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Glen Ellyn, Illinois Contact: Scott W. Hamer
April 30, 2008 President/CEO
Company Release 630-545-0900
COMMUNITY FINANCIAL SHARES, INC.
ANNOUNCES FIRST QUARTER 2008 OPERATING RESULTS
Community Financial Shares, Inc. (OTCBB: CFIS) (the "Company"), the
holding company for Community Bank-Wheaton/Glen Ellyn (the "Bank"), reported net
income (unaudited) for the three months ended March 31, 2008 of $81,000,
compared to $894,000 for the comparable prior year period. For the three months
ended March 31, 2008, basic and diluted earnings per share both totaled $0.06.
This represents a decrease of 90.8% from $0.65 for both basic and diluted
earnings per share for the comparable prior year period. The decrease in net
income for the quarter ended March 31, 2008 is primarily the result of the net
effect of a $300,000 increase in non-interest expense, a $379,000 decrease in
noninterest income and a $281,000 increase in interest expense, partially offset
by a credit for income tax of $53,000 as opposed to a $163,000 expense for the
comparable prior year period.
Total assets at March 31, 2008 were $300.5 million, which represents an
increase of $2.2 million, or 0.7%, compared to $298.3 million at December 31,
2007. The increase in total assets was the result of an increase in cash and
cash equivalents of $4.6 million to $12.4 million at March 31, 2008 from $7.8
million from December 31, 2007, an increase in loans receivable of $2.2 million,
or 1.0%, to $229.9 million at March 31, 2008 from $227.7 million at December 31,
2007, and an increase in premises and equipment, of $479,000, or 2.9%, to $17.0
million at March 31, 2008 from $16.5 million at December 31, 2007. The increase
in cash and cash equivalents is partially due to $6.1 million in investment
securities being called during the first quarter of 2008. The increase in loans
is primarily due to growth in home equity lines of credit which increased $5.4
million to $53.2 million at March 31, 2008 from $47.8 million at December 31,
2007, the effect of which was partially offset by a decrease in commercial real
estate loans of $1.3 million during the three months ended March 31, 2008. In
addition, $6.6 million of commercial real estate loans were sold in March 2008.
These sales were completed partially to reduce the Bank's exposure to the
condominium development market. The overall growth in loans during the first
quarter of 2008 is primarily due to continued strong relationships within our
community maintained by our loan staff. The increase in premises and equipment
is primarily due to the Company's final construction costs associated with its
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fourth full-service location in north Wheaton, Illinois, which opened November
21, 2007. These increases were partially offset by a decrease in investment
securities of $5.2 million to $28.0 million at March 31, 2008 from $33.2 million
from December 31, 2007 primarily due to called securities as noted above.
Deposits increased $6.1 million, or 2.4%, to $255.1 million at March 31, 2008
from $249.0 million at December 31, 2007. Deposits increased primarily due to
our increased emphasis on obtaining deposit relationships with our current
commercial loan clients and to a lesser extent, the opening of the Bank's new
north Wheaton facility. Borrowed money, consisting of Federal Home Loan Bank
advances and other borrowings, decreased $3.5 million to $21.5 million at March
31, 2008 from $25.0 million at December 31, 2007.
Stockholders' equity decreased $242,000, or 1.3%, to $18.3 million at
March 31, 2008 from $18.5 million at December 31, 2007. The decrease in
stockholders' equity for the three months ended March 31, 2008 was primarily the
result of stock repurchases by the Company of 6,333 shares of its outstanding
common stock totaling $165,000, dividends paid of $75,000 and a decrease of
$92,000 in the Company's accumulated other comprehensive income relating to the
change in fair value of its available-for-sale investment portfolio. These
decreases were partially offset by the Company's net income for the three months
ended March 31, 2008. As of March 31, 2008 there were 1,244,667 shares of
Company common stock outstanding, resulting in a book value of $14.67 per share.
Net interest income before provision for loan losses decreased $319,000,
or 13.6%, to $2.0 million for the three months ended March 31, 2008 as compared
to $2.3 million for the prior year period. This decrease is primarily due to a
decrease in the average yield on interest-earning assets of 78 basis points to
6.15% for the three months ended March 31, 2008, from 6.93% for the prior year
period. The average cost of interest-bearing liabilities increased one basis
point to 3.38% for the three months ended March 31, 2008, from 3.37% for the
three months ended March 31, 2007. The net interest margin, expressed as a
percentage of average earning assets, decreased 87 basis points to 3.01% for the
three months ended March 31, 2008 from 3.88% for the three months ended March
31, 2007. The decreases in the federal funds interest rate, which have occurred
since September 2007, resulted in a decline of 99 basis points in average yield
on loans during the first quarter of 2008 due to approximately one-half of the
Bank's loan portfolio being adjustable rate. The average yield on loans totaled
6.45% for the three months ended March 31, 2008 compared to 7.44% for the prior
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year period. In addition, the Bank did not experience a similar decrease in
deposit interest rates in our local competitive market.
