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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Community Financial Corp. (MM) | NASDAQ:CFFC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.25 | 0 | 01:00:00 |
COMMUNITY FINANCIAL CORPORATION
|
(Exact name of registrant as specified in its charter)
|
VIRGINIA
|
54-1532044
|
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification Number)
|
38 North Central Ave., Staunton, VA
|
24401
|
|
(Address of principal executive offices)
|
(Zip Code)
|
(540) 886-0796
|
(Issuer’s telephone number)
|
None
|
(Former name, former address and former fiscal year, if changed since last report)
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-Accelerated filer
o
|
Smaller reporting company
x
|
(do not check if a small
|
|||
reporting company)
|
Number of shares of common stock, par value $.01 per share, outstanding at the close of business on November 13, 2012
:
4,361,658
.
|
PART I.
|
FINANCIAL INFORMATION
|
|
Item 1.
|
Financial Statements
|
|
Consolidated Balance Sheets at September 30, 2012 (unaudited)
and March 31, 2012
|
1
|
|
Consolidated Statements of Operations for the
Three and Six Months Ended September 30, 2012 and 2011
(unaudited)
|
2
|
|
Consolidated Statements of Cash Flows for the Six
Months Ended September 30, 2012 and 2011 (Unaudited)
|
3
|
|
Notes to Unaudited Interim Consolidated
Financial Statements
|
4
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
23
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
33
|
Item 4.
|
Controls and Procedures
|
33
|
PART II.
|
OTHER INFORMATION
|
34
|
Signature Page
|
38
|
|
Exhibit Index
|
39
|
COMMUNITY FINANCIAL CORPORATION
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
September 30,
|
March 31,
|
|||||||
2012
|
2012
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Cash (including interest-bearing deposits of approximately $282,947 and $2,910,622)
|
$ | 4,335,673 | $ | 8,233,185 | ||||
Securities
|
||||||||
Held to maturity (fair value of $20,608,483 and
$11,343,530 respectively)
|
20,571,732 | 11,344,000 | ||||||
Available for sale, at fair value
|
38,647 | 38,647 | ||||||
Restricted investment in Federal
Home Loan Bank stock, at cost
|
4,005,300 | 5,206,300 | ||||||
Loans receivable, net of allowance for loan
losses of $10,227,527 and $8,910,121
|
428,517,578 | 445,098,108 | ||||||
Real estate owned, net of valuation allowance of $1,363,555 and $2,502,944
|
5,048,170 | 9,259,432 | ||||||
Property and equipment, net
|
8,175,316 | 8,430,736 | ||||||
Bank owned life insurance
|
6,896,986 | 6,781,869 | ||||||
Accrued interest receivable
|
||||||||
Loans
|
1,642,266 | 1,757,001 | ||||||
Investments
|
50,572 | 36,610 | ||||||
Prepaid expenses and other assets
|
6,860,533 | 7,721,063 | ||||||
Total Assets
|
$ | 486,142,773 | $ | 503,906,951 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Liabilities
|
||||||||
Deposits
|
$ | 374,509,854 | $ | 372,417,944 | ||||
Borrowings
|
57,000,000 | 78,000,000 | ||||||
Advance payments by borrowers for
taxes and insurance
|
174,498 | 268,465 | ||||||
Other liabilities
|
2,812,908 | 2,817,936 | ||||||
Total Liabilities
|
434,497,260 | 453,504,345 | ||||||
Stockholders’ Equity
|
||||||||
Preferred stock $.01 par value, $1,000 liquidation
preference, authorized 3,000,000
|
||||||||
shares, 12,643 shares outstanding
|
12,643,000 | 12,643,000 | ||||||
Common stock, $0.01 par value, authorized
10,000,000 shares, 4,361,658 shares outstanding
|
43,617 | 43,617 | ||||||
Warrants
|
603,153 | 603,153 | ||||||
Discount on preferred stock
|
(146,747 | ) | (207,065 | ) | ||||
Additional paid in capital
|
5,599,052 | 5,599,052 | ||||||
Retained earnings
|
34,276,969 | 33,094,380 | ||||||
Accumulated other comprehensive
(loss)
|
(1,373,531 | ) | (1,373,531 | ) | ||||
Total Stockholders’ Equity
|
51,645,513 | 50,402,606 | ||||||
Total Liabilities and Stockholders’ Equity
|
$ | 486,142,773 | $ | 503,906,951 | ||||
COMMUNITY FINANCIAL CORPORATION
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
INTEREST INCOME
|
||||||||||||||||
Loans
|
$ | 5,784,999 | $ | 6,560,198 | $ | 11,776,734 | $ | 13,381,644 | ||||||||
Investment securities
|
62,851 | 21,107 | 113,065 | 30,574 | ||||||||||||
Other
|
52,646 | 40,783 | 112,764 | 119,581 | ||||||||||||
Total interest income
|
5,900,496 | 6,622,088 | 12,002,563 | 13,531,799 | ||||||||||||
INTEREST EXPENSE
|
||||||||||||||||
Deposits
|
608,171 | 861,474 | 1,240,456 | 1,815,701 | ||||||||||||
Borrowed money
|
42,229 | 38,582 | 89,680 | 83,746 | ||||||||||||
Total interest expense
|
650,400 | 900,056 | 1,330,136 | 1,899,447 | ||||||||||||
NET INTEREST INCOME
|
5,250,096 | 5,722,032 | 10,672,427 | 11,632,352 | ||||||||||||
PROVISION FOR LOAN LOSSES
|
1,803,136 | 1,123,022 | 1,987,548 | 1,829,275 | ||||||||||||
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES
|
3,446,960 | 4,599,010 | 8,684,879 | 9,803,077 | ||||||||||||
NONINTEREST INCOME
|
||||||||||||||||
Service charges, fees and commissions
|
821,026 | 882,079 | 1,632,911 | 1,744,190 | ||||||||||||
