This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Town And Country Financial Corporation Reports Second Quarter 2010 Net Income And Declares Quarterly Dividend

SPRINGFIELD, Ill., July 23 /PRNewswire-FirstCall/ -- Town and Country Financial Corporation (OTC Bulletin Board: TWCF) reported second-quarter 2010 net income of $366 thousand, or $0.13 per share, compared with $240 thousand, or $0.09 per share in the second quarter of 2009.  Adjusted to exclude income from the sale of securities and a write down due to the impairment of investment securities, net income was $378 thousand, or $0.14 per share compared to $0.06 in the prior year.  The current quarter's earnings included an after-tax charge of $154 thousand, or $0.06 per share, to increase the valuation allowance on mortgage servicing rights and record the mortgage pipeline and secondary market positions at their current market value.  The adjustment was due to recent substantial declines in mortgage market rates that may signal a new refinance market.

For the first-half 2010, net income was $682 thousand, or $0.24 per share, compared with net income of $583 thousand and $0.21 per share in the first half of 2009.  The absence of the mortgage refinance market that drove substantial revenue and earnings into 2009 was compensated for in 2010 by strength in net interest income, improving credit quality, continued growth from the private client group, and lower non-interest expense.  First half 2010 net interest income was $5.8 million and 2.7% above the year-ago level, contributing to a net interest margin of 3.55% compared to 3.37% in 2009.  The provision for loan losses was $330 thousand compared to $1.2 million in the prior year.  At quarter-end, the allowance for loan losses was 1.26% of loans outstanding, excluding loans held for sale, compared to 1.22% at year-end 2009.  Nonperforming loans as a percentage of total loans was 1.10% in the current period, down from 1.25% on December 31, 2009.  Non-interest expense was $6.5 million compared with $7.2 million in the prior year, primarily due to lower mortgage refinance-related costs and the absence of 2009's special FDIC assessment.

As of June 30, 2010, total assets were $371 million, total net loans were $224 million, and total deposits were $302 million.  The serviced mortgage portfolio posted growth of nearly $7 million since year-end and now stands at $330 million.  Equity capital was $30.3 million and the reported book value was $10.84 per share compared to $10.47 per share on December 31, 2009.

The company's capital position remained strong with Tier 1 capital of $38 million, or 10.5% of average assets, and total regulatory capital of $44 million, or an estimated 14.1% of risk-weighted assets compared to 14.9% on December 31, 2009.  The decline in the total regulatory capital ratio is a result of our holding of certain trust preferred assets whose current credit ratings require greater capitalization.

David Kirschner, Chairman and Chief Executive Officer, commented on the quarter:  "Although the recent reduction in mortgage rates caused a dip in current quarter profits, it also provides another opportunity for individuals to buy homes or refinance their mortgage at new, historically low rates.  We are pleased too with the continued improvement in core profitability and overall credit quality as indicated by improved margins and reduced net charge offs."

The Board of Directors declared a $0.03 per share quarterly cash dividend payable on September 15, 2010 to stockholders of record September 1, 2010.

Shares of common stock of Town and Country Financial Corporation are quoted on the OTC Bulletin Board under the symbol TWCF.  As of July 2010, the following market makers are registered to quote stock issued by Town and Country Financial Corporation on the OTCBB:  Howe Barnes Investments, Inc., McAdams Wright Ragen, Inc., Monroe Securities, Inc., Pershing LLC, and RBC Capital Markets Corp.

Town and Country Financial Corporation is the parent holding company for Town & Country Bank with offices in Springfield, Mt. Zion, Forsyth, and Decatur, Town & Country Banc Mortgage Services, Inc., and Logan County Bank with offices in Lincoln and Buffalo.

SOURCE Town and Country Financial Corporation

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
TWCF $12.00 0.00%
AAPL $121.30 0.00%
FB $94.01 0.00%
GOOG $625.61 0.00%
TSLA $266.15 0.00%

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs