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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Town And Country Financial Corporation Reports Improved Second Quarter 2011 Net Income And Declares Quarterly Dividend

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

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 16,915.07 -70.54 -0.42%
S&P 500 1,964.68 -8.15 -0.41%
NASDAQ 4,396.2040 -22.83 -0.52%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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