Town and Country Financial Corp. reported net income of $1.0 million, or $0.36 per share, for 2009, up sharply from net income of $113,000, or $0.04 per share, in 2008.

Town and Country Financial Corporation recorded an after tax charge of $1.8 million, or $0.65 per share, in 2009, to write off bad loans due to the recession and financial crisis.

Town and Country Financial Corporation is a bank holding company that owns Town and Country Bank and Logan County Bank, which have 11 branches in Illinois. Town and Country Bank reported total assets of $375 million at the end of 2009.

“2009 represented a year of both significant opportunities and significant challenges. We have continued to build the company’s long-term earnings strength as evidenced by our record revenues. Our core banking profitability improved and the investments we made in our mortgage business resulted in increased market share and profitability,” said David Kirschner, the CEO of Town and Country Financial Corporation.

Town and Country Financial Corporation saw improving credit quality during the year, and reported that total non-performing loans at the end of 2009 were 1.24% of total loans outstanding compared to 1.75% at the end of 2008. The company also reported a tier one capital ratio of 10.2% at the end of 2009.