Tri-County Financial Group, Inc. Reports Fourth Quarter 2023 Financial Results
- None.
- None.
Net income for the fourth quarter of 2023 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 fully reported on our balance sheet. None of our securities are classified as held-to-maturity. The investment portfolio decreased
Total loans increased
The provision for credit loss had a negative provision of
Total deposits increased
The Company's capital levels remain solid as of December 31, 2023, with a Tier 1 leverage ratio of
On December 12, 2023, the Board of Directors declared a regular dividend of
In announcing the results, Tri-County Financial Group, Inc. President and CEO Tim McConville, stated, "Our fourth quarter numbers reflected the continued slowdown in mortgage activity and uptrend of the cost of deposits in an effort to hold onto core funding. Despite the market and economic stresses, solid earnings performance existed as we remain attentive to our loan and deposit strategies. Asset quality as measured by nonperforming loans to total loans is stable as we continue to see solid performance with our borrowers. In 2023, we saw our stock price remain fairly flat as it ended the year at
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. 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) | |||||
2023 | 2022 | ||||
Interest Income | $ 18,704 | $ 14,629 | |||
Interest Expense | 8,048 | 3,891 | |||
Net Interest Income | 10,656 | 10,738 | |||
Provision for Credit Losses | (76) | 0 | |||
Net Interest Income After Provision for Credit Losses | 10,732 | 10,738 | |||
Non-Interest Income | 3,803 | 2,462 | |||
FDIC Assessments | 173 | 102 | |||
Non-Interest Expenses | 11,425 | 10,133 | |||
Income Before Income Taxes | 2,937 | 2,965 | |||
Applicable Income Taxes | 665 | 684 | |||
Security Gains (Losses) | - | - | |||
Net Income (Loss) | $ 2,272 | $ 2,281 | |||
Basic Net Income Per Share | $ 0.94 | $ 0.92 | |||
Weighted Average Shares Outstanding | 2,426,368 | 2,489,871 | |||
** Certain reclassifications have been made to preserve consistency between the periods presented. |
TRI-COUNTY FINANCIAL GROUP, INC. & SUBSIDIARIES | ||||
CONSOLIDATED BALANCE SHEETS | ||||
(Unaudited, 000s omitted, except share data) | ||||
ASSETS | 12/31/2023 | 12/31/2022 | ||
Cash and Due from Banks | $ 26,905 | $ 35,008 | ||
Federal Funds Sold | 1,113 | 1,803 | ||
Debt Securities Available-for-Sale | 174,846 | 221,578 | ||
Loans and Leases | 1,283,792 | 1,211,203 | ||
Less: Allowance for Credit Losses | (15,990) | (13,089) | ||
Loans, Net | 1,267,802 | 1,198,114 | ||
Premises & Equipment | 25,785 | 27,443 | ||
Intangibles | 8,723 | 8,759 | ||
Other Real Estate Owned | 101 | 132 | ||
Accrued Interest Receivable | 7,572 | 5,951 | ||
Other Assets | 40,048 | 39,450 | ||
TOTAL ASSETS | $ 1,552,895 | $ 1,538,238 | ||
LIABILITIES | ||||
Demand Deposits | 172,986 | 184,826 | ||
Interest-bearing Demand Deposits | 407,305 | 421,584 | ||
Savings Deposits | 206,446 | 254,765 | ||
Time Deposits | 459,994 | 277,606 | ||
Total Deposits | 1,246,731 | 1,138,781 | ||
Repurchase Agreements | 22,488 | 23,374 | ||
FHLB and Other Borrowings | 116,000 | 220,000 | ||
Interest Payable | 73 | 73 | ||
Subordinated Debt | 9,810 | 9,785 | ||
Total Repos & Borrowings | 148,371 | 253,232 | ||
Other Liabilities | 20,914 | 12,384 | ||
Dividends Payable | 736 | 757 | ||
TOTAL LIABILITIES | $ 1,416,752 | $ 1,405,154 | ||
STOCKHOLDERS' EQUITY | ||||
Common Stock | 2,422 | 2,491 | ||
Additional Paid-in-Capital | 22,456 | 25,437 | ||
Retained Earnings | 121,414 | 116,664 | ||
Accumulated Other Comprehensive Loss | (10,149) | (11,508) | ||
TOTAL STOCKHOLDERS' EQUITY | 136,143 | 133,084 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,552,895 | $ 1,538,238 | ||
Book Value Per Share | $ 56.20 | $ 53.43 | ||
Tangible Book Value Per Share | $ 52.60 | $ 49.92 | ||
Bid Price | $ 44.00 | $ 48.70 | ||
Period End Outstanding Shares | 2,422,358 | 2,490,623 |
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SOURCE Tri-County Financial Group, Inc.
FAQ
What was Tri-County Financial Group, Inc.'s (TYFG) net income for the fourth quarter of 2023?
How did non-interest income change in the fourth quarter of 2023 compared to the same period in 2022?
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