The Community Financial Corporation Reports a 39% Increase in Income Before Taxes for the Year Ended December 31, 2017
The Community Financial Corporation (TCFC)
US:NASDAQ Investor Relations:
cbtc.com/about/news-and-events/august-2017/the-community-financial-corporation-announces-it-w
Company Research
Source: GlobeNewswire
WALDORF, Md., Jan. 29, 2018 (GLOBE NEWSWIRE) -- The Community Financial Corporation (NASDAQ:TCFC) (the “Company”), the holding company for Community Bank of the Chesapeake (the “Bank”), reported its results of operations for the fourth quarter and year ended December 31, 2017. The Company reported a net loss for the fourth quarter of 2017 of $459,000 or a diluted loss per share of $0.10 compared to net income of $2.0 million or $0.44 per diluted share for the fourth quarter of 2016. The current quarter’s results included $2.7 million in additional income tax expense from the revaluation of deferred tax assets as a result of the reduction in the corporate income tax rate under the recently enacted Tax Cuts and Jobs Act and merger and acquisition costs of $230,000, net of tax. The combined impact of these items resulted in a reduction to quarterly earnings per share of approximately $0.64 per share. Net income for year ended December 31, 2017 was $7.2 million or $1.56 per diluted sha
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