Welcome to our dedicated page for Tri-County Financial news (Ticker: TYFG), a resource for investors and traders seeking the latest updates and insights on Tri-County Financial stock.
Tri-County Financial Group, Inc. (TYFG) is a financial services company headquartered in Mendota, Illinois. As the parent holding company for First State Bank, Tri-County Financial Group provides a range of banking services across its numerous locations in north and central Illinois, including Mendota, Batavia, Bloomington, Champaign, Geneva, and more. First State Bank operates alongside its subsidiaries, First State Mortgage Services, LLC, and First State Insurance, offering diversified products and services to cater to the banking, mortgage, and insurance needs of their clients.
Tri-County Financial Group, Inc. is committed to maintaining strong asset quality and delivering exceptional community banking services. The company has demonstrated financial resilience and adaptability amidst market and economic stresses, as evidenced by their consistent earnings and strategic approaches to loan and deposit management. In the most recent quarter, the company reported a net income of $2.7 million ($1.10 per share) for Q1 2024, an increase from the $1.5 million ($0.62 per share) in Q1 2023.
Key Financial Highlights:
- Net interest income for Q1 2024 increased to $10.5 million, up 3% from the previous year.
- Non-interest income experienced a slight decrease to $3.0 million, down 6% from Q1 2023.
- Total loans grew by 7% year-over-year to $1.29 billion at the end of Q1 2024.
- Total deposits saw a 5% increase, reaching $63.1 million year-over-year.
- The company's Tier 1 leverage ratio stands robust at 9.33% as of March 31, 2024.
Tri-County Financial Group continues to monitor local competition and economic conditions to offer competitive rates while supporting their community. Their diversified balance sheet is a testament to their stable financial footing, enabling them to navigate high-interest environments effectively. The company also emphasized a strong provision for credit losses, maintaining low charge-offs and upholding a solid asset quality.
In recent announcements, President and CEO Tim McConville highlighted the company's dedication to community banking, the strategic handling of loan demand, and adjustments to improve margins amidst higher funding costs. The Board of Directors declared regular dividends of $0.20 per share, reflecting confidence in the company’s ongoing financial health and commitment to returning value to shareholders.
With a strategic vision and solid financial metrics, Tri-County Financial Group, Inc. aims to continue its role as a pivotal financial institution in its region, supporting the credit needs throughout its communities and expanding its footprint.
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.
Tri-County Financial Group (OTCQX: TYFG) reported Q3 2024 net income of $3.1 million ($1.27 per share), down from $3.6 million ($1.45 per share) in Q3 2023. Nine-month net income increased to $8.0 million ($3.33 per share) from $7.8 million. Net interest income remained stable at $10.9 million. Total loans grew 2% to $1.26 billion, while deposits increased 5% year-over-year. The investment portfolio decreased 15% to $146.6 million. Asset quality improved with nonperforming loans at 0.41% of total loans. The company maintains a solid Tier 1 leverage ratio of 9.56% and declared a $0.20 per share dividend.
Tri-County Financial Group (OTCQX: TYFG) reported its Q2 2024 financial results. Net income was $2.3 million ($0.95 per share), down from $2.7 million in Q2 2023. For the first half of 2024, net income reached $5.0 million ($2.06 per share). Net interest income decreased 4% to $10.6 million, while non-interest income increased 3% to $4.1 million. Total loans grew 6% year-over-year to $1.29 billion. Deposits increased 4% to $49.9 million. The company maintained a solid Tier 1 leverage ratio of 9.45%. A regular dividend of $0.20 per share was declared, payable on July 11, 2024.
Tri-County Financial Group, Inc. reported strong financial results for the first quarter of 2024. Net income increased to $2.7 million compared to $1.5 million in the same period last year. The net interest income and total loans also saw positive growth, while non-interest income experienced a slight decrease. The company maintained a healthy asset quality, with low nonperforming loans and a solid Tier 1 leverage ratio. Despite challenges in the mortgage market, Tri-County Financial Group, Inc. remains focused on improving margins and offering competitive rates to its customers.
Tri-County Financial Group, Inc. (OTCQX: TYFG) reported fourth quarter 2022 financial results, showing net income of $2.3 million ($0.92 per share), up from $1.9 million ($0.79 per share) a year earlier. Net interest income slightly decreased to $10.7 million, reflecting a net interest margin of 3.27%. Noninterest income fell by 36% to $2.5 million due to decreased mortgage volume. Total loans rose by 19% to $1.211 billion, with nonperforming loans at 0.25%. The company declared a regular dividend of $0.20 and a special dividend of $0.10 per share.
Tri-County Financial Group has declared a quarterly dividend of 20 cents per share, alongside a special dividend of 10 cents per share. Both dividends are payable on January 12, 2023, to shareholders of record on December 31, 2022. This move underscores the company's commitment to returning value to its shareholders amid a robust financial standing.
Tri-County Financial Group reported a third-quarter net income of $5.6 million ($2.27 per share), up from $4.1 million ($1.64 per share) last year.
Net interest income increased by 5% to $11.8 million, while noninterest income fell 42% to $2.9 million due to reduced mortgage volume. Total loans grew 13% to $1.14 billion, and nonperforming loans decreased to 0.24%. The provision for loan loss was a negative $3.85 million. Deposits declined by 2%, but the investment portfolio surged 79% to $244.3 million.
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