Tri-County Financial Q3 net income falls 8% on mortgage unit closure
TYFG•Tri-County Financial’s third-quarter net income fell 8% year over year to $3.35 million, weighed down by costs from closing its mortgage unit. Net interest income rose 12% to $14.52 million, while non-interest income declined 20%.
1. Quarterly results
Tri-County Financial said third-quarter net income fell 8% year over year to $3.35 million, as wind-down and closure costs for its mortgage subsidiary weighed on results. Net interest income rose 12% to $14.52 million, while non-interest income dropped 20%, reflecting the mortgage unit closure and lower fee income. Higher expenses also reflected merger-related costs.
