The Community Financial Corporation Announces Authorization To Continue Share Repurchases Under 2020 Stock Purchase Program
09 Diciembre 2021 - 3:08PM
The Community Financial Corporation (NASDAQ: TCFC) (the “Company”),
the holding company for Community Bank of the Chesapeake (the
“Bank”), reported that the Company’s Board of Directors has
authorized the Company to continue purchasing shares of the
Company’s common stock under the stock purchase plan originally
authorized by the Board on October 20, 2020. After today’s Board
action, the Company may repurchase the 99,450 shares remaining
under the October 2020 stock repurchase plan using up to $4.0
million in the aggregate.
“We continue to focus on enhancing overall
stockholder value through the execution of sound capital management
strategies,” commented William J. Pasenelli, Chief Executive
Officer of the Company and the Bank. “Originally, under the 2020
stock repurchase plan, the Board authorized the Company to
repurchase up to 300,000 shares of the Company’s common stock using
up to $7 million of proceeds raised in the subordinated debt
offering we completed in August 2020. As previously disclosed, in
August of this year, we completed the repurchase of 200,550 shares
using this $7 million allocation. We are very pleased to be in a
position to continue the repurchase of shares under the 2020
repurchase plan. While this authorization allows the Company to
continue to execute on the original plan, the Company’s overall
ability to buy back shares will be limited to $4 million in the
aggregate and $1.5 million in the aggregate on a quarterly basis.
As we did when announcing prior share repurchases, the Board
believes that it is prudent for the Company to repurchase shares of
stock under its repurchase program, particularly in an environment
in which we believe the Company’s stock remains undervalued.”
Repurchases may be made from time to time in the
open market, in privately negotiated stock purchases or pursuant to
any trading plan that may be adopted in accordance with Rule 10b5-1
of the Securities and Exchange Commission and applicable federal
securities laws. The stock repurchase plan does not obligate the
Company to acquire any particular amount of common stock, and it
may be modified or suspended at any time at the Company’s
discretion. The Company’s repurchase program will terminate on
September 30, 2022 if not all shares authorized for repurchase have
been purchased by that date.
About The Community Financial
Corporation - Headquartered in Waldorf, MD, The
Community Financial Corporation is the bank holding company for
Community Bank of the Chesapeake, a full-service commercial bank
with assets of approximately $2.3 billion. Through its branch
offices and commercial lending centers, Community Bank of the
Chesapeake offers a broad range of financial products and services
to individuals and businesses. The Company’s branches are located
at its main office in Waldorf, Maryland, and branch offices in
Bryans Road, Dunkirk, Leonardtown, La Plata, Charlotte Hall, Prince
Frederick, Lusby and California, Maryland; and downtown
Fredericksburg, Virginia. More information about Community Bank of
the Chesapeake can be found at www.cbtc.com.
Forward-looking Statements
- This news release contains forward-looking statements
within the meaning of the 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,” “would,”
“should,” “could” or “may.” Statements in this release that are not
strictly historical are forward-looking and are based upon current
expectations that may differ materially from actual results. These
forward-looking statements include, without limitation, those
relating to the Company’s and the Bank’s future growth and
management’s outlook or expectations for revenue, assets, asset
quality, profitability, business prospects, net interest margin,
non-interest revenue, allowance for loan losses, the level of
credit losses from lending, liquidity levels, capital levels, or
other future financial or business performance strategies or
expectations, and any statements of the plans and objectives of
management for future operations products or services, including
the expected benefits from, and/or the execution of integration
plans relating to any acquisition we have undertaking or that we
undertake in the future; plans and cost savings regarding branch
closings or consolidation; projections related to certain financial
metrics; expected benefits of programs we introduce, including
residential mortgage programs and retail and commercial credit card
programs; and any statement of expectation or belief, and any
assumptions underlying the foregoing. These forward-looking
statements express management’s current expectations or forecasts
of future events, results and conditions, and by their nature are
subject to and involve risks and uncertainties that could cause
actual results to differ materially from those anticipated by the
statements made herein. Factors that might cause actual results to
differ materially from those made in such statements include, but
are not limited to: risks, uncertainties and other factors relating
to the COVID-19 pandemic (including the length of time that the
pandemic continues, the ability of states and local governments to
successfully implement the lifting of restrictions on movement and
the potential imposition of further restrictions on movement and
travel 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 remedial actions 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 expected financial
benefits from any acquisition that we have undertaken or may
undertake in the future; may or may not be realized within the
expected time frames; changes in the Company's or the Bank's
strategy, costs or difficulties related to integration matters
might be greater than expected; availability of and costs
associated with obtaining adequate and timely sources of liquidity;
the ability to maintain credit quality; general economic trends;
changes in interest rates; loss of deposits and loan demand to
other financial institutions; substantial changes in financial
markets; changes in real estate value and the real estate market;
regulatory changes; the impact of government shutdowns or
sequestration; the possibility of unforeseen events affecting the
industry generally; the uncertainties associated with newly
developed or acquired operations; the outcome of pending or
threatened litigation, or of matters before regulatory agencies,
whether currently existing or commencing in the future; market
disruptions and other effects of terrorist activities; and the
matters described in “Item 1A Risk Factors” 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 that it
may discuss elsewhere in this news release or in its filings with
the SEC, accessible on the SEC’s Web site at www.sec.gov. The
Company undertakes no obligation to update these forward-looking
statements to reflect events or circumstances after the date hereof
or to reflect the occurrence of unforeseen events, except as
required under the rules and regulations of the SEC.
CONTACTS:
William J. Pasenelli, Chief Executive Officer James M.
Burke, President 888.745.2265
Community Financial (NASDAQ:TCFC)
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