The Community Financial Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2013
For the year, the company reported interest and dividend income of $39,678,000 against $40,293,000 a year ago. Net interest income was $32,032,000 against $29,689,000 a year ago. Decreases in yields on loans and investments were partially offset by the growth in the average balance of loans. Net income was $6,651,000 against $4,990,000 a year ago. Net income available to common shareholders was $6,451,000 against $4,790,000 a year ago. The increase was attributable to increased net interest income and decreased provision for loan losses partially offset by decreased noninterest income and increased noninterest expense and income tax expense. Return on average assets was 0.69% against 0.52% a year ago. Return on average common equity was 9.38% against 8.29% a year ago. Return on average equity was 7.49% against 6.42% a year ago. Diluted net income per common share was $1.88 against $1.57 a year ago.
Net charge-offs decreased $614,000 from $855,000 for the three months ended December 31, 2012 to $241,000 for the three months ended December 31, 2013.