MENDOTA, Ill., April 27, 2026 /PRNewswire/ -- Tri-County Financial Group, Inc. (the "Company") (OTCQX: TYFG) today announced financial results for the first quarter of 2026.
Net income for the first quarter of 2026 was $4.5 million ($1.88 per share), compared to $2.6 million ($1.07 per share) during the first quarter of 2025, which is approximately a 73% increase.
Net interest income was $13.7 million during the quarter ended March 31, 2026, compared to $11.6 million in the same period of 2025, an increase of 18%.
Non-interest income was $4.1 million for the first quarter of 2026, an increase of $0.5 million, or 14%, compared to $3.6 million during the quarter ended March 31, 2025.
Non-interest expense was $12.0 million during the quarter ended March 31, 2026, compared to $11.3 million for the first quarter of 2025, an increase of $0.7 million.
Our investment portfolio consists entirely of debt securities classified as available-for-sale; therefore, unrealized gains and losses are reflected in accumulated other comprehensive income within stockholders' equity. None of our securities are classified as held-to-maturity. The investment portfolio increased $7.4 million or 5% year over year and totaled $154.7 million at March 31, 2026, as compared to $147.4 million at March 31, 2025.
Total loans increased $33.6 million, or 3%, to $1.31 billion at March 31, 2026, from $1.28 billion at March 31, 2025. Nonperforming loans as a percentage of total loans were 0.55% as of March 31, 2026, compared to 0.40% at March 31, 2025.
The credit loss recovery was $0.3 million for the quarter ended March 31, 2026, compared to credit loss expense of $0.5 million at March 31, 2025. The allowance for credit loss was $14.9 million at March 31, 2026 and represented 1.14% of gross loans, compared to $14.5 million at March 31, 2025 and 1.14% of gross loans. Asset quality remains strong overall, despite a slight increase in nonperforming loans year-over-year.
Total deposits increased by $6.1 million, year-over-year. Total deposits were $1.309 billion at March 31, 2026, which consisted of approximately $10.0 million of brokered deposits. Total deposits were $1.303 billion at March 31, 2025, which consisted of approximately $37.6 million of brokered deposits. Without factoring in brokered deposits, total deposits increased approximately $34 million year-over-year. Federal Home Loan Bank (FHLB) advances were $55.9 million and $32.9 million at March 31, 2026 and 2025, respectively.
On March 10, 2026, the Board of Directors declared a regular dividend of $0.28 per share, payable April 9, 2026, to shareholders of record on March 31, 2026.
In announcing the results, Tri-County Financial Group, Inc. President and CEO Kirk Ross, stated, "Our first quarter results reflected solid earnings with strong growth in net interest income and continued improvement in our net interest margin. With yield curves returning to a more normal state, our earnings improved with increased yields on our earning assets and lower funding costs. We continue to see repricing in our loan portfolio and improvement in overall loan yields while maintaining a balanced approach to funding and growth. Our focus remains on building long-term relationships, supporting our local communities, and managing risk thoughtfully. While competition for deposits remains elevated, we are confident in our strategy and our ability to deliver consistent, relationship-driven service. "
Tri-County Financial Group, Inc. is the parent holding company for First State Bank, with offices in Mendota, Batavia, Bloomington, Champaign, Geneva, LaMoille, McNabb, North Aurora, Ottawa, Peru, Princeton, Rochelle, Shabbona, St. Charles, Streator, Sycamore, Waterman and West Brooklyn. First State Bank is the parent company of First State Mortgage Services, LLC and First State Insurance. Tri-County Financial Group, Inc. shares are quoted under the symbol TYFG and traded on OTCQX.
Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements due to various factors, including operating; legal and regulatory risks; changing economic and competitive conditions; and other risks and uncertainties. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Contact:
Lana Eddy, Secretary
leddy@firststatebank.biz
815.538.2265
TRI COUNTY FINANCIAL GROUP, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
QUARTER ENDED MARCH 31ST
(Unaudited, 000s omitted, except share data)
2026 2025
Interest Income $20,970 $19,530
Interest Expense 7,286 7,892
Net Interest Income 13,684 11,638
Provision (Recovery) for Credit Losses (305) 501
Net Interest Income After Provision (Recovery) for Credit Losses 13,989 11,137
Non-Interest Income 4,112 3,596
FDIC Assessments 177 166
Non-Interest Expenses 11,820 11,134
Income Before Income Taxes 6,104 3,433
Applicable Income Taxes 1,632 879
Security Gains (Losses)
Net Income (Loss) $4,472 $2,554
Basic Net Income Per Share $1.88 $1.07
Weighted Average Shares Outstanding 2,376,683 2,388,443
TRI-COUNTY FINANCIAL GROUP, INC. & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited, 000s omitted, except share data)
ASSETS 3/31/2026 3/31/2025
Cash and Due from Banks $48,539 $43,692
Federal Funds Sold 1,481 1,842
Debt Securities Available-for-Sale 154,749 147,398
Loans and Leases 1,311,959 1,278,334
Less: Allowance for Credit Losses (14,893) (14,504)
Loans, Net 1,297,066 1,263,830
Premises & Equipment 23,824 25,147
Intangibles 8,672 8,694
Other Real Estate Owned 101 241
Accrued Interest Receivable 8,978 8,198
Other Assets 38,178 37,450
TOTAL ASSETS $1,581,588 $1,536,492
LIABILITIES
Demand Deposits 186,586 178,860
Interest-bearing Demand Deposits 437,998 417,340
Savings Deposits 204,717 203,928
Time Deposits 479,737 502,816
Total Deposits 1,309,038 1,302,944
Repurchase Agreements 21,846 22,266
FHLB and Other Borrowings 55,917 32,917
Interest Payable 160 160
Subordinated Debt 9,865 9,840
Total Repos & Borrowings 87,788 65,183
Other Liabilities 22,442 21,702
Dividends Payable 679 609
TOTAL LIABILITIES $1,419,947 $1,390,438
STOCKHOLDERS' EQUITY
Common Stock 2,378 2,388
Additional Paid-in-Capital 20,545 20,956
Retained Earnings 144,879 131,750
Accumulated Other Comprehensive Loss (6,161) (9,040)
TOTAL STOCKHOLDERS' EQUITY 161,641 146,054
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,581,588 $1,536,492
Book Value Per Share $67.98 $61.15
Tangible Book Value Per Share $64.33 $57.51
Bid Price $52.05 $44.50
Period End Outstanding Shares 2,377,898 2,388,443
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SOURCE Tri-County Financial Group, Inc
