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









SPRINGFIELD, Ill., Jan. 30, 2012 /PRNewswire/ -- Town and Country Financial Corporation (TWCF) reported 2011 net income of $2.7 million, or $0.98 per share, up 30.2% from $2.1 million, or $0.75 per share in 2010.  Excluding security gains in both years and security impairment charges in 2010, net income was $2.6 million, or $0.94 per share compared to $0.80 in the prior year.



Net revenue, excluding equity security gains and impairment charges, was $18.1 million, 3.2% higher than the year-ago driven by higher net interest income.  There was no provision for loan losses in 2011, due to strong asset quality, compared to $672 thousand in 2010.  Non-interest expense was $14.3 million, up 3.7% due to expenses related to other real estate holdings.  Pre-tax income from the gain on sale of equity securities was $121 thousand higher in the current year and no impairment charge on securities was taken in 2011 compared to a pre-tax charge of $307 thousand in 2010.

The Company reported 0.76% of loans past due 30 days or more, including non-accrual loans, at December 31, 2011 compared to 1.15% at December 31, 2010.  Net charge offs were 0.01% of average loans, down from 0.18% in 2010.  Finally, the ratio of the allowance for loan loss to total loans was 1.20% and 1.9 times the level of non-performing loans compared to 1.32% and 3.3 times, respectively, on December 31, 2010. 

As of December 31, 2011, total assets were $380 million compared to $361 million at the end of 2010, the change due primarily to a focus on supporting local businesses through the extension of credit.  Net loans were $248 million and up $22 million, or 9.7%, while the serviced mortgage portfolio posted growth of 5.0%.  Total deposits were $314 million compared to $297 million at the prior year-end. 

Micah R. Bartlett, President and Chief Executive Officer, commented, "Supporting our local communities – families and businesses – is good for the community and good for us.  We are especially pleased that much of this year's loan growth came from new investments in our communities.  This is at the core of what we strive to do every day." 

Common equity capital was $33 million and the reported book value was $11.90 per common share compared to $11.13 on December 31, 2010.  The company's regulatory capital also strengthened in the year, in part due to the Company's participation in the Treasury's Small Business Lending Program in September in the amount of $5 million.  Tier 1 capital was $48.7 million, or 12.8% of average assets, and total risk-based capital was $52.9 million, an estimated 17.0% of risk-weighted assets, compared to 15.1% on December 31, 2010.  All ratios are well above the regulatory definition of a well-capitalized bank and compare favorably to most peers'.

According to Bartlett, "Results achieved in 2011 underscore our commitment to banking and business fundamentals including core profitability and strength in our balance sheet through capital, credit quality, and liquidity management while maintaining our focus on our customers and communities.  Although pressures from the economy, interest rates, and the regulatory climate continue to present challenges, we are increasingly optimistic as to the results from our unique approach to banking."

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