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MENDOTA, Ill., April 28, 2021 /PRNewswire/ Tri-County Financial Group, Inc. (The Company) (OTCQX: TYFG) today announced financial results for the first quarter of 2021.
Net income for the first quarter of 2021 was $3.6 million ($1.47 per share), compared to $3.2 million ($1.30 per share) during the first quarter of 2020.
Net interest income was $10.2 million during the three months ended March 31, 2021, compared to $8.7 million for the three months ended March 31, 2020, an increase of 17%. The net interest margin was 3.65% in 2021, and 3.30% in 2020.
Noninterest income was $6.0 million for the three months ended March 31, 2021, an increase of $0.6 million, or 11%, compared to $5.4 million during the three months ended March 31, 2020. The increase can be primarily attributed to growth in mortgage banking fees from the prior year. First State Mortgage net income increased by $0.7 million compared to the first quarter of 2021.
Tri-County Financial Group, Inc Reports First Quarter 2021 Financial Results prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.