Other
|
96,555 | 148,441 | 192,484 | 260,598 | ||||||||||||
Total noninterest income
|
917,581 | 1,030,520 | 1,825,395 | 2,004,788 | ||||||||||||
NONINTEREST EXPENSE
|
||||||||||||||||
Compensation & benefits
|
2,199,636 | 2,398,909 | 4,437,224 | 4,813,411 | ||||||||||||
Occupancy
|
428,973 | 412,230 | 832,710 | 819,421 | ||||||||||||
Data processing
|
398,984 | 442,336 | 796,112 | 886,052 | ||||||||||||
Federal insurance premium
|
123,549 | 70,177 | 231,993 | 189,764 | ||||||||||||
Advertising
|
129,263 | 95,943 | 282,164 | 198,708 | ||||||||||||
Real estate owned and collection
|
15,730 | 699,861 | 435,703 | 2,264,503 | ||||||||||||
Professional fees
|
236,286 | 65,280 | 398,563 | 95,426 | ||||||||||||
Other
|
319,623 | 335,604 | 583,093 | 579,707 | ||||||||||||
Total noninterest expense
|
3,852,044 | 4,520,340 | 7,997,562 | 9,846,992 | ||||||||||||
INCOME BEFORE TAXES
|
512,497 | 1,109,190 | 2,512,712 | 1,960,873 | ||||||||||||
INCOME TAX EXPENSE
|
171,157 | 400,013 | 953,730 | 703,697 | ||||||||||||
NET INCOME
|
$ | 341,340 | $ | 709,177 | $ | 1,558,982 | $ | 1,257,176 | ||||||||
Effective Dividend on Preferred Stock
|
188,197 | 188,197 | 376,394 | 376,394 | ||||||||||||
NET INCOME AVAILABLE TO
COMMON STOCKHOLDERS
|
$ | 153,143 | $ | 520,980 | $ | 1,182,588 | $ | 880,782 | ||||||||
BASIC EARNINGS PER
COMMON SHARE
|
$ | 0.04 | $ | 0.12 | $ | 0.27 | $ | 0.20 | ||||||||
DILUTED EARNINGS PER
COMMON SHARE
|
$ | 0.03 | $ | 0.12 | $ | 0.27 | $ | 0.20 | ||||||||
DIVIDENDS PER COMMON SHARE
|
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 |
COMMUNITY FINANCIAL CORPORATION
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
Six Months Ended
|
||||||||
September 30,
|
||||||||
2012
|
2011
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 1,558,982 | $ | 1,257,176 | ||||
Adjustments to reconcile net income to
|
||||||||
net cash provided by operating activities
|
||||||||
Provision for loan losses
|
1,987,548 | 1,829,275 | ||||||
Losses/impairment on foreclosed assets
|
1,911,224 | 1,105,538 | ||||||
Depreciation
|
293,857 | 319,357 | ||||||
Decrease in net deferred loan fees
|
(7 | ) | (15,499 | ) | ||||
Deferred income tax (benefit)
|
(653,730 | ) | (60,147 | ) | ||||
(Increase) decrease in other assets
|
(961,023 | ) | 69,670 | |||||
(Decrease) increase in other liabilities
|
(98,995 | ) | 276,440 | |||||
Net cash provided by operating activities
|
4,037,856 | 4,781,810 | ||||||
INVESTING ACTIVITIES
|
||||||||
Proceeds from maturities of held to maturity securities
|
10,000,000 | 3,000,000 | ||||||
Purchase of held to maturity securities
|
(19,227,732 | ) | (2,749,000 | ) | ||||
Net decrease in loans
|
14,437,005 | 8,152,750 | ||||||
Purchases of property and equipment
|
(38,436 | ) | (149,864 | ) | ||||
Redemption of FHLB stock
|
1,201,000 | 220,000 | ||||||
Improvement to real estate owned
|
(70,990 | ) | (171,348 | ) | ||||
Proceeds from sale of real estate owned
|
4,987,950 | 4,760,517 | ||||||
Net cash provided by investing activities
|
11,288,797 | 13,063,022 | ||||||
FINANCING ACTIVITIES
|
||||||||
Dividends paid
|
(316,075 | ) | (316,075 | ) | ||||
Net Increase (decrease) in deposits
|
2,091,910 | (9,747,864 | ) | |||||
(Repayment of) advances and other borrowed money
|
(21,000,000 | ) | (4,765,352 | ) | ||||
Net cash (used in) financing activities
|
(19,224,165 | ) | (14,829,291 | ) | ||||
INCREASE(DECREASE)IN CASH AND CASH EQUIVALENTS
|
(3,897,512 | ) | 3,015,541 | |||||
CASH AND CASH EQUIVALENTS – beginning of period
|
8,233,185 | 7,897,955 | ||||||
CASH AND CASH EQUIVALENTS – end of period
|
$ | 4,335,673 | $ | 10,916,496 | ||||
Supplemental Schedule of Non-Cash
Investing and Financing Activities
|
||||||||
Transfers from loans to real estate acquired through foreclosure
|
$ | 969,780 | $ | 5,917,249 |
Weighted
|
Intrinsic
|
|||||||||
Weighted
|
Average
|
Value of
|
||||||||
Average
|
Remaining
|
Unexercised
|
||||||||
Exercise
|
Contractual
|
In-the-Money
|
||||||||
Shares
|
Price
|
Term
|
Options
|
|||||||
Options outstanding, March 31, 2012
|
243,900 | $ | 9.23 | |||||||
Granted
|
--- | --- | ||||||||
Exercised
|
--- | --- | ||||||||
Forfeited
|
6,000 | 10.01 | ||||||||
Options outstanding September 30, 2012
|
237,900 | 9.21 |
2.6
|
|||||||
Options exercisable, September 30, 2012
|
237,900 | $ | 9.21 |
2.6
|
---
|
For the Three Months Ended
|
||||||||||||||||||||||||
September 30, 2012
|
September 30, 2011
|
|||||||||||||||||||||||
Weighted
|
Per
|
Weighted
|
Per
|
|||||||||||||||||||||
Average
|
Share
|
Average
|
Share
|
|||||||||||||||||||||
Income
|
Shares
|
Amount
|
Income
|
Shares
|
Amount
|
|||||||||||||||||||
Basic per common share:
|
||||||||||||||||||||||||
Income available to common stockholders
|
$ | 153,143 | 4,361,658 | $ | 0.04 | $ | 520,980 | 4,361,658 | $ | 0.12 | ||||||||||||||
Diluted earnings per common share:
|
||||||||||||||||||||||||
Effect of Dilutive Securities
|
||||||||||||||||||||||||
Options and Warrants
|
--- | 316,142 | --- | --- | ||||||||||||||||||||
