Town and Country Financial Corporation Reports Record First Quarter 2021 Financial Results
Town and Country Financial Corporation (TWCF) reported record financial results for Q1 2021, with net income of $2.8 million ($0.99 per share) compared to $1.0 million ($0.36 per share) in Q1 2020. Net revenue reached $11.4 million, driven by strong mortgage volumes and a 44% increase in mortgage originations year-over-year. The tangible book value per share rose to $25.11. However, a provision for loan losses increased to $600,000 amidst ongoing pandemic uncertainties. The company also announced a $0.10 cash dividend payable on June 15, 2021.
- Record Q1 2021 net income of $2.8 million, up from $1.0 million in Q1 2020.
- Net revenue increased to $11.4 million, a substantial rise due to mortgage volume growth.
- Tangible book value per share improved to $25.11, reflecting strong shareholder value.
- Annualized return on equity of 14.84%, indicating solid profitability.
- Successful transition of loan production office to a full-service branch.
- Increased provision for loan losses to $600,000, suggesting ongoing economic uncertainty.
- Nonperforming loans ratio rose to 1.03%, highlighting potential credit risk.
SPRINGFIELD, Ill., April 30, 2021 (GLOBE NEWSWIRE) -- Town and Country Financial Corporation (the “Company”) (OTC Pink: TWCF) today announced record financial results for the first quarter of 2021.
Key highlights included:
- Record first quarter 2021 net income of
$2.8 million , after a quarterly provision for loan losses of$600 thousand and Paycheck Protection Program (“PPP”) fee income of$534 thousand . - Net revenue of
$11.4 million , driven primarily by strong mortgage volumes in addition to continued growth in net interest income. - Mortgage banking fees of
$3.6 million in the first quarter of 2021. - Tangible book value per share of
$25.11 at March 31, 2021. - Announced transition of Bloomington/Normal loan production office to full-service branch.
Micah R. Bartlett, President and Chief Executive Officer, noted, “We are pleased to report our strongest first quarter in history. Our employees continue to work hard to take care of our customers and each other during this still-challenging operating environment. Helping customers purchase homes and refinance, our mortgage originations were up
Bartlett continued, “Even without the positive impact of PPP fees, our revenue and profits achieved record levels for the first quarter. These results translated into solid shareholder returns with an annualized return on equity ratio of
The Company reported a record first quarter 2021 net income of
The Company recorded
Total assets at March 31, 2021 were
Total deposits were
Net interest income was
Noninterest income was
The Company’s nonperforming loans as a percentage of total loans were
Town and Country Bank maintains solid capital levels, with a tier 1 leverage ratio of
On April 29, 2021, the board of directors declared a
The company announced that it completed the transition of its loan production office in Bloomington/Normal to a full-service branch as of March 1, 2021.
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, Buffalo, Decatur, Edwardsville, Fairview Heights, Jacksonville, Lincoln, Mt. Zion, Springfield, and Quincy. The Quincy branch operates under the name of Peoples Prosperity Bank. Town and Country Financial Corporation shares are quoted under the symbol TWCF.
| Contact: | Denise Skiles, Vice President and Controller | |
| dskiles@townandcountrybank.com | ||
| 217-321-3425 |
Financial Highlights
(Unaudited)
| CONSOLIDATED STATEMENT OF CONDITION | |||||||||
| As of the dates indicated: | March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||
| ASSETS | |||||||||
| Cash and due from banks | $ | 65,426,430 | $ | 77,730,790 | $ | 35,473,638 | |||
| Investments | 125,773,520 | 117,415,852 | 132,722,261 | ||||||
| Loans held for sale | 3,749,938 | 11,659,187 | 5,917,397 | ||||||
| Loans | 636,668,960 | 640,502,103 | 615,225,732 | ||||||
| Less: Allowance for loan losses | (10,779,869 | ) | (10,115,197 | ) | (6,294,184 | ) | |||
| Net loans | 625,889,091 | 630,386,906 | 608,931,548 | ||||||
| Other assets | 59,367,713 | 60,471,720 | 61,971,517 | ||||||
| Total assets | $ | 880,206,692 | $ | 897,664,455 | $ | 845,016,361 | |||
| LIABILITIES & EQUITY | |||||||||
| Deposits | $ | 737,722,498 | $ | 726,977,699 | $ | 677,688,774 | |||
| Borrowed money | 42,015,500 | 70,608,000 | 78,993,000 | ||||||
| Other liabilities | 8,138,871 | 10,275,571 | 8,348,441 | ||||||
| Total liabilities | 787,876,869 | 807,861,270 | 765,030,215 | ||||||
| Jr. subordinated debt of unconsolidated subsidiaries | 14,096,921 | 14,083,745 | 14,044,215 | ||||||
| Equity capital | 78,232,902 | 75,719,440 | 65,941,931 | ||||||
| Total liabilities & equity | $ | 880,206,692 | $ | 897,664,455 | $ | 845,016,361 | |||
| CONSOLIDATED INCOME STATEMENT | ||||
| Three Months Ended | ||||
| March 31, | ||||
| 2021 | 2020 | |||
| Interest income | $ | 7,447,932 | $ | 7,850,724 |
| Interest expense | 728,715 | 1,791,663 | ||
| Net interest income | 6,719,217 | 6,059,061 | ||
| Provision for loan losses | 600,000 | 500,000 | ||
| Noninterest income | 4,711,477 | 2,012,646 | ||
| Noninterest expense | 7,061,229 | 6,327,928 | ||
| Income before income taxes | 3,769,465 | 1,243,779 | ||
| Income taxes | 961,150 | 224,130 | ||
| Net income | $ | 2,808,315 | $ | 1,019,649 |
Financial Highlights
(Unaudited)
| Selected Highlights: | |||||||
| Three Months Ended | |||||||
| March 31, | |||||||
| 2021 | 2020 | ||||||
| Basic earnings per share | $ | 0.99 | $ | 0.36 | |||
| Net charge offs to average loans less HFS | -0.01 | % | 0.01 | % | |||
| Net revenue (in 000s) | $ | 11,431 | $ | 8,072 | |||
| Net interest margin | 3.36 | % | 3.33 | % | |||
| Fees from mortgage banking activities (in 000s) | $ | 3,585 | $ | 852 | |||
| Return on common equity | 14.84 | % | 5.99 | % | |||
| Return on assets | 1.27 | % | 0.50 | % | |||
| Balance Sheet Ratios | |||||||||
| (Dollars in thousands, except per share data) AS of the dates indicated: | March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||
| Book value per common share | $ | 27.50 | $ | 26.62 | $ | 23.15 | |||
| Tangible book value per common share | $ | 25.11 | $ | 24.20 | $ | 20.76 | |||
| Tier 1 leverage ratio (Bank only) | 9.50 | % | 9.36 |
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FAQ
What were the earnings for TWCF in Q1 2021?
Town and Country Financial Corporation reported earnings of $2.8 million, or $0.99 per share, in Q1 2021.
How much did TWCF's net revenue increase in Q1 2021?
TWCF's net revenue increased to $11.4 million in Q1 2021, driven primarily by mortgage banking fees.
What is the tangible book value per share for TWCF?
As of March 31, 2021, TWCF's tangible book value per share was $25.11.
What is the dividend declared by TWCF for June 2021?
TWCF declared a cash dividend of $0.10 per share payable on June 15, 2021.
What are the significant risks mentioned in TWCF's recent earnings report?
The risk of increased loan losses is highlighted by a provision of $600,000 due to pandemic uncertainties.
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TWCF Stock Data
18.90M
Commercial Banking
Finance and Insurance
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