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 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.

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

Markets

Chart of I:DJI
DOW 16,102.38 -272.38 -1.66%
S&P 500 1,921.22 -29.91 -1.53%
NASDAQ 4,683.9190 -49.5780 -1.05%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs