The Community Financial Corporation (TCFC) has reported a 45.65 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $2.34 million, or $0.51 a share in the quarter, compared with $1.61 million, or $0.35 a share for the same period last year. Revenue during the quarter grew 13.78 percent to $11.17 million from $9.82 million in the previous year period. Net interest income for the quarter rose 13.64 percent over the prior year period to $10.67 million. Non-interest income for the quarter rose 2.94 percent over the last year period to $0.88 million.
The Community Financial Corporation has made provision of $0.38 million for loan losses during the quarter, down 11.01 percent from $0.43 million in the same period last year.
Net interest margin contracted 10 basis points to 3.40 percent in the quarter from 3.50 percent in the last year period. Efficiency ratio for the quarter improved to 63.89 percent from 70.68 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
William J. Pasenelli, chief executive officer and vice-chairman of the board, stated, “Our 2016 loan growth, expected loan growth for 2017 and continued focus on controlling expenses should position the Company to further increase operating leverage during 2017. The Company’s efficiency ratio1 improved seven percentage points to 64% for the first quarter of 2017 from 71% for the three months ended March 31, 2016. In addition, the net operating expense ratio2 has been below 2.0% for two consecutive quarters and improved to 1.94% for the first quarter of 2017.”
Liabilities outpace assets growth
Total assets stood at $1,356.07 million as on Mar. 31, 2017, up 15.22 percent compared with $1,176.91 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,249.51 million as on Mar. 31, 2017, up 16.13 percent from $1,075.97 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $1,104.37 million as on Mar. 31, 2017, up 18.05 percent compared with $935.50 million on Mar. 31, 2016. Deposits stood at $1,051.79 million as on Mar. 31, 2017, up 10.64 percent compared with $950.60 million on Mar. 31, 2016. Investments stood at $162.01 million as on Mar. 31, 2017, up 7.22 percent or $10.92 million from year-ago. Shareholders equity stood at $106.57 million as on Mar. 31, 2017, up 5.57 percent or $5.62 million from year-ago.
Return on average assets moved up 14 basis points to 0.70 percent in the quarter from 0.56 percent in the last year period. At the same time, return on average equity increased 87163 basis points to 878 percent in the quarter from 6.37 percent in the last year period.
Average equity to average assets ratio was 7.98 percent for the quarter, down from 8.74 percent for the previous year quarter. Book value per share was $22.96 for the quarter, up 5.81 percent or $1.26 compared to $21.70 for the same period last year.
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