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Community Bank of the Chesapeake has appointed Warren Rice as Senior Vice President, Commercial Loan Officer for Calvert County. With over 30 years of experience in commercial lending, Rice aims to strengthen banking relationships and expand business lending opportunities. Previously, he held senior roles at Maryland Partners Bank and PNC Bank. The bank, headquartered in Waldorf, Maryland, has assets exceeding $1.7 billion and operates 12 banking centers and four commercial lending centers.
The Community Financial Corporation (NASDAQ: TCFC) has declared a quarterly cash dividend of $0.125 per share, set to be paid on or about July 21, 2020. Stockholders of record as of the close of business on July 7, 2020 will be eligible for this dividend. The company serves as the bank holding entity for Community Bank of the Chesapeake, operating various branches in Maryland and Virginia.
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Community Bank of the Chesapeake has pledged $20,000 to support local organizations through their Annual Casual for a Cause program. This initiative allows employees to dress casually in exchange for donations, which will aid various community groups that provide food, shelter, and care. President Jimmy Burke expressed gratitude for the organizations' efforts during these challenging times and emphasized the importance of community support. The bank, with assets over $1.7 billion, continues to serve its clients through multiple banking centers.
The Community Financial Corporation (NASDAQ: TCFC) reported Q1 2020 net income of $2.7 million, a 32.6% decrease from Q4 2019. Diluted earnings per share fell to $0.47 from $0.73. The return on average assets (ROAA) and return on average common equity (ROACE) dropped to 0.61% and 6.00%, respectively. A significant provision for loan losses of $4.1 million was recorded, reflecting the impact of COVID-19. The Bank's net interest income rose 4.7% to $14.4 million despite a decline in loan yields. The allowance for loan losses increased by 37.6% to $15.1 million as credit quality concerns mounted.