020 to $1,578.9 million at December 31, 2021.

Non-owner occupied commercial real estate as a percentage of risk-based capital at December 31, 2021 and December 31, 2020 were $813.0 million or 331% and $695.8 million or 316%, respectively. Construction loans as a percentage of risk-based capital at December 31, 2021 and December 31, 2020 were $140.4 million or 57% and $139.2 million or 63%, respectively.

Funding

Total deposits increased $310.6 million or 17.8% at December 31, 2021 compared to December 31, 2020. The increase included a $337.0 million increase to transaction deposits offset by a $26.4 million decrease to time deposits. Non-interest-bearing demand deposits increased $83.7 million or 23.12% at December 31, 2021, representing 21.68% of deposits, compared to 20.74% of deposits at December 31, 2020. Customer deposit balances have increased during the last two years due to sales efforts as well as lower levels of consumer and business spending related to the COVID-19 pandemic.

Stockholders' Equity and Regulatory Capital

During the twelve months ended December 31, 2021, total stockholders’ equity increased $10.1 million. Increases in equity included net income of $25.9 million and stock-based compensation and ESOP activity $0.9 million. These increases to equity were partially offset by common stock repurchases of $7.0 million, common dividends paid of $3.2 million and an increase in accumulated other comprehensive loss of $6.5 million due to a reduction in unrealized gains in the investment portfolio.

The Company's common equity to assets ratio decreased to 8.94% at December 31, 2021 from 9.77% at December 31, 2020. The Company’s ratio of tangible common equity ("TCE") to tangible assets decreased to 8.48% at December 31, 2021 from 9.22% at December 31, 2020 (see Non-GAAP reconciliation schedules). The decrease in the TCE ratio was due primarily to significant increases in cash, investments and loans.

In April 2020, banking regulators issued an interim final rule that excluded U.S. SBA PPP loans pledged under the Paycheck Protection Program Liquidity Facility ("PPPLF") from the calculation of the leverage ratio. The Bank did not have any PPPLF advances at December 31, 2021 and December 31, 2020. In addition, the interim final rule excluded U.S. SBA PPP loans from the calculation of risk-based capital ratios by assigning a zero percent risk weight. The Company remains well capitalized at December 31, 2021 with a Tier 1 capital to average assets ("leverage ratio") of 9.23% at December 31, 2021 compared to 9.56% at December 31, 2020.

Asset Quality

Allowance for loan losses ("ALLL") and provision for loan losses ("PLL") and Non-Performing Assets

The Company's allowance methodology considers quantitative historical loss factors and qualitative factors to determine the estimated level of incurred losses in the Company's loan portfolios. The ALLL increased in 2020 primarily due to the economic effects of the COVID-19 pandemic and continues to provide for economic uncertainty. ALLL levels decreased to 1.17% of portfolio loans at December 31, 2021 compared to 1.29% at December 31, 2020. At December 31, 2021, the Company's ALLL decreased $1.0 million or 5.2% to $18.4 million from $19.4 million at December 31, 2020.

The Company recorded $0.6 million of PLL for the twelve months ended December 31, 2021 compared to $10.7 million for the twelve months ended months ended December 31, 2020. Net charge-offs also decreased for the comparable periods from $2.2 million in 2020 to $1.6 million in 2021.

The Company's general allowance was stable at $18.1 million at December 31, 2020 increasing modestly to $18.2 million at December 31, 2021. The stability in the general allowance was primarily due to improvements in some qualitative factors partially offset by 2021 growth in the higher risk commercial portfolios. During the first quarter of 2021, the Bank sold non-accrual and classified commercial real estate and residential mortgage loans with an amortized cost of $9.1 million, net of charge-offs of $1.4 million, and recognized a loss on the sale of $191,000. In the third quarter of 2021, the Bank resolved $7.8 million of non-accrual loans through $0.5 million in charge-offs that resulted in a loan sale and a payoff. The Company's resolution of these impaired loans decreased the specific reserve, improved asset quality and improved several ALLL qualitative factors. The Company's specific reserves decreased $1.1 million from $1.4 million at December 31, 2020 to $0.3 million at December 31, 2021.

Management believes that loans included in the COVID-19 deferral program in 2020 and 2021 are more likely to default in the future and that the identification and resolution of problem credits could be delayed. As of December 31, 2021, there were no COVID-19 deferral agreements compared to $35.4 million or 2.4% of gross portfolio loans at December 31, 2020. As of December 31, 2021 there were previously COVID-19 deferred loans of $3.9 million (4 relationships - with $3.8 million current and $0.1 million delinquent) deemed to be non-accrual and substandard based on internal reviews. As of December 31, 2020 there were $3.4 million of COVID-19 deferred loans deemed to be non-accrual and substandard. In our evaluation of previously deferred loans, we considered the length of the deferral period, the type and amount of collateral and customer industries.

Gross U.S. SBA PPP loans at December 31, 2021 totaled $27.3 million (201 loans), a decrease of $83.1 million compared to December 31, 2020. U.S. SBA PPP loans are guaranteed by the SBA and the Bank's allowance for loan loss does not include an allowance for U.S. SBA PPP loans.

Management believes that the allowance is adequate at December 31, 2021.

During 2020, classified assets decreased $12.3 million. Asset quality has continued to improve in 2021 with the resolution of $16.9 million in non-accrual and impaired loans through loan sales and negotiated payoffs as well as the resolution of $3.1 million in OREO. Management remains committed to expeditiously resolve non-performing or substandard credits that are not likely to become performing or passing credits in a reasonable timeframe.

Classified assets decreased $17.1 million from $22.4 million at December 31, 2020 to $5.2 million at December 31, 2021. Management considers classified assets to be an important measure of asset quality. The Company's risk rating process for classified loans is an important input into the Company's allowance methodology. Risk ratings are expected to be an important indicator in assessing ongoing credit risks of COVID-19 previously deferred loans.

Non-accrual loans and OREO to total gross portfolio loans and OREO decreased 94 basis points from 1.42% at December 31, 2020 to 0.48% at December 31, 2021. Non-accrual loans, OREO and TDRs to total assets decreased 73 basis points from 1.08% at December 31, 2020 to 0.35% at December 31, 2021.

Non-accrual loans decreased $10.6 million from $18.2 million at December 31, 2020 to $7.6 million at December 31, 2021. Non-accrual loans of $6.7 million (87%) were current with all payments of principal and interest with specific reserves of $0.3 million at December 31, 2021. Delinquent non-accrual loans were $0.9 million (13%) with no specific reserves at December 31, 2021. There were no OREO balances at December 31, 2021 compared to $3.1 million at December 31, 2020.

The Company is planning for adoption of the current expected credit loss (“CECL”) model or ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments". Our CECL model has been substantially developed and the third-party model validation is complete. We conducted parallel runs of the CECL loss estimation model and the Company's existing incurred loss model throughout 2021. We are refining the qualitative and forecasting components of the CECL model. ASU 2016-13 will also require the establishment of an allowance for expected credit losses for certain debt securities and other financial assets.

The Company is required to adopt ASU No. 2016-13 for fiscal years beginning after December 15, 2022. Early adoption is permitted, and the Company expects to adopt ASU No. 2016-13 in the first quarter of 2022. Management expects to recognize a one-time cumulative effect adjustment to the allowance for credit losses as of the January 1, 2022. At this time, we expect our implementation of CECL to increase our reserve for credit losses and we plan to provide an estimate of the range of the impact of adoption in the Company's Annual 10-K filing during the first quarter of 2022. The one-time cumulative adjustment is not expected materially impact capital.

About The Community Financial Corporation - Headquartered in Waldorf, MD, The Community Financial Corporation is the bank holding Company for Community Bank of the Chesapeake, a full-service commercial bank with assets of approximately $2.3 billion. Through its branch offices and commercial lending centers, Community Bank of the Chesapeake offers a broad range of financial products and services to individuals and businesses. The Company’s branches are located at its main office in Waldorf, Maryland, and branch offices in Bryans Road, Dunkirk, Leonardtown, La Plata, Charlotte Hall, Prince Frederick, Lusby and California, Maryland; and downtown Fredericksburg, Virginia. More information about Community Bank of the Chesapeake can be found at www.cbtc.com.

Use of non-GAAP Financial Measures - Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables, which provide a reconciliation of non-GAAP financial measures to GAAP financial measures. The Company’s management uses these non-GAAP financial measures, and believes that non-GAAP financial measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP.

Forward-looking Statements - This news release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements can generally be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These forward-looking statements include, without limitation, those relating to the Company’s and the Bank’s future growth and management’s outlook or expectations for revenue, assets, asset quality, profitability, business prospects, net interest margin, non-interest revenue, allowance for loan losses, the level of credit losses from lending, liquidity levels, capital levels, or other future financial or business performance strategies or expectations, and any statements of the plans and objectives of management for future operations products or services, including the expected benefits from, and/or the execution of integration plans relating to any acquisition we have undertaking or that we undertake in the future; plans and cost savings regarding branch closings or consolidation; projections related to certain financial metrics; expected benefits of programs we introduce, including residential mortgage programs and retail and commercial credit card programs; and any statement of expectation or belief, and any assumptions underlying the foregoing. These forward-looking statements express management’s current expectations or forecasts of future events, results and conditions, and by their nature are subject to and involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. Factors that might cause actual results to differ materially from those made in such statements include, but are not limited to: risks, uncertainties and other factors relating to the COVID-19 pandemic (including the length of time that the pandemic continues, the ability of states and local governments to successfully implement the lifting of restrictions on movement and the potential imposition of further restrictions on movement and travel in the future, the effect of the pandemic on the general economy and on the businesses of our borrowers and their ability to make payments on their obligations; the remedial actions and stimulus measures adopted by federal, state and local governments, and the inability of employees to work due to illness, quarantine, or government mandates); the synergies and other expected financial benefits from any acquisition that we have undertaken or may undertake in the future; may or may not be realized within the expected time frames; changes in the Company's or the Bank's strategy, costs or difficulties related to integration matters might be greater than expected; availability of and costs associated with obtaining adequate and timely sources of liquidity; the ability to maintain credit quality; general economic trends; changes in interest rates; loss of deposits and loan demand to other financial institutions; substantial changes in financial markets; changes in real estate value and the real estate market; regulatory changes; the impact of government shutdowns or sequestration; the possibility of unforeseen events affecting the industry generally; the uncertainties associated with newly developed or acquired operations; the outcome of pending or threatened litigation, or of matters before regulatory agencies, whether currently existing or commencing in the future; market disruptions and other effects of terrorist activities; and the matters described in “Item 1A Risk Factors” in the Company’s Annual Report on Form 10-K for the Year Ended December 31, 2020, and in its other Reports filed with the Securities and Exchange Commission (the “SEC”). The Company’s forward-looking statements may also be subject to other risks and uncertainties, including those that it may discuss elsewhere in this news release or in its filings with the SEC, accessible on the SEC’s Web site at www.sec.gov. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required under the rules and regulations of the SEC.

Data is unaudited as of December 31, 2021. 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, 2020.

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

(dollars in thousands, except per share amounts)

 Three Months Ended
 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021		 December 31,
2020
Interest and Dividend Income          
Loans, including fees $16,222  $16,342  $16,320  $16,592  $16,776 
Interest and dividends on securities  1,531   1,296   1,101   1,064   1,091 
Interest on deposits with banks  25   21   23   22   46 
Total Interest and Dividend Income  17,778   17,659   17,444   17,678   17,913 
Interest Expense          
Deposits  565   594   640   802   1,166 
Long-term debt  332   456   369   367   775 
Total Interest Expense  897   1,050   1,009   1,169   1,941 
Net Interest Income (NII)  16,881   16,609   16,435   16,509   15,972 
Provision for loan losses  —   —   291   295   600 
NII After Provision For Loan Losses  16,881   16,609   16,144   16,214   15,372 
Noninterest Income          
Loan appraisal, credit, and miscellaneous charges  257   29   44   198   76 
Gain on sale of asset  —   —   68   —   — 
Net gains on sale of investment securities  —   —   —   586   714 
Unrealized (losses) gains on equity securities  (45)  (22)  13   (85)  (14)
Loss on premises and equipment held for sale  (5)  (20)  —   —   — 
Income from bank owned life insurance  219   220   218   214   220 
Service charges  1,235   987   892   1,187   960 
Referral fee income  574   176   621   451   414 
Net gain on sale of loans originated for sale  55   30   —   —   — 
Loss on sale of loans  —   —   —   (191)  — 
Total Noninterest Income  2,290   1,400   1,856   2,360   2,370 
Noninterest Expense          
Compensation and benefits  5,265   5,650   5,332   4,788   4,552 
OREO valuation allowance and expenses  767   20   488   181   897 
Sub Total  6,032   5,670   5,820   4,969   5,449 
Operating Expenses          
Occupancy expense  656   731   688   761   806 
Advertising  128   145   148   79   145 
Data processing expense  1,006   840   990   936   829 
Professional fees  937   676   604   640   658 
Depreciation of premises and equipment  139   137   135   147   154 
FDIC Insurance  90   120   140   252   260 
Core deposit intangible amortization  115   121   126   133   139 
Fraud losses (recovery)  16   133   (218)  1,329   14 
Other expenses  1,060   874   945   902   1,018 
Total Operating Expenses  4,147   3,777   3,558   5,179   4,023 
Total Noninterest Expense  10,179   9,447   9,378   10,148   9,472 
Income before income taxes  8,992   8,562   8,622   8,426   8,270 
Income tax expense  2,241   2,158   2,190   2,127   2,131 
Net Income $6,751  $6,404  $6,432  $6,299  $6,139 
                     


