Tri-County Financial Group, Inc. Reports First Quarter 2022 Financial Results
MENDOTA, Ill., May 11, 2022 /PRNewswire/ -- Tri-County Financial Group, Inc. (The Company) (OTCQX: TYFG) today announced financial results for the first quarter of 2022.
Net income for the first quarter of 2022 was
Net interest income was
Noninterest income was
Noninterest expense was
Total loans increased
The provision for loan loss remains unchanged at
Deposits increased
The Company's capital levels remain solid as of March 31, 2022, with a Tier 1 leverage ratio of
On March 8, 2022, the Board of Directors declared a regular dividend of
In announcing the results, President and CEO, Tim McConville, stated "Our first quarter numbers reflected the slowdown in mortgage activity that had supplemented our results the last two years. Mortgage activity remains an important part of our business and we expect continued earnings contributions from this line of business. Asset quality as measured by nonperforming loans to total loans is stable. We believe that our diversified balance sheet and lines of business are well-positioned given increases in short term rates by the Federal Reserve."
Tri-County Financial Group, Inc. is the parent holding company for First State Bank, with offices in Mendota, Batavia, Bloomington, 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, LLC and First State Insurance. Tri-County Financial Group, Inc. shares are quoted under the symbol TYFG and traded on OTCQX.
TRI COUNTY FINANCIAL GROUP, INC. & SUBSIDIARIES | |||||
CONSOLIDATED STATEMENTS OF INCOME | |||||
THREE MONTHS ENDED MARCH 31ST | |||||
(000s omitted, except share data) | |||||
2022 | 2021 | ||||
Interest Income | $ 11,622 | $ 12,182 | |||
Interest Expense | 1,115 | 2,024 | |||
Net Interest Income | 10,507 | 10,158 | |||
Provision for Loan Losses | 450 | 450 | |||
Net Interest Income After Provision for Loan Losses | 10,057 | 9,708 | |||
Other Income | 2,789 | 6,004 | |||
FDIC Assessments | 90 | 95 | |||
Other Expenses | 10,271 | 10,624 | |||
Income Before Income Taxes | 2,485 | 4,993 | |||
Applicable Income Taxes | 621 | 1,350 | |||
Security Gains (Losses) | - | - | |||
Net Income (Loss) | $ 1,864 | $ 3,643 | |||
Basic Net Income Per Share | $ 0.75 | $ 1.47 | |||
Weighted Average Shares Outstanding | 2,480,181 | 2,476,868 |
** Certain reclassifications have been made to preserve consistency between the periods presented. |
TRI-COUNTY FINANCIAL GROUP, INC. & SUBSIDIARIES | ||||
CONSOLIDATED BALANCE SHEETS | ||||
(000s omitted, except share data) | ||||
ASSETS | 3/31/2022 | 3/31/2021 | ||
Cash and Due from Banks | $ 63,897 | $ 165,663 | ||
Federal Funds Sold | 10,615 | 30,071 | ||
Investment Securities | 263,855 | 122,322 | ||
Loans and Leases | 1,042,592 | 1,007,730 | ||
Less: Reserve for Loan Losses | (16,575) | (15,434) | ||
Loans, Net | 1,026,017 | 992,296 | ||
Bank Premises & Equipment | 26,676 | 27,582 | ||
Intangibles | 8,803 | 8,409 | ||
Other Real Estate Owned | 2,222 | 2,850 | ||
Accrued Interest Receivable | 5,073 | 3,786 | ||
Other Assets | 32,437 | 33,823 | ||
TOTAL ASSETS | $ 1,439,595 | $ 1,386,802 | ||
LIABILITIES | ||||
Demand Deposits | 192,916 | 170,231 | ||
Interest-bearing Demand Deposits | 442,522 | 390,800 | ||
Savings Deposits | 291,114 | 266,022 | ||
Time Deposits | 326,570 | 370,454 | ||
Total Deposits | 1,253,122 | 1,197,507 | ||
Repurchase Agreements | 23,045 | 21,621 | ||
Fed Funds Purchased | 0 | 0 | ||
FHLB and Other Borrowings | 5,000 | 4,000 | ||
Interest Payable | 164 | 520 | ||
Subordinated Debt | 9,767 | 15,709 | ||
Total Repos & Borrowings | 37,976 | 41,850 | ||
Other Liabilities | 15,554 | 17,887 | ||
Dividends Payable | 506 | 380 | ||
TOTAL LIABILITIES | $ 1,307,158 | $ 1,257,624 | ||
CAPITAL | ||||
Common Stock | 2,481 | 2,477 | ||
Surplus | 25,642 | 25,702 | ||
Preferred Stock | 0 | 0 | ||
Retained Earnings | 108,031 | 98,571 | ||
FASB 115 Adjustment | (3,717) | 2,428 | ||
TOTAL CAPITAL | 132,437 | 129,178 | ||
TOTAL LIABILITIES AND CAPITAL | $ 1,439,595 | $ 1,386,802 | ||
Book Value Per Share | $ 53.39 | $ 52.15 | ||
Tangible Book Value Per Share | $ 49.84 | $ 48.75 | ||
Bid Price | $ 47.25 | $ 37.75 | ||
Period End Outstanding Shares | 2,480,598 | 2,477,253 |
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SOURCE Tri-County Financial Group, Inc.