Tri-County Financial Group, Inc. Reports First Quarter 2023 Financial Results.

MENDOTA, Ill: Tri-County Financial Group, Inc. (The Company) (OTCQX: TYFG) today announced financial results for the first quarter of 2023.

Net income for the first quarter of 2023 was $1.5 million ($0.62 per share), compared to $1.9 million ($0.75 per share) during the first quarter of 2022.

Net interest income was $10.2 million during the quarter ended March 31, 2023, compared to $10.5 million in the same period of 2022, a decrease of 3%. The net interest margin was 2.94% for the first quarter of 2023, compared to 3.21% for the first quarter of 2022.

Noninterest income was $3.2 million for the first quarter of 2023, an increase of $0.4 million, or 14%, compared to $2.8 million during the quarter ended March 31, 2022. First State Mortgage standalone had a net loss of $0.64 million as of March 31, 2023, compared to net loss of $0.11 million at March 31, 2022.

Noninterest expense was $11.3 million during the quarter ended March 31, 2023, compared to $10.4 million for the first quarter of 2022, an increase of $0.9 million, or 9%.

Total loans increased $161.0 million, or 15%, to $1.204 billion at March 31, 2023, from $1.043 billion at March 31, 2022. Nonperforming loans as a percent of total loans were 0.23% as of March 31, 2023, down from 0.27% at March 31, 2022.

Effective January 1, 2023, the Company adopted the Current Expected Credit Losses (CECL) new accounting standard. The provision for loan loss during the quarter ended March 31, 2023 was $0.17 million. The allowance for loan loss ended at $16.6 million at March 31, 2023 and represented 1.39% of gross loans compared to 1.60% at March 31, 2022. Asset quality continues to remain strong and charge offs remain low and below...