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Tri-County Financial Group, Inc. Reports Third Quarter 2024 Financial Results
- 48
PR Newswire
MENDOTA, Ill., Nov. 4, 2024
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 | ||
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SOURCE Tri-County Financial Group, Inc.
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