This Day On The Street
Continue to site right-arrow
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 Second-Quarter 2013 Net Income Of $710 Thousand On Revenue Of $5.8 Million

Stocks in this article: TWCF

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."

1 of 2

Select the service that is right for you!

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 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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