SPRINGFIELD, Ill., Nov. 9 /PRNewswire-FirstCall/ -- Town and Country Financial Corporation (OTC Bulletin Board: TWCF) reported third- quarter 2009 net income of $362 thousand, or $0.13 per share, compared to $103 thousand, or $0.04 per share, in the third-quarter of 2008. As previously reported, there were a number of nonrecurring items that impacted earnings in the year-ago period. Current period earnings included after-tax provision expense of ($0.08) per share.

For the year-to-date 2009, reported net income was $945 thousand, or $0.34 per share, compared to $527 thousand, or $0.19 per share, for the first nine months of 2008. Net recurring revenue of $13.0 million through September 30, 2009 represents an increase of $3.1 million, or 32%, over the comparable year ago period on the strength of lower funding costs and mortgage originations that totaled $150 million compared to $58 million in the prior comparable period. The year-to-date provision for loan losses was $1.5 million, $769 thousand due to charge-offs and the remainder added to the allowance for loan losses. At quarter-end, the allowance for loan losses was 1.71% of loans outstanding, excluding loans held for sale, compared to 1.39% at year-end 2008. Nonperforming loans as a percentage of total loans was 3.42% in the current period, up from 1.75% on December 31, 2008.

As of September 30, 2009, total assets were $364 million, total net loans were $226 million, and total deposits were $297 million. Equity capital was $30 million and the reported book value was $10.57 per share compared to $10.25 per share on December 31, 2008.

The company's Tier 1 capital was $38 million on September 30, resulting in a Tier 1 leverage capital ratio of approximately 10.3%. Total regulatory capital was $44 million, an estimated 15.5% of risk-weighted assets.

David Kirschner, Chairman and Chief Executive Officer, commented: "The quarter's strong revenue base provided support for additional credit provisions of $360 thousand, $123 thousand of net charge offs and $237 thousand added to reserves. Mortgage originations in the third quarter were in line with expectations, yet lower than volumes in the first half of 2009 when historically low rates prompted strong refinance activity. We remain cautious as the economy impacts certain of our borrowers and creates additional potential credit losses."

The Board of Directors declared a $0.03 per share quarterly cash dividend payable on December 15, 2009 to stockholders of record December 1, 2009.

Shares of common stock of Town and Country Financial Corporation are quoted on the OTC Bulletin Board under the symbol TWCF. As of October 2009, the following market makers are registered to quote stock issued by Town and Country Financial Corporation on the OTCBB: Automated Trading Desk Financial Services, LLC, Howe Barnes Investments, Inc., Knight Equity Markets, L.P., McAdams Wright Ragen, Inc., Monroe Securities, Inc., Pershing LLC, RBC Capital Markets Corp., and Stockcross Financial Services.

Town and Country Financial Corporation is the parent holding company for Town & Country Bank with offices in Springfield, Mt. Zion, Forsyth, and Decatur, Town & Country Banc Mortgage Services, Inc., and Logan County Bank with offices in Lincoln and Buffalo.

SOURCE Town and Country Financial Corporation

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