SUPPLEMENTAL QUARTERLY FINANCIAL DATA (UNAUDITED) - Continued
CONDENSED CONSOLIDATED BALANCE SHEETS

          (Audited)
(dollars in thousands, except per share amounts) December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021		 December 31,
2020
Assets          
Cash and due from banks $108,990  $112,314  $40,881  $126,834  $56,887 
Federal funds sold  —   —   79,404   43,614   — 
Interest-bearing deposits with banks  30,664   34,929   18,626   17,390   20,178 
Securities available for sale ("AFS"), at fair value  497,839   456,664   347,678   253,348   246,105 
Equity securities carried at fair value through income  4,772   4,805   4,814   4,787   4,855 
Non-marketable equity securities held in other financial institutions  207   207   207   207   207 
Federal Home Loan Bank ("FHLB") stock - at cost  1,472   1,472   2,036   2,036   2,777 
Net U.S. Small Business Administration ("SBA") Paycheck Protection ("PPP") Loans  26,398   54,807   86,482   112,485   107,960 
Portfolio Loans Receivable net of allowance for loan losses of $18,417, $18,579, $18,516, $18,256, and $19,424  1,560,393   1,514,837   1,515,893   1,489,806   1,486,115 
Net Loans  1,586,791   1,569,644   1,602,375   1,602,291   1,594,075 
Goodwill  10,835   10,835   10,835   10,835   10,835 
Premises and equipment, net  21,427   21,795   21,630   20,540   20,271 
Other real estate owned (OREO)  —   1,536   1,536   2,329   3,109 
Accrued interest receivable  5,588   6,045   6,590   7,337   8,717 
Investment in bank owned life insurance  38,932   38,713   38,493   38,275   38,061 
Core deposit intangible  1,032   1,147   1,267   1,394   1,527 
Net deferred tax assets  9,033   8,790   8,139   8,671   7,909 
Right of use assets - operating leases  6,124   6,215   6,305   6,391   7,831 
Other assets  3,600   3,581   4,243   3,252   3,095 
Total Assets $2,327,306  $2,278,692  $2,195,059  $2,149,531  $2,026,439 
Liabilities and Stockholders' Equity          
Liabilities          
Deposits          
Noninterest-bearing deposits $445,778  $432,606  $423,165  $406,319  $362,079 
Interest-bearing deposits  1,610,386   1,572,001   1,484,973   1,461,577   1,383,523 
Total deposits  2,056,164   2,004,607   1,908,138   1,867,896   1,745,602 
Long-term debt  12,231   12,249   27,267   27,285   27,302 
Guaranteed preferred beneficial interest in junior subordinated debentures ("TRUPs")  12,000   12,000   12,000   12,000   12,000 
Subordinated notes - 4.75%  19,510   19,496   19,482   19,468   19,526 
Lease liabilities - operating leases  6,343   6,418   6,512   6,614   8,088 
Accrued expenses and other liabilities  12,925   19,794   17,698   15,509   15,908 
Total Liabilities  2,119,173   2,074,564   1,991,097   1,948,772   1,828,426 
Stockholders' Equity          
Common stock  57   57   58   59   59 
Additional paid in capital  96,896   96,649   96,411   96,181   95,965 
Retained earnings  113,448   107,890   104,889   103,294   97,944 
Accumulated other comprehensive (loss) income  (1,952)  (9)  3,063   1,684   4,504 
Unearned ESOP shares  (316)  (459)  (459)  (459)  (459)
Total Stockholders' Equity  208,133   204,128   203,962   200,759   198,013 
Total Liabilities and Stockholders' Equity $2,327,306  $2,278,692  $2,195,059  $2,149,531  $2,026,439 
           
Common shares issued and outstanding  5,718,528   5,724,011   5,786,928   5,897,685   5,903,613 
                     


SUPPLEMENTAL QUARTERLY FINANCIAL DATA (UNAUDITED) - Continued
SELECTED FINANCIAL INFORMATION AND RATIOS

(dollars in thousands, except per share amounts)
 Three Months Ended
 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021		 December 31,
2020
KEY OPERATING RATIOS          
Return on average assets ("ROAA")  1.18%  1.17%  1.22%  1.22%  1.18%
Pre-tax Pre-Provision ROAA**  1.57   1.57   1.68   1.68   1.71 
Return on average common equity ("ROACE")  13.00   12.45   12.62   12.53   12.51 
Pre-tax Pre-Provision ROACE**  17.31   16.65   17.49   17.34   18.08 
Return on Average Tangible Common Equity ("ROATCE")**  13.97   13.41   13.62   13.56   13.58 
Average total equity to average total assets  9.06   9.40   9.63   9.71   9.46 
Interest rate spread  3.17   3.22   3.30   3.43   3.29 
Net interest margin  3.22   3.28   3.37   3.50   3.40 
Cost of funds  0.17   0.21   0.21   0.25   0.42 
Cost of deposits  0.11   0.12   0.14   0.18   0.26 
Cost of debt  3.04   3.19   2.51   2.50   3.45 
Efficiency ratio  53.10   52.46   51.27   53.78   51.64 
Noninterest expense to average assets  1.78   1.73   1.77   1.96   1.83 
Net operating expense to average assets  1.38   1.47   1.42   1.50   1.37 
Avg. int-earning assets to avg. int-bearing liabilities  129.68   132.54   131.36   128.84   126.18 
Net charge-offs to average portfolio loans  0.04   (0.02)  0.01   0.40   — 
COMMON SHARE DATA          
Basic net income per common share $1.18  $1.12  $1.10  $1.07  $1.04 
Diluted net income per common share  1.18   1.12   1.10   1.07   1.04 
Cash dividends paid per common share  0.150   0.150   0.150   0.125   0.125 
Weighted average common shares outstanding:          
Basic  5,711,746   5,709,814   5,845,009   5,888,250   5,892,751 
Diluted  5,723,011   5,720,001   5,856,954   5,897,698   5,894,494 
ASSET QUALITY          
Total assets $2,327,306  $2,278,692  $2,195,059  $2,149,531  $2,026,439 
Gross portfolio loans (1)  1,578,943   1,533,051   1,533,876   1,507,183   1,504,275 
Classified assets  5,211   6,663   14,918   16,145   22,358 
Allowance for loan losses  18,417   18,579   18,516   18,256   19,424 
           
