WALDORF, Md., Oct. 20, 2020 (GLOBE NEWSWIRE) — The Neighborhood Monetary Company (NASDAQ: TCFC) (the “Firm”), the holding firm for Neighborhood Financial institution of the Chesapeake (the “Financial institution”), reported that the Firm’s Board of Administrators has accepted an enlargement to its current inventory buy plan. Earlier than in the present day’s Board motion, the Firm had authorization to repurchase as much as 184,863 shares of the Firm’s widespread inventory pursuant the inventory repurchase plan beforehand adopted by the Board on Might four, 2015. After in the present day’s Board motion, the Firm might repurchase as much as 300,000 of the Firm’s excellent shares of widespread inventory utilizing as much as $7.zero million of the proceeds the Firm raised in its not too long ago accomplished $20.zero million subordinated debt providing.
“We stay dedicated to enhancing general stockholder worth,” commented William J. Pasenelli, President and Chief Govt Officer. “Whereas the brand new inventory repurchase plan will increase the Firm’s general capability to purchase again shares as much as 300,000 shares, we presently anticipate to restrict the capital spent on repurchases in the course of the fourth quarter of 2020 and the primary quarter of 2021 to $300,000 per quarter, for an combination of $600,000, whereas we monitor the affect of the pandemic on asset high quality. However, the Board believes that it’s prudent to reinforce the Firm’s capability to repurchase shares of inventory underneath its repurchase program, significantly in an atmosphere during which we consider the Firm’s inventory stays undervalued.”
Repurchases could also be made every so often within the open market, in privately negotiated inventory purchases or pursuant to any buying and selling plan which may be adopted in accordance with Rule 10b5-1 of the Securities and Change Fee and relevant federal securities legal guidelines. The share repurchase plan doesn’t obligate the Firm to amass any specific quantity of widespread inventory, and it could be modified or suspended at any time on the Firm’s discretion.
The Neighborhood Monetary Company Data
The Neighborhood Monetary Company is the financial institution holding firm for Neighborhood Financial institution of the Chesapeake, which conducts enterprise by way of its foremost workplace in Waldorf, Maryland, and department places of work in Bryans Street, California, Charlotte Corridor, Dunkirk, La Plata, Leonardtown, Lusby, Prince Frederick and Waldorf, Maryland and Fredericksburg, Virginia.
This information launch incorporates forward-looking statements inside the which means of the federal securities legal guidelines. Ahead-looking statements can typically be recognized by the truth that they don’t relate strictly to historic or present info. They usually embrace phrases like “consider,” “anticipate,” “anticipate,” “estimate” and “intend” or future or conditional verbs comparable to “will,” “would,” “ought to,” “might” or “might.” Statements on this launch that aren’t strictly historic are forward-looking and are based mostly upon present expectations which will differ materially from precise outcomes. These forward-looking statements embrace, with out limitation, these regarding the Firm’s and Neighborhood Financial institution of the Chesapeake’s future development and administration’s outlook or expectations for income, belongings, asset high quality, profitability, enterprise prospects, web curiosity margin, non-interest income, allowance for mortgage losses, the extent of credit score losses from lending, liquidity ranges, capital ranges, or different future monetary or enterprise efficiency methods or expectations, and any statements of the plans and aims of administration for future operations services or products, together with the anticipated advantages from, and/or the execution of integration plans regarding any acquisition we have now endeavor or that we undertake sooner or later; plans and price financial savings relating to department closings or consolidation; any assertion of expectation or perception; projections associated to sure monetary metrics; and any assertion of assumptions underlying the foregoing. These forward-looking statements categorical administration’s present expectations or forecasts of future occasions, outcomes and circumstances, and by their nature are topic to and contain dangers and uncertainties that might trigger precise outcomes to vary materially from these anticipated by the statements made herein. Elements which may trigger precise outcomes to vary materially from these made in such statements embrace, however usually are not restricted to: dangers, uncertainties and different components regarding the COVID-19 pandemic (together with the size of time that the pandemic continues, the flexibility of states and native governments to efficiently implement the lifting of restrictions on motion and the potential imposition of additional restrictions on motion and journey sooner or later, the impact of the pandemic on the final financial system and on the companies of our debtors and their capability to make funds on their obligations; the remedial actions and stimulus measures adopted by federal, state and native governments, and the shortcoming of workers to work resulting from sickness, quarantine, or authorities mandates); the synergies and different anticipated monetary advantages from some other acquisition that we undertake; will not be realized inside the anticipated time frames; adjustments in The Neighborhood Monetary Company or Neighborhood Financial institution of the Chesapeake’s technique, prices or difficulties associated to integration issues may be larger than anticipated; availability of and prices related to acquiring sufficient and well timed sources of liquidity; the flexibility to keep up credit score high quality; normal financial traits; adjustments in rates of interest; lack of deposits and mortgage demand to different monetary establishments; substantial adjustments in monetary markets; adjustments in actual property worth and the true property market; regulatory adjustments; the affect of presidency shutdowns or sequestration; the opportunity of unexpected occasions affecting the trade typically; the uncertainties related to newly developed or acquired operations; the result of litigation which will come up; market disruptions and different results of terrorist actions; and the issues described in “Merchandise 1A Danger Elements” within the Firm’s Annual Report on Kind 10-Okay for the 12 months Ended December 31, 2019, and in its different Reviews filed with the Securities and Change Fee (the “SEC”). The Firm’s forward-looking statements might also be topic to different dangers and uncertainties, together with people who it could talk about elsewhere on this information launch or in its filings with the SEC, accessible on the SEC’s Site at www.sec.gov. The Firm undertakes no obligation to replace these forward-looking statements to replicate occasions or circumstances after the date hereof or to replicate the prevalence of unexpected occasions, besides as required underneath the foundations and rules of the SEC.
President and Chief Govt Officer