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Tri-County Financial Group Inc

Tri-County Financial Group, Inc. Reports First Quarter 2026 Financial Results

MENDOTA, Ill. , April 27, 2026 /PRNewswire/ -- Tri-County Financial Group, Inc. (the "Company") (OTCQX: TYFG) today announced financial results for the first quarter of 2026.

Net income for the first quarter of 2026 was $4.5 million ($1.88 per share), compared to $2.6 million ($1.07 per share) during the first quarter of 2025, which is approximately a 73% increase. 

Net interest income was $13.7 million during the quarter ended March 31, 2026, compared to $11.6 million in the same period of 2025, an increase of 18%. 

Non-interest income was $4.1 million for the first quarter of 2026, an increase of $0.5 million, or 14%, compared to $3.6 million during the quarter ended March 31, 2025.  

Non-interest expense was $12.0 million during the quarter ended March 31, 2026, compared to $11.3 million for the first quarter of 2025, an increase of $0.7 million. 

Our investment portfolio consists entirely of debt securities classified as available-for-sale; therefore, unrealized gains and losses are reflected in accumulated other comprehensive income within stockholders' equity.  None of our securities are classified as held-to-maturity.  The investment portfolio increased $7.4 million or 5% year over year and totaled $154.7 million at March 31, 2026, as compared to $147.4 million at March 31, 2025. 

Total loans increased $33.6 million, or 3%, to $1.31 billion at March 31, 2026, from $1.28 billion at March 31, 2025.  Nonperforming loans as a percentage of total loans were 0.55% as of March 31, 2026, compared to 0.40% at March 31, 2025.

The credit loss recovery was $0.3 million for the quarter ended March 31, 2026, compared to credit loss expense of $0.5 million at March 31, 2025.  The allowance for credit loss was $14.9 million at March 31, 2026 and represented 1.14% of gross loans, compared to $14.5 million at March 31, 2025 and 1.14% of gross loans.  Asset quality remains strong overall, despite a slight increase in nonperforming loans year-over-year. 

Total deposits increased by $6.1 million, year-over-year.  Total deposits were $1.309 billion at March 31, 2026, which consisted of approximately $10.0 million of brokered deposits.  Total deposits were $1.303 billion at March 31, 2025, which consisted of approximately $37.6 million of brokered deposits.  Without factoring in brokered deposits, total deposits increased approximately $34 million year-over-year.  Federal Home Loan Bank (FHLB) advances were $55.9 million and $32.9 million at March 31, 2026 and 2025, respectively. 

On March 10, 2026, the Board of Directors declared a regular dividend of $0.28 per share, payable April 9, 2026, to shareholders of record on March 31, 2026.

In announcing the results, Tri-County Financial Group, Inc. President and CEO Kirk Ross, stated, "Our first quarter results reflected solid earnings with strong growth in net interest income and continued improvement in our net interest margin.  With yield curves returning to a more normal state, our earnings improved with increased yields on our earning assets and lower funding costs.  We continue to see repricing in our loan portfolio and improvement in overall loan yields while maintaining a balanced approach to funding and growth.  Our focus remains on building long-term relationships, supporting our local communities, and managing risk thoughtfully.  While competition for deposits remains elevated, we are confident in our strategy and our ability to deliver consistent, relationship-driven service. "

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.  Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements due to various factors, including operating; legal and regulatory risks; changing economic and competitive conditions; and other risks and uncertainties.  Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise. 

Contact:
Lana Eddy, Secretary
leddy@firststatebank.biz
815.538.2265

TRI COUNTY FINANCIAL GROUP, INC. & SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

QUARTER ENDED MARCH 31ST

(Unaudited, 000s omitted, except share data)










2026


2025







Interest Income



$    20,970


$    19,530

Interest Expense



7,286


7,892

Net Interest Income



13,684


11,638

Provision (Recovery) for Credit Losses



(305)


501

Net Interest Income After Provision (Recovery) for Credit Losses


13,989


11,137







Non-Interest Income



4,112


3,596

FDIC Assessments



177


166

Non-Interest Expenses



11,820


11,134

Income Before Income Taxes



6,104


3,433







Applicable Income Taxes



1,632


879

Security Gains (Losses)



-


-

Net Income (Loss)



$      4,472


$      2,554







Basic Net Income Per Share



$        1.88


$        1.07

Weighted Average Shares Outstanding


2,376,683


2,388,443

 

TRI-COUNTY FINANCIAL GROUP, INC. & SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited, 000s omitted, except share data)






ASSETS


3/31/2026


3/31/2025

Cash and Due from Banks


$             48,539


$             43,692

Federal Funds Sold


1,481


1,842

Debt Securities Available-for-Sale


154,749


147,398

Loans and Leases


1,311,959


1,278,334

  Less:  Allowance for Credit Losses


(14,893)


(14,504)

Loans, Net


1,297,066


1,263,830

Premises & Equipment


23,824


25,147

Intangibles


8,672


8,694

Other Real Estate Owned


101


241

Accrued Interest Receivable


8,978


8,198

Other Assets


38,178


37,450






        TOTAL ASSETS


$        1,581,588


$        1,536,492






LIABILITIES





Demand Deposits


186,586


178,860

Interest-bearing Demand Deposits


437,998


417,340

Savings Deposits


204,717


203,928

Time Deposits


479,737


502,816

        Total Deposits


1,309,038


1,302,944

Repurchase Agreements


21,846


22,266

FHLB and Other Borrowings


55,917


32,917

Interest Payable


160


160

Subordinated Debt


9,865


9,840

         Total Repos & Borrowings


87,788


65,183

Other Liabilities


22,442


21,702

Dividends Payable


679


609

           TOTAL LIABILITIES


$        1,419,947


$        1,390,438






STOCKHOLDERS' EQUITY





Common Stock


2,378


2,388

Additional Paid-in-Capital


20,545


20,956

Retained Earnings


144,879


131,750

Accumulated Other Comprehensive Loss


(6,161)


(9,040)

           TOTAL STOCKHOLDERS' EQUITY


161,641


146,054






TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$        1,581,588


$        1,536,492






Book Value Per Share


$              67.98


$              61.15

Tangible Book Value Per Share


$              64.33


$              57.51

Bid Price


$              52.05


$              44.50

Period End Outstanding Shares


2,377,898


2,388,443

 

 

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SOURCE Tri-County Financial Group, Inc