|By PR Newswire||
|February 10, 2014 11:01 AM EST||
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
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Oct. 27, 2016 07:00 AM EDT Reads: 5,004
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
Oct. 27, 2016 07:00 AM EDT Reads: 4,930
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
Oct. 27, 2016 06:45 AM EDT Reads: 1,086
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Oct. 27, 2016 06:45 AM EDT Reads: 1,053
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Oct. 27, 2016 06:00 AM EDT Reads: 1,034
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
Oct. 27, 2016 05:45 AM EDT Reads: 1,254
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
Oct. 27, 2016 05:30 AM EDT Reads: 1,213
DevOps theory promotes a culture of continuous improvement built on collaboration, empowerment, systems thinking, and feedback loops. But how do you collaborate effectively across the traditional silos? How can you make decisions without system-wide visibility? How can you see the whole system when it is spread across teams and locations? How do you close feedback loops across teams and activities delivering complex multi-tier, cloud, container, serverless, and/or API-based services?
Oct. 27, 2016 05:15 AM EDT Reads: 1,138
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
Oct. 27, 2016 05:15 AM EDT Reads: 982
In the 21st century, security on the Internet has become one of the most important issues. We hear more and more about cyber-attacks on the websites of large corporations, banks and even small businesses. When online we’re concerned not only for our own safety but also our privacy. We have to know that hackers usually start their preparation by investigating the private information of admins – the habits, interests, visited websites and so on. On the other hand, our own security is in danger bec...
Oct. 27, 2016 04:45 AM EDT Reads: 452
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Oct. 27, 2016 04:45 AM EDT Reads: 2,877
Enterprises have been using both Big Data and virtualization for years. Until recently, however, most enterprises have not combined the two. Big Data's demands for higher levels of performance, the ability to control quality-of-service (QoS), and the ability to adhere to SLAs have kept it on bare metal, apart from the modern data center cloud. With recent technology innovations, we've seen the advantages of bare metal erode to such a degree that the enhanced flexibility and reduced costs that cl...
Oct. 27, 2016 04:30 AM EDT Reads: 482
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his session at @DevOpsSummit 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will show how customers are able to achieve a level of transparency that enables everyon...
Oct. 27, 2016 04:00 AM EDT Reads: 1,362
Donna Yasay, President of HomeGrid Forum, today discussed with a panel of technology peers how certification programs are at the forefront of interoperability, and the answer for vendors looking to keep up with today's growing industry for smart home innovation. "To ensure multi-vendor interoperability, accredited industry certification programs should be used for every product to provide credibility and quality assurance for retail and carrier based customers looking to add ever increasing num...
Oct. 27, 2016 04:00 AM EDT Reads: 772
“Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CloudBerry Backup is a leading cross-platform cloud backup and disaster recovery solution integrated with major public cloud services, such as Amazon Web Services, Microsoft Azure and Google Cloud Platform.
Oct. 27, 2016 03:45 AM EDT Reads: 1,509