The Community Financial Corporation (TCFC) has reported 32.33 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $2.02 million, or $0.44 a share in the quarter, compared with $1.53 million, or $0.33 a share for the same period last year.

Revenue during the quarter grew 8.07 percent to $10.69 million from $9.90 million in the previous year period. Net interest income for the quarter rose 12.03 percent over the prior year period to $10.47 million. Non-interest income for the quarter fell 1.98 percent over the last year period to $0.89 million.

The Community Financial Corporation has made provision of $0.67 million for loan losses during the quarter, up 85.08 percent from $0.36 million in the same period last year.

Net interest margin contracted 16 basis points to 3.45 percent in the quarter from 3.61 percent in the last year period. Efficiency ratio for the quarter improved to 64.38 percent from 73.67 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.

William J. Pasenelli, chief executive officer and vice-chairman of the Board, stated, "During 2016 we made substantial progress increasing operating leverage. Earnings increased due to significant loan growth and controlled noninterest expense. Net interest income increased $3.4 million or 9.2%, compared to noninterest expense growth of $741,000 or 2.6%. This was accomplished in a declining interest rate environment for most of 2016. Our 2016 loan growth of $170.3 million or 18.7% to $1,079.5 million, should position the Company to further increase operating leverage during 2017."

Deposits stood at $1,038.82 million as on Dec. 31, 2016, up 14.55 percent compared with $906.90 million on Dec. 31, 2015.

Noninterest-bearing deposit liabilities were $144.88 million or 13.95 percent of total deposits on Dec. 31, 2016, compared with $142.77 million or 15.74 percent of total deposits on Dec. 31, 2015.

Investments stood at $162.28 million as on Dec. 31, 2016, up 12.28 percent or $17.74 million from year-ago. Shareholders equity was at $104.43 million as on Dec. 31, 2016.

Return on average assets moved up 7 basis points to 0.62 percent in the quarter from 0.55 percent in the last year period. At the same time, return on average equity increased 162 basis points to 7.68 percent in the quarter from 6.06 percent in the last year period.

Average equity to average assets ratio was 8.11 percent for the quarter, down from 9.02 percent for the previous year quarter. Book value per share was $22.54 for the quarter, up 4.93 percent or $1.06 compared to $21.48 for the same period last year.