SPRINGFIELD, Ill., Nov. 07, 2016 (GLOBE NEWSWIRE) -- Town and Country Financial Corporation (OTC Pink:TWCF) reported third-quarter operating income of $1.3 million, or $0.47 per share, a 36% increase from $986 thousand, or $0.35 per share in the third-quarter of 2015. The current quarter's reported earnings were nominally impacted by conversion expenses related to recent bank and branch acquisitions and security gains that collectively resulted in additional after-tax income of $8 thousand as compared to security gains of $650 thousand reported in the year-ago quarter. Reported net income including these non-operating items was $1.3 million in the third quarter and net income available to common shareholders was $0.47 per share compared with $1.6 million and $0.57 per share in the year-ago period, net of the dividend paid on preferred stock. President and Chief Executive Officer, Micah R. Bartlett commented, "Third quarter results represent the first period without material one-time expenses related to our 2016 acquisitions and conversions. We are pleased to report a significant increase in our profitability, positively impacted by the net earnings of the acquired entities, a 16% increase in mortgage originations, and over 8% organic loan growth in mostly commercial and residential lending from our legacy branches." Operating income for the first nine months of 2016 was $3.4 million, or $1.20 per share, compared with $2.6 million, or $0.90 per share in 2015. The nine month results were impacted by acquisition and conversion costs that totaled $634 thousand and security gains of $56 thousand, both after-tax. Reported net income for the year-to-date 2016 including non-operating items was $2.8 million and net income available to common shareholders was $1.00 per share. This compares to reported net income of $3.2 million, and $1.11 per share in 2015, including after-tax security gains of $650 thousand. Bartlett continued, "The year has been rewarding on many fronts, including the growth and expansion in our traditional banking operations, as well as in our mortgage banking division. While 2016 results have been bolstered by the early year reduction in mortgage rates, we are gratified that originations from purchase activity represents 72% of our volume this year."