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Tri-County Financial Corp., the holding company for Community Bank of Tri-County, reported consolidated net income available to common shareholders for the quarter that ended Dec.31 of $1,420,568, or 47 cents per common share, compared to $442,601, or 15 cents per common share, for the quarter that ended Dec. 31, 2011.

The $977,967 increase was primarily attributable to increased net interest income and decreased noninterest expense, partially offset by increased income tax expense and provision for loan losses. Consolidated net income available to common shareholders for the year that ended Dec. 31 increased $2,300,938, or 92.45 percent, to $4,789,914, or $1.57 per diluted common share, compared to $2,488,976, or $0.82 per diluted common share, for the year the ended Dec. 31, 2011.

The increase was primarily attributable to an increase in net interest income, as a result of the bank’s increased average asset size and decreased cost of funds, and noninterest income and a decrease in the provision for loan losses, partially offset by increased income tax expense and non-interest expense, due to one-time conversion costs incurred during the first six months of the year in connection with a change of the bank’s data processing system.

“Tri-County Financial Corporation’s annualized returns on common equity were 9.85 percent and 9.61 percent for the third and fourth quarters of 2012. For the year, our return on equity was 8.29 percent. Our earnings per share at $1.57 per share was $0.75 better than last year and our best performance since 2007,” bank CEO and Chairman Michael Middleton said in a bank news release. “Net interest margin and net interest income increased in every quarter this year. Net interest income of $29.7 million was up $2.9 million, or 10.62 percent, from a year ago, primarily due to increased average loan balances and reduced funding costs,” President and Chief Financial OfficerWilliam Pasenelli said in the release. “Reducing funding costs was key to Tri-County Financial Corporation’s $2.3 million dollar increase in net income available to common shareholders to $4.8 million for 2012 compared to 2011. The company’s average retail deposit costs decreased 39 basis points from 1.40 percent for 2011 to 1.01 percent for 2012. We believe that the positive net interest income trends should continue in 2013.”