There were 603 press releases posted in the last 24 hours and 169,305 in the last 365 days.

Town and Country Financial Corporation Reports Third-Quarter 2017 Net Income and Dividend

/EIN News/ -- SPRINGFIELD, Ill., Nov. 02, 2017 (GLOBE NEWSWIRE) -- Town and Country Financial Corporation (OTC Pink:TWCF) reported third quarter net income of $1.3 million or $0.44 per share, compared with $1.3 million or $0.47 per share in the third quarter of 2016. While Mortgage Banking profits were down in the third quarter 2017 compared to third quarter 2016, Core Banking profits were up significantly in this period.

Discussion of Nine Month Results

For the first nine months of 2017, the company reported $3.9 million in net income or $1.37 per share, a 39% increase compared with $2.8 million or $1.00 per share in the same period last year.  This year’s results include $245 thousand in after-tax security gains as compared to $56 thousand during the same period last year.

Total Assets were $745.7 million on September 30, 2017, slightly higher than $734.0 million on September 30, 2016.  For the first nine months of 2017, net revenue was $24.4 million, up 9.4% compared with $22.3 million in 2016.  The tax equivalent net-interest margin improved to 3.33% in 2017 compared to 3.23% for the comparable period last year. And loans grew a modest 2.3% to $492.7 million at September 30, 2017 over the same time last year.  Non-interest expense was up by $685 thousand during the first nine months of 2017 over the comparable period last year, primarily reflecting the growth from the acquisitions in 2016.

The reported book value per share was $18.31 per common share compared with $16.52 per share one year ago.  The parent holding company reported an investment in Town and Country Bank of $73 million at Sept. 30, 2017, borrowings of $12.5 million, and trust preferred securities of $13.5 million.

President and Chief Executive Officer, Micah R. Bartlett, commented, “The first nine months of 2017 yielded continued improvement including a return on equity of 10.44%.  In addition, asset quality remained strong as the level of non-performing loans was just 0.45%, and total risk-based capital in Town and Country Bank was sound at approximately 12.6%.”

Mr. Bartlett added, “Town and Country continued to prosper and grow our markets during 2017.  We focused on enhancing our franchise by capitalizing on last year’s entry into Metro-East and Morgan County and have since augmented our team with highly seasoned leaders in both markets as well as building a team of commercial relationship professionals.  In addition, we recently announced our entry into McLean County through the addition of a Loan Production Office in Bloomington-Normal and recruited a seasoned leader who is now building a commercial team. And our plans call for augmenting this market with the addition of mortgage banking representatives in the near future.”

The Board of Directors declared a $0.04 per share quarterly cash dividend payable on December 15, 2017 to stockholders of record as of December 1, 2017. 

Town and Country Financial Corporation is the parent holding company for Town and Country Bank and Town and Country Banc Mortgage Services, Inc. with offices in Bloomington-Normal, Buffalo, Decatur, Edwardsville, Fairview Heights, Jacksonville, Lincoln, Mt. Zion, Springfield and Quincy.  Quincy operates under the name of Peoples Prosperity Bank.  Town and Country Financial Corporation shares are quoted under the symbol TWCF.   

Contact:   John E. Staudt        (217) 787-3100

         
CONSOLIDATED STATEMENT OF CONDITION        
AS OF SEPTEMBER 30 (UNAUDITED) 2017  2016
ASSETS        
Cash and due from banks $ 16,294,359   $ 12,168,021  
Investments   187,105,878     194,643,781  
Loans, net   487,513,993     476,660,559  
Other assets   54,739,068     50,573,224  
Total assets $ 745,653,298   $ 734,045,585  
         
         
LIABILITIES & EQUITY        
Deposits $ 589,865,763   $ 585,906,640  
Borrowed money   85,500,000     83,000,000  
Other liabilities   4,509,271     4,716,305  
Total liabilities $ 693,338,484   $ 673,622,945  
Trust preferred securities   13,463,451     13,410,745  
Equity capital   52,314,813     47,011,895  
Total liabilities & equity $ 745,653,298   $ 734,045,585  
         
         
NINE MONTH PERIOD ENDED SEPTEMBER 30 (UNAUDITED) 2017  2016
Interest income $ 19,228,372   $ 17,192,869  
Interest expense   2,901,608     2,408,184  
Net interest income $ 16,326,764   $ 14,784,685  
Provision for loan losses   562,500     824,000  
Noninterest income   7,640,799     7,459,781  
Gain on sale of securities   401,792     91,248  
Noninterest expense   18,481,539     17,797,262  
Income before income taxes $ 5,325,316   $ 3,714,452  
Income taxes   1,405,816     871,970  
Net income $ 3,919,500   $ 2,842,482  
Preferred dividend   -     9,305  
Net income available to common stockholders $ 3,919,500   $ 2,833,177  
         
         
Selected Financial Comparison:        
NINE MONTH PERIOD ENDED SEPTEMBER 30 (UNAUDITED) 2017  2016
Basic earnings per share $ 1.37   $ 1.00  
Book value per common share $ 18.31   $ 16.52  
Net charge offs to average loans less HFS   0.10 %   0.01 %
Net revenue (in 000s) $ 24,369   $ 22,336  
Net interest margin   3.33 %   3.23 %
Fees from mortgage banking activities (in 000s) $ 4,561   $ 4,451  
Return on common equity   10.44 %   8.18 %
Return on assets   0.71 %   0.56 %
         
         
(UNAUDITED)   AS OF 
SEPTEMBER 30 
2017
  AS OF 
DECEMBER 31 
2016
Tier 1 leverage ratio (TCB only per Basel III)   8.60 %   8.45 %
Total risk-based capital ratio (TCB only per Basel III)   12.58 %   12.48 %
Nonperforming loans   0.45 %   0.62 %
Delinquent loans, excluding nonperforming   0.69 %   0.40 %
Allowance for loan loss   1.07 %   1.09 %
Coverage ratio (allowance to NPLs)   238 %   164 %
Mortgage loans sold with servicing retained (in 000s) $ 609,546   $ 583,598  
Trust assets under management (in 000s) $ 153,496   $ 144,517  
         
         
HOLDING COMPANY ONLY        
AS OF SEPTEMBER 30 (UNAUDITED) 2017  2016
ASSETS        
Cash and other assets $ 6,709,805   $ 5,407,883  
Investment in TCB   73,064,683     71,107,821  
Total assets $ 79,774,489   $ 76,515,704  
         
LIABILITIES & EQUITY        
Other liabilities $ 1,496,225   $ 2,393,064  
Borrowings   12,500,000     13,700,000  
Trust preferred securities   13,463,451     13,410,745  
Equity capital   52,314,813     47,011,895  
Total liabilities & equity $ 79,774,489   $ 76,515,704  
         


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.