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Tri-County Financial Group Inc

Tri-County Financial Group, Inc. Reports First Quarter 2025 Financial Results

MENDOTA, Ill. , April 24, 2025 /PRNewswire/ -- Tri-County Financial Group, Inc. (The Company) (OTCQX: TYFG) today announced financial results for the first quarter of 2025.

Net income for the first quarter of 2025 was $2.6 million ($1.07 per share), compared to $2.7 million ($1.10 per share) during the first quarter of 2024. The net interest margin was 3.31% for the first quarter of 2025, compared to 2.93% for the first quarter of 2024. 

Net interest income was $11.6 million during the quarter ended March 31, 2025, compared to $10.5 million in the same period of 2024, or a 10% increase. 

Non-interest income was $3.6 million for the first quarter of 2025, an increase of $0.6 million, or 20%, compared to $3.0 million during the quarter ended March 31, 2024.  The increase is attributed mostly to improved earnings in First State Mortgage, which is performing approximately $0.5 million better through three months than March 31, 2024.  

Non-interest expense was $11.3 million during the quarter ended March 31, 2025, compared to $11.2 million in the same period of 2024, an increase of $0.1 million, or 0.9%.

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 $21.8 million or 13% year over year and totaled $147.4 million at March 31, 2025, compared to $169.1 million at March 31, 2024.  The reduction of the securities portfolio in 2025 helped to reduce borrowings.   

Total loans decreased $12.3 million, or 1%, to $1.278 billion at March 31, 2025, from $1.291 billion at March 31, 2024.  Nonperforming loans as a percent of total loans were 0.40% as of March 31, 2025, compared to 0.63% at March 31, 2024.

The provision for credit loss had a provision of $0.5 million for the quarter ended March 31, 2025, which is attributed to economic conditions moderating and the unfunded commitments increasing approximately $20 million from the prior quarter.  The allowance for credit loss ended at $14.5 million at March 31, 2025 and represented 1.14% of gross loans.  Asset quality continues to remain solid and charge offs remain low. 

Total deposits increased $18.2 million, or 1%, year-over-year.  Approximately $38 million and $87.5 million consisted of brokered deposits at March 31, 2025 and 2024, respectively.  Federal Home Loan Bank (FHLB) advances were $32.9 million and $74.5 million at March 31, 2025 and 2024, respectively. 

The Company's capital levels remain solid as of March 31, 2025, with a Tier 1 leverage ratio of 9.79%.

On March 18, 2025, the Board of Directors declared a regular dividend of $0.25 per share, payable April 10, 2025, to shareholders of record on March 31, 2025.

In announcing the results, Tri-County Financial Group, Inc. President and CEO Tim McConville, stated, "Our first quarter numbers reflected solid earnings and improvement of net interest margin and in-market deposit growth.  Despite the challenging economic and political environment for financial institutions, solid earnings performance existed as we remain attentive to our loan and deposit strategies.  We remain diligent in monitoring our local competition to offer competitive rates while continuing to provide exceptional community banking services.  Our loan portfolio continues to remain strong with minimal charge-offs and we believe that our diversified balance sheet and lines of business continue to be well-positioned.  Asset quality as measured by nonperforming loans to total loans is stable as we continue to see solid performance with our borrowers.  In our 85th year of business with First State Bank, we remain steadfast in our commitment to the communities and our customers in which we serve."

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 MARCH 31ST

(Unaudited, 000s omitted, except share data)










2025


2024







Interest Income



$    19,530


$    18,989

Interest Expense



7,892


8,509

Net Interest Income



11,638


10,480

Provision for Credit Losses



501


(1,286)

Net Interest Income After Provision for Credit
Losses


11,137


11,766







Non-Interest Income



3,596


3,012

FDIC Assessments



166


180

Non-Interest Expenses



11,134


11,008

Income Before Income Taxes



3,433


3,590







Applicable Income Taxes



879


915

Security Gains (Losses)



-


-

Net Income (Loss)



$      2,554


$      2,675







Basic Net Income Per Share



$        1.07


$        1.10

Weighted Average Shares Outstanding


2,388,443


2,423,418

     

TRI-COUNTY FINANCIAL GROUP, INC. & SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited, 000s omitted, except share data)






ASSETS


          3/31/2025


          3/31/2024

Cash and Due from Banks


$             43,692


$             21,372

Federal Funds Sold


1,842


1,353

Debt Securities Available-for-Sale


147,398


169,149

Loans and Leases


1,278,334


1,290,647

  Less:  Allowance for Credit Losses


(14,504)


(15,005)

Loans, Net


1,263,830


1,275,642

Premises & Equipment


25,147


25,481

Intangibles


8,694


8,717

Other Real Estate Owned


241


167

Accrued Interest Receivable


8,198


8,230

Other Assets


37,450


39,859






        TOTAL ASSETS


$        1,536,492


$        1,549,970






LIABILITIES





Demand Deposits


178,860


175,133

Interest-bearing Demand Deposits


417,340


406,154

Savings Deposits


203,928


198,660

Time Deposits


502,816


504,837

        Total Deposits


1,302,944


1,284,784

Repurchase Agreements


22,266


21,107

FHLB and Other Borrowings


32,917


74,500

Interest Payable


160


161

Subordinated Debt


9,840


9,816

         Total Repos & Borrowings


65,183


105,584

Other Liabilities


21,702


21,654

Dividends Payable


609


496

           TOTAL LIABILITIES


$        1,390,438


$        1,412,518






STOCKHOLDERS' EQUITY





Common Stock


2,388


2,424

Additional Paid-in-Capital


20,956


22,429

Retained Earnings


131,750


123,603

Accumulated Other Comprehensive Loss


(9,040)


(11,004)

           TOTAL STOCKHOLDERS' EQUITY


146,054


137,452






TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY


$        1,536,492


$        1,549,970






Book Value Per Share


$              61.15


$              56.72

Tangible Book Value Per Share


$              57.51


$              53.12

Bid Price


$              44.50


$              41.52

Period End Outstanding Shares


2,388,443


2,423,518

 

Cision View original content:https://www.prnewswire.com/news-releases/tri-county-financial-group-inc-reports-first-quarter-2025-financial-results-302437623.html

SOURCE Tri-County Financial Group, Inc.