Tri-County Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
For the year, the company has posted interest and dividend of $40,292,881 against $39,959,394 a year ago. Net interest income was $29,688,643 against $26,838,352 a year ago. Net income was $4,989,914 against $3,161,464 a year ago. Net income available to common shareholders was $4,789,914 or 1.57 diluted per share against $2,488,976 or $0.82 diluted per share a year ago. 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 noninterest 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. Return on average assets was 0.52% against 0.35% a year ago. Return on common average equity was 8.29% against 4.46% a year ago.