Tri-County Financial Group, Inc. Reports Third Quarter 2024 Financial Results
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) ha riportato un reddito netto del terzo trimestre 2024 di 3,1 milioni di dollari (1,27 dollari per azione), in calo rispetto ai 3,6 milioni di dollari (1,45 dollari per azione) del terzo trimestre 2023. Il reddito netto nei nove mesi è aumentato a 8,0 milioni di dollari (3,33 dollari per azione), rispetto ai 7,8 milioni di dollari dell'anno precedente. Il reddito netto da interessi è rimasto stabile a 10,9 milioni di dollari. Il totale dei prestiti è cresciuto del 2% arrivando a 1,26 miliardi di dollari, mentre i depositi sono aumentati del 5% su base annua. Il portafoglio investimenti è diminuito del 15% a 146,6 milioni di dollari. La qualità degli asset è migliorata con i prestiti non performanti all'0,41% del totale dei prestiti. L'azienda mantiene un solido rapporto di leva Tier 1 del 9,56% e ha dichiarato un dividendo di 0,20 dollari per azione.
Tri-County Financial Group (OTCQX: TYFG) reportó un ingreso neto del tercer trimestre de 2024 de 3,1 millones de dólares (1,27 dólares por acción), en comparación con 3,6 millones de dólares (1,45 dólares por acción) en el tercer trimestre de 2023. El ingreso neto de nueve meses aumentó a 8,0 millones de dólares (3,33 dólares por acción), frente a los 7,8 millones de dólares del año anterior. Los ingresos netos por intereses se mantuvieron estables en 10,9 millones de dólares. El total de préstamos creció un 2% alcanzando 1,26 mil millones de dólares, mientras que los depósitos aumentaron un 5% interanual. La cartera de inversiones disminuyó un 15% a 146,6 millones de dólares. La calidad de los activos mejoró con préstamos no rentables en el 0,41% del total de préstamos. La compañía mantiene una sólida razón de apalancamiento de Tier 1 del 9,56% y declaró un dividendo de 0,20 dólares por acción.
트라이카운티 금융 그룹 (OTCQX: TYFG)은 2024년 3분기 순이익이 310만 달러 (주당 1.27 달러)로, 2023년 3분기의 360만 달러 (주당 1.45 달러)에서 감소했다고 보고했습니다. 9개월 동안의 순이익은 800만 달러 (주당 3.33 달러)로 증가했으며, 이는 780만 달러에서 증가한 수치입니다. 순이자 수익은 1,090만 달러로 안정세를 유지했습니다. 총 대출은 2% 증가하여 12억 6천만 달러에 도달했으며, 예금은 전년 대비 5% 증가했습니다. 투자 포트폴리오는 15% 감소하여 1억 4,660만 달러가 되었습니다. 자산 품질은 총 대출의 0.41%에 해당하는 불량 대출로 개선되었습니다. 회사는 9.56%의 견고한 Tier 1 레버리지 비율을 유지하고 있으며, 주당 0.20 달러의 배당금을 선언했습니다.
Tri-County Financial Group (OTCQX: TYFG) a rapporté un revenu net pour le troisième trimestre 2024 de 3,1 millions de dollars (1,27 dollar par action), en baisse par rapport à 3,6 millions de dollars (1,45 dollar par action) au troisième trimestre 2023. Le revenu net sur neuf mois a augmenté à 8,0 millions de dollars (3,33 dollars par action), contre 7,8 millions de dollars. Le revenu net d'intérêts est demeuré stable à 10,9 millions de dollars. Le montant total des prêts a augmenté de 2% pour atteindre 1,26 milliard de dollars, tandis que les dépôts ont augmenté de 5% d'année en année. Le portefeuille d'investissement a diminué de 15% pour atteindre 146,6 millions de dollars. La qualité des actifs s'est améliorée avec des prêts non performants représentant 0,41% du total des prêts. L'entreprise maintient un solide ratio de levier de Tier 1 de 9,56% et a déclaré un dividende de 0,20 dollars par action.
Tri-County Financial Group (OTCQX: TYFG) hat für das 3. Quartal 2024 einen Nettogewinn von 3,1 Millionen Dollar (1,27 Dollar pro Aktie) berichtet, im Vergleich zu 3,6 Millionen Dollar (1,45 Dollar pro Aktie) im 3. Quartal 2023. Der Nettogewinn in den neun Monaten stieg auf 8,0 Millionen Dollar (3,33 Dollar pro Aktie) von 7,8 Millionen Dollar. Der Nettozinsertrag blieb stabil bei 10,9 Millionen Dollar. Die Gesamtdarlehen wuchsen um 2% auf 1,26 Milliarden Dollar, während die Einlagen im Jahresvergleich um 5% stiegen. Das Anlageportfolio verringerte sich um 15% auf 146,6 Millionen Dollar. Die Asset-Qualität verbesserte sich mit notleidenden Krediten von 0,41% der Gesamtdarlehen. Das Unternehmen hält eine solide Tier 1 Leverage Ratio von 9,56% und erklärte eine Dividende von 0,20 Dollar pro Aktie.
