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

(MENAFN- PR Newswire)

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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