Aug. 6, 2013
/PRNewswire/ -- Town and Country Financial Corporation (TWCF) reported second-quarter net income of
in the second quarter of 2012. Net income available to common shareholders was
per share compared to
per share in the year-ago period. The current quarter's net income included a gain of
per share from the sale of securities compared to
in the year ago quarter while quarter-over-quarter income earned on mortgage activities declined by
President and Chief Executive Officer,
Micah R. Bartlett
commented "Solid second quarter results were delivered, especially through continued growth in our commercial and trust businesses. Portfolio loans and trust assets each grew by 6% in the quarter as compared with their balances at March 31. Moreover, this marks the 5
consecutive quarter of growth for both businesses."
First half 2013 net income was
, up 2.1% from the prior year due to lower provision for loan loss and higher gain on the sale of securities, partially offset by a 37% decline in income earned on mortgage banking activities. Net income available to common shareholders was
per share compared to
per share in the first six months of 2012.
Net revenue was
in the prior year. Net interest income was up 3% from the first half of 2012 driven by higher loan balances and lower deposit costs. The net interest margin, however, declined to 3.15% compared to 3.54% in 2012. Security gains were
in the first half of 2012. Non-interest income was up 1.3% despite mortgage loan fees that declined by 4.1% on the same reduction in loans originated and processed. The provision for loan loss was
and down from the prior year, partially due to lower net charge-offs that were 0.03% of average loans compared with 0.12% in 2012. Non-interest expense was up 8.6% from costs associated with building the mortgage banking infrastructure designed to support future growth. The remainder of the increase is due to six months of normal operating costs associated with our
offices that were acquired and staffed near the end of the second quarter of 2012.
Credit quality remained strong with the level of loans past due 30 days or more, including non-accrual loans, of 0.73% at
compared with 0.84% at
, 2012. The allowance for loan loss to total non-performing loans was 153% and 1.12% of total loans compared with 138% and 1.16%, respectively, at the prior year-end.
total assets were
and total net loans were
, up 19% from their balance on
, 2012. Total deposits were
and common equity capital was
. The reported book value was
per common share compared to
per share on
, 2012. Tier 1 capital was
, or 10.7% of average assets, while total regulatory capital was
, or an estimated 15.8% of risk-weighted assets.
Bartlett added, "We are pleased with the continued improvements in our growth and profitability and even more proud of the efforts of our employees to engage and connect our friends - individuals and businesses - with financial solutions. The second half of the year will prove challenging, as we strive to manage expenses and find new revenue sources. And yet, we have no doubt that our significant investments in technology and banker education are essential to the future success of our customers, employees, and our company."