WALDORF, MD – Community Financial Corp. reported a first quarter profit that beat analyst expectations, according to a filing with the Securities and Exchange Commission.
Community Financial, the holding company for Community Bank of the Chesapeake, reported a net income of $2.3 million. The earnings per diluted share were at 51 cents. This was a 45.6 percent increase from the net income of $1.6 million, or 35 cents per diluted share, reported this time last year.
These numbers beat Wall Street analysts’ average estimates of 44 cents per diluted share.
The increase in net income was the result of increased net interest income of $201,000, a lower provision for loan losses of $290,000 partially offset by small variances in non-interest expense and non-interest income and higher income tax expense due to higher pretax earnings.
“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,” said Chief Executive Officer William Pasenelli in a statement.
Community Financial’s returns on average assets and common stockholder’s equity were 0.7 percent and 8.78 percent, respectively, compared to 0.62 percent and 7.68 percent reported in 2016.
The company posted revenue of $13.8 million for the period, with an adjusted revenue of $11.5 million.
This was Community Financial’s sixth consecutive quarter of earnings growth.
On Friday, The Community Financial stock closed at $35.75 per share, down 70 cents, or 1.92 percent.
This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism