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

Rhea-AI Summary

Tri-County Financial Group (OTCQX: TYFG) has reported its Q1 2025 financial results. The company achieved a net income of $2.6 million ($1.07 per share), slightly down from $2.7 million ($1.10 per share) in Q1 2024. Net interest margin improved to 3.31% from 2.93% year-over-year, while net interest income increased 10% to $11.6 million.

Key financial metrics include:

• Non-interest income rose 20% to $3.6 million
• Total loans decreased 1% to $1.278 billion
• Total deposits grew by $18.2 million (1% year-over-year)
• Investment portfolio decreased 13% to $147.4 million

The company maintains strong asset quality with nonperforming loans at 0.40% of total loans, improved from 0.63% in Q1 2024. The Board declared a regular dividend of $0.25 per share, payable April 10, 2025. TYFG's capital position remains solid with a Tier 1 leverage ratio of 9.79%.

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 85^th 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

 

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.

FAQ

What is TYFG's Q1 2025 earnings per share compared to Q1 2024?

TYFG reported earnings of $1.07 per share in Q1 2025, compared to $1.10 per share in Q1 2024, showing a slight decrease in earnings performance.

How much did TYFG's net interest margin improve in Q1 2025?

TYFG's net interest margin improved to 3.31% in Q1 2025 from 2.93% in Q1 2024, representing a 38 basis points increase.

What is the dividend amount declared by TYFG for Q1 2025?

TYFG declared a regular dividend of $0.25 per share, payable April 10, 2025, to shareholders of record on March 31, 2025.

How has TYFG's loan quality changed from Q1 2024 to Q1 2025?

TYFG's loan quality improved with nonperforming loans decreasing to 0.40% of total loans in Q1 2025 from 0.63% in Q1 2024.

What is TYFG's total deposit growth for Q1 2025?

TYFG's total deposits increased by $18.2 million, representing a 1% year-over-year growth, reaching $1.303 billion by March 31, 2025.