Income available to common stockholders
|
$ | 153,143 | 4,677,800 | $ | 0.03 | $ | 520,980 | 4,361,658 | $ | 0.12 |
For the Six Months Ended
|
||||||||||||||||||||||||
September 30, 2012
|
September 30, 2011
|
|||||||||||||||||||||||
Weighted
|
Per
|
Weighted
|
Per
|
|||||||||||||||||||||
Average
|
Share
|
Average
|
Share
|
|||||||||||||||||||||
Income
|
Shares
|
Amount
|
Income
|
Shares
|
Amount
|
|||||||||||||||||||
Basic earnings per share:
|
||||||||||||||||||||||||
Income available to common stockholders
|
$ | 1,182,588 | 4,361,658 | $ | 0.27 | $ | 880,782 | 4,361,658 | $ | 0.20 | ||||||||||||||
Diluted earnings per share:
|
||||||||||||||||||||||||
Effect of Dilutive Securities
|
||||||||||||||||||||||||
Options and Warrants
|
--- | 82,599 | --- | 38,807 | ||||||||||||||||||||
Income available to common stockholders
|
$ | 1,182,588 | 4,444,257 | $ | 0.27 | $ | 880,782 | 4,400,465 | $ | 0.20 |
Minimum Required
|
Minimum Capital
|
|||||||||||||||||||||||||||||||
Actual
|
Minimum Required
|
Capital Levels
|
Levels to be Deemed
|
|||||||||||||||||||||||||||||
Capital Levels
|
Capital Levels
|
Under the IMCR
|
Well-Capitalized
|
|||||||||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||
Leverage Capital
1
|
$ | 51,895 | 10.60 | % | $ | 19,581 | 4.0 | % | $ | 41,609 | 8.5 | % | $ | 24,476 | 5.0 | % | ||||||||||||||||
Tier 1 Risk-Based Capital
2
|
$ | 51,895 | 12.80 | % | N/A | N/A | N/A | N/A | $ | 24,328 | 6.0 | % | ||||||||||||||||||||
Total Risk-Based Capital
3
|
$ | 56,982 | 14.05 | % | $ | 32,437 | 8.0 | % | $ | 50,683 | 12.5 | % | $ | 40,546 | 10.0 | % |
Three Months Ended
|
||||||||
September 30,
|
||||||||
2012
|
2011
|
|||||||
Service cost
|
$ | 92,944 | $ | 84,662 | ||||
Interest cost
|
78,503 | 68,629 | ||||||
Expected return on plan assets
|
(79,680 | ) | (70,980 | ) | ||||
Recognized net actuarial loss
|
17,318 | 14,153 | ||||||
$ | 109,085 | $ | 96,464 |
Six Months Ended
|
||||||||
September 30,
|
||||||||
2012
|
2011
|
|||||||
Service cost
|
$ | 185,888 | $ | 169,324 | ||||
Interest cost
|
157,006 | 137,258 | ||||||
Expected return on plan assets
|
(159,360 | ) | (141,960 | ) | ||||
Recognized net actuarial loss
|
34,636 | 28,306 | ||||||
$ | 218,170 | $ | 192,928 |
September 30, 2012
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Market
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Held to Maturity
|
||||||||||||||||
United States government and
|
||||||||||||||||
agency obligations
|
$ | 15,094,732 | $ | 36,751 | $ | - | $ | 15,131,483 | ||||||||
Other
|
5,477,000 | - | - | 5,477,000 | ||||||||||||
Available for Sale
|
||||||||||||||||
Equity securities
|
38,647 | - | - | 38,647 | ||||||||||||
$ | 20,610,379 | $ | 36,751 | $ | - | $ | 20,647,130 |
March 31, 2012
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Market
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Held to Maturity
|
||||||||||||||||
United States government and
|
||||||||||||||||
agency obligations
|
$ | 10,000,000 | $ | 17,430 | $ | 17,900 | $ | 9,999,530 | ||||||||
Other
|
1,344,000 | - | - | 1,344,000 | ||||||||||||
11,344,000 | 17,430 | 17,900 | 11,343,530 | |||||||||||||
Available for Sale
|
||||||||||||||||
Equity securities
|
38,647 | - | - | 38,647 | ||||||||||||
$ | 11,382,647 | $ | 17,430 | $ | 17,900 | $ | 11,382,177 |
·
Level 1
|
Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
|
·
Level 2
|
Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instrument.
|
·
Level 3
|
Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices
|
||||||||||||||||
in Active
|
Significant
|
|||||||||||||||
Markets for
|
Other
|
Significant
|
||||||||||||||
Identical
|
Observable
|
Unobservable
|
||||||||||||||
Assets
|
Inputs
|
Inputs
|
||||||||||||||
Description
|
Balance
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Assets
|
||||||||||||||||
September 30, 2012
|
||||||||||||||||
Equity securities
|
$ | 38,647 | $ | - | $ | 38,647 | $ | - | ||||||||
March 31, 2012
|
||||||||||||||||
Equity securities
|
$ | 38,647 | $ | - | $ | 38,647 | $ | - |
Carrying Value
|
||||||||||||||||
Quoted Prices
|
||||||||||||||||
in Active
|
Significant
|
|||||||||||||||
Markets for
|
Other
|
Significant
|
||||||||||||||
Identical
|
Observable
|
Unobservable
|
||||||||||||||
Assets
|
Inputs
|
Inputs
|
||||||||||||||
Description
|
Balance
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Assets
|
||||||||||||||||
September 30, 2012
|
||||||||||||||||
Impaired loans net of
|
||||||||||||||||
valuation allowance
|
$ | 9,237,281 | $ | - | $ | 8,163,413 | $ | 1,073,868 | ||||||||
Real estate owned
|
$ | 5,048,170 | $ | - | $ | 2,554,252 | $ | 2,493,918 | ||||||||
March 31, 2012
|
||||||||||||||||
Impaired loans net of
|
||||||||||||||||
valuation allowance
|
$ | 4,675,569 | $ | - | $ | 1,582,600 | $ | 3,092,969 | ||||||||
Real estate owned
|
$ | 9,259,432 | $ | - | $ | 6,697,877 | $ | 2,561,555 |
Fair Value Measurements at September 30, 2012
|
||||||||
Impaired
|
Other Real
|
|||||||
Loans
|
Owned
|
|||||||
Balance April 1, 2012
|
$ | 3,092,969 | $ | 2,561,555 | ||||
Total gains (losses) realized/unrealized
|
||||||||
included in earnings (write downs)
|
(134,216 | ) | (70,324 | ) | ||||
Newly impaired/New OREO
|
204,316 | --- | ||||||
Sales
|
(85,200 | ) | (1,479,862 | ) | ||||
Settlements/Foreclosures/Payoffs
|
(49,000 | ) | (822 | ) | ||||
Transfers into Level 3
|
59,999 | 2,996,581 | ||||||
Transfers out of Level 3
|
(2,015,000 | ) | (1,513,210 | ) | ||||
Balance September 30, 2012
|
$ | 1,073,868 | $ | 2,493,918 |
Quantitative information about Level 3 Fair Value Measurements for September 30, 2012
|
||||||||||
Range
|
||||||||||
Fair
|
Valuation
|
Unobservable
|
Weighted
|
|||||||
Value
|
Technique(s)
|
Input
|
Average
|
|||||||
Assets
|
||||||||||
Impaired loans
|
$ | 213,700 |
Discounted Appraised Value
|
Selling cost
|
5%-10% | (6%) | ||||
$ | 860,168 |
Internal Evaluations
|
||||||||
Other real estate owned
|
$ | 2,493,918 |
Discounted Appraised Value
|
Selling cost
|
5%-10% | (6%) |
Fair Value Measurements at September 30, 2012 using
|
||||||||||||||||||||
|
||||||||||||||||||||
Quoted Prices
|
||||||||||||||||||||
in Active
|
Significant
|
|||||||||||||||||||
Markets for
|
Other
|
Significant
|
||||||||||||||||||
Identical
|
Observable
|
Unobservable
|
||||||||||||||||||
Carrying
|
Assets
|
Inputs
|
Inputs
|
Fair
|
||||||||||||||||
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Value
|
||||||||||||||||
FINANCIAL ASSETS:
|
||||||||||||||||||||
Cash and due from banks
|
$ | 4,336 | $ | 4,336 | $ | -- | $ | -- | $ | 4,336 | ||||||||||
Securities
|
20,611 | 20,647 | 40,647 | |||||||||||||||||
FHLB restricted stock
|
4,005 | 4,005 | 4,005 | |||||||||||||||||
Loans, net
|
428,518 | 419,083 | 1,074 | 420,157 | ||||||||||||||||
Accrued interest receivable
|
1,693 | 1,693 | 1,693 | |||||||||||||||||
Bank owned life insurance
|
6,897 | 6,897 | 6,897 | |||||||||||||||||
|
||||||||||||||||||||
FINANCIAL LIABILITIES:
|
||||||||||||||||||||
Deposits
|
||||||||||||||||||||
Non-interest bearing demand deposits
|
34,644 | 34,644 | 34,644 | |||||||||||||||||
Interest bearing deposits
|
339,749 | 339,749 | 339,749 | |||||||||||||||||
Borrowings
|
57,000 | 56,998 | 56,998 | |||||||||||||||||
Accrued interest payable
|
25 | 25 | 25 |
September 30, 2012
|
March 31, 2012
|
|||||||
Residential
|
$ | 180,811,917 | $ | 182,430,665 | ||||
Commercial - real estate
|
125,489,938 | 137,562,743 | ||||||
Construction and land development
|
44,895,527 | 50,113,695 | ||||||
Commercial – non real estate
|
53,908,212 | 48,618,808 | ||||||
Consumer – non real estate
|
32,946,461 | 34,583,824 | ||||||
438,052,055 | 453,309,735 | |||||||
Less:
|
||||||||
Deferred loan (costs), net
|
(693,050 | ) | (698,494 | ) | ||||
Allowance for loan losses
|
10,227,527 | 8,910,121 | ||||||
9,534,477 | 8,211,627 | |||||||
$ | 428,517,578 | $ | 445,098,108 |
Six Months Ended
September 30, 2012
|
Year Ended
March 31, 2012
|
|||||||
Balance at beginning of period
|
$ | 8,910,121 | $ | 7,845,950 | ||||
Provision for loan loss
|
1,987,548 | 4,908,198 | ||||||
Loans charged-off
|
(776,605 | ) | (4,026,264 | ) | ||||
Recoveries of loans previously charged off
|
106,463 | 182,237 | ||||||
Balance at end of period
|
$ | 10,227,527 | $ | 8,910,121 |
Six Months Ended September 30, 2012
|
||||||||||||||||||||||||
Commercial – Non Real Estate
|
Commercial – Real Estate
|
Construction and Land Development
|
Consumer – Non Real Estate
|
Residential
|
Total
|
|||||||||||||||||||
Allowance for Loan Losses:
|
||||||||||||||||||||||||
Beginning Balance
|
$ | 1,332,392 | $ | 566,317 | $ | 1,802,771 | $ | 498,687 | $ | 4,709,954 | $ | 8,910,121 | ||||||||||||
Provision
|
223,017 | 1,304,269 | 193,049 | 67,479 | 199,734 | 1,987,548 | ||||||||||||||||||
Chargedoff
|
(103,080 | ) | --- | (82,469 | ) | (127,390 | ) | (463,666 | ) | (776,605 | ) | |||||||||||||
Recoveries
|
600 | 2,897 | 56,772 | 33,359 | 12,835 | 106,463 | ||||||||||||||||||
Ending Balance
|
$ | 1,452,929 | $ | 1,873,483 | $ | 1,970,123 | $ | 472,135 | $ | 4,458,857 | $ | 10,227,527 | ||||||||||||
Individually evaluated for impairment
|
$ | 548,991 | $ | 810,803 | $ | 483,186 | $ | 65,365 | $ | 1,704,466 | $ | 3,612,811 | ||||||||||||
Collectively evaluated for impairment
|
903,938 | 1,062,680 | 1,486,937 | 406,770 | 2,754,391 | 6,614,716 | ||||||||||||||||||
Loans:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 1,596,286 | $ | 12,219,313 | $ | 2,727,945 | $ | 198,376 | $ | 15,204,353 | $ | 31,946,273 | ||||||||||||
Collectively evaluated for impairment
|
52,311,926 | 113,270,625 | 42,167,582 | 32,748,085 | 165,607,564 | 406,105,782 | ||||||||||||||||||
Ending Balance:
|
$ | 53,908,212 | $ | 125,489,938 | $ | 44,895,527 | $ | 32,946,461 | $ | 180,811,917 | $ | 438,052,055 |
Year Ended March 31, 2012
|
||||||||||||||||||||||||
Commercial – Non Real Estate
|
Commercial – Real Estate
|
Construction and Land Development
|
Consumer – Non Real Estate
|
Residential
|
Total
|
|||||||||||||||||||
Allowance for Loan Losses:
|
||||||||||||||||||||||||
Beginning Balance
|
$ | 99,408 | $ | 2,223,090 | $ | 549,393 | $ | 352,948 | $ | 4,621,111 | $ | 7,845,950 | ||||||||||||
Provision
|
1,589,086 | (1,450,445 | ) | 1,397,349 | 227,148 | 3,145,060 | 4,908,198 | |||||||||||||||||
Chargedoff
|
(364,344 | ) | (206,328 | ) | (144,509 | ) | (189,741 | ) | (3,121,342 | ) | (4,026,264 | ) | ||||||||||||
Recoveries
|
8,242 | --- | 538 | 108,332 | 65,125 | 182,237 | ||||||||||||||||||
Ending Balance
|
$ | 1,332,392 | $ | 566,317 | $ | 1,802,771 | $ | 498,687 | $ | 4,709,954 | $ | 8,910,121 | ||||||||||||
Individually evaluated for impairment
|
$ | 566,942 | $ | 116,583 | $ | 140,900 | $ | 77,666 | $ | 608,969 | $ | 1,511,060 | ||||||||||||
Collectively evaluated for impairment
|
765,450 | 449,734 | 1,661,871 | 421,021 | 4,100,985 | 7,399,061 | ||||||||||||||||||
Loans:
|
||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 1,571,433 | $ | 11,697,126 | $ | 3,319,004 | $ | 455,411 | $ | 10,143,625 | $ | 27,186,599 | ||||||||||||
Collectively evaluated for impairment
|
47,047,375 | 125,865,617 | 46,794,691 | 34,128,413 | 172,287,040 | 426,123,136 | ||||||||||||||||||
Ending Balance:
|
$ | 48,618,808 | $ | 137,562,743 | $ | 50,113,695 | $ | 34,583,824 | $ | 182,430,665 | $ | 453,309,735 |
Year Ended March 31, 2012
|
||||||||||||||||||||
Unpaid
|
Average
|
Interest
|
||||||||||||||||||
`
|
`
|
`
|
`
|
Income
|
||||||||||||||||
Investment
|
Balance
|
Allowance
|
Investment
|
Recognized
|
||||||||||||||||
With no related allowance:
|
||||||||||||||||||||
Commercial – Non Real Estate
|
||||||||||||||||||||
Commercial & Industrial
|
$ | 496,164 | $ | 496,164 | $ | --- | $ | 584,174 | $ | 23,993 | ||||||||||
Commercial Real Estate
|
||||||||||||||||||||
Commercial Real Estate
|
10,147,439 | 10,147,439 | --- | 10,156,005 | 366,944 | |||||||||||||||
Multifamily
|
943,791 | 943,791 | --- | 943,791 | 56,627 | |||||||||||||||
Construction and Land Development
|
||||||||||||||||||||
Residential
|
1,009,843 | 1,009,843 | --- | 654,567 | 24,474 | |||||||||||||||
Other Construction and Land Development
|
1,139,660 | 1,139,660 | --- | 1,370,621 | 25,868 | |||||||||||||||
Consumer – Non Real Estate
|
||||||||||||||||||||
Automobile
|
52,983 | 52,983 | --- | 126,817 | --- | |||||||||||||||
Other
|
3,688 | 3,688 | --- | 141,484 | --- | |||||||||||||||
Residential
|
||||||||||||||||||||
Single Family
|
6,606,343 | 6,606,343 | --- | 6,990,053 | 294,261 | |||||||||||||||
Equity Lines and Loans
|
600,059 | 600,059 | --- | 981,298 | 7,810 | |||||||||||||||
With allowance recorded:
|
||||||||||||||||||||
Commercial – Non Real Estate
|
||||||||||||||||||||
Commercial & Industrial
|
$ | 1,075,269 | $ | 1,075,269 | $ | 566,942 | $ | 700,246 | $ | --- | ||||||||||
Commercial Real Estate
|
||||||||||||||||||||
Commercial Real Estate
|
526,807 | 526,807 | 81,807 | 1,176,136 | --- | |||||||||||||||
Multifamily
|
79,089 | 79,089 | 34,776 | 82,288 | --- | |||||||||||||||
Construction and Land Development
|
||||||||||||||||||||
Residential
|
--- | --- | --- | --- | --- | |||||||||||||||
Other Construction and Land Development
|
1,169,501 | 1,169,501 | 140,900 | 440,682 | --- | |||||||||||||||
Consumer – Non Real Estate
|
||||||||||||||||||||
Automobile
|
--- | --- | --- | --- | --- | |||||||||||||||
Other
|
226,482 | 226,482 | 77,666 | 127,369 | --- | |||||||||||||||
Residential
|
||||||||||||||||||||
Single Family
|
2,624,532 | 2,624,532 | 377,145 | 3,553,900 | --- | |||||||||||||||
Equity Lines and Loans
|
484,949 | 484,949 | 231,824 | 579,503 | --- | |||||||||||||||
Total:
|
||||||||||||||||||||
Commercial – Non Real Estate
|
||||||||||||||||||||
Commercial & Industrial
|
$ | 1,571,433 | $ | 1,571,433 | $ | 566,942 | $ | 1,284,420 | $ | 23,993 | ||||||||||
Commercial Real Estate
|
||||||||||||||||||||
Commercial Real Estate
|
10,674,246 | 10,674,246 | 81,807 | 11,332,141 | 366,944 | |||||||||||||||
Multifamily
|
1,022,880 | 1,022,880 | 34,776 | 1,026,079 | 56,627 | |||||||||||||||
Construction and Land Development
|
||||||||||||||||||||
Residential
|
1,009,843 | 1,009,843 | --- | 654,567 | 24,474 | |||||||||||||||
Other Construction and Land Development
|
2,309,161 | 2,309,161 | 140,900 | 1,811,303 | 25,868 | |||||||||||||||
Consumer – Non Real Estate
|
||||||||||||||||||||
Automobile
|
52,983 | 52,983 | --- | 126,817 | --- | |||||||||||||||
Other
|
402,428 | 402,428 | 77,666 | 268,853 | --- | |||||||||||||||
Residential
|
||||||||||||||||||||
Single Family
|
9,058,617 | 9,058,617 | 377,145 | 10,543,953 | 294,261 | |||||||||||||||
Equity Lines and Loans
|
1,085,008 | 1,085,008 | 231,824 | 1,560,801 | 7,810 |
Three Months Ended September 30, 2012
|
||||||||||||
Pre-
|
Post-
|
|||||||||||
modification
|
modification
|
|||||||||||
outstanding
|
outstanding
|
|||||||||||
Number of
|
recorded
|
recorded
|
||||||||||
Contracts
|
investment
|
investment
|
||||||||||
Residential
|
- | $ | --- | $ | --- | |||||||
Commercial - real estate
|
- | --- | --- | |||||||||
Construction
|
- | --- | --- | |||||||||
Commercial – non real estate
|
1 | 73,500 | 73,500 | |||||||||
