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Tri-County Financial Group, Inc. Reports Second Quarter 2023 Financial Results


News provided by

Tri-County Financial Group, Inc.

Jul 31, 2023, 14:48 ET

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MENDOTA, Ill., July 31, 2023 /PRNewswire/ -- Tri-County Financial Group, Inc. (The Company) (OTCQX: TYFG) today announced financial results for the second quarter of 2023.

Net income for the second quarter of 2023 was $2.7 million ($1.09 per share), compared to $2.5 million ($0.99 per share) during the second quarter of 2022.  Net income was $4.2 million ($1.71 per share) for the six-month period ending June 30, 2023 compared to $4.3 million ($1.74 per share) during the same six-month period a year ago.

Net interest income was $11.0 million during the quarter ended June 30, 2023, compared to $11.2 million in the same period of 2022, a decrease of 2%.

Noninterest income was $4.0 million for the second quarter of 2023, an increase of $1.0 million, or 35%, compared to $2.9 million during the quarter ended June 30, 2022.  

Noninterest expense was $11.4 million during the quarter ended June 30, 2023, compared to $10.3 million for the second quarter of 2022, an increase of $1.1 million, or 10%. 

Total loans increased $116 million, or 11%, to $1.22 billion at June 30, 2023, from $1.11 billion at June 30, 2022.  Nonperforming loans as a percent of total loans were 0.24% as of June 30, 2023, up from 0.19% at June 30, 2022.

The allowance for loan loss ended at $16.7 million at June 30, 2023 and represented 1.36% of gross loans compared to 1.57% at June 30, 2022.  Asset quality continues to remain strong and charge offs remain low and below industry peers.

Deposits increased $30.0 million, or 3%, year-over-year.  The investment portfolio decreased $70.0 million or 27% year over year and totaled $191.9 million at June 30, 2023.

The Company's capital levels remain solid as of June 30, 2023, with a Tier 1 leverage ratio of 9.12%, down from 9.17% last year.

On June 13, 2023, the Board of Directors declared a regular dividend of $0.20 per share, payable July 13, 2023, to shareholders of record on June 30, 2023.

In announcing the results, President and CEO Tim McConville, stated "Our second quarter numbers reflected the continued slowdown in mortgage activity; however, solid earnings performance existed as we remain attentive to our loan and deposit strategies.  Asset quality as measured by nonperforming loans to total loans is stable as we continue to see strong performance with our borrowers. We remain diligent in monitoring our local competition to offer competitive rates while continuing to provide exceptional community banking services.  We continue to believe that our diversified balance sheet and lines of business are well-positioned.  Overall, we anticipate loan demand to remain steady, and we look forward to supporting the credit needs throughout our communities."

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 JUNE 30TH

(Unaudited, 000s omitted, except share data)










2023


2022







Interest Income



$    17,076


$    12,470

Interest Expense



6,065


1,232

Net Interest Income



11,011


11,238

Provision for Loan Losses



(35)


450

Net Interest Income After Provision for Loan Losses


11,046


10,788







Other Income



3,961


2,941

FDIC Assessments



93


90

Other Expenses



11,335


10,337

Income Before Income Taxes



3,579


3,302







Applicable Income Taxes



887


837

Security Gains (Losses)



-


-

Net Income (Loss)



$      2,692


$      2,465







Basic Net Income Per Share



$        1.09


$        0.99

Weighted Average Shares Outstanding


2,463,208


2,482,821






** 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


6/30/2023


6/30/2022

Cash and Due from Banks


$             25,097


$             19,175

Federal Funds Sold


2,058


1,027

Investment Securities


191,887


261,440

Loans and Leases


1,221,456


1,105,015

  Less:  Reserve for Loan Losses


(16,698)


(16,970)

Loans, Net


1,204,758


1,088,045

Bank Premises & Equipment


26,926


26,759

Intangibles


8,735


8,788

Other Real Estate Owned


132


2,376

Accrued Interest Receivable


6,162


5,421

Other Assets


36,781


30,567






        TOTAL ASSETS


$        1,502,536


$        1,443,598






LIABILITIES





Demand Deposits


178,274


180,075

Interest-bearing Demand Deposits


400,186


406,883

Savings Deposits


229,555


293,440

Time Deposits


410,215


307,788

        Total Deposits


1,218,230


1,188,186

Repurchase Agreements


26,737


27,865

Fed Funds Purchased


0


43,038

FHLB and Other Borrowings


101,000


35,505

Interest Payable


73


73

Subordinated Debt


9,797


9,773

         Total Repos & Borrowings


137,607


116,254

Other Liabilities


14,668


11,544

Dividends Payable


504


507

           TOTAL LIABILITIES


$        1,371,009


$        1,316,491






CAPITAL





Common Stock


2,463


2,484

Surplus


24,118


25,742

Preferred Stock


0


0

Retained Earnings


116,628


109,999

FASB 115 Adjustment


(11,682)


(11,118)

            TOTAL CAPITAL


131,527


127,107






TOTAL LIABILITIES AND CAPITAL


$        1,502,536


$        1,443,598






Book Value Per Share


$              53.41


$              51.17

Tangible Book Value Per Share


$              49.86


$              47.63

Bid Price


$              44.75


$              46.00

Period End Outstanding Shares


2,462,688


2,484,043

SOURCE Tri-County Financial Group, Inc.

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