The Community Financial Corporation announces its authorization
WALDORF, MD, December 9, 2021 (GLOBE NEWSWIRE) – The Community Financial Corporation (NASDAQ: TCFC) (the âCompanyâ), the holding company of the Community Bank of the Chesapeake (the âBankâ), has reported that the The Board of Directors of the Company has authorized the Company to continue to purchase ordinary shares of the Company under the share purchase plan initially authorized by the Board on October 20, 2020. After the decision of the Board of today, the Company will be able to repurchase the remaining 99,450 shares under the 2020 Share Buy-Back Plan using up to $ 4.0 million in total.
âWe continue to focus on improving overall shareholder value through the execution of sound capital management strategies,â commented William J. Pasenelli, CEO of the Company and the Bank. âOriginally, as part of the 2020 share repurchase plan, the board of directors authorized the company to repurchase up to 300,000 common shares of the company using up to $ 7 million from the proceeds from the subordinated debt offering that we completed in August 2020. As previously reported, in In August of this year, we completed the repurchase of 200,550 shares using this allocation of $ 7 million. We are very pleased to be able to continue with the repurchase of shares under the 2020 repurchase plan. While this authorization allows the Company to continue to execute the initial plan, the overall ability of the Company to repurchase shares. shares will be limited to $ 4 million in total and $ 1.5 million in total on a quarterly basis. As we did when announcing previous share buybacks, the Board believes that it is prudent for the Company to buy back shares as part of its buyback program, particularly in an environment in which we believe that the Company’s shares remain undervalued.
Repurchases may be made from time to time in the open market, during privately traded share purchases, or in accordance with any trading plan that may be adopted in accordance with Securities and Exchange Commission rule 10b5-1 and the laws. applicable federal securities. The share repurchase plan does not oblige the Company to acquire any particular amount of ordinary shares, and it may be amended or suspended at any time at the discretion of the Company. The Company’s buyback program will end on September 30, 2022 if all the shares authorized for buyback have not been purchased by that date.
About the Community Financial Corporation – Based in Waldorf, Md., Community Financial Corporation is the banking holding company for Community Bank of the Chesapeake, a full-service commercial bank with assets of approximately $ 2.3 billion. Through its branches and commercial lending centers, the Community Bank of the Chesapeake offers a wide range of financial products and services to individuals and businesses. The Company’s branches are located in its main office in Waldorf, Maryland, and its branches in Bryans Road, Dunkirk, Leonardtown, La Plata, Charlotte Hall, Prince Frederick, Lusby and California, Maryland; and downtown Fredericksburg, Virginia. You can find more information about the Community Bank of the Chesapeake at www.cbtc.com.
Forward-looking statements – This press release contains forward-looking statements within the meaning of 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 fly”, “should”, “should”, “Could” or “could”. “Statements in this press release that are not strictly historical are forward-looking and are based on current expectations which may differ materially from actual results. These forward-looking statements include, without limitation, those relating to the future growth of the Company and of the Bank and the outlook or expectations of management in terms of income, assets, asset quality, profitability, business prospects, net interest margin, non-interest income, provision for loan losses, the level of credit losses resulting from loans, liquidity levels, capital levels or other strategies or expectations of future financial or business performance, and any statement of management’s plans and objectives for the products or future operating services, including expected benefits from, and / or the execution of integration plans relating to any acquisitions that we have undertaken or that no we will undertake in the future; plans and cost savings for branch closures or consolidation; projections related to certain financial measures; the expected benefits of the programs we are introducing, including residential mortgage programs and retail and commercial credit card programs; and any statement of expectation or belief, and any assumption underlying the foregoing. These forward-looking statements express management’s current expectations or forecasts regarding future events, results and conditions and, by their nature, are subject to and involve risks and uncertainties that could cause actual results to differ. substantially from those anticipated by the statements made here. Factors that could cause actual results to differ materially from those shown in these statements include, but are not limited to: risks, uncertainties and other factors relating to the COVID-19 pandemic (including the length of time as the pandemic continues, the ability of states and local governments to successfully implement the lifting of movement restrictions and the potential imposition of further movement and travel restrictions 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 corrective measures 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 financial benefits expected from any acquisitions we have undertaken or may undertake in the future; may or may not be completed on schedule; changes in the strategy of the Company or the Bank, costs or difficulties related to integration issues could be greater than expected; the availability and costs associated with securing adequate and timely sources of liquidity; the ability to maintain credit quality; general economic trends; changes in interest rates; loss of deposits and request for loans from other financial institutions; substantial changes in financial markets; changes in real estate value and the real estate market; regulatory changes; the impact of government closures or sequestration; the possibility of unforeseen events affecting the industry in general; uncertainties associated with newly developed or acquired operations; the outcome of pending or imminent litigation, or matters referred to regulatory authorities, whether they currently exist or begin in the future; market disruptions and other effects of terrorist activities; and the matters described in âPoint 1A Risk Factorsâ 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 which the Company may discuss elsewhere in this press release or in its documents filed with the SEC, available on the SEC’s website at the address www.sec.gov. The Company assumes no obligation to update these forward-looking statements to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unforeseen events, except as required by SEC rules and regulations.
William J. Pasenelli, President and CEO
James M. Burke, President