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home / news releases / TYBT - Trinity Bank Reports 2021 4th Quarter Net Income of $1592000 and Full Year Net Income of $5822000

TYBT - Trinity Bank Reports 2021 4th Quarter Net Income of $1592000 and Full Year Net Income of $5822000

Trinity Bank NA

YTD Return on Assets 1.47%
YTD Return on Equity 14.25%

FORT WORTH, TX / ACCESSWIRE / January 26, 2022 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the fourth quarter and the twelve months ending December 31, 2021.

Results of Operation

For the fourth quarter 2021, Trinity Bank, N.A. reported Net Income after Taxes of $1,592,000, an increase of 27.8% over fourth quarter 2020 earnings of $1,246,000. Earnings per diluted common share for the fourth quarter 2021 amounted to $1.41, which represents a 28.2% increase over fourth quarter 2020 results of $1.10 per diluted common share.

For 2021, Net Income after Taxes was $5,822,000, an increase of 23.5% over 2020 results of $4,716,000. Earnings per diluted common share for 2021 were $5.15, an increase of 23.8% over 2020 results of $4.16 per diluted common share.

Chief Executive Officer Matt R. Opitz stated, "2021 was a challenging but rewarding year. We continued to operate in and experience one of the lowest rate environments in history, rising inflation, supply chain issues and uncertainty out of our policy makers in Washington. However, despite these headwinds, Trinity Bank's fourth quarter and full year Net Income were the highest since inception, marking a new record best."

"Furthermore, we were able to increase our Loan Loss Reserve (net of PPP loans) 22.6% to 1.79% as of 12/31/2021. While we have not seen any undue stress in the loan portfolio, we wanted to take the opportunity to increase the margin of safety during these uncertain times."

"I am especially proud of our staff who has continued to adapt, improvise and overcome in order to provide Trinity Bank customers with exceptional service which continues to be the main driver of our performance."

"As we look forward to 2022, the biggest uncertainty we face is the number and timing of the Fed's proposed rate hikes. We've not faced a rising rate environment since 2018. We regularly review the duration and pricing of our major earnings assets - loans, securities and overnight investments in an effort to effectively manage our interest rate risk and generate income no matter the level of interest rates."

"I remain encouraged by the level of positive economic activity in the North Texas market. In the coming year, Trinity Bank will remain focused on establishing and expanding good quality relationships and providing exceptional customer experiences in order to achieve continued organic growth."

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


Quarter Ended
Twelve Months Ending

December 31
%
December 31
%
EARNINGS SUMMARY
2021
2020
Change
2021
2020
Change
Interest income
$
3,547
$
3,177
11.6
%
$
14,700
$
12,089
21.6
%
Interest expense
159
129
23.3
%
584
856
-31.8
%
Net Interest Income
3,388
3,048
11.2
%
14,116
11,233
25.7
%
Service charges on deposits
58
61
-4.9
%
230
207
11.1
%
Other income
108
90
20.0
%
414
332
24.7
%
Total Non Interest Income
166
151
9.9
%
644
539
19.5
%
Salaries and benefits expense
1,009
977
3.3
%
4,175
3,784
10.3
%
Occupancy and equipment expense
108
119
-9.2
%
467
467
0.0
%
Other expense
540
362
49.2
%
1,881
1,511
24.5
%
Total Non Interest Expense
1,657
1,458
13.6
%
6,523
5,762
13.2
%
Pretax pre-provision income
1,897
1,741
9.0
%
8,237
6,010
37.1
%
Gain on sale of securities
0
(1
)
N/M
0
(1
)
N/M
Gain on sale of ORE
0
0
N/M
0
18
N/M
Provision for Loan Losses
0
315
N/M
1,390
640
117.2
%
Earnings before income taxes
1,897
1,425
33.1
%
6,847
5,387
27.1
%
Provision for income taxes
305
179
70.4
%
1,025
671
52.8
%
Net Earnings
$
1,592
$
1,246
27.8
%
$
5,822
$
4,716
23.5
%
Basic earnings per share
1.47
1.15
27.8
%
5.37
4.35
23.5
%
Basic weighted average shares
1,083
1,083
1,084
1,085
outstanding
Diluted earnings per share - estimate
1.41
1.10
28.2
%
5.15
4.16
23.9
%
Diluted weighted average shares outstanding
1,129
1,130
1,130
1,132

