Tri-County Financial Q3 net income falls 8% on mortgage unit closure

Overview

• US regional bank's Q3 net income fell 8% yr/yr, impacted by mortgage unit wind-down costs

• Q3 net interest income rose 12% yr/yr

• Non-interest income declined 20% yr/yr in Q3

Outlook

• Company says competition for deposits remains elevated

• Company says it is focused on managing risk and supporting local communities

Result Drivers

• MORTGAGE UNIT WIND-DOWN - Co said wind-down and closing costs for mortgage subsidiary weighed on Q3 net income

• NON-INTEREST INCOME DROP - Co attributed 20% decline in Q3 non-interest income to mortgage unit closure and lower fee income

• MERGER AND CLOSURE COSTS - Co said higher Q3 expenses reflected merger-related costs and mortgage subsidiary closure

Company press release:

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)