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Thrift Supervision and the Federal Deposit Insurance Corporation. Deferred income tax assets and liabilities are determined using the balance sheet method. March 31, 2003, 2002 and 2001, respectively. As we enter our 75th year of operation we can look back at many changes that our industry has experienced. Your Board and Management are pleased with this improvement and we will strive to continue this favorable trend. Accounting for Stock Issued to Employees, and related Interpretations. Fair values for securities, excluding Federal Home Loan Bank stock, are based on quoted market prices or dealer quotes. The commitments for equity lines of credit may expire without being drawn upon.

There is much uncertainty in the economic environment as we begin this year and there will be many challenges on the horizon. Andersen is an orthopedic surgeon in private practice in Waynesboro, Virginia. We hope that you enjoy reading it. Management believes that the loan loss of money allowance is adequate. Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. The increase in deposit balances was due primarily to increases in demand deposits for the 2002 fiscal year. Blanket Floating Lien Agreement. Savings institutions must maintain specific capital standards that are no less stringent than the capital standards applicable to national banks. Board of Directors during the fiscal year ended March 31, 2003.

Effective January 1, 2002, the Corporation adopted Financial Accounting Standards Board Statement No. The Bank is a federally chartered thrift and the primary asset of the Corporation. We have seen the advent of passbook and statement savings, certificates of deposits, checking accounts, telephone banking and now internet banking. Management believes that the level of our loan loss of money allowance is adequate. Management generally works to maintain a neutral position regarding interest rate risk. The amendments to APB No. The carrying amounts of accrued interest approximate fair value. Community Financial Corp and its subsidiary, Community Bank, that we do. Essentially all letters of credit issued have expiration dates within one year. Interest income on mortgage loans is recorded when earned and is recognized based on the level yield method. Staunton and the surrounding community. The provisions of this Statement related to Statement 13 are effective for transactions occurring after May 15, 2002, with early application encouraged.

Cooke has been a practicing dentist in Staunton, Virginia since 1965. Fairchilds has been the President of Allied Ready Mix in Waynesboro, Virginia since 1987. The allowance for loan losses is an estimate of the losses that may be sustained in our loan portfolio. An employee becomes eligible for participation after completion of one year of service. The Corporation is able to generate funds by selling loans and participations in loans to the Federal Home Loan Mortgage Corporation and other investors. The Corporation follows the policy of charging the costs of advertising to expense as incurred. This has truly been an extraordinary year for your Company. The contributions to the Plan are discretionary and are determined by the Board of Directors.

Based on our historical experience, management believes that a significant portion of such deposits will remain with us. Although management believes it uses the best information available, future adjustments to the allowance may be necessary. Provision for Loan Losses. Costs relating to the development and improvement of property are capitalized, whereas those relating to holding the property are charged to expense. Community Financial and Community Bank. Property and equipment is stated at cost less accumulated depreciation. Investment in Federal Home Loan Bank stock is stated at cost.

Community Financial, and Community First Mortgage Corporation, a wholly owned subsidiary of Community Bank. In October 2002, the Financial Accounting Standards Board issued Statement No. The increase in deposit balances was due primarily to increases in demand deposits for the current fiscal year. Community Bank as the context requires. Management believes the increase in demand deposits is primarily attributable to maintaining competitive rates. Includes federal funds sold, securities purchased under resale agreements and overnight deposits. Actual results could differ from those estimates. In the normal course of business, the Corporation has entered into employment agreements with certain officers of the Bank. Management reviews the adequacy of the allowance at least quarterly, utilizing its internal loan classification system.

In April 2002, the Financial Accounting Standards Board issued Statement 145, Rescission of FASB No. The Corporation originally adopted Statement No. Instruments and Hedging Activities on January 1, 2001. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. We monitor our loan loss of money allowance on a quarterly basis and make allocations as necessary. GAAP itself may change from one previously acceptable method to another method. Finally, this Statement amends APB Opinion No. Unlike most industrial companies, virtually all of the assets and liabilities of a financial institution are monetary in nature. Bank to maintain and improve its spread during the year. The most notable addition this year has been our internet banking product.

Virginia Beach, Virginia 23467 and 621 Nevan Road, Virginia Beach, Virginia 23451. Such rate lock commitments on mortgage loans to be sold in the secondary market are considered derivatives. Gains and losses on the sale of securities are determined using the specific identification method. Acquisitions of Certain Financial Institutions. We have compiled a brief history of the past 75 years of Community Bank, which is included as an insert to this report. March 31, 2003 were comprised primarily of residential construction properties delinquent 90 days or more. At March 31, 2003 and 2002, the carrying amounts of loan commitments and standby letters of credit approximated fair values. Corporation had applied the fair value recognition provisions of SFAS No. The amendments to Statement No. Community Financial acquired all of the issued and outstanding shares of common stock of Community Bank.

