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


News provided by

Tri-County Financial Group, Inc.

Nov 04, 2024, 14:44 ET

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MENDOTA, Ill., Nov. 4, 2024 /PRNewswire/ -- Tri-County Financial Group, Inc. (The Company) (OTCQX: 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

SOURCE Tri-County Financial Group, Inc.

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