Average for Quarter

Average for Twelve Months


December 31
%
December 31
%
BALANCE SHEET SUMMARY
2021
2020
Change
2021
2020
Change
Total loans
$
236,698
$
188,361
25.7
%
$
219,696
$
173,350
26.7
%
PPP loans
$
11,585
$
51,079
-77.3
%
$
35,708
$
36,153
-1.2
%
Total short term investments
33,497
23,960
39.8
%
25,014
20,682
20.9
%
Total investment securities
128,283
93,094
37.8
%
108,281
94,900
14.1
%
Earning assets
410,063
356,494
15.0
%
388,699
325,085
19.6
%
Total assets
416,766
363,558
14.6
%
394,739
371,207
6.3
%
Noninterest bearing deposits
170,822
130,114
31.3
%
144,112
115,252
25.0
%
Interest bearing deposits
215,287
191,654
12.3
%
206,569
180,380
14.5
%
Total deposits
386,109
321,768
20.0
%
350,681
295,632
18.6
%
Fed Funds Purchased and Repurchase Agreements
0
0
N/M
0
0
N/M
Shareholders' equity
$
43,113
$
38,084
13.2
%
$
40,870
$
37,173
9.9
%

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)

Average for Quarter Ending
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
BALANCE SHEET SUMMARY
2021
2021
2021
2021
2020
Total loans
$
236,698
$
222,400
$
214,501
$
206,386
$
188,361
Total PPP loans
11,585
27,071
46,772
56,454
51,079
Total short term investments
33,497
26,122
28,242
11,131
23,960
Total investment securities
128,283
113,914
96,153
94,737
93,094
Earning assets
410,063
389,507
385,668
368,708
356,494
Total assets
416,766
395,762
391,571
375,295
363,558
Noninterest bearing deposits
170,822
143,056
136,853
133,541
130,114
Interest bearing deposits
215,287
207,369
211,012
199,047
191,654
Total deposits
386,109
350,425
347,865
332,588
321,768
Fed Funds Purchased and Repurchase Agreements
0
0
0
244
0
Shareholders' equity
$
43,113
$
41,723
$
40,236
$
39,352
$
38,084
Quarter Ended
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
HISTORICAL EARNINGS SUMMARY
2021
2021
2021
2021
2020
Interest income
$
3,547
$
3,692
$
3,806
$
3,656
$
3,177
Interest expense
159
150
144
131
129
Net Interest Income
3,388
3,542
3,662
3,525
3,048
Service charges on deposits
58
56
58
56
61
Other income
108
111
104
91
90
Total Non Interest Income
166
167
162
147
151
Salaries and benefits expense
1,009
1,127
1,080
959
977
Occupancy and equipment expense
108
121
114
124
119
Other expense
540
430
405
505
362
Total Non Interest Expense
1,657
1,678
1,599
1,588
1,458
Pretax pre-provision income
1,897
2,031
2,225
2,084
1,741
Gain on sale of securities
0
0
0
0
(1
)
Gain on sale of ORE
0
0
0
0
0
Gain on sale of other assets
0
0
0
0
0
Provision for Loan Losses
0
290
550
550
315
Earnings before income taxes
1,897
1,741
1,675
1,534
1,425
Provision for income taxes
305
265
249
206
179
Net Earnings
$
1,592
$
1,476
$
1,426
$
1,328
$
1,246
Diluted earnings per share
$
1.41
$
1.30
$
1.26
$
1.18
$
1.10