- Nine-month net income increased to $8.0 million from $7.8 million
- Total loans grew 2% to $1.26 billion
- Total deposits increased 5% year-over-year
- Improved asset quality with nonperforming loans decreasing to 0.41% from 0.53%
- Strong capital position with 9.56% Tier 1 leverage ratio
- Q3 2024 net income declined to $3.1 million from $3.6 million YoY
- Non-interest income decreased 2% to $4.5 million
- Investment portfolio decreased 15% to $146.6 million
- Increased reliance on brokered deposits ($71.3 million vs $40.0 million YoY)
Net income for the third 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 negative provision of
Total deposits increased
The Company's capital levels remain solid as of September 30, 2024, with a Tier 1 leverage ratio of
On September 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 third quarter numbers reflected solid earnings with slight improvement in margins. This last quarter saw the yield curve finally turn positive after being inverted since July 2022. 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. We expect share pricing and profitability to improve as the economy and the yield curve return to a normal state. Our loan portfolio remains strong with minimal charge offs and we believe that our diversified balance sheet and lines of business continue to be 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 SEPTEMBER 30TH | |||||
(Unaudited, 000s omitted, except share data) | |||||
2024 | 2023 | ||||
Interest Income | $ 19,986 | $ 18,064 | |||
Interest Expense | 9,120 | 7,181 | |||
Net Interest Income | 10,866 | 10,883 | |||
Provision for Credit Losses | (170) | (911) | |||
Net Interest Income After Provision for Credit Losses | 11,036 | 11,794 | |||
Non-Interest Income | 4,511 | 4,560 | |||
FDIC Assessments | 180 | 319 | |||
Non-Interest Expenses | 11,227 | 11,160 | |||
Income Before Income Taxes | 4,140 | 4,875 | |||
Applicable Income Taxes | 1,082 | 1,321 | |||
Security Gains (Losses) | - | - | |||
Net Income (Loss) | $ 3,058 | $ 3,554 | |||
Basic Net Income Per Share | $ 1.27 | $ 1.45 | |||
Weighted Average Shares Outstanding | 2,402,591 | 2,447,556 | |||
TRI-COUNTY FINANCIAL GROUP, INC. & SUBSIDIARIES | ||||
CONSOLIDATED BALANCE SHEETS | ||||
(Unaudited, 000s omitted, except share data) | ||||
ASSETS | 9/30/2024 | 9/30/2023 | ||
Cash and Due from Banks | $ 46,153 | $ 24,267 | ||
Federal Funds Sold | 1,465 | 2,010 | ||
Debt Securities Available-for-Sale | 146,550 | 171,985 | ||
Loans and Leases | 1,274,499 | 1,253,601 | ||
Less: Allowance for Credit Losses | (14,205) | (16,083) | ||
Loans, Net | 1,260,294 | 1,237,518 | ||
Premises & Equipment | 25,407 | 26,235 | ||
Intangibles | 8,706 | 8,728 | ||
Other Real Estate Owned | 241 | 101 | ||
Accrued Interest Receivable | 9,482 | 8,142 | ||
Other Assets | 38,269 | 37,319 | ||
TOTAL ASSETS | $ 1,536,567 | $ 1,516,305 | ||
LIABILITIES | ||||
Demand Deposits | 154,354 | 165,499 | ||
Interest-bearing Demand Deposits | 397,249 | 406,822 | ||
Savings Deposits | 187,034 | 214,383 | ||
Time Deposits | 518,631 | 412,001 | ||
Total Deposits | 1,257,268 | 1,198,705 | ||
Repurchase Agreements | 27,785 | 24,355 | ||
FHLB and Other Borrowings | 74,917 | 137,000 | ||
Interest Payable | 160 | 160 | ||
Subordinated Debt | 9,828 | 9,804 | ||
Total Repos & Borrowings | 112,690 | 171,319 | ||
Other Liabilities | 21,949 | 14,375 | ||
Dividends Payable | 491 | 500 | ||
TOTAL LIABILITIES | $ 1,392,398 | $ 1,384,899 | ||
STOCKHOLDERS' EQUITY | ||||
Common Stock | 2,400 | 2,445 | ||
Additional Paid-in-Capital | 21,367 | 23,327 | ||
Retained Earnings | 128,002 | 119,867 | ||
Accumulated Other Comprehensive Loss | (7,600) | (14,233) | ||
TOTAL STOCKHOLDERS' EQUITY | 144,169 | 131,406 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,536,567 | $ 1,516,305 | ||
Book Value Per Share | $ 60.08 | $ 53.74 | ||
Tangible Book Value Per Share | $ 56.45 | $ 50.17 | ||
Bid Price | $ 41.80 | $ 47.00 | ||
Period End Outstanding Shares | 2,399,758 | 2,445,323 | ||
View original content:https://www.prnewswire.com/news-releases/tri-county-financial-group-inc-reports-third-quarter-2024-financial-results-302295758.html
SOURCE Tri-County Financial Group, Inc.
FAQ
What was TYFG's earnings per share for Q3 2024?
How much did TYFG's total loans grow in Q3 2024?
What is TYFG's current dividend payment?
What was TYFG's Tier 1 leverage ratio as of September 30, 2024?
