Tri-County Financial Group, Inc. Reports First Quarter 2026 Financial Results
MENDOTA, Ill., April 27, 2026 /PRNewswire/ -- Tri-County Financial Group, Inc. (the "Company") (OTCQX: TYFG) today announced financial results for the first quarter of 2026.
Net income for the first quarter of 2026 was $4.5 million ($1.88 per share), compared to $2.6 million ($1.07 per share) during the first quarter of 2025, which is approximately a 73% increase.
Net interest income was $13.7 million during the quarter ended March 31, 2026, compared to $11.6 million in the same period of 2025, an increase of 18%.
Non-interest income was $4.1 million for the first quarter of 2026, an increase of $0.5 million, or 14%, compared to $3.6 million during the quarter ended March 31, 2025.
Non-interest expense was $12.0 million during the quarter ended March 31, 2026, compared to $11.3 million for the first quarter of 2025, an increase of $0.7 million.
Our investment portfolio consists entirely of debt securities classified as available-for-sale; therefore, unrealized gains and losses are reflected in accumulated other comprehensive income within stockholders' equity. None of our securities are classified as held-to-maturity. The investment portfolio increased $7.4 million or 5% year over year and totaled $154.7 million at March 31, 2026, as compared to $147.4 million at March 31, 2025.
Total loans increased $33.6 million, or 3%, to $1.31 billion at March 31, 2026, from $1.28 billion at March 31, 2025. Nonperforming loans as a percentage of total loans were 0.55% as of March 31, 2026, compared to 0.40% at March 31, 2025.
The credit loss recovery was $0.3 million for the quarter ended March 31, 2026, compared to credit loss expense of $0.5 million at March 31, 2025. The allowance for credit loss was $14.9 million at March 31, 2026 and represented 1.14% of gross loans, compared to $14.5 million at March 31, 2025 and 1.14% of gross loans. Asset quality remains strong overall, despite a slight increase in nonperforming loans year-over-year.
Total deposits increased by $6.1 million, year-over-year. Total deposits were $1.309 billion at March 31, 2026, which consisted of approximately $10.0 million of brokered deposits. Total deposits were $1.303 billion at March 31, 2025, which consisted of approximately $37.6 million of brokered deposits. Without factoring in brokered deposits, total deposits increased approximately $34 million year-over-year. Federal Home Loan Bank (FHLB) advances were $55.9 million and $32.9 million at March 31, 2026 and 2025, respectively.
On March 10, 2026, the Board of Directors declared a regular dividend of $0.28 per share, payable April 9, 2026, to shareholders of record on March 31, 2026.
In announcing the results, Tri-County Financial Group, Inc. President and CEO Kirk Ross, stated, "Our first quarter results reflected solid earnings with strong growth in net interest income and continued improvement in our net interest margin. With yield curves returning to a more normal state, our earnings improved with increased yields on our earning assets and lower funding costs. We continue to see repricing in our loan portfolio and improvement in overall loan yields while maintaining a balanced approach to funding and growth. Our focus remains on building long-term relationships, supporting our local communities, and managing risk thoughtfully. While competition for deposits remains elevated, we are confident in our strategy and our ability to deliver consistent, relationship-driven service. "
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. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements due to various factors, including operating; legal and regulatory risks; changing economic and competitive conditions; and other risks and uncertainties. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Contact:
Lana Eddy, Secretary
[email protected]
815.538.2265
TRI COUNTY FINANCIAL GROUP, INC. & SUBSIDIARIES | |||||
CONSOLIDATED STATEMENTS OF INCOME | |||||
QUARTER ENDED MARCH 31ST | |||||
(Unaudited, 000s omitted, except share data) | |||||
2026 | 2025 | ||||
Interest Income | $ 20,970 | $ 19,530 | |||
Interest Expense | 7,286 | 7,892 | |||
Net Interest Income | 13,684 | 11,638 | |||
Provision (Recovery) for Credit Losses | (305) | 501 | |||
Net Interest Income After Provision (Recovery) for Credit Losses | 13,989 | 11,137 | |||
Non-Interest Income | 4,112 | 3,596 | |||
FDIC Assessments | 177 | 166 | |||
Non-Interest Expenses | 11,820 | 11,134 | |||
Income Before Income Taxes | 6,104 | 3,433 | |||
Applicable Income Taxes | 1,632 | 879 | |||
Security Gains (Losses) | - | - | |||
Net Income (Loss) | $ 4,472 | $ 2,554 | |||
Basic Net Income Per Share | $ 1.88 | $ 1.07 | |||
Weighted Average Shares Outstanding | 2,376,683 | 2,388,443 | |||
TRI-COUNTY FINANCIAL GROUP, INC. & SUBSIDIARIES | ||||
CONSOLIDATED BALANCE SHEETS | ||||
(Unaudited, 000s omitted, except share data) | ||||
ASSETS | 3/31/2026 | 3/31/2025 | ||
Cash and Due from Banks | $ 48,539 | $ 43,692 | ||
Federal Funds Sold | 1,481 | 1,842 | ||
Debt Securities Available-for-Sale | 154,749 | 147,398 | ||
Loans and Leases | 1,311,959 | 1,278,334 | ||
Less: Allowance for Credit Losses | (14,893) | (14,504) | ||
Loans, Net | 1,297,066 | 1,263,830 | ||
Premises & Equipment | 23,824 | 25,147 | ||
Intangibles | 8,672 | 8,694 | ||
Other Real Estate Owned | 101 | 241 | ||
Accrued Interest Receivable | 8,978 | 8,198 | ||
Other Assets | 38,178 | 37,450 | ||
TOTAL ASSETS | $ 1,581,588 | $ 1,536,492 | ||
LIABILITIES | ||||
Demand Deposits | 186,586 | 178,860 | ||
Interest-bearing Demand Deposits | 437,998 | 417,340 | ||
Savings Deposits | 204,717 | 203,928 | ||
Time Deposits | 479,737 | 502,816 | ||
Total Deposits | 1,309,038 | 1,302,944 | ||
Repurchase Agreements | 21,846 | 22,266 | ||
FHLB and Other Borrowings | 55,917 | 32,917 | ||
Interest Payable | 160 | 160 | ||
Subordinated Debt | 9,865 | 9,840 | ||
Total Repos & Borrowings | 87,788 | 65,183 | ||
Other Liabilities | 22,442 | 21,702 | ||
Dividends Payable | 679 | 609 | ||
TOTAL LIABILITIES | $ 1,419,947 | $ 1,390,438 | ||
STOCKHOLDERS' EQUITY | ||||
Common Stock | 2,378 | 2,388 | ||
Additional Paid-in-Capital | 20,545 | 20,956 | ||
Retained Earnings | 144,879 | 131,750 | ||
Accumulated Other Comprehensive Loss | (6,161) | (9,040) | ||
TOTAL STOCKHOLDERS' EQUITY | 161,641 | 146,054 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,581,588 | $ 1,536,492 | ||
Book Value Per Share | $ 67.98 | $ 61.15 | ||
Tangible Book Value Per Share | $ 64.33 | $ 57.51 | ||
Bid Price | $ 52.05 | $ 44.50 | ||
Period End Outstanding Shares | 2,377,898 | 2,388,443 | ||
SOURCE Tri-County Financial Group, Inc
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