Twitter

Link your Twitter Account to Market Wire News


When you linking your Twitter Account Market Wire News Trending Stocks news and your Portfolio Stocks News will automatically tweet from your Twitter account.


Be alerted of any news about your stocks and see what other stocks are trending.


home / news releases / TYBT - Trinity Bank reports 2019 4th Quarter Net Income of $ 1220000

TYBT - Trinity Bank reports 2019 4th Quarter Net Income of $ 1220000

Trinity Bank NA

Full Year Net Income Of $4,043,000

FORT WORTH, TX / ACCESSWIRE / January 29, 2020 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the fourth quarter and the twelve months ending December 31, 2019.

Results of Operation

For the fourth quarter 2019, Trinity Bank, N.A. reported Net Income after Taxes of $1,220,000, an increase of 1.7% over fourth quarter 2018 earnings of $1,200,000. Earnings per diluted common share for the fourth quarter 2019 amounted to $1.10, an increase of 1.9% over fourth quarter 2018 results of $1.08 per diluted common share.

For 2019, Net Income after Taxes was $4,043,000, a decrease of (13.6%) over 2018 results of $4,677,000. Earnings per diluted common share for 2019 were $3.63, a decrease of (13.4%) over 2018 results of $4.19 per diluted common share.

President Jeffrey M. Harp stated, "2019 results were favorable and yielded the second best year of performance in our 16 year history. While 2019 was a good year, it came with a few challenges. In April 2019, we identified a large problem loan relationship. We conservatively made a loan loss provision on a worst case basis. It now appears we have a reasonable chance to recover a significant portion of the debt. Further, following 9 prime rate increases from 2015 through December 2018 (and projections for at least three more increases in 2019) the Federal Reserve abruptly reversed course and decreased the prime rate three times - July, September and October 2019, creating material net interest margin pressure."

Executive Vice President Matt R. Opitz commented, "We are pleased with overall deposit growth in 2019. There were three primary factors that contributed to this above average growth:

  1. The recovery from the unusually adverse weather conditions in late 2018 and early 2019 that affected our largest market segment- commercial construction.
  2. We maintained a focus on providing competitive rates to attract new deposit relationships and incentivize deposit growth within our existing customer base.
  3. Many of our customers had a great year in 2019 which generated strong positive cash flow."

In 000’s

Month end 12/31/2019

Month end 12/31/2018

?

Loans

$ 167,589

$ 154,184

8.7 %

Deposits

$ 270,718

$ 223,647

21.0 %

Liquid Assets

$ 60,603

$ 13,127

361.7 %

"We have mentioned this in the past but we now find ourselves in the longest economic expansionary period in history. While we cannot predict the future, we are encouraged by the fact that we operate in one of the best markets in the country and look forward to continued growth and success in 2020."

Page 2 - Trinity Bank fourth quarter 2019 earnings

Page 3 - Trinity Bank fourth quarter 2019 earnings

Trinity Bank, N.A. is a commercial bank that began operations May 28, 2003. For a full financial statement, visit Trinity Bank's website: www.trinitybk.com Regulatory reporting format is also available at www.fdic.gov.

For information contact:

Richard Burt
Executive Vice President
Trinity Bank
817-763-9966

This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future financial conditions, results of operations and the Bank's business operations. Such forward-looking statements involve risks, uncertainties and assumptions, including, but not limited to, monetary policy and general economic conditions in Texas and the greater Dallas-Fort Worth metropolitan area, the risks of changes in interest rates on the level and composition of deposits, loan demand and the values of loan collateral, securities and interest rate protection agreements, the actions of competitors and customers, the success of the Bank in implementing its strategic plan, the failure of the assumptions underlying the reserves for loan losses and the estimations of values of collateral and various financial assets and liabilities, that the costs of technological changes are more difficult or expensive than anticipated, the effects of regulatory restrictions imposed on banks generally, any changes in fiscal, monetary or regulatory policies and other uncertainties as discussed in the Bank's Registration Statement on Form SB?1 filed with the Office of the Comptroller of the Currency. Should one or more of these risks or uncertainties materialize, or should these underlying assumptions prove incorrect, actual outcomes may vary materially from outcomes expected or anticipated by the Bank. A forward-looking statement may include a statement of the assumptions or bases underlying the forward?looking statement. The Bank believes it has chosen these assumptions or bases in good faith and that they are reasonable. However, the Bank cautions you that assumptions or bases almost always vary from actual results, and the differences between assumptions or bases and actual results can be material. The Bank undertakes no obligation to publicly update or otherwise revise any forward?looking statements, whether as a result of new information, future events or otherwise, unless the securities laws require the Bank to do so.

TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)

Quarter Ended
Twelve Months Ending
December 31
December 31
EARNINGS SUMMARY
2019
2018
Change
2019
2018
Change
Interest income
$
2,996
$
2,785
7.6%
$
11,812
$
10,520
12.3%
Interest expense
490
358
36.9%
1,852
1,118
65.7%
Net Interest Income
2,506
2,427
3.3%
9,960
9,402
5.9%
Service charges on deposits
48
31
54.8%
175
148
18.2%
Other income
79
101
-21.8%
338
399
-15.3%
Total Non Interest Income
127
132
-3.8%
513
547
-6.2%
Salaries and benefits expense
740
757
-2.2%
3,104
2,823
10.0%
Occupancy and equipment expense
93
120
-22.5%
436
466
-6.4%
Other expense
370
289
28.0%
1,301
1,245
4.5%
Total Non Interest Expense
1,203
1,166
3.2%
4,841
4,534
6.8%
Pretax pre-provision income
1,430
1,393
2.7%
5,632
5,415
4.0%
Gain on sale of securities
0
3
N/M
10
14
N/M
Provision for Loan Losses
0
30
N/M
1,030
90
N/M
Earnings before income taxes
1,430
1,366
4.7%
4,612
5,339
-13.6%
Provision for income taxes
210
166
26.5%
569
662
-14.0%
Net Earnings
$
1,220
$
1,200
1.7%
$
4,043
$
4,677
-13.6%
Basic earnings per share
1.12
1.09
2.4%
3.69
4.24
-13.0%
Basic weighted average shares outstanding
1,092
1,100
1,096
1,102
Diluted earnings per share - estimate
1.10
1.08
1.9%
3.63
4.19
-13.4%
Diluted weighted average shares outstanding
1,111
1,115
1,115
1,117
Average for Quarter
Average for Twelve Months
December 31
December 31
BALANCE SHEET SUMMARY
2019
2018
Change
2019
2018
Change
Total loans
$
154,764
$
144,801
6.9%
$
154,842
$
143,869
7.6%
Total short term investments
69,110
23,175
198.2%
36,120
18,854
91.6%
Total investment securities
70,508
79,700
-11.5%
74,127
84,427
-12.2%
Earning assets
294,382
247,676
18.9%
265,089
247,150
7.3%
Total assets
301,596
255,113
18.2%
272,704
254,343
7.2%
Noninterest bearing deposits
101,932
81,187
25.6%
81,381
81,783
-0.5%
Interest bearing deposits
168,784
141,081
19.6%
154,650
139,807
10.6%
Total deposits
270,716
222,268
21.8%
236,031
221,590
6.5%
Fed Funds Purchased and Repurchase Agreements
0
0
N/M
292
390
N/M
Shareholders' equity
$
35,382
$
31,948
10.7%
$
35,009
$
31,664
10.6%

TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)

Average for Quarter Ending
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
BALANCE SHEET SUMMARY
2019
2019
2019
2019
2018
Total loans
$
154,764
$
156,304
$
156,571
$
152,227
$
144,801
Total short term investments
69,110
35,991
26,034
12,728
23,175
Total investment securities
70,508
72,212
74,627
79,278
79,700
Earning assets
294,382
264,507
257,232
244,233
247,676
Total assets
301,596
272,245
264,826
251,901
255,113
Noninterest bearing deposits
101,932
82,822
73,665
73,881
81,187
Interest bearing deposits
168,784
152,296
154,918
142,339
141,081
Total deposits
270,716
235,118
228,583
216,220
222,268
Fed Funds Purchased and Repurchase Agreements
0
0
0
1,187
0
Shareholders' equity
$
35,382
$
36,081
$
35,301
$
33,940
$
31,948
Quarter Ended
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
HISTORICAL EARNINGS SUMMARY
2019
2019
2019
2019
2018
Interest income
$
2,996
$
3,025
$
2,977
$
2,814
$
2,785
Interest expense
490
493
475
394
358
Net Interest Income
2,506
2,532
2,502
2,420
2,427
Service charges on deposits
48
36
42
40
31
Other income
79
104
80
83
101
Total Non Interest Income
127
140
122
123
132
Salaries and benefits expense
740
813
788
763
757
Occupancy and equipment expense
93
120
116
107
120
Other expense
370
299
375
259
289
Total Non Interest Expense
1,203
1,232
1,279
1,129
1,166
Pretax pre-provision income
1,430
1,440
1,345
1,414
1,393
Gain on sale of securities
0
12
1
(2
)
3
Gain on sale of foreclosed assets
0
0
0
0
0
Gain on sale of other assets
0
0
0
0
0
Provision for Loan Losses
0
0
1,000
30
30
Earnings before income taxes
1,430
1,452
346
1,382
1,366
Provision for income taxes
210
206
(28
)
180
166
Net Earnings
$
1,220
$
1,246
$
374
$
1,202
$
1,200
Diluted earnings per share
$
1.12
$
1.08
$
0.33
$
1.08
$
1.08

TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)

Ending Balance
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
HISTORICAL BALANCE SHEET
2019
2019
2019
2019
2018
Total loans
$
167,587
$
157,475
$
156,014
$
160,028
$
154,184
Total short term investments
60,603
56,328
19,321
14,160
13,127
Total investment securities
70,804
71,394
72,014
75,906
81,896
Total earning assets
298,994
285,197
247,349
250,094
249,207
Allowance for loan losses
(2,262
)
(2,259
)
(2,224
)
(1,703
)
(1,671
)
Premises and equipment
2,560
2,544
2,580
2,613
2,627
Other Assets
9,770
9,513
8,040
5,506
7,018
Total assets
309,062
294,995
255,745
256,510
257,181
Noninterest bearing deposits
100,527
97,519
76,168
69,934
85,668
Interest bearing deposits
170,191
159,712
143,710
150,895
137,979
Total deposits
270,718
257,231
219,878
220,829
223,647
Fed Funds Purchased and Repurchase Agreements
0
0
0
0
0
Other Liabilities
1,047
1,830
614
1,158
701
Total liabilities
271,765
259,061
220,492
221,987
224,348
Shareholders' Equity Actual
35,858
34,920
34,572
34,522
34,051
Unrealized Gain - AFS
1,439
1,014
681
1
(1,218)
Total Equity
$
37,297
$
35,934
$
35,253
$
34,523
$
32,833
Quarter Ending
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
NONPERFORMING ASSETS
2019
2019
2019
2019
2018
Nonaccrual loans
$
419
$
432
$
446
$
952
$
60
Restructured loans
$
0
$
0
$
0
$
0
$
0
Other real estate & foreclosed assets
$
320
$
320
$
320
$
0
$
0
Accruing loans past due 90 days or more
$
0
$
0
$
0
$
0
$
0
Total nonperforming assets
$
739
$
752
$
766
$
952
$
60
Accruing loans past due 30-89 days
$
0
$
0
$
0
$
477
$
0
Total nonperforming assets as a percentage
of loans and foreclosed assets
0.44
%
0.45
%
0.49
%
0.59
%
0.04
%

TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)

Quarter Ending
ALLOWANCE FOR
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
LOAN LOSSES
2019
2019
2019
2019
2018
Balance at beginning of period
$
2,259
$
2,224
$
1,703
$
1,671
$
1,664
Loans charged off
0
0
498
0
23
Loan recoveries
3
35
19
2
0
Net (charge-offs) recoveries
3
35
(479
)
2
(23
)
Provision for loan losses
0
0
1,000
30
30
Balance at end of period
$
2,262
$
2,259
$
2,224
$
1,703
$
1,671
Allowance for loan losses
as a percentage of total loans
1.35
%
1.43
%
1.43
%
1.06
%
1.08
%
Allowance for loan losses
as a percentage of nonperforming assets
306
%
300
%
290
%
179
%
2785
%
Net charge-offs (recoveries) as a
percentage of average loans
0.00
%
-0.02
%
0.31
%
-0.01
%
0.02
%
Provision for loan losses
as a percentage of average loans
0.00
%
0.00
%
0.64
%
0.02
%
0.02
%
Quarter Ending
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
SELECTED RATIOS
2019
2019
2019
2019
2018
Return on average assets (annualized)
1.62
%
1.83
%
0.56
%
1.91
%
1.88
%
Return on average equity (annualized)
13.34
%
13.81
%
4.24
%
14.17
%
15.02
%
Return on average equity (excluding unrealized gain on investments)
13.79
%
14.21
%
4.27
%
13.90
%
14.39
%
Average shareholders' equity to average assets
11.73
%
13.25
%
13.33
%
13.47
%
12.52
%
Yield on earning assets (tax equivalent)
4.67
%
4.79
%
4.85
%
4.86
%
4.75
%
Effective Cost of Funds
0.70
%
0.75
%
0.74
%
0.64
%
0.58
%
Net interest margin (tax equivalent)
3.97
%
4.04
%
4.11
%
4.22
%
4.17
%
Efficiency ratio (tax equivalent)
43.4
%
43.8
%
46.2
%
41.9
%
37.9
%
End of period book value per common share
$
34.22
$
32.85
$
32.14
$
31.44
$
29.85
End of period book value (excluding unrealized gain on investments)
$
32.90
$
31.92
$
31.52
$
31.44
$
30.96
End of period common shares outstanding (in 000's)
1,090
1,094
1,097
1,098
1,100

TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)

Twelve Months Ending
December 31,2019
December 31,2018
Tax
Tax
Average
Equivalent
Average
Equivalent
YIELD ANALYSIS
Balance
Interest
Yield
Yield
Balance
Interest
Yield
Yield
Interest Earning Assets:
Short term investment
$
35,738
708
1.98%
1.98
$
18,478
378
2.05
2.05%
FRB Stock
382
23
6.00%
6.00
367
23
6.00
6.00%
Taxable securities
622
13
2.09%
2.09
0
0
0.00
0.00%
Tax Free securities
73,505
2,160
2.94%
3.72
84,427
2,387
2.83
3.58%
Loans
154,938
8,908
5.75%
5.75
143,869
7,732
5.37
5.37%
Total Interest Earning Assets
265,185
11,812
4.45%
4.67
247,141
10,520
4.26
4.51%
Noninterest Earning Assets:
Cash and due from banks
5,100
4,411
Other assets
4,406
4,427
Allowance for loan losses
(1,987
)
(1,636
)
Total Noninterest Earning Assets
7,519
7,202
Total Assets
$
272,704
$
254,343
Interest Bearing Liabilities:
Transaction and Money Market accounts
121,613
1,217
1.00
1.00
115,271
797
0.69
0.69
Certificates and other time deposits
33,037
626
1.89
1.89
24,536
311
1.27
1.27
Other borrowings
293
9
3.07
3.07
390
10
2.56
2.56
Total Interest Bearing Liabilities
154,943
1,852
1.20
1.20
140,197
1,118
0.80
0.80
Noninterest Bearing Liabilities:
Demand deposits
81,381
81,783
Other liabilities
1,371
699
Shareholders' Equity
35,009
31,664
Total Liabilities and Shareholders Equity
$
272,704
$
254,343
Net Interest Income and Spread
9,960
3.26%
3.47%
9,402
3.46%
3.71%
Net Interest Margin
3.76%
3.97%
3.50%
4.06%

TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)

Quarter Ending
Quarter Ending
December 31
December 31
2019
2018
LOAN PORTFOLIO
Commercial and industrial
$
98,099
58.54
$
80,226
57.38
Real estate:
Commercial
24,133
14.40%
18,672
13.35%
Residential
23,115
13.79%
24,335
17.40%
Construction and development
21,692
12.94%
15,885
11.36%
Consumer
548
0.33%
700
0.50%
Total loans (gross)
167,587
100.00%
139,818
100.00%
Unearned discounts
0
0.00%
0
0.00%
Total loans (net)
$
167,587
100.00%
$
139,818
100.00%
December 31
December 31
2019
2018
REGULATORY CAPITAL DATA
Tier 1 Capital
$
35,859
$
34,051
Total Capital (Tier 1 + Tier 2)
$
38,121
$
35,722
Total Risk-Adjusted Assets
$
181,050
$
171,326
Tier 1 Risk-Based Capital Ratio
19.81
19.88
Total Risk-Based Capital Ratio
21.06
20.85
Tier 1 Leverage Ratio
11.89
13.35
OTHER DATA
Full Time Equivalent
Employees (FTE's)
22
20
Stock Price Range
(For the Three Months Ended):
High
$
65.50
$
67.00
Low
$
62.00
$
59.05
Close
$
64.98
$
65.50

SOURCE: Trinity Bank N.A.



View source version on accesswire.com:
https://www.accesswire.com/574545/Trinity-Bank-reports-2019-4th-Quarter-Net-Income-of-1220000
Stock Information
Company Name: Trinity Bank NA
Stock Symbol: TYBT
Market: OTC
Website: trinitybk.com
Menu
TYBT TYBT Quote TYBT Short TYBT News TYBT Articles TYBT Message Board
Get TYBT Alerts

News, Short Squeeze, Breakout and More Instantly...