Past due loans - 31 to 89 days  568   189   101   1,373   179 
Past due loans >=90 days  961   1,400   5,836   5,453   11,965 
Total past due loans (2)   1,529   1,589   5,937   6,826   12,144 
           
Non-accrual loans (3)  7,631   5,160   13,802   13,623   18,222 
Accruing troubled debt restructures ("TDRs")  447   455   503   504   572 
Other real estate owned ("OREO")  —   1,536   1,536   2,329   3,109 
Non-accrual loans, OREO and TDRs $8,078  $7,151  $15,841  $16,456  $21,903 

** Non-GAAP financial measure. See reconciliation of GAAP and NON-GAAP measures.
____________________________________
(1)   Portfolio loans include all loan portfolios except the U.S. SBA PPP loan portfolio. Asset quality ratios for loans exclude U.S. SBA PPP loans.
(2)   Delinquency excludes Purchase Credit Impaired ("PCI") loans.
(3)   Non-accrual loans include all loans that are 90 days or more delinquent and loans that are non-accrual due to the operating results or cash flows of a customer. Non-accrual loans can include loans that are current with all loan payments.


SUPPLEMENTAL QUARTERLY FINANCIAL DATA (UNAUDITED) - Continued
SELECTED FINANCIAL INFORMATION AND RATIOS

(dollars in thousands, except per share amounts)
 Three Months Ended
 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021		 December 31,
2020
ASSET QUALITY RATIOS (1)          
Classified assets to total assets  0.22%  0.29%  0.68%  0.75%  1.10%
Classified assets to risk-based capital  2.10   2.75   6.24   6.81   9.61 
Allowance for loan losses to portfolio loans  1.17   1.21   1.21   1.21   1.29 
Allowance for loan losses to non-accrual loans  241.34   360.06   134.15   134.01   106.60 
Past due loans - 31 to 89 days to portfolio loans  0.04   0.01   0.01   0.09   0.01 
Past due loans >=90 days to portfolio loans  0.06   0.09   0.38   0.36   0.80 
Total past due (delinquency) to portfolio loans  0.10   0.10   0.39   0.45   0.81 
Non-accrual loans to portfolio loans  0.48   0.34   0.90   0.90   1.21 
Non-accrual loans and TDRs to portfolio loans  0.51   0.37   0.93   0.94   1.25 
Non-accrual loans and OREO to total assets  0.33   0.29   0.70   0.74   1.05 
Non-accrual loans and OREO to portfolio loans and OREO  0.48   0.44   1.00   1.06   1.42 
Non-accrual loans, OREO and TDRs to total assets  0.35   0.31   0.72   0.77   1.08 
COMMON SHARE DATA          
Book value per common share $36.40  $35.66  $35.25  $34.04  $33.54 
Tangible book value per common share**  34.32   33.57   33.15   31.97   31.45 
Common shares outstanding at end of period  5,718,528   5,724,011   5,786,928   5,897,685   5,903,613 
OTHER DATA          
Full-time equivalent employees  186   196   189   192   189 
Branches  11   11   11   11   12 
Loan Production Offices  4   4   4   4   4 
CAPITAL RATIOS          
Tier 1 capital to average assets  9.23%  9.41%  9.57%  9.70%  9.56%
Tier 1 common capital to risk-weighted assets  11.92   11.89   11.56   11.72   11.47 
Tier 1 capital to risk-weighted assets  12.64   12.64   12.30   12.47   12.23 
Total risk-based capital to risk-weighted assets  14.92   14.99   14.62   14.83   14.69 
Common equity to assets  8.94   8.96   9.29   9.34   9.77 
Tangible common equity to tangible assets **  8.48   8.48   8.79   8.82   9.22 

** Non-GAAP financial measure. See reconciliation of GAAP and NON-GAAP measures.
____________________________________
(1)   Asset quality ratios are calculated using total portfolio loans. Portfolio loans include all loan portfolios except the U.S. SBA PPP loan portfolio.


SUPPLEMENTAL YEAR TO DATE FINANCIAL DATA (UNAUDITED)
CONDENSED CONSOLIDATED INCOME STATEMENT

        (Audited)
(dollars in thousands, except per share amounts)

 Three Months Ended December 31, Years Ended December 31,
  2021   2020   2021   2020 
Interest and Dividend Income        
Loans, including fees $16,222  $16,776  $65,476  $65,731 
Interest and dividends on securities  1,531   1,091   4,992   5,170 
Interest on deposits with banks  25   46   91   172 
Total Interest and Dividend Income  17,778   17,913   70,559   71,073 
Interest Expense        
Deposits  565   1,166   2,601   7,681 
Short-term borrowings  —   —   —   111 
Long-term debt  332   775   1,524   2,364 
Total Interest Expense  897   1,941   4,125   10,156 
Net Interest Income ("NII")  16,881   15,972   66,434   60,917 
Provision for loan losses  —   600   586   10,700 
NII After Provision For Loan Losses  16,881   15,372   65,848   50,217 
Noninterest Income        
Loan appraisal, credit, and misc. charges  257   76   528   174 
Gain on sale of assets  —   —   68   6 
Net gains on sale of investment securities  —   714   586   1,384 
Unrealized (loss) gain on equity securities  (45)  (14)  (139)  101 
Loss on premises and equipment held for sale  (5)  —   (25)  — 
Income from bank owned life insurance  219   220   871   881 
Service charges  1,235   960   4,301   3,490 
Referral fee income  574   414   1,822   2,380 
Net gain on sale of loans originated for sale  55   —   85   — 
Loss on sale of loans  —   —   (191)  — 
Total Noninterest Income  2,290   2,370   7,906   8,416 
Noninterest Expense        
Compensation and benefits  5,265   4,552   21,035   19,553 
OREO valuation allowance and expenses  767   897   1,456   3,200 
Sub-total  6,032   5,449   22,491   22,753 
Operating Expense        
Occupancy expense  656   806   2,836   3,010 
Advertising  128   145   500   525 
Data processing expense  1,006   829   3,772   3,671 
Professional fees  937   658   2,857   2,413 
Depreciation of premises and equipment  139   154   558   605 
FDIC Insurance  90   260   602   939 
Core deposit intangible amortization  115   139   495   591 
Fraud losses  16   14   1,260   79 
Other expenses  1,060   1,018   3,781   3,417 
Total Operating Expense  4,147   4,023   16,661   15,250 
Total Noninterest Expense  10,179   9,472   39,152   38,003 
Income before income taxes  8,992   8,270   34,602   20,630 
Income tax expense  2,241   2,131   8,716   4,494 
Net Income $6,751  $6,139  $25,886  $16,136 
                 


