Town and Country Financial Corporation (TWCF) is the parent holding company for Town and Country Bank with offices in Springfield, Mt. Zion, Forsyth, Decatur and Quincy, Town & Country Banc Mortgage Services, Inc., and Logan County Bank with offices in Lincoln and Buffalo.
Town and Country Financial reported 2012 Fiscal Year results:
- Net income of $3.0 million, or $1.08 per share, up 10% from $2.7 million, or $0.98 per share, in 2011.
- Recurring net revenue was $22.4 million, an increase of $4.1 million, or 22%, compared with the prior year.
- Net interest income was $13.3 million, up $657 thousand, or 5%, due to lower funding costs and growth in loans outstanding.
- Net interest margin declined to 3.41% from 3.76% in 2011 as higher earning assets continued to re-price at much lower rates.
- Noninterest revenue was $9.1 million, excluding gains on sale of securities, up $3.4 million, or 60%, due to higher mortgage fees on growth in retail originations, wider spreads, and an expanded correspondent business.
- Non-interest expense was $17.2 million compared to $14.3 million in 2011.
- The provision for loan losses was $700 thousand compared to no provision in 2011.
- Net charge-offs totaled $405 thousand, 0.16% of average loans, compared to a net loss of .01% in the prior year.
- Total assets of $456 million, up 20% from year-end 2011, with net loans up 13% and deposits up 22%.
Micah R. Bartlett, Town and Country Financial’s President and CEO, commented:
2012 was a productive year for Town and County in each of our lines of business. We expanded our market presence through a branch acquisition in Quincy Illinois adding approximately 3,500 customers and more than $60 million in deposits. A second consecutive year of strong business loan growth provided support to net interest income while mortgage volumes, fees, and expenses were at all time highs. And, we achieved significant growth in our trust and investment business while we also launched our new retail branch model.
The Board of Directors declared a $0.03 per share quarterly cash dividend payable on March 15, 2013 to stockholders of record March 1, 2013.