Town and Country Financial Corp. announced earnings results for the second quarter and first half ended June 30, 2009. For the quarter, the company has reported net income of $241,000 or $0.09 per share, compared to $238,000 or $0.08 per share, in the second-quarter of 2008. Current-quarter earnings reflect after-tax impacts from the FDIC special assessment of $0.0) per share and provision expense of $0.20 per share. For the first-half 2009, net income was $583,000 or $0.21 per share compared with net income of $424,000 or $0.15 per share in the first half of 2008. Record net revenue of $8.9 million in the first half of 2009 represents an increase of $2.5 million, or 39%, over the comparable year ago period on the strength of mortgage originations and lower funding costs. The first half revenue included a $241,000 charge to increase the valuation allowance on mortgage servicing rights. As of June 30, 2009 reported book value was $10.43 per share compared to $10.25 per share on December 31, 2008. The company also announced that its board of directors declared a $0.03 per share quarterly cash dividend payable on September 15, 2009 to stockholders of record September 1, 2009.

Town and Country Financial Corp. reported earnings results for the first quarter of 2009. For the period, the company reported net income of $342,000, or $0.12 per share. Current quarter net income was $410,000, when excluding a $67,000 charge for Other Than Temporary Impairment (OTTI), or $0.15 per share, up 120% compared to first-quarter 2008 net income of $186,000, or $0.07 per share. In the quarter, the company reported record net recurring revenue of $4.252 million for an increase of $1 million, or 30.9%, over the comparable year ago period on the strength of mortgage originations and lower funding costs. The first quarter revenue includes a $0.165 million charge to increase the valuation allowance on mortgage servicing rights. Equity capital was $27 million and the reported book value was $9.76 per share. Impacting equity capital and book value per share was a decline in accumulated comprehensive income of $1.6 million due to market value adjustments. The Board of Directors declared a $0.03 per share quarterly cash dividend, a reduction from the prior quarterly dividend paid of $0.05 per share. The dividend is payable on June 15, 2009 to stockholders of record June 1, 2009.

Town and Country Financial Corp. reported earnings results for the year 2008. The company reported 2008 net income of $113,000, or $0.04 per share, including non-recurring charges to income that totaled $823,000 after tax (AT). Excluding the non-recurring items, net income was $936,000 or $0.34 per share compared to 2007 net income, adjusted to exclude non-recurring items, of $953,000 or $0.34 per share. The Board of Directors declared a $0.05 per share cash dividend payable on March 13, 2009 to stockholders of record March 1, 2009.