MENDOTA, Ill., Feb. 4, 2025 /PRNewswire/ -- Tri-County Financial Group, Inc. (The Company) (OTCQX: TYFG) today announced financial results for the fourth quarter of 2024.
Net income for the fourth quarter of 2024 was $2.4 million ($1.00 per share), compared to $2.3 million ($0.94 per share) during the fourth quarter of 2023. Net income was $10.4 million ($4.33 per share) for the twelve-month period ending December 31, 2024, compared to $10.0 million ($4.10 per share) during the same twelve-month period a year ago.
Net interest income was $10.9 million during the quarter ended December 31, 2024, compared to $10.7 million in the same period of 2023, or a 2% increase.
Non-interest income was $4.0 million for the fourth quarter of 2024, an increase of $0.2 million, or 5%, compared to $3.8 million during the quarter ended December 31, 2023.
Non-interest expense was $11.9 million during the quarter ended December 31, 2024, compared to $11.6 million in the same period of 2023, an increase of $0.3 million, or 2.6%.
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 $31.1 million or 18% year over year and totaled $143.7 million at December 31, 2024. The reduction of the securities portfolio in 2024 helped to reduce borrowings.
Total loans slightly increased $1.6 million, or 0.1%, to $1.285 billion at December 31, 2024, from $1.284 billion at December 31, 2023. Nonperforming loans as a percent of total loans were 0.33% as of December 31, 2024, compared to 0.55% at December 31, 2023.
The provision for credit loss had a provision of $0.1 million for the quarter ended December 31, 2024. The allowance for credit loss ended at $14.4 million at December 31, 2024 and represented 1.12% of gross loans. Asset quality continues to remain solid and charge offs remain low.
Total deposits increased $26.6 million, or 2%, year-over-year. Approximately $49 million and $71 million consisted of brokered deposits at December 31, 2024 and 2023, respectively. Federal Home Loan Bank (FHLB) advances were $67.9 million and $116 million at December 31, 2024 and 2023, respectively.
The Company's capital levels remain solid as of December 31, 2024, with a Tier 1 leverage ratio of 10.26%.
On December 10, 2024, the Board of Directors declared a regular dividend of $0.25 per share, payable January 9, 2025, to shareholders of record on December 31, 2024.
In announcing the results, Tri-County Financial Group, Inc. President and CEO Tim McConville, stated, "Our fourth quarter numbers reflected solid earnings with slight improvement in margins, which can be attributed to the Federal Reserve easing short-term interest rates in the latter part of 2024 and the yield curve finally returning to a more normal state. Despite the challenging economic environment for financial institutions for the majority of 2024, 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."
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 DECEMBER 31ST | |||||
(Unaudited, 000s omitted, except share data) | |||||
2024 | 2023 | ||||
Interest Income | $ 19,531 | $ 18,704 | |||
Interest Expense | 8,584 | 8,048 | |||
Net Interest Income | 10,947 | 10,656 | |||
Provision for Credit Losses | 74 | (76) | |||
Net Interest Income After Provision for Credit Losses | 10,873 | 10,732 | |||
Non-Interest Income | 4,021 | 3,803 | |||
FDIC Assessments | 170 | 173 | |||
Non-Interest Expenses | 11,680 | 11,425 | |||
Income Before Income Taxes | 3,044 | 2,937 | |||
Applicable Income Taxes | 653 | 665 | |||
Security Gains (Losses) | - | - | |||
Net Income (Loss) | $ 2,391 | $ 2,272 | |||
Basic Net Income Per Share | $ 1.00 | $ 0.94 | |||
Weighted Average Shares Outstanding | 2,396,410 | 2,426,368 | |||
TRI-COUNTY FINANCIAL GROUP, INC. & SUBSIDIARIES | ||||
CONSOLIDATED BALANCE SHEETS | ||||
(Unaudited, 000s omitted, except share data) | ||||
ASSETS | 12/31/2024 | 12/31/2023 | ||
Cash and Due from Banks | $ 42,418 | $ 26,905 | ||
Federal Funds Sold | 2,558 | 1,113 | ||
Debt Securities Available-for-Sale | 143,735 | 174,846 | ||
Loans and Leases | 1,285,419 | 1,283,792 | ||
Less: Allowance for Credit Losses | (14,444) | (15,990) | ||
Loans, Net | 1,270,975 | 1,267,802 | ||
Premises & Equipment | 25,344 | 25,785 | ||
Intangibles | 8,700 | 8,723 | ||
Other Real Estate Owned | 920 | 101 | ||
Accrued Interest Receivable | 7,475 | 7,572 | ||
Other Assets | 37,160 | 40,048 | ||
TOTAL ASSETS | $ 1,539,285 | $ 1,552,895 | ||
LIABILITIES | ||||
Demand Deposits | 170,545 | 172,986 | ||
Interest-bearing Demand Deposits | 399,103 | 407,305 | ||
Savings Deposits | 202,410 | 206,446 | ||
Time Deposits | 501,239 | 459,994 | ||
Total Deposits | 1,273,297 | 1,246,731 | ||
Repurchase Agreements | 22,679 | 22,488 | ||
FHLB and Other Borrowings | 67,917 | 116,000 | ||
Interest Payable | 73 | 73 | ||
Subordinated Debt | 9,834 | 9,810 | ||
Total Repos & Borrowings | 100,503 | 148,371 | ||
Other Liabilities | 21,680 | 20,914 | ||
Dividends Payable | 611 | 736 | ||
TOTAL LIABILITIES | $ 1,396,091 | $ 1,416,752 | ||
STOCKHOLDERS' EQUITY | ||||
Common Stock | 2,394 | 2,422 | ||
Additional Paid-in-Capital | 21,212 | 22,456 | ||
Retained Earnings | 129,793 | 121,414 | ||
Accumulated Other Comprehensive Loss | (10,205) | (10,149) | ||
TOTAL STOCKHOLDERS' EQUITY | 143,194 | 136,143 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,539,285 | $ 1,552,895 | ||
Book Value Per Share | $ 59.81 | $ 56.20 | ||
Tangible Book Value Per Share | $ 56.18 | $ 52.60 | ||
Bid Price | $ 45.50 | $ 44.00 | ||
Period End Outstanding Shares | 2,394,193 | 2,422,358 | ||
SOURCE Tri-County Financial Group, Inc.