Consumer – non real estate
|
- | --- | --- | |||||||||
Total
|
1 | $ | 73,500 | $ | 73,500 |
Six Months Ended September 30, 2012
|
||||||||||||
Pre-
|
Post-
|
|||||||||||
modification
|
modification
|
|||||||||||
outstanding
|
outstanding
|
|||||||||||
Number of
|
recorded
|
recorded
|
||||||||||
Contracts
|
investment
|
investment
|
||||||||||
Residential
|
- | $ | --- | $ | --- | |||||||
Commercial - real estate
|
- | --- | --- | |||||||||
Construction
|
- | --- | --- | |||||||||
Commercial – non real estate
|
2 | 198,500 | 198,500 | |||||||||
Consumer – non real estate
|
- | --- | --- | |||||||||
Total
|
2 | $ | 198,500 | $ | 198,500 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
September 30, 2012
|
September 30, 2012
|
|||||||||||||||
Number of
|
Recorded
|
Number of
|
Recorded
|
|||||||||||||
Contracts
|
Investment
|
Contracts
|
Investment
|
|||||||||||||
Residential
|
- | $ | --- | 1 | $ | 307,232 | ||||||||||
Commercial - real estate
|
- | --- | - | --- | ||||||||||||
Construction
|
1 | 241,346 | 1 | 241,346 | ||||||||||||
Commercial – non real estate
|
- | --- | - | --- | ||||||||||||
Consumer – non real estate
|
- | --- | - | --- | ||||||||||||
Total
|
1 | $ | 241,346 | 2 | $ | 548,578 |
As of September 30, 2012
|
||||||||||||||||||||||||
Accruing
|
||||||||||||||||||||||||
90 Days
|
Loans 90
|
|||||||||||||||||||||||
Days or
|
||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
or More
|
Total
|
More
|
Nonaccrual
|
|||||||||||||||||||
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Loans
|
|||||||||||||||||||
Commercial – Non Real Estate
|
||||||||||||||||||||||||
Commercial & Industrial
|
$ | 380,111 | $ | --- | $ | 222,278 | $ | 602,389 | $ | 148,433 | $ | 1,201,668 | ||||||||||||
Commercial Real Estate
|
||||||||||||||||||||||||
Commercial Real estate
|
171,044 | 100,000 | 2,497,528 | 2,768,572 | --- | 6,939,269 | ||||||||||||||||||
Multifamily
|
--- | --- | 1,006,129 | 1,006,129 | --- | 1,006,129 | ||||||||||||||||||
Construction and Land Development
|
||||||||||||||||||||||||
Residential
|
335,100 | --- | --- | 335,100 | --- | --- | ||||||||||||||||||
Other Construction and Land Development
|
1,249,403 | 451,673 | 361,821 | 2,062,897 | 86,000 | 1,997,109 | ||||||||||||||||||
Consumer – Non Real Estate
|
||||||||||||||||||||||||
Automobile
|
935,884 | 130,153 | 25,743 | 1,091,780 | --- | 32,395 | ||||||||||||||||||
Other
|
97,938 | 6,885 | 165,981 | 270,804 | --- | 165,981 | ||||||||||||||||||
Residential
|
||||||||||||||||||||||||
Single Family
|
2,120,786 | --- | 3,222,823 | 5,343,609 | 292,542 | 8,130,326 | ||||||||||||||||||
Equity Lines and Loans
|
1,049,265 | 11,000 | 663,738 | 1,724,003 | --- | 1,153,799 | ||||||||||||||||||
Totals
|
$ | 6,339,531 | $ | 699,711 | $ | 8,166,041 | $ | 15,205,283 | $ | 526,975 | $ | 20,626,676 |
As of March 31, 2012
|
||||||||||||||||||||||||
Accruing
|
||||||||||||||||||||||||
90 Days
|
Loans 90
|
|||||||||||||||||||||||
Days or
|
||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
or More
|
Total
|
More
|
Nonaccrual
|
|||||||||||||||||||
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
Loans
|
|||||||||||||||||||
Commercial – Non Real Estate
|
||||||||||||||||||||||||
Commercial & Industrial
|
$ | 633,659 | $ | 502,674 | $ | 365,985 | $ | 1,502,318 | $ | 305,581 | $ | 1,232,156 | ||||||||||||
Commercial Real Estate
|
||||||||||||||||||||||||
Commercial Real estate
|
1,710,467 | --- | 3,384,970 | 5,095,437 | 2,453,359 | 4,046,735 | ||||||||||||||||||
Multifamily
|
--- | 943,792 | 79,089 | 1,022,881 | --- | 79,089 | ||||||||||||||||||
Construction and Land Development
|
||||||||||||||||||||||||
Residential
|
283,125 | --- | 520,354 | 803,479 | --- | 520,354 | ||||||||||||||||||
Other Construction and Land Development
|
121,083 | 20,622 | 132,147 | 273,852 | --- | 1,558,814 | ||||||||||||||||||
Consumer – Non Real Estate
|
||||||||||||||||||||||||
Automobile
|
417,745 | 46,932 | 72,627 | 537,304 | 28,904 | 52,983 | ||||||||||||||||||
Other
|
86,465 | 35,305 | 232,997 | 354,767 | 2,827 | 230,170 | ||||||||||||||||||
Residential
|
||||||||||||||||||||||||
Single Family
|
1,622,088 | 3,059,536 | 1,271,891 | 5,953,515 | 137,085 | 3,569,655 | ||||||||||||||||||
Equity Lines and Loans
|
318,148 | 208,785 | 431,800 | 958,733 | --- | 916,749 | ||||||||||||||||||
Totals
|
$ | 5,192,780 | $ | 4,817,646 | $ | 6,491,860 | $ | 16,502,286 | $ | 2,927,756 | $ | 12,206,705 |
Pass
|
A Pass loan’s primary source of repayment is satisfactory, with secondary sources very likely to be realized if necessary.
|
Special Mention
|
A Special Mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or the Company’s credit position at some future date. Special Mention loans are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification.
|
Substandard
|
A Substandard loan is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.
|
Doubtful
|
A loan classified Doubtful has all the weaknesses inherent in one classified Substandard with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.
|
Loss
|
A loan classified Loss is considered uncollectible and of such little value that continuance as a bankable asset is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future.
|
As of September 30, 2012
|
||||||||||||||||||||
Special
|
||||||||||||||||||||
Internal Risk Rating Grades
|
Pass
|
Mention
|
Substandard
|
Doubtful
|
Loss
|
|||||||||||||||
Commercial – Non Real Estate
|
||||||||||||||||||||
Commercial & Industrial
|
$ | 44,555,297 | $ | 3,362,615 | $ | 5,059,358 | $ | 930,942 | $ | --- | ||||||||||
Commercial Real Estate
|
||||||||||||||||||||
Commercial Real estate
|
96,126,708 | 5,276,688 | 11,016,882 | --- | --- | |||||||||||||||
Multifamily
|
12,063,531 | --- | 1,006,129 | --- | --- | |||||||||||||||
Construction and Land Development
|
||||||||||||||||||||
Residential
|
5,985,210 | 1,343,488 | --- | --- | --- | |||||||||||||||
Other Construction and Land Development
|
32,637,799 | 2,317,124 | 2,611,906 | --- | --- | |||||||||||||||
Consumer – Non Real Estate
|
||||||||||||||||||||
Automobile
|
25,527,195 | --- | 43,305 | --- | --- | |||||||||||||||
Other
|
7,075,330 | 133,400 | 1,250 | 165,981 | --- | |||||||||||||||
Residential
|
||||||||||||||||||||
Single Family
|
118,677,209 | 3,390,382 | 11,418,409 | --- | --- | |||||||||||||||
Equity Lines and Loans
|
45,084,664 | 353,010 | 1,888,243 | --- | --- | |||||||||||||||
Totals
|
$ | 387,732,943 | $ | 16,176,707 | $ | 33,045,482 | $ | 1,096,923 | $ | --- |
As of March 31, 2012
|
||||||||||||||||||||
Special
|
||||||||||||||||||||
Internal Risk Rating Grades
|
Pass
|
Mention
|
Substandard
|
Doubtful
|
Loss
|
|||||||||||||||
Commercial – Non Real Estate
|
||||||||||||||||||||
Commercial & Industrial
|
$ | 38,349,018 | $ | 4,202,456 | $ | 5,086,240 | $ | 981,094 | $ | --- | ||||||||||
Commercial Real Estate
|
||||||||||||||||||||
Commercial Real estate
|
99,482,793 | 10,758,946 | 11,824,719 | --- | --- | |||||||||||||||
Multifamily
|
14,473,405 | --- | 1,022,880 | --- | --- | |||||||||||||||
Construction and Land Development
|
||||||||||||||||||||
Residential
|
5,374,826 | 2,560,717 | 803,479 | --- | --- | |||||||||||||||
Other Construction and Land Development
|
32,578,704 | 5,751,445 | 3,044,524 | --- | --- | |||||||||||||||
Consumer – Non Real Estate
|
||||||||||||||||||||
Automobile
|
27,268,619 | 59,157 | 63,098 | --- | --- | |||||||||||||||
Other
|
6,767,017 | 190,903 | 8,548 | 226,482 | --- | |||||||||||||||
Residential
|
||||||||||||||||||||
Single Family
|
116,061,654 | 8,138,858 | 11,548,057 | --- | --- | |||||||||||||||
Equity Lines and Loans
|
44,311,595 | 973,496 | 1,397,005 | --- | --- | |||||||||||||||
Totals
|
$ | 384,667,631 | $ | 32,635,978 | $ | 34,798,550 | $ | 1,207,576 | $ | --- |
September 30, 2012
|
March 31, 2012
|
|||||||
Balance at the beginning of period, gross
|
$ | 11,762,376 | $ | 11,609,766 | ||||
Transfers from loans
|
969,780 | 11,128,085 | ||||||
Capitalized costs
|
70,990 | 185,516 | ||||||
Sales proceeds
|
(4,987,950 | ) | (8,998,552 | ) | ||||
(Loss) on disposition
|
(1,403,471 | ) | (2,162,439 | ) | ||||
Balance at the end of period, gross
|
6,411,725 | 11,762,376 | ||||||
Less valuation allowance
|
(1,363,555 | ) | (2,502,944 | ) | ||||
Balance at the end of period, net
|
$ | 5,048,170 | $ | 9,259,432 |
Item 2.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
|
AND RESULTS OF OPERATIONS.
|
Actual
Capital Levels
|
Minimum Required
Capital Levels
|
Minimum Required
Capital Levels
Under the IMCR
|
Minimum Capital
Levels to be
Deemed
Well-Capitalized
|
|||||||||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||
Leverage Capital
1
|
$ | 51,895 | 10.60 | % | $ | 19,581 | 4.0 | % | $ | 41,609 | 8.5 | % | $ | 24,476 | 5.0 | % | ||||||||||||||||
Tier 1 Risk-Based Capital
2
|
$ | 51,895 | 12.80 | % | N/A | N/A | N/A | N/A | $ | 24,328 | 6.0 | % | ||||||||||||||||||||
Total Risk-Based Capital
3
|
$ | 56,982 | 14.05 | % | $ | 32,437 | 8.0 | % | $ | 50,683 | 12.5 | % | $ | 40,546 | 10.0 | % |
|
·
|
the strength of the United States economy in general and the strength of the local economies in which we conduct our operations, and general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in the credit quality of our loans and other assets and a reduction in the value of the collateral securing our loans;
|
|
·
|
the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board;
|
|
·
|
financial market, monetary and interest rate fluctuations, particularly the relative relationship of short-term interest rates to long-term interest rates;
|
|
·
|
the accuracy of our estimates in evaluating our allowance for loan losses or determining the fair value of our securities;
|
|
·
|
the credit risks of lending activities, including changes in the level and trend of loan delinquencies and charge-offs;
|
|
·
|
fluctuations in the demand for loans, the number of unsold homes and other properties and fluctuations in real estate values in our market areas;
|
|
·
|
results of examinations by the OCC or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to enter into a formal enforcement action or to increase our allowance for loan losses, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits, which could adversely affect our liquidity and earnings;
|
|
·
|
our ability to attract and retain deposits;
|
|
·
|
further increases in premiums for deposit insurance;
|
|
·
|
our ability to control operating costs and expenses;
|
|
·
|
the uncertainties arising from our participation in the Treasury Department’s TARP program including scheduled dividend rate increases on and future redemption of our TARP preferred stock;
|
|
·
|
the timely development of and acceptance of new products and services of Community Bank, and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors' products and services;
|
|
·
|
changes in financial services laws and regulations (including laws concerning taxes, accounting standards, banking, securities and insurance) may adversely affect the business in which we are engaged;
|
|
·
|
the impact of technological changes;
|
|
·
|
increased competitive pressures among financial services companies;
|
|
·
|
adverse changes in the securities markets;
|
|
·
|
changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies, the Public Company Accounting Oversight Board or the Financial Accounting Standards Board;
|
|
·
|
changes in consumer spending and saving habits; and
|
|
·
|
our success at managing the risks involved in the foregoing.
