Tri-County Financial Group, Inc. Announces First Quarter 2022 Financial Results | News

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MENDOTA, Ill., May 11, 2022 /PRNewswire/ — Tri-County Financial Group, Inc. (The Company) (OTCQX: TYFG) today announced its financial results for the first quarter of 2022.

The net result for the first quarter of 2022 was $1.9 million ($0.75 per share), against $3.6 million ($1.47 per share) during the first quarter of 2021.

Net interest income was $10.5 million in the three months ended March 31, 2022compared to $10.2 million in the same period of 2021, an increase of $349,000. Net interest margin was 3.21% for the first quarter of 2022, compared to 3.65% in the same quarter a year ago.

Non-interest income was $2.8 million for the first quarter of 2022, a decrease of $3.2 millioni.e. 53%, compared to $6.0 million at the same time a year ago. First State Mortgage’s net income decreased by $1.6 million compared to the first quarter of 2021.

Non-interest expenses were $10.3 million during the quarter ended March 31, 2022compared to $10.6 million in the same quarter of 2021, a decrease of $353,000, or 3%. The decrease is mainly related to lower mortgage origination costs in 2022.

Total loans increased $33.7 millioni.e. 3%, to $1.026 billion to March 31, 2022from $992 million to March 31, 2021. There was $0 in Paycheck Protection Program (PPP) loans remaining in loan balances to March 31, 2022. Loan demand in the first quarter increased slightly from the previous quarter as agricultural lending activity was strong. Non-performing loans as a percentage of total loans were 0.27% at March 31, 2022compared to 0.55% at March 31, 2021.

The provision for loan losses remains unchanged at $450,000 for the first quarter as asset quality remains stable. The provision for loan losses ended at $16.6 million to March 31, 2022 and represented 1.59% of gross loans, compared to 1.53% at March 31, 2021.

Deposits increased $55.6 million, or 5%, year-over-year, with most of the growth coming from CARES Act economic assistance programs and PPP proceeds. Part of this excess cash was used to increase the investment portfolio which grew $141.5 million or 116% year over year and totaled $263.9 million to March 31, 2022.

The Company’s capital levels remain strong March 31, 2022with a Tier 1 leverage ratio of 9.03%, compared to 8.81% last year.

On March 8, 2022the board of directors declared a regular dividend of $0.20 per share payable April 14, 2022to shareholders of record on March 31, 2022.

When the results were announced, the President and Chief Executive Officer, Tim McConvillesaid “Our first quarter numbers reflect the slowdown in mortgage activity that has complemented our results over the past two years. Mortgage activity remains an important part of our business and we expect continued earnings contributions from this line. Asset quality as measured by non-performing assets loans to total loans is stable We believe our diversified balance sheet and business lines are well positioned given increases in short-term rates by the Federal Reserve.

Tri-County Financial Group, Inc. is the parent company of First State Bank, with offices in Mendota, Batavia, Bloomington, GenevaThe Mole, McNabb, Aurora North, Ottawa, Peru, Princeton, La Rochelle, Chabbona, St. Charles, restaurateur, Sycamore, boatman and west brooklyn. First State Bank is the parent company of First State Mortgage, LLC and First State Insurance. Shares of Tri-County Financial Group, Inc. are listed under the symbol TYFG and trade on OTCQX.

TRI COUNTY FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS

THREE MONTHS ENDED MARCH 31

(000s omitted, except share data)

2022

2021

interest income

$11,622

$12,182

Interest charges

1,115

2,024

Net interest income

10,507

10,158

Allowance for loan losses

450

450

Net interest income after provision for loan losses

10,057

9,708

Other income

2,789

6,004

FDIC Ratings

90

95

Other expenses

10,271

10,624

income before taxes

2,485

4,993

Applicable income taxes

621

1,350

Security gains (losses)

Net profit (net loss)

$1,864

$3,643

Basic net earnings per share

$0.75

$1.47

Weighted Average Shares Outstanding

2,480,181

2,476,868

** Certain reclassifications have been made to maintain consistency between the periods presented.

TRI-COUNTY FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED RESULTS

(000s omitted, except share data)

ASSETS

03/31/2022

03/31/2021

Cash and bank receivables

$63,897

$165,663

Federal funds sold

10,615

30,071

Investment security

263,855

122 322

Loans and leases

1,042,592

1,007,730

Less: Reserve for loan losses

(16,575)

(15,434)

Net loans

1,026,017

992 296

Bank premises and equipment

26,676

27,582

Intangible assets

8,803

8,409

Other real estate owned

2,222

2,850

Accrued interest receivable

5,073

3,786

other assets

32,437

33,823

TOTAL ASSETS

$1,439,595

$1,386,802

LIABILITIES

Sight deposits

192,916

170 231

Interest-bearing sight deposits

442 522

390,800

Savings deposits

291 114

266,022

Term deposits

326,570

370 454

Total deposits

1,253,122

1,197,507

Buy-back agreements

23,045

21,621

Federal funds purchased

0

0

FHLB and other loans

5,000

4,000

Interest payable

164

520

Subordinated debt

9,767

15,709

Total pensions and loans

37,976

41,850

Other liabilities

15,554

17,887

Dividends payable

506

380

TOTAL RESPONSIBILITIES

$1,307,158

$1,257,624

CAPITAL CITY

Ordinary actions

2,481

2,477

Surplus

25,642

25,702

Favorite stock

0

0

Retained earnings

108,031

98,571

FASB 115 adjustment

(3,717)

2,428

TOTAL CAPITAL

132,437

129 178

TOTAL LIABILITIES AND CAPITAL

$1,439,595

$1,386,802

Book value per share

$53.39

$52.15

Tangible book value per share

$49.84

$48.75

Offer price

$47.25

$37.75

Shares outstanding at the end of the period

2,480,598

2,477,253

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SOURCE Tri-County Financial Group, Inc.

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