Tri-County Financial Group, Inc. Reports Second Quarter 2026 Financial Results
Rhea-AI Summary
Tri-County Financial Group (OTCQX: TYFG) reported second quarter 2026 net income of $4.1 million, or $1.73 per share, up from $3.5 million, or $1.47 per share, in Q2 2025, a roughly 17% increase. For the first six months of 2026, net income was $8.6 million ($3.61 per share) versus $6.1 million ($2.54 per share) a year earlier.
Net interest income rose 16% to $14.2 million, while non-interest income fell 5% to $4.4 million and non-interest expense declined 3% to $11.8 million. Total loans decreased 1% year-over-year to $1.29 billion; nonperforming loans increased to 0.46% of loans from 0.29%. Credit loss expense was $1.1 million versus a $0.1 million recovery in Q2 2025, mainly from a $1.2 million reserve build on higher unfunded commitments. Deposits grew to $1.297 billion, with brokered deposits reduced to about $10.0 million from $32.5 million. Book value per share rose to $69.08 and tangible book value to $65.45. The board declared a $0.28 regular dividend payable July 9, 2026.
Positive
- Net income Q2 2026 $4.1M, EPS $1.73, up ~17% YoY
- Six-month 2026 net income $8.6M vs. $6.1M in 2025
- Net interest income $14.2M in Q2 2026, up 16% YoY
- Non-interest expense down 3% YoY to $11.8M in Q2 2026
- Total deposits up $28M YoY; core deposits +~$50.5M excluding brokered
- FHLB and other borrowings reduced to $45.9M from $86.9M YoY
- Book value per share increased to $69.08 from $62.37 YoY
- Quarterly dividend of $0.28 per share declared for July 9, 2026
Negative
- Total loans decreased 1% YoY to $1.29B at June 30, 2026
- Non-interest income declined 5% YoY to $4.4M in Q2 2026
- Nonperforming loans ratio rose to 0.46% from 0.29% YoY
- Credit loss expense $1.1M in Q2 2026 vs. $0.1M recovery in Q2 2025
- Reserve on unfunded commitments increased by $1.2M this quarter
AI-generated analysis. How Rhea-AI works. Not financial advice.
Net income for the second quarter of 2026 was
Net interest income was
Non-interest income was
Non-interest expense was
Our investment portfolio consists entirely of debt securities classified as available-for-sale; therefore, unrealized gains and losses are reflected in accumulated other comprehensive income within stockholders' equity. None of our securities are classified as held-to-maturity. The investment portfolio decreased
Total loans decreased
The total credit loss expense was
Total deposits increased by
On June 9, 2026, the Board of Directors declared a regular dividend of
In announcing the results, Tri-County Financial Group, Inc. President and CEO Kirk Ross, stated, "Our second quarter highlights another solid quarter with strong growth in net interest income and continued improvement in our net interest margin. Our earnings continue to improve with increased yields on our earning assets and lower funding costs. Our focus remains on building long-term relationships, supporting our local communities, and managing risk. While competition for deposits remains elevated, we are confident in our strategy and our ability to deliver consistent, relationship-driven service. "
Tri-County Financial Group, Inc. is the parent holding company for First State Bank, with offices in
Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements often include words such as "believes," "expects," "anticipates," "estimates," "forecasts," "intends," "plans," "targets," "potentially," "probably," "projects," "outlook" or similar expressions or future or conditional verbs such as "may," "will," "should," "would," and "could," as well as the negative of such words. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements due to various factors, including operating; legal and regulatory risks (including changes in the interest rate environment, which could adversely affect our revenues and expenses); changing economic and competitive conditions; local, national and international political conditions (including international military conflicts that can increase levels of political and economic unpredictability, contribute to rising energy and commodity prices, affect global supply chains and increase the volatility of financial markets); and other risks and uncertainties beyond our control. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Contact:
Lana Eddy, Secretary
leddy@firststatebank.biz
815.538.2265
TRI COUNTY FINANCIAL GROUP, INC. & SUBSIDIARIES | |||||
CONSOLIDATED STATEMENTS OF INCOME | |||||
QUARTER ENDED JUNE 30TH | |||||
(Unaudited, 000s omitted, except share data) | |||||
2026 | 2025 | ||||
Interest Income | $ 21,231 | $ 20,108 | |||
Interest Expense | 7,067 | 7,864 | |||
Net Interest Income | 14,164 | 12,244 | |||
Provision (Recovery) for Credit Losses | 1,083 | (113) | |||
Net Interest Income After Provision (Recovery) for Credit Losses | 13,081 | 12,357 | |||
Non-Interest Income | 4,403 | 4,658 | |||
FDIC Assessments | 178 | 172 | |||
Non-Interest Expenses | 11,664 | 12,050 | |||
Income Before Income Taxes | 5,642 | 4,793 | |||
Applicable Income Taxes | 1,525 | 1,286 | |||
Security Gains (Losses) | - | - | |||
Net Income (Loss) | $ 4,117 | $ 3,507 | |||
Basic Net Income Per Share | $ 1.73 | $ 1.47 | |||
Weighted Average Shares Outstanding | 2,382,098 | 2,388,743 | |||
TRI-COUNTY FINANCIAL GROUP, INC. & SUBSIDIARIES | ||||
CONSOLIDATED BALANCE SHEETS | ||||
(Unaudited, 000s omitted, except share data) | ||||
ASSETS | 6/30/2026 | 6/30/2025 | ||
Cash and Due from Banks | $ 58,355 | $ 45,436 | ||
Federal Funds Sold | 2,548 | 2,000 | ||
Debt Securities Available-for-Sale | 147,611 | 148,152 | ||
Loans and Leases | 1,288,073 | 1,301,782 | ||
Less: Allowance for Credit Losses | (14,789) | (14,665) | ||
Loans, Net | 1,273,284 | 1,287,117 | ||
Premises & Equipment | 24,051 | 24,880 | ||
Intangibles | 8,667 | 8,689 | ||
Other Real Estate Owned | 101 | 101 | ||
Accrued Interest Receivable | 8,781 | 8,031 | ||
Other Assets | 38,675 | 38,537 | ||
TOTAL ASSETS | $ 1,562,073 | $ 1,562,943 | ||
LIABILITIES | ||||
Demand Deposits | $ 182,756 | $ 164,880 | ||
Interest-bearing Demand Deposits | 423,533 | 404,627 | ||
Savings Deposits | 209,306 | 200,172 | ||
Time Deposits | 481,211 | 499,097 | ||
Total Deposits | 1,296,806 | 1,268,776 | ||
Repurchase Agreements | 21,404 | 26,199 | ||
FHLB and Other Borrowings | 45,917 | 86,917 | ||
Interest Payable | 73 | 73 | ||
Subordinated Debt | 9,871 | 9,846 | ||
Total Repos & Borrowings | 77,265 | 123,035 | ||
Other Liabilities | 22,331 | 21,504 | ||
Dividends Payable | 667 | 610 | ||
TOTAL LIABILITIES | $ 1,397,069 | $ 1,413,925 | ||
STOCKHOLDERS' EQUITY | ||||
Common Stock | 2,389 | 2,389 | ||
Additional Paid-in-Capital | 20,967 | 20,980 | ||
Retained Earnings | 148,328 | 134,660 | ||
Accumulated Other Comprehensive Loss | (6,680) | (9,011) | ||
TOTAL STOCKHOLDERS' EQUITY | 165,004 | 149,018 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,562,073 | $ 1,562,943 | ||
Book Value Per Share | $ 69.08 | $ 62.37 | ||
Tangible Book Value Per Share | $ 65.45 | $ 58.73 | ||
Bid Price | $ 64.59 | $ 43.25 | ||
Period End Outstanding Shares | 2,388,748 | 2,389,343 | ||
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SOURCE Tri-County Financial Group, Inc