SPRINGFIELD, Ill., Aug. 1, 2011 /PRNewswire/ -- Town and Country Financial Corporation (OTCBB: TWCF) reported second quarter 2011 net income of $746 thousand, or $0.27 per share, up 104% compared to $366 thousand, or $0.13 per share in the second quarter of 2010. The current quarter's results demonstrated continued strength in the net interest margin, 3.82% compared to 3.62% in the second quarter of 2010, strong asset quality that required no provision expense compared to after-tax expense of $116 thousand in 2010, and $29 thousand from the gain on sale of equity securities. In addition, the second quarter of 2010 included an after tax impairment charge of $36 thousand on certain trust preferred securities.
For the first-half of 2011, net income was $1.353 million, or $0.48 per share, up 98% compared to $682 thousand, or $0.24 per share, in the first half of 2010. Net revenue, excluding equity security gains and impairment charges, was up 14% to $8.6 million while non-interest expense was $6.8 million, 3% higher than the year ago primarily due to expenses related to other real estate holdings. Strong asset quality and lack of charge offs resulted in no provision for loan losses compared to $300 thousand in the prior year. And finally, income from the gain on sale of equity securities was $121 thousand higher in the current year and no impairment charge was taken in 2011 compared to a charge of $205 thousand in 2010.
Continued improvement in asset quality was noted with the reduction of loans past due 30 days or more to 0.75% at June 30, 2011 compared to 1.15% at December 31, 2010 and 1.29% at June 30, 2010. The Company recorded net loan recoveries of 0.04% in the first half of 2011 and the ratio of the allowance for loan loss to total loans was 1.30% compared to 1.32% on December 31, 2010.
As of June 30, 2011, total assets were $368 million, net loans were $231 million, and deposits were $298 million. The serviced mortgage portfolio grew to $350 million from $341 million at year-end 2010. Equity capital was $33.0 million and the reported book value was $11.83 per share compared to $11.13 per share on December 31, 2010.The company's capital position remained strong with Tier 1 capital of $41.4 million, or 11.3% of average assets, and total regulatory capital of $47.1 million, or an estimated 15.8% of risk-weighted assets. Micah R. Bartlett, President and Chief Executive Officer, commented, "This was yet another quarter of sound fundamentals and we are particularly pleased with the net interest spread and asset quality. We are cautiously optimistic that signs of prudent growth in our balance sheet are emerging, primarily due to our unique approach that truly keeps the customer and their needs in the forefront of our thoughts and actions. We were pleased also to open our tenth branch office in downtown Decatur in late May 2011." The Board of Directors declared a $0.03 per share quarterly cash dividend payable on September 15, 2011 to stockholders of record September 1, 2011. Town and Country Financial Corporation is the parent holding company for Town and 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. Town and Country Financial Corporation shares are traded under the symbol TWCF. SOURCE Town and Country Financial Corporation
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