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
2021
2021
2021
2021
2020
Total loans
$
240,283
$
228,976
$
215,085
$
213,644
$
205,355
Total PPP loans
9,380
20,911
34,305
56,975
46,852
Total short term investments
41,153
34,818
31,247
10,941
24,993
Total investment securities
137,387
117,844
100,499
93,615
95,244
Total earning assets
428,203
402,549
381,136
375,175
372,444
Allowance for loan losses
(4,306
)
(4,306
)
(4,016
)
(3,466
)
(2,915
)
Premises and equipment
2,118
2,179
2,218
2,221
2,340
Other Assets
5,802
6,803
10,507
7,645
6,237
Total assets
431,817
407,225
389,845
381,575
378,106
Noninterest bearing deposits
167,497
148,238
149,049
135,920
134,692
Interest bearing deposits
218,611
214,162
196,355
202,205
201,120
Total deposits
386,108
362,400
345,404
338,125
335,812
Fed Funds Purchased and Repurchase Agreements
0
0
0
0
0
Other Liabilities
1,181
1,834
1,539
2,181
1,270
Total liabilities
387,289
364,234
346,943
340,306
337,082
Shareholders' Equity Actual
43,113
41,465
40,957
39,352
38,778
Unrealized Gain - AFS
1,415
1,526
1,945
1,917
2,246
Total Equity
$
44,528
$
42,991
$
42,902
$
41,269
$
41,024
Quarter Ending
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
NONPERFORMING ASSETS
2021
2021
2021
2021
2020
Nonaccrual loans
$
259
$
279
$
297
$
321
$
249
Restructured loans
$
0
$
0
$
0
$
0
$
0
Other real estate & foreclosed assets
$
0
$
0
$
0
$
0
$
0
Accruing loans past due 90 days or more
$
0
$
0
$
0
$
0
$
0
Total nonperforming assets
$
259
$
279
$
297
$
321
$
249
Accruing loans past due 30-89 days
$
0
$
600
$
0
$
0
$
0
Total nonperforming assets as a percentage
of loans and foreclosed assets
0.11
%
0.12
%
0.12
%
0.13
%
0.10
%

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
2021
2021
2021
2021
2020






Balance at beginning of period
$
4,306
$
4,016
$
3,466
$
2,915
$
2,598
Loans charged off
0
0
0
0
0
Loan recoveries
0
0
0
1
2
Net (charge-offs) recoveries
0
0
0
1
2
Provision for loan losses
0
290
550
550
315
Balance at end of period
$
4,306
$
4,306
$
4,016
$
3,466
$
2,915
Allowance for loan losses
as a percentage of total loans
1.72
%
1.88
%
1.61
%
1.28
%
1.16
%
Allowance for loan losses net of PPP Loans
as a percentage of total loans
1.79
%
1.94
%
1.86
%
1.62
%
1.46
%
Allowance for loan losses
as a percentage of nonperforming assets
1663
%
1543
%
1352
%
1080
%
1171
%
Net charge-offs (recoveries) as a
percentage of average loans
0.00
%
0.00
%
0.00
%
0.00
%
0.00
%
Provision for loan losses
as a percentage of average loans
0.00
%
0.13
%
0.21
%
0.21
%
0.13
%
Quarter Ending
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
SELECTED RATIOS
2021
2021
2021
2021
2020
Return on average assets (annualized)
1.53
%
1.49
%
1.46
%
1.42
%
1.37
%
Return on average equity (annualized)
14.60
%
13.50
%
13.51
%
12.88
%
12.15
%
Return on average equity (excluding unrealized gain on investments)
15.06
%
14.15
%
14.18
%
13.56
%
12.85
%
Average shareholders' equity to average assets
10.34
%
10.54
%
10.28
%
10.49
%
10.66
%
Yield on earning assets (tax equivalent)
3.95
%
3.97
%
4.11
%
4.14
%
3.88
%
Effective Cost of Funds
0.15
%
0.16
%
0.14
%
0.15
%
0.28
%
Net interest margin (tax equivalent)
3.80
%
3.81
%
3.97
%
3.99
%
3.60
%
Efficiency ratio (tax equivalent)
44.5
%
43.3
%
40.5
%
41.4
%
44.8
%
End of period book value per common share
$
41.12
$
39.66
$
39.47
$
38.11
$
37.88
End of period book value (excluding unrealized gain on investments)
$
39.81
$
38.25
$
37.68
$
36.34
$
35.81
End of period common shares outstanding (in 000's)
1,083
1,084
1,087
1,083
1,083

