Tri-County Financial Group, Inc. Reports Fourth Quarter 2024 Financial Results

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Tri-County Financial Group (OTCQX: TYFG) reported Q4 2024 net income of $2.4 million ($1.00 per share), up from $2.3 million ($0.94 per share) in Q4 2023. Full-year 2024 net income reached $10.4 million ($4.33 per share), compared to $10.0 million in 2023.

Q4 2024 performance showed improvements with net interest income at $10.9 million (up 2%), non-interest income at $4.0 million (up 5%), while non-interest expense increased to $11.9 million (up 2.6%). The investment portfolio decreased 18% to $143.7 million, while total loans slightly increased to $1.285 billion. Asset quality improved with nonperforming loans decreasing to 0.33% from 0.55% year-over-year.

The company maintained strong capital levels with a Tier 1 leverage ratio of 10.26% and declared a regular dividend of $0.25 per share.

Positive

• Net income increased to $2.4 million in Q4 2024, up from $2.3 million in Q4 2023
• Full-year net income grew to $10.4 million from $10.0 million year-over-year
• Net interest income rose 2% to $10.9 million
• Non-interest income increased 5% to $4.0 million
• Nonperforming loans improved to 0.33% from 0.55% year-over-year
• Total deposits increased by $26.6 million (2%) year-over-year
• FHLB advances reduced to $67.9 million from $116 million

Negative

• Non-interest expense increased 2.6% to $11.9 million
• Investment portfolio decreased by $31.1 million (18%) year-over-year
• Loan growth was minimal at 0.1% year-over-year

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

 

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SOURCE Tri-County Financial Group, Inc.

FAQ

What was TYFG's Q4 2024 earnings per share?

TYFG reported earnings of $1.00 per share in Q4 2024, compared to $0.94 per share in Q4 2023.

How much did TYFG's total deposits grow in 2024?

TYFG's total deposits increased by $26.6 million, or 2%, year-over-year in 2024.

What is TYFG's current dividend payment?

TYFG declared a regular dividend of $0.25 per share, payable January 9, 2025, to shareholders of record on December 31, 2024.

How did TYFG's loan quality perform in Q4 2024?

TYFG's loan quality improved with nonperforming loans decreasing to 0.33% of total loans as of December 31, 2024, compared to 0.55% at December 31, 2023.

What was TYFG's full-year 2024 net income?

TYFG reported full-year 2024 net income of $10.4 million ($4.33 per share), compared to $10.0 million ($4.10 per share) in 2023.