Welcome!

News Feed Item

Town and Country Financial Corporation Reports Fourth-Quarter and Full-Year results amidst record loan growth

SPRINGFIELD, Ill., Feb. 10, 2014 /PRNewswire/ -- Town and Country Financial Corporation (TWCF) reported fourth-quarter net income of $968 thousand, up 19% compared to $816 thousand in the fourth quarter of 2012.  Net income available to common shareholders was $0.34 per share compared to $0.29 per share in the year-ago period.  Net interest income increased 11% on average net loan growth of 15% compared to the year-ago quarter.  Operating expenses declined 11% while noninterest income declined 24%, both results driven by a decrease in mortgage loans processed. 

President and Chief Executive Officer, Micah R. Bartlett commented, "We're pleased to report another successful quarter.  In particular, our loan and balance sheet growth was rewarding despite an economy that remains tepid.  For the first time ever, the company's total assets exceeded $500 million.  Core banking profits improved again, and yet overall profitability growth was muted by the nearly 50% decline in mortgage lending activities and related profits.  In response to these economic events, we made changes to reduce expense and staffing with positions dedicated to mortgage lending declining 22% at year-end compared to their number at the end of 2012."

Full year net income was $3.1 million, up 2.4% from the prior year.  Net income available to common shareholders was $1.08 per share compared to $1.04 in 2012.  After-tax income from the gain on sale of securities contributed $0.14 per share in 2013 and $0.05 in 2012.    

Net revenue was $22 million, down $0.6 million, or 2.6%, from the prior year. Net interest income was up 6.6% driven by a 17% average growth in loans and lower deposit costs.  The net interest margin ratio, however, declined to 3.23% compared to 3.41% in 2012 due to deposits acquired in 2012 and lending to borrowers who sought to secure low rate funding while it still lasted.  Non-interest income was $8.4 million, 7.6% below the year ago led by a 28% decline in mortgage loans processed.  Partially offsetting the decline were trust and investment fees, up 48%, and income from security gains that were $642 thousand in 2013 compared to $240 thousand in 2012. 

The provision for loan loss was $566 thousand compared to $700 thousand in the prior year while net charge-offs were 0.11% of average loans compared with 0.16% in 2012.  Non-interest expense declined 1.2% due primarily to lower mortgage banking volumes partially offset by a full year of operating expense related to a mid-2012 branch acquisition.

Loans that were past due 30 days or more, including non-accrual loans, totaled 0.77% of  loans outstanding at December 31 compared with 1.15% at December 31, 2012.  The allowance for loan loss was 286% of total non-performing loans and 1.04% of total loans compared with 138% and 1.16%, respectively, at the prior year-end.

At December 31, 2013 total assets were $508 million and total net loans were $344 million compared to $456 million and $281 million, respectively, at the prior year-end.  Total deposits were $412 million and common equity capital was $39.7 million.  The reported book value was $14.20 per common share compared to $13.18 per share on December 31, 2012.  Tier 1 capital was $51 million, or 10.6% of average assets, while total regulatory capital was $57 million, or 14% of risk-weighted assets.

Bartlett added, "I'm tremendously proud of the hard work and accomplishments of the Town and Country team.  2013 was a pivotal year for our company as we exceeded $500 million in assets, navigated through the sudden end to a long-term mortgage refinance boom, and saw double-digit growth in our lending and trust lines of business.  We managed to contain expenses even while we significantly upgraded our customer delivery channels and banker systems.  And, we maintained our high quality balance sheet with strong capital, liquidity, and credit quality levels and metrics.  Perhaps most importantly, we continued to challenge ourselves to be better, to think like entrepreneurs, and ask for the business.  We believe that this is what it takes to be a successful community bank."

The Board of Directors declared a $0.03 per share quarterly cash dividend payable on March 14, 2014 to stockholders of record March 3, 2014. 

Town and Country Financial Corporation is the parent holding company for Town and Country Bank and Town & Country Banc Mortgage Services, Inc. with offices in Buffalo, Decatur, Forsyth, Lincoln, Mt. Zion, Quincy and Springfield.  Town and Country Financial Corporation shares are quoted under the symbol TWCF.

SOURCE Town and Country Financial Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settl...
In his session at @ThingsExpo, Dr. Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, presented the findings of a series of six detailed case studies of how large corporations are implementing IoT. The session explored how IoT has improved their economic performance, had major impacts on business models and resulted in impressive ROIs. The companies covered span manufacturing and services firms. He also explored servicification, how manufacturing firms shift from se...
"I will be talking about ChatOps and ChatOps as a way to solve some problems in the DevOps space," explained Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of bus...
For better or worse, DevOps has gone mainstream. All doubt was removed when IBM and HP threw up their respective DevOps microsites. Where are we on the hype cycle? It's hard to say for sure but there's a feeling we're heading for the "Peak of Inflated Expectations." What does this mean for the enterprise? Should they avoid DevOps? Definitely not. Should they be cautious though? Absolutely. The truth is that DevOps and the enterprise are at best strange bedfellows. The movement has its roots in t...
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, compared the Jevons Paradox to modern-day enterprise IT, examin...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera MyS...
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
Digital transformation has increased the pace of business creating a productivity divide between the technology haves and have nots. Managing financial information on spreadsheets and piecing together insight from numerous disconnected systems is no longer an option. Rapid market changes and aggressive competition are motivating business leaders to reevaluate legacy technology investments in search of modern technologies to achieve greater agility, reduced costs and organizational efficiencies. ...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities. In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, posited that disruption is inevitable for comp...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...