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

Twelve Months Ending
December 31, 2021
December 31, 2020
Tax
Tax
Average
Equivalent
Average
Equivalent
YIELD ANALYSIS
Balance
Interest
Yield
Yield
Balance
Interest
Yield
Yield
Interest Earning Assets:
Short term investment
$
24,610
44
0.18
%
0.18
%
$
33,836
153
0.45
%
0.45
%
FRB Stock
404
25
6.00
%
6.00
%
394
24
6.00
%
6.00
%
Taxable securities
748
1
0.13
%
0.13
%
505
7
1.39
%
1.39
%
Tax Free securities
107,533
2,503
2.33
%
2.95
%
84,554
2,278
2.69
%
3.41
%
Loans
255,488
12,127
4.75
%
4.75
%
209,503
9,627
4.60
%
4.60
%
Total Interest Earning Assets
388,783
14,700
3.78
%
3.95
%
328,792
12,089
3.68
%
3.88
%
Noninterest Earning Assets:
Cash and due from banks
5,466
5,198
Other assets
4,302
4,473
Allowance for loan losses
(3,812
)
(2,419
)
Total Noninterest Earning Assets
5,956
7,252
Total Assets
$
394,739
$
336,044
Interest Bearing Liabilities:
Transaction and Money Market accounts
158,711
374
0.24
%
0.24
%
138,643
308
0.22
%
0.22
%
Certificates and other time deposits
47,858
210
0.44
%
0.44
%
42,839
548
1.28
%
1.28
%
Other borrowings
0
0
0.00
%
0.00
%
0
0
0.00
%
0.00
%
Total Interest Bearing Liabilities
206,569
584
0.28
%
0.28
%
181,482
856
0.47
%
0.47
%
Noninterest Bearing Liabilities:
Demand deposits
144,112
114,150
Other liabilities
1,341
1,350
Shareholders' Equity
42,717
39,062
Total Liabilities and Shareholders Equity
$
394,739
$
336,044
Net Interest Income and Spread
14,116
3.50
%
3.67
%
11,233
3.21
%
3.41
%
Net Interest Margin
3.63
%
3.80
%
3.42
%
3.60
%

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

December 31
December 31
2021
%
2020
%
LOAN PORTFOLIO
Commercial and industrial
$
135,586
54.31
%
$
106,577
42.26
%
PPP Loans
9,380
3.76
%
46,852
18.58
%
Real estate:
Commercial
60,090
24.07
%
61,330
24.32
%
Residential
10,196
4.08
%
20,492
8.13
%
Construction and development
34,123
13.67
%
16,499
6.54
%
Consumer
288
0.12
%
457
0.18
%
Total loans (gross)
249,663
100.00
%
252,207
100.00
%
Unearned discounts
0
0.00
%
0
0.00
%
Total loans (net)
$
249,663
100.00
%
$
252,207
100.00
%

December 31
December 31
2021
2020
REGULATORY CAPITAL DATA
Tier 1 Capital
$
43,113
$
38,778
Total Capital (Tier 1 + Tier 2)
$
46,498
$
41,583
Total Risk-Adjusted Assets
$
269,856
$
224,307
Tier 1 Risk-Based Capital Ratio
15.97
%
17.29
%
Total Risk-Based Capital Ratio
17.23
%
18.54
%
Tier 1 Leverage Ratio
10.34
%
10.66
%
OTHER DATA
Full Time Equivalent
Employees (FTE's)
24
23
Stock Price Range
(For the Three Months Ended):
High
$
76.00
$
65.50
Low
$
75.00
$
62.00
Close
$
76.00
$
64.98

SOURCE: Trinity Bank N.A.



View source version on accesswire.com:
https://www.accesswire.com/685651/Trinity-Bank-Reports-2021-4th-Quarter-Net-Income-of-1592000-and-Full-Year-Net-Income-of-5822000
Stock Information
Company Name: Trinity Bank NA
Stock Symbol: TYBT
Market: OTC
Website: trinitybk.com
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