The provision for loan losses totaled $30,000 for the three months ended
March 31, 2008 and $0 for the prior year period. The increase in the provision
was the result of the Bank's loan growth during the first three months of 2008
as well as management's quarterly analysis of the allowance for loan loss. Loan
portfolio quality remained strong as nonperforming loans totaled $454,000, or
0.15% of total assets at March 31, 2008 and $168,000 or 0.06% of total assets at
March 31, 2007. The ratio of the allowance for loan losses to nonperforming
loans totaled 441.3% and 923.8% at March 31, 2008 and March 31, 2007,
respectively.
Noninterest income decreased $379,000, or 41.8%, to $528,000 for the three
months ended March 31, 2008 as compared to the comparable prior year period. The
decrease is primarily due to a decrease in life insurance benefit of $478,000,
which was partially offset by increases in mortgage origination income of
$64,000, gain on sale of securities of $42,000 and service charges on deposit
accounts of $9,000. The increase in mortgage origination income is due to a
greater emphasis placed on this area.
Noninterest expense increased $300,000, or 13.7%, to $2.5 million for the
three months ended March 31, 2008 as compared to the comparable prior year
period. This increase is primarily due to increases in compensation and benefits
of $89,000, building and equipment expense of $96,000 and data processing
expense of $44,000, which were partially offset by a decrease in advertising and
marketing of $30,000. The increase in compensation and benefits expense is the
result of annual merit increases and the addition of staff. The additional staff
expenses are primarily due to the new facility, which opened November 21, 2007.
The increase in building and equipment expense are due to higher real estate
taxes and snow removal expenses as well as a higher level of depreciation
expense directly related to our new north Wheaton facility.
On March 19, 2008, the Company's Board of Directors approved a $0.06 per
share dividend. The cash dividend will be paid on April 30, 2008 to shareholders
of record on April 16, 2008.
Community Financial Shares, Inc. is a bank holding company headquartered
in Glen Ellyn, Illinois with $300.5 million in assets at March 31, 2008. Its
primary subsidiary, Community Bank of Wheaton/Glen Ellyn, maintains four full
service offices in Glen Ellyn and Wheaton.
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For further information about the Company and the Bank visit them on the
world-wide-web at www.commbank-wge.com. In addition, information on the
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Company's stock can be found at www.otcbb.com under the symbol CFIS.
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Statements contained in this news release which are not historical facts,
are forward-looking statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are subject to
risk and uncertainties which could cause actual results to differ materially
from those currently anticipated due to a number of factors, which include, but
are not limited to, factors discussed in documents filed by the Company with the
Securities and Exchange Commission from time to time.
The Company does not undertake, and specifically disclaims any obligation,
to publicly release the result of any revisions which may be made to any
forward-looking statements to reflect events or circumstances after the date of
such statements or to reflect the occurrence of anticipated or unanticipated
events.
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<Table>
<Caption>
COMMUNITY FINANCIAL SHARES, INC.
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SELECTED CONSOLIDATED FINANCIAL DATA: (UNAUDITED) March 31, December 31,
(IN THOUSANDS) 2008 2007
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Total assets $300,515 $298,311
Loans receivable, net 229,929 227,736
Investment securities available-for-sale 28,036 33,163
Deposits 255,100 249,032
FHLB Advances 19,500 17,500
Stockholders' equity 18,263 18,505
Nonperforming assets 454 697
Nonperforming loans 454 697
Allowance for loan losses 2,002 1,970
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SELECTED RATIOS:
Total equity to total assets 6.08% 6.20%
Allowance for loan losses as a % of nonperforming assets 441.3% 282.7%
Allowance for loan losses as a % of loans, net 0.86% 0.86%
Book value per share $ 14.67 $ 14.85
Market value per share 25.00 25.60
Dividends per share (for the quarter ended) 0.06 0.06
</Table>
<Table>
<Caption>
Three months ended
March 31,
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SELECTED OPERATING DATA: (UNAUDITED) 2008 2007
(IN THOUSANDS, EXCEPT PER SHARE DATA) ------------------
Interest income $ 4,142 $ 4,180
Interest expense 2,118 1,837
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Net interest income 2,024 2,343
Provision for loan losses 30 -
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Net interest income after provision for loan losses 1,994 2,343
Noninterest income 528 907
Noninterest expense 2,494 2,194
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Income (loss) before income tax 28 1,056
Income tax expense (benefit) (53) 162
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Net income $ 81 $ 894
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Earnings per share - basic $ 0.06 $ 0.65
Earnings per share - diluted 0.06 0.65
SELECTED PERFORMANCE RATIOS:
Return on average assets (1) 0.11% 1.33%
Return on average equity (1) 1.76% 17.15%
Noninterest expense to average total assets (1) 3.33% 3.28%
Net interest margin (1) 3.01% 3.88%
Average total assets $300,121 $271,611
Average total equity 18,492 21,137
</Table>
(1) Annualized.