Tri-County Financial Group, Inc. Reports Fourth Quarter 2024 Financial Results
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) ha riportato un reddito netto per il Q4 2024 di $2.4 milioni ($1.00 per azione), in aumento rispetto ai $2.3 milioni ($0.94 per azione) del Q4 2023. Il reddito netto per l'intero anno 2024 ha raggiunto $10.4 milioni ($4.33 per azione), rispetto ai $10.0 milioni del 2023.
Le performance del Q4 2024 hanno mostrato miglioramenti con un reddito da interessi netti di $10.9 milioni (in aumento del 2%), un reddito non da interessi di $4.0 milioni (in aumento del 5%), mentre le spese non da interessi sono aumentate a $11.9 milioni (in aumento del 2.6%). Il portafoglio investimenti è diminuato del 18% a $143.7 milioni, mentre i prestiti totali sono leggermente aumentati a $1.285 miliardi. La qualità degli attivi è migliorata con prestiti non performanti che sono diminuiti allo 0.33% rispetto allo 0.55% anno su anno.
L'azienda ha mantenuto solidi livelli di capitale con un rapporto di leva Tier 1 del 10.26% e ha dichiarato un dividendo regolare di $0.25 per azione.
Tri-County Financial Group (OTCQX: TYFG) reportó un ingreso neto en el Q4 2024 de $2.4 millones ($1.00 por acción), un aumento respecto a $2.3 millones ($0.94 por acción) en el Q4 2023. El ingreso neto de todo el año 2024 alcanzó $10.4 millones ($4.33 por acción), comparado con $10.0 millones en 2023.
El desempeño del Q4 2024 mostró mejoras con un ingreso neto por intereses de $10.9 millones (aumento del 2%), ingreso no por intereses de $4.0 millones (aumento del 5%), mientras que el gasto no por intereses aumentó a $11.9 millones (aumento del 2.6%). El portafolio de inversiones disminuyó un 18% a $143.7 millones, mientras que los préstamos totales aumentaron ligeramente a $1.285 mil millones. La calidad de los activos mejoró con los préstamos no productivos disminuyendo al 0.33% desde el 0.55% interanual.
La compañía mantuvo sólidos niveles de capital con un índice de apalancamiento Tier 1 del 10.26% y declaró un dividendo regular de $0.25 por acción.
Tri-County Financial Group (OTCQX: TYFG)는 2024년 4분기 순이익이 $2.4 백만 ($1.00 주당)으로, 2023년 4분기 $2.3 백만 ($0.94 주당)에서 증가했다고 보고했습니다. 2024년 전체 연도의 순이익은 $10.4 백만 ($4.33 주당)에 도달했으며, 이는 2023년의 $10.0 백만과 비교됩니다.
2024년 4분기 실적은 순이자 수입이 $10.9 백만 (2% 증가), 비이자 수입이 $4.0 백만 (5% 증가)이며, 비이자 비용은 $11.9 백만 (2.6% 증가)으로 증가했습니다. 투자 포트폴리오는 18% 감소하여 $143.7 백만이 되었고, 총 대출은 약간 증가하여 $1.285 억이 되었습니다. 자산 품질은 비수익 대출이 0.33%로 감소하면서 개선되었습니다 (2023년 0.55%).
회사는 10.26%의 Tier 1 레버리지 비율로 강력한 자본 수준을 유지하며, 주당 $0.25의 정기 배당금을 선언했습니다.
Tri-County Financial Group (OTCQX: TYFG) a annoncé un bénéfice net pour le Q4 2024 de $2.4 millions ($1.00 par action), en hausse par rapport à $2.3 millions ($0.94 par action) au Q4 2023. Le bénéfice net pour l'année 2024 a atteint $10.4 millions ($4.33 par action), contre $10.0 millions en 2023.
La performance du Q4 2024 a montré des améliorations avec un revenu d'intérêts nets de $10.9 millions (augmentation de 2%), un revenu hors intérêts de $4.0 millions (augmentation de 5%), tandis que les frais hors intérêts ont augmenté à $11.9 millions (augmentation de 2.6%). Le portefeuille d'investissement a diminué de 18% pour atteindre $143.7 millions, tandis que les prêts totaux ont légèrement augmenté à $1.285 milliards. La qualité des actifs s'est améliorée avec une diminution des prêts non performants à 0.33% contre 0.55% d'une année sur l'autre.
La société a maintenu des niveaux de capital solides avec un ratio de levier de Tier 1 de 10.26% et a déclaré un dividende régulier de $0.25 par action.
Tri-County Financial Group (OTCQX: TYFG) meldete für das 4. Quartal 2024 einen Nettogewinn von $2.4 Millionen ($1.00 pro Aktie), ein Anstieg gegenüber $2.3 Millionen ($0.94 pro Aktie) im 4. Quartal 2023. Der Nettogewinn für das Gesamtjahr 2024 erreichte $10.4 Millionen ($4.33 pro Aktie), verglichen mit $10.0 Millionen im Jahr 2023.
Die Leistung im 4. Quartal 2024 zeigte Verbesserungen mit einem Nettozinsüberschuss von $10.9 Millionen (2% Anstieg), einem Nichtzinsüberschuss von $4.0 Millionen (5% Anstieg), während die Nichtzinsaufwendungen auf $11.9 Millionen (2.6% Anstieg) gestiegen sind. Das Investitionsportfolio sank um 18% auf $143.7 Millionen, während die Gesamtdarlehen leicht auf $1.285 Milliarden stiegen. Die Asset-Qualität verbesserte sich, da die notleidenden Kredite von 0.55% auf 0.33% im Jahresvergleich sanken.
Das Unternehmen hielt starke Kapitallevels mit einem Tier-1-Leverage-Verhältnis von 10.26% und erklärte eine reguläre Dividende von $0.25 pro Aktie.
- 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
- 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
Net income for the fourth quarter of 2024 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 slightly increased
The provision for credit loss had a provision of
Total deposits increased
The Company's capital levels remain solid as of December 31, 2024, with a Tier 1 leverage ratio of
On December 10, 2024, 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 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
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.
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