SUPPLEMENTAL YEAR TO DATE FINANCIAL DATA (UNAUDITED)

  Year Ended December 31,
   2021   2020 
KEY OPERATING RATIOS    
Return on average assets ("ROAA")  1.19%  0.81%
Pre-tax Pre-Provision ROAA**  1.62   1.58 
Return on average common equity ("ROACE")  12.65   8.46 
Pre-tax Pre-Provision ROACE**  17.19   16.43 
Return on Average Tangible Common Equity ("ROATCE")**  13.64   9.32 
Average total equity to average total assets  9.44   9.61 
Interest rate spread  3.28   3.22 
Net interest margin  3.34   3.36 
Cost of funds  0.21   0.57 
Cost of deposits  0.14   0.47 
Cost of debt  2.79   1.74 
Efficiency ratio  52.67   54.81 
Noninterest expense to average assets  1.81   1.91 
Net operating expense to average assets  1.44   1.49 
Avg. int-earning assets to avg. int-bearing liabilities  130.61   125.41 
Net charge-offs to average portfolio loans (1)  0.11   0.15 
COMMON SHARE DATA    
Basic net income per common share $4.47  $2.74 
Diluted net income per common share  4.47   2.74 
Cash dividends paid per common share  0.58   0.50 
Weighted average common shares outstanding:    
Basic  5,788,005   5,892,269 
Diluted  5,797,527   5,893,559 

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

(1)   Asset quality ratios are calculated using total portfolio loans. Portfolio loans include all loan portfolios except the U.S. SBA PPP loan portfolio.


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.

(dollars in thousands, except per share amounts) December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021		 December 31,
2020
Total assets $2,327,306  $2,278,692  $2,195,059  $2,149,531  $2,026,439 
Less: Intangible assets          
Goodwill  10,835   10,835   10,835   10,835   10,835 
Core deposit intangible  1,032   1,147   1,267   1,394   1,527 
Total intangible assets  11,867   11,982   12,102   12,229   12,362 
Tangible assets $2,315,439  $2,266,710  $2,182,957  $2,137,302  $2,014,077 
           
Total common equity $208,133  $204,128  $203,962  $200,759  $198,013 
Less: Intangible assets  11,867   11,982   12,102   12,229   12,362 
Tangible common equity $196,266  $192,146  $191,860  $188,530  $185,651 
           
Common shares outstanding at end of period  5,718,528   5,724,011   5,786,928   5,897,685   5,903,613 
           
GAAP common equity to assets  8.94%  8.96%  9.29%  9.34%  9.77%
Non-GAAP tangible common equity to tangible assets  8.48%  8.48%  8.79%  8.82%  9.22%
           
GAAP common book value per share $36.40  $35.66  $35.25  $34.04  $33.54 
Non-GAAP tangible common book value per share $34.32  $33.57  $33.15  $31.97  $31.45 
                     


RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)

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

Management believes that PTPP income, which reflects the Company's profitability before income taxes and loan loss provisions, allows investors to better assess the Company's operating income and expenses in relation to the Company's core operating revenue by removing the volatility that is associated with credit provisions and different state income tax rates for comparable institutions. ROATCE is computed by dividing net earnings applicable to common shareholders by average tangible common shareholders' equity. Management believes that ROATCE is meaningful because it measures the performance of a business consistently, whether acquired or internally developed. ROATCE is a non-GAAP measure and may not be comparable to similar non-GAAP measures used by other companies. Management also believes 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.

  Three Months Ended For the Year Ended
(dollars in thousands) December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021		 December 31,
2020		 December 31,
2021		 December 31,
2020
Net income (as reported) $6,751  $6,404  $6,432  $6,299  $6,139  $25,886  $16,136 
Provision for loan losses  —   —   291   295   600   586   10,700 
Income tax expenses  2,241   2,158   2,190   2,127   2,131   8,716   4,494 
Non-GAAP PTPP income $8,992  $8,562  $8,913  $8,721  $8,870  $35,188  $31,330 
               
ROAA  1.18%  1.17%  1.22%  1.22%  1.18%  1.19%  0.81%
Pre-tax Pre-Provision ROAA  1.57%  1.57%  1.68%  1.68%  1.71%  1.62%  1.58%
               
ROACE  13.00%  12.45%  12.62%  12.53%  12.51%  12.65%  8.46%
Pre-tax Pre-Provision ROACE  17.31%  16.65%  17.49%  17.34%  18.08%  17.19%  16.43%
               
Average assets $2,293,264  $2,187,986  $2,116,939  $2,070,575  $2,074,707  $2,167,859  $1,985,275 
Average equity $207,745  $205,723  $203,893  $201,124  $196,279  $204,643  $190,720 


  Three Months Ended For the Year Ended
(dollars in thousands) December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021		 December 31,
2020		 December 31,
2021		 December 31,
2020
Net income (as reported) $6,751  $6,404  $6,432  $6,299  $6,139  $25,886  $16,136 
Core deposit intangible amortization (net of tax)  86   91   94   99   103   370   462 
Net earnings applicable to common shareholders $6,837  $6,495  $6,526  $6,398  $6,242  $26,256  $16,598 
               
ROATCE  13.97%  13.41%  13.62%  13.56%  13.58%  13.64%  9.32%
               
Average tangible common equity $195,803  $193,662  $191,708  $188,808  $183,827  $192,518  $178,048 
                             


AVERAGE CONSOLIDATED BALANCE SHEETS AND NET INTEREST INCOME (UNAUDITED)

