Tri-County Financial Group, Inc. reports banking-company developments tied to First State Bank, its wholly owned Illinois state-chartered bank, and its OTCQX-traded common stock under the symbol TYFG. Company news centers on quarterly and annual financial results, including net income, net interest income, non-interest income, non-interest expense, credit loss provisions or recoveries, and asset-quality measures.
Recurring updates also describe the company’s available-for-sale debt securities portfolio, capital levels such as its Tier 1 leverage ratio, loan-loss allowance trends, nonperforming loans, and shareholder dividends. The coverage reflects a community-bank holding structure where earnings, credit quality, securities classification, and capital management are central operating themes.
Tri-County Financial Group (OTCQX: TYFG) announced a new stock repurchase program on May 11, 2021, approved by its Board of Directors. The program allows for the repurchase of up to $5.0 million in common stock, equating to approximately 120,000 shares based on the $42.00 closing price on May 6, 2021. The shares can be repurchased through various means, including open market and privately negotiated transactions, with the timing and number of shares contingent on market conditions and company discretion.
Tri-County Financial Group reported a net income of $3.6 million ($1.47 per share) for Q1 2021, marking a 13% increase from the previous year's $3.2 million. Net interest income rose 17% to $10.2 million, driven by growth in mortgage banking fees. Noninterest income also grew by 11% to $6.0 million. Total deposits surged 18% year-over-year, reaching $1.2 billion. However, nonperforming loans rose slightly to 0.55% of total loans, and noninterest expenses increased 13% to $10.7 million.
Tri-County Financial Group (TYFG) reported strong financial results for Q4 2020, showcasing a net income of $5.8 million ($2.36 per share), significantly up from $1.8 million ($0.74 per share) in Q4 2019. The company achieved record annual earnings of $20.1 million, a 127% increase from $8.9 million in 2019. Net interest income rose to $38.8 million and noninterest income surged to $35.9 million, largely driven by a 155% increase in mortgage banking fees. Despite a 15% rise in noninterest expenses, robust loan growth and a solid capital position underscore the company’s positive trajectory.