This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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

SPRINGFIELD, Ill., Jan. 29, 2011,/PRNewswire/ -- Town and Country Financial Corporation (OTC Bulletin Board: TWCF) reported 2010 net income of $2.1 million, or $0.75 per share, compared with $1.0 million, or $0.36 per share in 2009.  Adjusted to exclude gains and impairments of investment securities, net income was $2.2 million, or $0.80 per share compared to $0.44 in the prior year.  

The improvement in year-over-year earnings was due primarily to lower loan loss provision expense driven by lower net charge-offs of 0.18% on average loans in 2010 compared to 1.53% in 2009.  Also contributing to the improvement was net interest income that was $11.9 million and 4.0% above the year-ago level, resulting in a net interest margin of 3.57% compared to 3.39%.  Non-interest income of $5.7 million was 9.6% below 2009 due to lower mortgage production volumes, down 8%, and one-time insurance proceeds received in 2009.  Non-interest expense was $13.8 million compared with $13.7 million in the prior year.

As of December 31, 2010, total assets were $361 million compared to $375 million at the end of 2009, the change due primarily to investment portfolio cash flows.  Net loans were $226 million, up $6 million, or 2.8%, while the serviced mortgage portfolio posted growth of 5.5%.  Total deposits were $297 million compared to $305 million at the prior year-end.  Equity capital was $31 million and the reported book value was $11.14 per share compared to $10.47 per share on December 31, 2009.

The company's capital position strengthened further with Tier 1 capital of $39.9 million, or 11.0% of average assets, and total risk-based capital of $45.6 million, or an estimated 15.7% of risk-weighted assets compared to 14.9% on December 31, 2009.  All ratios are well above the regulatory definition of a well-capitalized bank and compare favorably to most peers'.

At quarter-end, the allowance for loan losses was 1.32% of loans outstanding, excluding loans held for sale, compared to 1.22% at year-end 2009.  Nonperforming loans plus other real estate owned as a percentage of total loans plus other real estate was 1.17%, considerably below peer averages and down from 1.60% on December 31, 2009.

David Kirschner, Executive Chairman, commented on the quarter:  "Great progress was made in 2010 as we continued to focus on the fundamentals of core profitability, expansion of our mortgage market share, and strength in our balance sheet through capital, credit quality, and liquidity management.  Our optimism for the future is tempered somewhat by the challenges from an extended low-rate environment and slower economic growth.  We feel confident, however, that the hard work of our people and dedication to sound financial practices will continue to be a compelling component of our growth and health in the coming years."

The Board of Directors declared a $0.03 per share quarterly cash dividend payable on March 15, 2011 to stockholders of record March 1, 2011.  

The Board of Directors also named Micah R. Bartlett CEO of the company, succeeding David Kirschner who was named Executive Chairman of the Board.  Bartlett, 37, joined the company in June 2007 and has been serving as president and chief operating officer of the parent company and president and CEO of the lead bank.  Kirschner remains actively involved in daily bank management.

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.  Shares of common stock of Town and Country Financial Corporation are quoted on the OTC Bulletin Board under the symbol TWCF.  

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs