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


News provided by

Tri-County Financial Group, Inc.

May 07, 2024, 13:44 ET

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MENDOTA, Ill., May 7, 2024 /PRNewswire/ -- Tri-County Financial Group, Inc. (The Company) (OTCQX: TYFG) today announced financial results for the first quarter of 2024.

Net income for the first quarter of 2024 was $2.7 million ($1.10 per share), compared to $1.5 million ($0.62 per share) during the first quarter of 2023. 

Net interest income was $10.5 million during the quarter ended March 31, 2024, compared to $10.2 million in the same period of 2023, an increase of 3%.  The net interest margin was 2.93% for the first quarter of 2024, compared to 2.94% for the first quarter of 2023.  The interest margin decreased due to higher funding costs.

Non-interest income was $3.0 million for the first quarter of 2024, a decrease of $0.2 million, or 6%, compared to $3.2 million during the quarter ended March 31, 2023.  

Non-interest expense was $11.2 million during the quarter ended March 31, 2024, compared to $11.3 million for the first quarter of 2023, a decrease of $0.1 million. 

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 $48.1 million or 22% year over year and totaled $169.1 million at March 31, 2024.  The reduction of the securities portfolio in 2024 helped finance our loan growth and reduce borrowings.   

Total loans increased $87.1 million, or 7%, to $1.29 billion at March 31, 2024, from $1.20 billion at March 31, 2023.  Nonperforming loans as a percent of total loans were 0.63% as of March 31, 2024, compared to 0.23% at March 31, 2023.

The provision for credit loss had a negative provision of $1.3 million for the quarter ended March 31, 2024.  The allowance for credit loss ended at $15.0 million at March 31, 2024 and represented 1.17% of gross loans.  Asset quality continues to remain strong and charge offs remain low. 

Total deposits increased $63.1 million, or 5%, year-over-year.  However, approximately $87.5 million and $50.0 million consisted of brokered deposits at March 31, 2024 and 2023, respectively,   Federal Home Loan Bank (FHLB) advances were $74.5 million and $125 million at March 31, 2024 and 2023, respectively. 

The Company's capital levels remain solid as of March 31, 2024, with a Tier 1 leverage ratio of 9.33%.

On March 12, 2024, the Board of Directors declared a regular dividend of $0.20 per share, payable April 11, 2024, to shareholders of record on March 29, 2024.

In announcing the results, Tri-County Financial Group, Inc. President and CEO Tim McConville, stated, "Our first quarter numbers reflected the continued slowdown in mortgage activity.  We recorded a negative provision for credit losses during the quarter, which can be attributed to adjustments in qualitative risk factors from the previous period based on improved economic outlook and other qualitative factors.  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 continue to look for ways to improve margins given such higher costs of funds.  We continue to believe that our diversified balance sheet and lines of business are 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 MARCH 31ST

(Unaudited, 000s omitted, except share data)










2024


2023







Interest Income



$    18,989


$    15,475

Interest Expense



8,509


5,276

Net Interest Income



10,480


10,199

Provision for Credit Losses



(1,286)


172

Net Interest Income After Provision for Credit
Losses


11,766


10,027







Non-Interest Income



3,012


3,244

FDIC Assessments



180


102

Non-Interest Expenses



11,008


11,183

Income Before Income Taxes



3,590


1,986







Applicable Income Taxes



915


459

Security Gains (Losses)



-


-

Net Income (Loss)



$      2,675


$      1,527







Basic Net Income Per Share



$        1.10


$        0.62

Weighted Average Shares Outstanding


2,423,418


2,470,935

** Certain reclassifications have been made to preserve consistency between the periods presented. 


TRI-COUNTY FINANCIAL GROUP, INC. & SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited, 000s omitted, except share data)






ASSETS


3/31/2024


3/31/2023

Cash and Due from Banks


$             21,372


$             37,074

Federal Funds Sold


1,353


3,250

Debt Securities Available-for-Sale


169,149


217,273

Loans and Leases


1,290,647


1,203,563

  Less:  Allowance for Credit Losses


(15,005)


(16,646)

Loans, Net


1,275,642


1,186,917

Premises & Equipment


25,481


27,091

Intangibles


8,717


8,746

Other Real Estate Owned


167


133

Accrued Interest Receivable


8,230


5,641

Other Assets


39,859


37,798






        TOTAL ASSETS


$        1,549,970


$        1,523,923






LIABILITIES





Demand Deposits


175,133


189,250

Interest-bearing Demand Deposits


406,154


408,206

Savings Deposits


198,660


242,467

Time Deposits


504,837


381,806

        Total Deposits


1,284,784


1,221,729

Repurchase Agreements


21,107


22,697

FHLB and Other Borrowings


74,500


125,000

Interest Payable


161


160

Subordinated Debt


9,816


9,792

         Total Repos & Borrowings


105,584


157,649

Other Liabilities


21,654


13,700

Dividends Payable


496


506

           TOTAL LIABILITIES


$        1,412,518


$        1,393,584






STOCKHOLDERS' EQUITY





Common Stock


2,424


2,463

Additional Paid-in-Capital


22,429


24,155

Retained Earnings


123,603


114,603

Accumulated Other Comprehensive Loss


(11,004)


(10,882)

           TOTAL STOCKHOLDERS' EQUITY


137,452


130,339






TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY


$        1,549,970


$        1,523,923






Book Value Per Share


$              56.72


$              52.92

Tangible Book Value Per Share


$              53.12


$              49.36

Bid Price


$              41.52


$              42.30

Period End Outstanding Shares


2,423,518


2,463,168

SOURCE Tri-County Financial Group, Inc.

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