Tri-County Financial Group, Inc. Reports Second Quarter 2024 Financial Results
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.
Il Tri-County Financial Group (OTCQX: TYFG) ha riportato i risultati finanziari per il secondo trimestre del 2024. L'utile netto è stato di 2,3 milioni di dollari (0,95 dollari per azione), in calo rispetto ai 2,7 milioni di dollari del secondo trimestre del 2023. Per i primi sei mesi del 2024, l'utile netto ha raggiunto 5,0 milioni di dollari (2,06 dollari per azione). Il reddito netto da interessi è diminuito del 4%, scendendo a 10,6 milioni di dollari, mentre il reddito non da interessi è aumentato del 3% a 4,1 milioni di dollari. Il totale dei prestiti è cresciuto del 6% rispetto all'anno precedente, raggiungendo 1,29 miliardi di dollari. I depositi sono aumentati del 4% a 49,9 milioni di dollari. L'azienda ha mantenuto un solido rapporto di leva Tier 1 del 9,45%. È stato dichiarato un dividendo regolare di 0,20 dollari per azione, pagabile il 11 luglio 2024.
Tri-County Financial Group (OTCQX: TYFG) informó sus resultados financieros del segundo trimestre de 2024. La utilidad neta fue de 2,3 millones de dólares (0,95 dólares por acción), en comparación con 2,7 millones de dólares en el segundo trimestre de 2023. Para la primera mitad de 2024, la utilidad neta alcanzó 5,0 millones de dólares (2,06 dólares por acción). Los ingresos por intereses netos disminuyeron un 4% a 10,6 millones de dólares, mientras que los ingresos no por intereses aumentaron un 3% a 4,1 millones de dólares. El total de préstamos creció un 6% interanual a 1,29 mil millones de dólares. Los depósitos aumentaron un 4% a 49,9 millones de dólares. La compañía mantuvo una sólida ratio de apalancamiento de Tier 1 del 9,45%. Se declaró un dividendo regular de 0,20 dólares por acción, pagadero el 11 de julio de 2024.
트라이 카운티 파이낸셜 그룹 (OTCQX: TYFG)이 2024년 2분기 재무 결과를 발표했습니다. 순이익은 230만 달러 (주당 0.95달러)로, 2023년 2분기의 270만 달러에서 감소했습니다. 2024년 상반기 동안, 순이익은 500만 달러 (주당 2.06달러)에 도달했습니다. 순이자수익은 4% 감소하여 1060만 달러를 기록했고, 비이자수익은 3% 증가하여 410만 달러에 달했습니다. 총 대출액은 전년 대비 6% 증가하여 12억 9천만 달러에 도달했습니다. 예금은 4% 증가하여 4990만 달러로 늘어났습니다. 회사는 9.45%의 견고한 1등급 레버리지 비율을 유지했습니다. 2024년 7월 11일 지급될 주당 0.20달러의 정기 배당금이 선언되었습니다.
Le Tri-County Financial Group (OTCQX: TYFG) a annoncé ses résultats financiers pour le deuxième trimestre de 2024. Le bénéfice net s'est élevé à 2,3 millions de dollars (0,95 $ par action), en baisse par rapport à 2,7 millions de dollars au deuxième trimestre 2023. Pour la première moitié de 2024, le bénéfice net a atteint 5,0 millions de dollars (2,06 $ par action). Les revenus nets d'intérêts ont diminué de 4 % pour atteindre 10,6 millions de dollars, tandis que les revenus non d'intérêts ont augmenté de 3 % pour atteindre 4,1 millions de dollars. Le total des prêts a crû de 6 % d'une année sur l'autre pour atteindre 1,29 milliard de dollars. Les dépôts ont augmenté de 4 % pour atteindre 49,9 millions de dollars. L'entreprise a maintenu un solide ratio de levier de premier niveau de 9,45 %. Un dividende régulier de 0,20 $ par action a été déclaré, payable le 11 juillet 2024.
Die Tri-County Financial Group (OTCQX: TYFG) hat ihre Finanzergebnisse für das 2. Quartal 2024 veröffentlicht. Der Nettogewinn betrug 2,3 Millionen Dollar (0,95 Dollar pro Aktie), ein Rückgang von 2,7 Millionen Dollar im 2. Quartal 2023. Für die erste Hälfte des Jahres 2024 erreichte der Nettogewinn 5,0 Millionen Dollar (2,06 Dollar pro Aktie). Das Nettozinseinkommen sank um 4% auf 10,6 Millionen Dollar, während das Nicht-Zinseinkommen um 3% auf 4,1 Millionen Dollar anstieg. Die Gesamtdarlehen wuchsen im Jahresvergleich um 6% auf 1,29 Milliarden Dollar. Die Einlagen erhöhten sich um 4% auf 49,9 Millionen Dollar. Das Unternehmen hielt eine solide Tier 1 Leverage Ratio von 9,45%. Eine reguläre Dividende von 0,20 Dollar pro Aktie wurde erklärt, fällig am 11. Juli 2024.
- Total loans increased by 6% year-over-year to $1.29 billion
- Non-interest income grew by 3% to $4.1 million
- Total deposits increased by 4% year-over-year
- Solid Tier 1 leverage ratio of 9.45%
- Regular dividend of $0.20 per share declared
- Net income decreased from $2.7 million in Q2 2023 to $2.3 million in Q2 2024
- Net interest income declined by 4% compared to Q2 2023
- Non-interest expense increased by $0.2 million year-over-year
- Nonperforming loans as a percent of total loans increased from 0.24% to 0.76% year-over-year
- Investment portfolio decreased by 25% year-over-year
Net income for the second 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 increased
The provision for credit loss had a provision of
Total deposits increased
The Company's capital levels remain solid as of June 30, 2024, with a Tier 1 leverage ratio of
On June 11, 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 second quarter numbers reflected solid earnings given continual compressed margins. Despite the market and economic stresses, solid earnings performance existed as we remain attentive to our loan and deposit strategies. With high interest rates impacting banks and balance sheets, we remain diligent in monitoring our local competition to offer competitive rates while continuing to provide exceptional community banking services. Because of the uncertainty in the economy over the last two years, community bank stocks continue to trade at traditionally low levels. We expect share pricing and profitability to improve as the economy and the yield curve return to a normal state. We continue to strive for ways to improve margins given such higher costs of funds. We believe that our diversified balance sheet and lines of business are well-positioned."
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 JUNE 30TH | |||||
(Unaudited, 000s omitted, except share data) | |||||
2024 | 2023 | ||||
Interest Income | $ 19,390 | $ 17,076 | |||
Interest Expense | 8,774 | 6,065 | |||
Net Interest Income | 10,616 | 11,011 | |||
Provision for Credit Losses | 98 | (35) | |||
Net Interest Income After Provision for Credit | 10,518 | 11,046 | |||
Non-Interest Income | 4,118 | 3,961 | |||
FDIC Assessments | 180 | 93 | |||
Non-Interest Expenses | 11,372 | 11,335 | |||
Income Before Income Taxes | 3,084 | 3,579 | |||
Applicable Income Taxes | 779 | 887 | |||
Security Gains (Losses) | - | - | |||
Net Income (Loss) | $ 2,305 | $ 2,692 | |||
Basic Net Income Per Share | $ 0.95 | $ 1.09 | |||
Weighted Average Shares Outstanding | 2,421,125 | 2,463,208 | |||
** 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 | 6/30/2024 | 6/30/2023 | ||
Cash and Due from Banks | $ 34,127 | $ 25,097 | ||
Federal Funds Sold | 1,369 | 2,058 | ||
Debt Securities Available-for-Sale | 144,056 | 191,887 | ||
Loans and Leases | 1,286,687 | 1,221,456 | ||
Less: Allowance for Credit Losses | (14,937) | (16,698) | ||
Loans, Net | 1,271,750 | 1,204,758 | ||
Premises & Equipment | 25,140 | 26,926 | ||
Intangibles | 8,711 | 8,735 | ||
Other Real Estate Owned | 101 | 132 | ||
Accrued Interest Receivable | 8,436 | 6,162 | ||
Other Assets | 38,493 | 36,781 | ||
TOTAL ASSETS | $ 1,532,183 | $ 1,502,536 | ||
LIABILITIES | ||||
Demand Deposits | 164,708 | 178,274 | ||
Interest-bearing Demand Deposits | 386,818 | 400,186 | ||
Savings Deposits | 193,141 | 229,555 | ||
Time Deposits | 523,419 | 410,215 | ||
Total Deposits | 1,268,086 | 1,218,230 | ||
Repurchase Agreements | 24,089 | 26,737 | ||
FHLB and Other Borrowings | 68,667 | 101,000 | ||
Interest Payable | 73 | 73 | ||
Subordinated Debt | 9,822 | 9,797 | ||
Total Repos & Borrowings | 102,651 | 137,607 | ||
Other Liabilities | 21,718 | 14,668 | ||
Dividends Payable | 494 | 504 | ||
TOTAL LIABILITIES | $ 1,392,949 | $ 1,371,009 | ||
STOCKHOLDERS' EQUITY | ||||
Common Stock | 2,416 | 2,463 | ||
Additional Paid-in-Capital | 22,117 | 24,118 | ||
Retained Earnings | 125,424 | 116,628 | ||
Accumulated Other Comprehensive Loss | (10,723) | (11,682) | ||
TOTAL STOCKHOLDERS' EQUITY | 139,234 | 131,527 | ||
TOTAL LIABILITIES AND | $ 1,532,183 | $ 1,502,536 | ||
Book Value Per Share | $ 57.64 | $ 53.41 | ||
Tangible Book Value Per Share | $ 54.03 | $ 49.86 | ||
Bid Price | $ 40.00 | $ 44.75 | ||
Period End Outstanding Shares | 2,415,678 | 2,462,688 | ||
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SOURCE Tri-County Financial Group, Inc.
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