SPRINGFIELD, Ill., April 29, 2011 /PRNewswire/ — Town and Country Financial Corporation (OTCBB: TWCF) reported first-quarter 2011 net income of $607 thousand, or $0.22 per share, compared with $316 thousand, or $0.11 per share in the first quarter of 2010. Current quarter results included after tax impacts of $88 thousand ($0.03 per share) from the gain on the sale of equity securities and a $148 thousand ($0.05 per share) benefit from an adjustment to mortgage servicing rights from extension in the estimated lives of the underlying loans. The quarter also included a charge of $123 thousand ($0.04 per share) for various foreclosed real estate matters. The first quarter of 2010 included an after tax impairment charge of $89 thousand ($0.03 per share) on certain trust preferred securities.
The Company’s results reflected a sound net interest margin, 3.72% compared to 3.47% in the first quarter of 2010, the change primarily due to maturing and repricing term deposits and wholesale funding. Net revenue was $4.4 million and up from $3.9 million due to the strong interest spread, the adjustment to mortgage servicing rights in 2011, and the absence of impairment charges recorded in 2010. Non-interest expense was $3.5 million and $193 thousand higher than the year ago quarter primarily due to the expenses related to foreclosed real estate matters.
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