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Town And Country Financial Corporation Reports Second-Quarter 2013 Net Income Of $710 Thousand On Revenue Of $5.8 Million

SPRINGFIELD, Ill., Aug. 6, 2013 /PRNewswire/ -- Town and Country Financial Corporation (TWCF) reported second-quarter net income of $710 thousand compared to $693 thousand in the second quarter of 2012. Net income available to common shareholders was $0.25 per share compared to $0.24 per share in the year-ago period.  The current quarter's net income included a gain of $0.05 per share from the sale of securities compared to $0.02 in the year ago quarter while quarter-over-quarter income earned on mortgage activities declined by $0.02 per share.

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 th consecutive quarter of growth for both businesses."

First half 2013 net income was $1.396 million, 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 $0.49 per share compared to $0.47 per share in the first six months of 2012. 

Net revenue was $11.3 million compared with $10.7 million 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 $509 thousand compared to $101 thousand 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 $275 thousand 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 Quincy, Illinois 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 June 30 compared with 0.84% at December 31, 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.

At June 30 total assets were $473 million and total net loans were $312 million, up 19% from their balance on June 30, 2012. Total deposits were $386 million and common equity capital was $38.3 million. The reported book value was $13.73 per common share compared to $13.20 per share on December 31, 2012. Tier 1 capital was $50 million, or 10.7% of average assets, while total regulatory capital was $55 million, 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."

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