  Three Months Ended December 31, For the Three Months Ended
   2021   2020  December 31, 2021 September 30, 2021
(dollars in thousands) Average
Balance		 Interest Average
Yield/
Cost		 Average
Balance		 Interest Average
Yield/
Cost		 Average
Balance		 Interest Average
Yield/
Cost		 Average
Balance		 Interest Average
Yield/
Cost
Assets                        
Interest-earning assets:                        
Commercial real estate $1,099,088  $10,911 3.97% $1,027,831  $10,833 4.22% $1,099,088  $10,911 3.97% $1,094,089  $10,977 4.01%
Residential first mortgages  93,997   756 3.22   140,303   1,132 3.23   93,997   756 3.22   100,195   742 2.96 
Residential rentals  173,238   1,760 4.06   134,564   1,468 4.36   173,238   1,760 4.06   154,481   1,565 4.05 
Construction and land development  38,345   431 4.50   35,910   435 4.85   38,345   431 4.50   34,810   399 4.58 
Home equity and second mortgages  26,160   232 3.55   30,045   268 3.57   26,160   232 3.55   27,751   246 3.55 
Commercial and equipment loans  114,616   1,260 4.40   107,245   1,320 4.92   114,616   1,260 4.40   104,845   1,161 4.43 
SBA PPP loans  40,376   847 8.39   120,473   1,308 4.34   40,376   847 8.39   71,751   1,236 6.89 
Consumer loans  2,629   25 3.80   1,058   12 4.54   2,629   25 3.80   1,742   16 3.67 
Allowance for loan losses  (18,434)  — —   (19,138)  — —   (18,434)  — —   (18,852)  — — 
Net loans (1)  1,570,015   16,222 4.13   1,578,291   16,776 4.25   1,570,015   16,222 4.13   1,570,812   16,342 4.16 
Taxable investment securities  465,771   1,441 1.24   211,101   978 1.85   465,771   1,441 1.24   370,498   1,212 1.31 
Nontaxable investment securities  17,509   90 2.06   20,378   113 2.22   17,509   90 2.06   16,204   84 2.07 
Interest-bearing deposits in other banks  41,736   25 0.24   28,970   23 0.32   41,736   25 0.24   36,516   16 0.18 
Federal funds sold  —   — —   42,841   23 0.21   —   — —   30,266   5 0.07 
Total Interest-Earning Assets  2,095,031   17,778 3.39   1,881,581   17,913 3.81   2,095,031   17,778 3.39   2,024,296   17,659 3.49 
Cash and cash equivalents  100,480       88,963       100,480       66,292     
Goodwill  10,835       10,835       10,835       10,835     
Core deposit intangible  1,107       1,617       1,107       1,226     
Other assets  85,811       91,711       85,811       85,340     
Total Assets $2,293,264      $2,074,707      $2,293,264      $2,187,989     
                         
Liabilities and Stockholders' Equity                        
Noninterest-bearing demand deposits $449,272  $— —% $366,726  $— —% $449,272  $— —% $434,316  $— —%
Interest-bearing liabilities:                        
Savings  114,123   14 0.05   96,529   17 0.07   114,123   14 0.05   110,873   14 0.05 
Demand deposits  754,656   87 0.05   605,790   135 0.09   754,656   87 0.05   659,625   75 0.05 
Money market deposits  369,414   100 0.11   342,659   133 0.16   369,414   100 0.11   358,017   100 0.11 
Certificates of deposit  333,658   364 0.44   356,261   881 0.99   333,658   364 0.44   341,672   405 0.47 
Total interest-bearing deposits  1,571,851   565 0.14   1,401,239   1,166 0.33   1,571,851   565 0.14   1,470,187   594 0.16 
Total Deposits  2,021,123   565 0.11   1,767,965   1,166 0.26   2,021,123   565 0.11   1,904,503   594 0.12 
Long-term debt  12,237   6 0.20   28,341   457 6.45   12,237   6 0.20   25,625   131 2.04 
PPPLF Advance  —   — —   32,677   29 0.35   —   — —   —   — — 
Subordinated Notes  19,501   252 5.17   16,888   211 5.00   19,501   252 5.17   19,487   251 5.15 
Guaranteed preferred beneficial interest in junior subordinated debentures  12,000   74 2.47   12,000   78 2.60   12,000   74 2.47   12,000   74 2.47 
Total Debt  43,738   332 3.04   89,906   775 3.45   43,738   332 3.04   57,112   456 3.19 
Total Interest-Bearing Liabilities  1,615,589   897 0.22   1,491,145   1,941 0.52   1,615,589   897 0.22   1,527,299   1,050 0.27 
Total Funds  2,064,861   897 0.17   1,857,871   1,941 0.42   2,064,861   897 0.17   1,961,615   1,050 0.21 
Other liabilities  20,658       20,557       20,658       20,648     
Stockholders' equity  207,745       196,279       207,745       205,723     
Total Liabilities and Stockholders' Equity $2,293,264      $2,074,707      $2,293,264      $2,187,986     
                         
Net interest income   $16,881     $15,972     $16,881     $16,609  
                         
Interest rate spread     3.17%     3.29%     3.17%     3.22%
Net yield on interest-earning assets     3.22%     3.40%     3.22%     3.28%
Average interest-earning assets to average interest-bearing liabilities     129.68%     126.18%     129.68%     132.54%
Average loans to average deposits     77.68%     89.27%     77.68%     82.48%
Average transaction deposits to total average deposits **     83.49%     79.85%     83.49%     82.06%

____________________________________
(1)   Loan average balance includes non-accrual loans. There are no tax equivalency adjustments. There was $161,000, $96,000 and $91,000 of accretion interest for the three months ended December 31, 2021 and 2020, and September 30, 2021, respectively.

** Transaction deposits exclude time deposits.


AVERAGE CONSOLIDATED BALANCE SHEETS AND NET INTEREST INCOME (UNAUDITED)

  For the Years Ended December 31,
   2021   2020 
(dollars in thousands) Average
Balance		 Interest Average
Yield/Cost		 Average
Balance		 Interest Average
Yield/Cost
Assets            
Interest-earning assets:            
Commercial real estate $1,085,823  $43,536 4.01% $993,478  $43,239 4.35%
Residential first mortgages  107,011   3,250 3.04   159,265   5,229 3.28 
Residential rentals  151,606   6,180 4.08   132,524   5,841 4.41 
Construction and land development  36,891   1,658 4.49   37,930   1,795 4.73 
Home equity and second mortgages  28,051   977 3.48   33,458   1,334 3.99 
Commercial and equipment loans  107,235   4,599 4.29   113,886   5,539 4.86 
SBA PPP loans  82,901   5,203 6.28   90,345   2,704 2.99 
Consumer loans  1,783   73 4.09   1,099   50 4.55 
Allowance for loan losses  (18,788)  — —   (15,681)  — — 
Net loans (1)  1,582,513   65,476 4.14   1,546,304   65,731 4.25 
Taxable investment securities  336,267   4,623 1.37   214,187   4,832 2.26 
Nontaxable investment securities  17,515   369 2.11   14,214   338 2.38 
Interest-bearing deposits in other banks  33,095   70 0.21   19,444   110 0.57 
Federal funds sold  20,916   21 0.10   20,890   62 0.30 
Total Interest-Earning Assets  1,990,306   70,559 3.55   1,815,039   71,073 3.92 
Cash and cash equivalents  78,849       68,651     
Goodwill  10,835       10,835     
Core deposit intangible  1,290       1,837     
Other assets  86,579       88,913     
Total Assets $2,167,859      $1,985,275     
             
Liabilities and Stockholders' Equity            
Noninterest-bearing demand deposits $417,935  $— —% $324,597  $— —%
Interest-bearing liabilities:            
Savings  108,189   54 0.05   84,463   85 0.10 
Demand deposits  660,330   345 0.05   537,043   1,591 0.30 
Money market deposits  358,006   397 0.11   312,980   795 0.25 
Certificates of deposit  342,755   1,805 0.53   370,743   5,210 1.41 
Total Interest-bearing deposits  1,469,280   2,601 0.18   1,305,229   7,681 0.59 
Total Deposits  1,887,215   2,601 0.14   1,629,826   7,681 0.47 
Debt:            
Long-term debt  23,072   219 0.95   53,615   1,373 2.56 
Short-term borrowings  —   — —   8,156   111 1.36 
PPPLF Advances  —   — —   60,360   211 0.35 
Subordinated Notes  19,488   1,006 5.16   7,953   395 4.97 
Guaranteed preferred beneficial interest in junior subordinated debentures  12,000   299 2.49   12,000   385 3.21 
Total Debt  54,560   1,524 2.79   142,084   2,475 1.74 
Total Interest-Bearing Liabilities  1,523,840   4,125 0.27   1,447,313   10,156 0.70 
Total funds  1,941,775   4,125 0.21   1,771,910   10,156 0.57 
Other liabilities  21,441       22,645     
Stockholders' equity  204,643       190,720     
Total Liabilities and Stockholders' Equity $2,167,859      $1,985,275     
             
Net interest income   $66,434     $60,917  
             
Interest rate spread     3.28%     3.22%
Net yield on interest-earning assets     3.34%     3.36%
Average interest-earning assets to average interest-bearing liabilities     130.61%     125.41%
Average loans to average deposits     83.85%     94.88%
Average transaction deposits to total average deposits **     81.84%     77.25%

____________________________________
(1)   Loan average balance includes non-accrual loans. There are no tax equivalency adjustments. There was $0.4 million and $0.6 million of accretion interest years ended December 31, 2021 and 2020, respectively.

** Transaction deposits exclude time deposits.

SUMMARY OF LOAN PORTFOLIO (UNAUDITED)
(dollars in thousands)

BY LOAN TYPE December 31,
2021		 % September 30,
2021		 % June 30,
2021		 % March 31,
2021		 % December 31,
2020		 %
Portfolio Type:                    
Commercial real estate $1,115,485  70.66% $1,088,636  71.02% $1,111,613  72.47% $1,081,111  71.74% $1,049,147  69.75%
Residential first mortgages  91,120  5.77   96,835  6.32   105,482  6.88   115,803  7.68   133,779  8.89 
Residential rentals  195,035  12.35   172,082  11.22   142,210  9.27   137,522  9.12   139,059  9.24 
Construction and land development  35,590  2.25   37,139  2.42   36,918  2.41   38,446  2.55   37,520  2.49 
Home equity and second mortgages  25,638  1.62   26,518  1.73   28,726  1.87   29,363  1.95   29,129  1.94 
Commercial loans  50,574  3.20   48,327  3.15   47,567  3.10   42,689  2.83   52,921  3.52 
Consumer loans  3,002  0.19   2,168  0.14   1,442  0.09   1,415  0.09   1,027  0.07 
Commercial equipment  62,499  3.96   61,346  4.00   59,918  3.91   60,834  4.04   61,693  4.10 
Gross portfolio loans  1,578,943  100.00   1,533,051  100.00   1,533,876  100.00   1,507,183  100.00   1,504,275  100.00 
Adjustments:                    
Net deferred (fees) costs  (133) (0.01)  365  0.02   533  0.03   879  0.06   1,264  0.08 
Allowance for loan losses  (18,417) (1.17)  (18,579) (1.21)  (18,516) (1.21)  (18,256) (1.21)  (19,424) (1.29)
   (18,550)    (18,214)    (17,983)    (17,377)    (18,160)  
Net portfolio loans  1,560,393     1,514,837     1,515,893     1,489,806     1,486,115   
                     
Gross U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP) loans  27,276     56,424     89,129     115,700     110,320   
Net deferred fees  (878)    (1,617)    (2,647)    (3,215)    (2,360)  
Net U.S. SBA PPP loans  26,398     54,807     86,482     112,485     107,960   
Total net loans $1,586,791    $1,569,644    $1,602,375    $1,602,291    $1,594,075   
                     
Total gross loans $1,606,219    $1,589,475    $1,623,005    $1,622,883    $1,614,595   
                               


END OF PERIOD CONTRACTUAL RATES (UNAUDITED)

The following table is based on contractual interest rates and does not include the amortization of deferred costs and fees or assumptions regarding non-accrual interest:

  December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021		 December 31,
2020
(dollars in thousands) EOP Contractual
Interest rate		 EOP Contractual
Interest rate		 EOP Contractual
Interest rate		 EOP Contractual
Interest rate		 EOP Contractual
Interest rate
Commercial real estate 3.79% 3.91% 3.96% 4.02% 4.11%
Residential first mortgages 3.80% 3.84% 3.87% 3.87% 3.93%
Residential rentals 3.81% 3.97% 4.11% 4.20% 4.26%
Construction and land development 4.38% 4.32% 4.31% 4.32% 4.28%
Home equity and second mortgages 3.51% 3.51% 3.50% 3.52% 3.54%
Commercial loans 4.48% 4.48% 4.44% 4.63% 4.56%
Consumer loans 4.37% 5.26% 5.65% 5.75% 5.99%
Commercial equipment 4.32% 4.39% 4.42% 4.40% 4.42%
U.S. SBA PPP loans 1.00% 1.00% 1.00% 1.00% 1.00%
Total Loans 3.80% 3.85% 3.84% 3.84% 3.92%
           