|
Exhibit Number
|
Document
|
|
2.1
|
Agreement and Plan of Merger, dated as of August 2, 2012, by and among Community Financial Corporation, Community Bank, City Holding Company and City National Bank of West Virginia, filed on August 3, 2012, as Exhibit 2.1 to the Registrant’s Current Report on Form 8-K (SEC File No. 000-18265), is incorporated herein by reference.
|
|
3.1
|
Amended and Restated Articles of Incorporation, filed on July 5, 1996 as an exhibit to the Registrant’s Definitive Proxy Statement on Schedule 14A (SEC File No. 000-18265), are incorporated herein by reference.
|
|
3.2
|
Certificate of Amendment and Articles of Amendment for the Series A Preferred Stock, filed on December 22, 2008, as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (SEC File No. 000-18265), is incorporated herein by reference.
|
|
3.3
|
Bylaws, as amended and restated, filed on December 20, 2007 as Exhibit 3.2 to the Registrant’s Current Report on Form 8-K (SEC File No. 000-18265), is incorporated herein by reference.
|
|
4.1
|
Registrant’s Specimen Common Stock Certificate, filed on June 29, 1999 as Exhibit 4 to the Annual Report on Form 10-KSB (SEC File No. 000-18265) for the fiscal year ended March 31, 1999, is incorporated herein by reference.
|
|
4.2
|
Registrant’s Form of Certificate for the Series A Preferred Stock, filed on December 22, 2008, as Exhibit 4.1 to the Registrant’s Current Report on Form 8-K (SEC File No. 000-18265), is incorporated herein by reference.
|
|
4.3
|
Registrant’s Form of Warrant for Purchase of Shares of Common Stock, filed on December 22, 2008, as Exhibit 4.2 to the Registrant’s Current Report on Form 8-K (SEC File No. 000-18265), is incorporated herein by reference.
|
|
10.1
|
Registrant’s 1996 Incentive Plan, filed on July 5, 1996 as an exhibit to the Registrant’s Definitive Proxy Statement on Schedule 14A (SEC File No. 000-18265), is incorporated herein by reference.
|
|
10.2
|
Form of Change in Control Agreement by and between Community Financial Corporation and each of R. Jerry Giles and Benny N. Werner, filed on May 5, 2006 as Exhibit 99.5 to the Registrant’s Current Report on Form 8-K (SEC File No. 000-18265), is incorporated herein by reference.
|
|
10.3
|
Retirement Agreements by and between Community Bank and Non-Employee Directors filed on June 29, 2004 as an exhibit to the Registrant’s Annual Report on Form 10-KSB (SEC File No. 000-18265) for the fiscal year ended March 31, 2004, and incorporated here by reference.
|
|
10.4
|
Form of First Amendment to the Retirement Agreements by and between Community Bank and Non-Employee Directors, filed on June 29, 2005 as an exhibit to the Registrant’s Annual Report on Form 10-K (SEC File No. 000-18265) for the fiscal year ended March 31, 2005, is incorporated here by reference.
|
|
10.5
|
Salary Continuation Agreements by and between Community Bank and Officers Giles, Smiley and Werner filed on June 29, 2004 as an exhibit to the Registrant’s Annual Report on Form 10-KSB (SEC File No. 000-18265) for the fiscal year ended March 31, 2004, and incorporated herein by reference.
|
|
10.6
|
Form of Director Deferred Fee Agreement, as amended, filed on June 29, 2005 as an exhibit to the Registrant’s Annual Report on Form 10-K (SEC File No. 000-18265) for the fiscal year ended March 31, 2005, is incorporated herein by reference.
|
10.7
|
Registrant’s 2003 Stock Option and Incentive Plan, filed on December 27, 2003 as an exhibit to the Registrant’s Definitive Proxy Statement on Schedule 14A (SEC File No. 000-18265), is incorporated herein by reference.
|
|
10.8
|
Form of Incentive Stock Option Agreement and Non-Qualified Stock Option Agreement for Registrant’s 2003 Stock Option and Incentive Plan, filed on August 12, 2005 as an exhibit to the Registrant’s Quarterly Report on Form 10-Q (SEC File No. 000-18265) for the quarter ended June 30, 2005, are incorporated herein by reference.
|
|
10.9
|
Employment Agreement by and between Community Bank and Norman C. Smiley, III, filed on June 16, 2008 as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (SEC File No. 000-18265), is incorporated herein by reference.
|
|
10.10
|
Change in Control Agreement by and between Community Financial Corporation and Norman C. Smiley, III, filed on June 16, 2008 as an exhibit to the Registrant’s Current Report on Form 8-K (SEC File No. 000-18265), is incorporated herein by reference.
|
|
10.11
|
Form of Change in Control Agreement by and between Community Financial Corporation and Lyle Moffett, filed on July 1, 2008 as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (SEC File No. 000-18265), is incorporated herein by reference.
|
|
10.12
|
Form of Change in Control Agreement by and between Community Financial Corporation and John Howerton, filed on November 14, 2008 as an exhibit to the Registrant’s Report on Form 10-Q (SEC File No. 000-18265), is incorporated herein by reference.
|
|
10.13
|
Letter Agreement, including Schedule A, and Securities Purchase Agreement, dated December 19, 2008, between Community Financial Corporation and United States Department of the Treasury, with respect to the issuance and sale of the Series A Preferred Stock and Warrant, filed on December 22, 2008, as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (SEC File No. 000-18265), is incorporated herein by reference.
|
|
10.14
|
Form of Compensation Modification Agreement and Waiver, executed by Norman C. Smiley, III, filed on December 22, 2008, as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (SEC File No. 000-18265), is incorporated herein by reference.
|
COMMUNITY FINANCIAL CORPORATION
|
||
Date: November 13, 2012
|
By:
|
/s/ R. Jerry Giles
|
R. Jerry Giles
Chief Financial Officer
(Duly Authorized Officer)
|
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