Tri-County Financial Group, Inc. Reports Third Quarter 2024 Financial Results

    Date:

    MENDOTA, Ill., Nov. 4, 2024 /PRNewswire/ — Tri-County Financial Group, Inc. (The Company) TYFG today announced financial results for the third quarter of 2024.

    Net income for the third quarter of 2024 was $3.1 million ($1.27 per share), compared to $3.6 million ($1.45 per share) during the third quarter of 2023.  Net income was $8.0 million ($3.33 per share) for the nine-month period ending September 30, 2024, compared to $7.8 million ($3.16 per share) during the same nine-month period a year ago.

    Net interest income was $10.9 million during the quarter ended September 30, 2024, compared to $10.9 million in the same period of 2023, or unchanged. 

    Non-interest income was $4.5 million for the third quarter of 2024, a decrease of $0.1 million, or 2%, compared to $4.6 million during the quarter ended September 30, 2023.  

    Non-interest expense was $11.2 million during the quarter ended September 30, 2024, compared to $11.2 million in the same period of 2023, or unchanged.

    Our investment portfolio consists entirely of debt securities classified as available-for-sale; therefore, unrealized gains and losses are fully reported on our balance sheet.  None of our securities are classified as held-to-maturity.  The investment portfolio decreased $25.4 million or 15% year over year and totaled $146.6 million at September 30, 2024.  The reduction of the securities portfolio in 2024 helped finance our loan growth and reduce borrowings.   

    Total loans increased $22.8 million, or 2%, to $1.26 billion at September 30, 2024, from $1.24 billion at September 30, 2023.  Nonperforming loans as a percent of total loans were 0.41% as of September 30, 2024, compared to 0.53% at September 30, 2023.

    The provision for credit loss had a negative provision of $0.2 million for the quarter ended September 30, 2024.  The allowance for credit loss ended at $14.2 million at September 30, 2024 and represented 1.11% of gross loans.  Asset quality continues to remain solid and charge offs remain low. 

    Total deposits increased $58.6 million, or 5%, year-over-year.  However, approximately $71.3 million and $40.0 million consisted of brokered deposits at September 30, 2024 and 2023, respectively,   Federal Home Loan Bank (FHLB) advances were $74.9 million and $137 million at September 30, 2024 and 2023, respectively. 

    The Company’s capital levels remain solid as of September 30, 2024, with a Tier 1 leverage ratio of 9.56%.

    On September 10, 2024, the Board of Directors declared a regular dividend of $0.20 per share, payable October 10, 2024, to shareholders of record on September 30, 2024.

    In announcing the results, Tri-County Financial Group, Inc. President and CEO Tim McConville, stated, “Our third quarter numbers reflected solid earnings with slight improvement in margins.  This last quarter saw the yield curve finally turn positive after being inverted since July 2022.  Despite the market and economic stresses, solid earnings performance existed as we remain attentive to our loan and deposit strategies.  With high interest rates impacting banks and balance sheets, we remain diligent in monitoring our local competition to offer competitive rates while continuing to provide exceptional community banking services.  We expect share pricing and profitability to improve as the economy and the yield curve return to a normal state.  Our loan portfolio remains strong with minimal charge offs and we believe that our diversified balance sheet and lines of business continue to be well-positioned.”

    Tri-County Financial Group, Inc. is the parent holding company for First State Bank, with offices in Mendota, Batavia, Bloomington, Champaign, Geneva, LaMoille, McNabb, North Aurora, Ottawa, Peru, Princeton, Rochelle, Shabbona, St. Charles, Streator, Sycamore, Waterman and West Brooklyn. First State Bank is the parent company of First State Mortgage Services, LLC and First State Insurance. Tri-County Financial Group, Inc. shares are quoted under the symbol TYFG and traded on OTCQX.

    Note:  This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.  Actual results and trends could differ materially from those set forth in such statements due to various factors, including operating; legal and regulatory risks; changing economic and competitive conditions; and other risks and uncertainties. 

    TRI COUNTY FINANCIAL GROUP, INC. & SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF INCOME

    QUARTER ENDED SEPTEMBER 30TH

    (Unaudited, 000s omitted, except share data)

    2024

    2023

    Interest Income

    $    19,986

    $    18,064

    Interest Expense

    9,120

    7,181

    Net Interest Income

    10,866

    10,883

    Provision for Credit Losses

    (170)

    (911)

    Net Interest Income After Provision for Credit Losses

    11,036

    11,794

    Non-Interest Income

    4,511

    4,560

    FDIC Assessments

    180

    319

    Non-Interest Expenses

    11,227

    11,160

    Income Before Income Taxes

    4,140

    4,875

    Applicable Income Taxes

    1,082

    1,321

    Security Gains (Losses)

    Net Income (Loss)

    $      3,058

    $      3,554

    Basic Net Income Per Share

    $        1.27

    $        1.45

    Weighted Average Shares Outstanding

    2,402,591

    2,447,556

     

    TRI-COUNTY FINANCIAL GROUP, INC. & SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS

    (Unaudited, 000s omitted, except share data)

    ASSETS

    9/30/2024

    9/30/2023

    Cash and Due from Banks

    $             46,153

    $             24,267

    Federal Funds Sold

    1,465

    2,010

    Debt Securities Available-for-Sale

    146,550

    171,985

    Loans and Leases

    1,274,499

    1,253,601

      Less:  Allowance for Credit Losses

    (14,205)

    (16,083)

    Loans, Net

    1,260,294

    1,237,518

    Premises & Equipment

    25,407

    26,235

    Intangibles

    8,706

    8,728

    Other Real Estate Owned

    241

    101

    Accrued Interest Receivable

    9,482

    8,142

    Other Assets

    38,269

    37,319

            TOTAL ASSETS

    $        1,536,567

    $        1,516,305

    LIABILITIES

    Demand Deposits

    154,354

    165,499

    Interest-bearing Demand Deposits

    397,249

    406,822

    Savings Deposits

    187,034

    214,383

    Time Deposits

    518,631

    412,001

            Total Deposits

    1,257,268

    1,198,705

    Repurchase Agreements

    27,785

    24,355

    FHLB and Other Borrowings

    74,917

    137,000

    Interest Payable

    160

    160

    Subordinated Debt

    9,828

    9,804

             Total Repos & Borrowings

    112,690

    171,319

    Other Liabilities

    21,949

    14,375

    Dividends Payable

    491

    500

               TOTAL LIABILITIES

    $        1,392,398

    $        1,384,899

    STOCKHOLDERS’ EQUITY

    Common Stock

    2,400

    2,445

    Additional Paid-in-Capital

    21,367

    23,327

    Retained Earnings

    128,002

    119,867

    Accumulated Other Comprehensive Loss

    (7,600)

    (14,233)

               TOTAL STOCKHOLDERS’ EQUITY

    144,169

    131,406

    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

    $        1,536,567

    $        1,516,305

    Book Value Per Share

    $              60.08

    $              53.74

    Tangible Book Value Per Share

    $              56.45

    $              50.17

    Bid Price

    $              41.80

    $              47.00

    Period End Outstanding Shares

    2,399,758

    2,445,323

     

    Cision View original content:https://www.prnewswire.com/news-releases/tri-county-financial-group-inc-reports-third-quarter-2024-financial-results-302295758.html

    SOURCE Tri-County Financial Group, Inc.

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