Yields without U.S. SBA PPP Loans 3.84% 3.95% 4.00% 4.06% 4.13%
                


ALLOWANCE FOR LOAN LOSSES (UNAUDITED)

  Three Months Ended
(dollars in thousands) December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021		 December 31,
2020
Beginning of period $18,579  $18,516  $18,256  $19,424  $18,829 
           
Charge-offs  (181)  (491)  (61)  (1,485)  (30)
Recoveries  19   554   30   22   25 
Net charge-offs  (162)  63   (31)  (1,463)  (5)
           
Provision for loan losses  —   —   291   295   600 
End of period $18,417  $18,579  $18,516  $18,256  $19,424 
           
Net charge-offs to average portfolio loans (annualized)(1) (0.04)        %  0.02% (0.01)        % (0.40)        %  —%
           
Breakdown of general and specific allowance as a percentage of gross portfolio loans(1)
General allowance $18,151  $18,204  $17,686  $17,365  $18,068 
Specific allowance  266   323   778   891   1,356 
Total allowance to non-acquired loans $18,417  $18,527  $18,464  $18,256  $19,424 
PCI loans  —   52   52   —   — 
Total allowance to gross portfolio loans with PCI loans $18,417  $18,579  $18,516  $18,256  $19,424 
           
General allowance  1.15%  1.19%  1.15%  1.15%  1.20%
Specific allowance  0.02%  0.02%  0.05%  0.06%  0.09%
Total allowance to gross portfolio loans(1)  1.17%  1.21%  1.20%  1.21%  1.29%
Total allowance to gross portfolio loans with PCI loans(2)  1.17%  1.21%  1.21%  1.21%  1.29%
           
Allowance to non-acquired gross loans(3)  1.20%  1.25%  1.25%  1.26%  1.35%
           
Allowance+ Non-PCI FV Mark $18,815  $19,070  $19,090  $18,939  $20,174 
Allowance+ Non-PCI FV Mark to gross portfolio loans  1.19%  1.24%  1.24%  1.26%  1.34%

____________________________________
(1)   Portfolio loans include all loan portfolios except the U.S. SBA PPP loan portfolio
(2)   There were no allowance for loan loss on the PCI portfolios prior to the three months ended June 30, 2021.
(3)   Non-acquired loans include loans transferred from acquired pools following release of acquisition accounting FMV adjustments. Non-acquired loans exclude U.S. SBA PPP loans.


CLASSIFIED AND SPECIAL MENTION ASSETS (UNAUDITED)

The following is a breakdown of the Company’s classified and special mention assets at December 31, 2021, 2020, 2019, 2018 and 2017, respectively:

  As of
(dollars in thousands) 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017
Classified loans          
Substandard $5,211  $19,249  $26,863  $32,226  $40,306 
Doubtful  —   —   —   —   — 
Loss  —   —   —   —   — 
Total classified loans  5,211   19,249   26,863   32,226   40,306 
Special mention loans  —   7,672   —   —   96 
Total classified and special mention loans $5,211  $26,921  $26,863  $32,226  $40,402 
           
Classified loans $5,211  $19,249  $26,863  $32,226  $40,306 
Classified securities  —   —   —   482   651 
Other real estate owned  —   3,109   7,773   8,111   9,341 
Total classified assets $5,211  $22,358  $34,636  $40,819  $50,298 
           
Total classified assets as a percentage of total assets  0.22%  1.10%  1.93%  2.42%  3.58%
Total classified assets as a percentage of Risk Based Capital  2.10%  9.61%  16.21%  21.54%  32.10%
                     


SUMMARY OF DEPOSITS (UNAUDITED)

  December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020
(dollars in thousands) Balance % Balance % Balance % Balance % Balance %
Noninterest-bearing demand $445,778 21.68% $432,606 21.58% $423,165 22.18% $406,319 21.75% $362,079 20.74%
Interest-bearing:                 
Demand deposits  790,481 38.45%  764,482 38.14%  685,023 35.90%  651,639 34.89%  590,159 33.81%
Money market deposits  372,717 18.13%  355,582 17.74%  351,262 18.41%  355,680 19.04%  340,725 19.52%
Savings  119,767 5.82%  112,282 5.60%  107,288 5.62%  105,590 5.65%  98,783 5.66%
Certificates of deposit  327,421 15.92%  339,655 16.94%  341,400 17.89%  348,668 18.67%  353,856 20.27%
Total interest-bearing  1,610,386 78.32%  1,572,001 78.42%  1,484,973 77.82%  1,461,577 78.25%  1,383,523 79.26%
Total Deposits $2,056,164 100.00% $2,004,607 100.00% $1,908,138 100.00% $1,867,896 100.00% $1,745,602 100.00%
                     
Transaction accounts $1,728,743 84.08% $1,664,952 83.06% $1,566,738 82.11% $1,519,228 81.33% $1,391,746 79.73%

FAQ

What were TCFC's earnings for the fourth quarter of 2021?

TCFC reported earnings of $6.8 million, or $1.18 per diluted share, for Q4 2021.

How much did TCFC's total assets grow in 2021?

Total assets increased by 14.8% to $2.3 billion as of December 31, 2021.

What is the loan growth percentage for TCFC in Q4 2021?

Gross portfolio loans grew by 12.0% annualized in Q4 2021.

What dividend increase did TCFC announce in November 2021?

TCFC increased its quarterly dividend by 17% to $0.175 per share.

What is the stock symbol for The Community Financial Corporation?

The stock symbol for The Community Financial Corporation is TCFC.

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TCFC

NASDAQ:TCFC

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TCFC Latest News

Jul 3, 2023
Shore Bancshares, Inc. and The Community Financial Corporation Complete Merger
Jun 20, 2023
Shore Bancshares, Inc. and The Community Financial Corporation Announce Receipt of Shareholder Approval for Merger of Equals
Apr 25, 2023
The Community Financial Corporation Reports EPS of $1.30 and ROAA of 1.21% For the First Quarter 2023
Mar 7, 2023
Shore Bancshares, Inc. and The Community Financial Corporation Announce Receipt of Regulatory Approval for Merger of Equals
Feb 27, 2023
The Community Financial Corporation Announces Quarterly Cash Dividend

TCFC Stock Data

153.58M
Commercial Banking
Finance and Insurance
Link
US
Waldorf