We announced last July that Community had contracted to purchase the Post Office Building directly across Frederick Street from our main office in Staunton. In addition, the Statement amends Statement No. He was also a Vice President with Valley Insurance Agency, Inc. Return on average equity was 10. There were no loans considered impaired as of March 31, 2003 or 2002. Summary of Accounting Policies to Consolidated Financial Statements. For advances that mature within one year of the balance sheet date, carrying value is considered a reasonable estimate of fair value. Management has taken action to counter this trend.

Secretary, Community Financial Corporation, 38 North Central Avenue, Staunton, Virginia 24401. Note 11 of the Notes to Consolidated Financial Statements contained in this Annual Report. Community Family members in various civic organizations, charitable endeavors and community activities. OTS to object to the distribution. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Hickok was elected Vice Chairman of the Board in October 1994 and secretary of Community Financial in October 1998. The Bank enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding. The principal asset of Community Financial is the outstanding stock of Community Bank, its wholly owned subsidiary.

Office of Thrift Supervision. March 31, 2003 compared to March 31, 2002. The liability should be measured at fair value. Expenditures for betterments and major renewals are capitalized and ordinary maintenance and repairs are charged to operations as incurred. We maintain an allowance for loan losses to provide for estimated potential losses in our loan portfolio. From January 1, 1997, to January 12, 2000, Mr. The remainder of this floor is currently leased and will be available for future expansion of the Bank. President of Bankers Insurance, LLC and is the Director of Marketing.

The Board limits have been established with consideration of the dollar impact of various rate changes and our strong capital position. He was appointed to the Board of Directors of Community Financial on April 26, 2000. Any unamortized net fees on loans fully repaid or sold are recognized as income in the year of repayment or sale. The adoption of Statement No. Commonwealth of Virginia from the State of Delaware. Lexington, Virginia, and has 30 years of experience in the insurance industry in Virginia. We realize that without the support of our customers and stockholders we cannot succeed. We believe that our audits provide a reasonable basis for our opinion. The Financial Accounting Standards Board issued Statement No. Goodwill and Other Intangible Assets.

The measurement dates used to value the plan assets were December 31, 2003, 2002 and 2001. The Corporation is obligated under several noncancellable operating leases. Amendment of FASB Statement No. As of May 31, 2003, there were approximately 495 holders of record of Community Financial common stock. See accompanying summary of accounting policies and notes to consolidated financial statements. Community Financial was organized in 1989 for the purpose of becoming a thrift institution holding company. Combinations, and Statement No. Actual losses could differ significantly from the historical factors that we use. The Statement amends Statement No. Fair values of mortgage loans held for sale are based on commitments on hand from investors or prevailing market prices. Corporation as we continue to show strong balance sheet growth while enjoying record profitability. Internal Revenue Code provisions.

The Corporation maintains its cash accounts in several correspondent banks. December 31, 2002, was not material. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Additions to the allowance are charged to operations. The Corporation generally holds collateral supporting those commitments if deemed necessary. This product also has a bill payment feature, for a small monthly fee, which allows customers to pay their bills with the click of a computer mouse. March 31, 2003 and 2002, respectively. Richard was a Senior Vice President of Community Bank. Whenever the accrual of interest is stopped, previously accrued but uncollected interest income is reversed.

In April 2003, the Financial Accounting Standards Board issued Statement No. The Corporation has a noncontributory defined benefit pension plan covering substantially all of its employees. Community First Mortgage Corporation enjoyed its third consecutive year of profitability for the fiscal year ended March 31, 2003. Corporation continues to service the loans and the participant is paid its share of principal and interest collections. Community First Mortgage originates mortgage loans to sell to third party investors. Community Bank in October 1994 after serving since 1984. Other income includes customer service fees and commissions, profit or loss of money on disposal of property and other items.

The allowance for loan losses is maintained at a level considered by management to be adequate to absorb future loan losses currently inherent in the loan portfolio. In June 2002, the Financial Accounting Standards Board issued Statement 146, Accounting for Costs Associated with Exit or Disposal Activities. The following table sets forth our interest rate spread on the last day of the year as indicated. For impaired loans that are on nonaccrual status, cash payments received are generally applied to reduce the outstanding principal balance. President and Chief Executive Office of Community Financial and Community Bank on April 26, 2000. Standby letters of credit are conditional commitments issued by the Corporation to guarantee the performance of a customer to a third party. These financial instruments include commitments to extend credit, standby letters of credit and commercial letters of credit.

Average equity to average assets was 10. The Corporation continues to record stock options under APB Opinion No. Accounting for Derivative Instruments and Hedging Activities. April 22, 2001, expressed an unqualified opinion on those statements.