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home / news releases / TYBT - Trinity Bank Reports 4Q and FYE 2018 Results

TYBT - Trinity Bank Reports 4Q and FYE 2018 Results

Trinity Bank NA

FORT WORTH, TX / ACCESSWIRE / January 22, 2019 / Trinity Bank N.A. (OTC PINK: TYBT) today announced financial and operating results for the fourth quarter and for the twelve months ended December 31, 2018.


4Q
2018
Net Income (in 000's)
$
1,200
$
4,677
Return on Average Assets
1.88
%
1.84
%
Return on Average Equity
15.02
%
14.77
%

Trinity Bank, N.A. reported Net Income after Taxes for the fourth quarter of 2018 of $1,200,000 or $1.08 per diluted common share, compared to $642,000 or $.57 per diluted common share for the fourth quarter of 2017, an increase of 87.9%.

For the year 2018, Net Income After Taxes amounted to $4,677,000, or $4.19 per diluted common share, compared to $3,068,000, or $2.74 per diluted common share for 2017, an increase of 53.0%.

Jeffrey M. Harp, President, stated, "2018 results reflect Trinity Bank's return to its historical level of performance (see below). Superior results are indicative of an outstanding staff providing exceptional customer service."

Trinity Bank

2018
Peer Group
(9-30-18)
2017
2016
2015
2014
Return on Assets
1.84
%
1.24
%
1.23
%
1.79
%
1.79
%
1.68
%
Return on Equity
14.77
%
11.66
%
10.22
%
14.32
%
14.69
%
14.29
%

Executive Vice-President Matt Opitz remarked, "Over the last two years, Trinity has made a substantial investment in our physical facility and in additional staff. These investments are already generating a positive return to shareholders. In 2019, we plan on adding staff, both revenue producers and support staff, in order to achieve our goal for continual organic growth. While focusing on internal growth, we continue to be open to expanding geographically in the North Texas market or acquiring another institution if the right opportunity presents itself."

Page 2 - Trinity Bank fourth quarter 2018

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
2018
2017
Change
2018
2017
Change
Interest income
$
2,785
$
2,407
15.7
%
$
10,520
$
9,141
15.1
%
Interest expense
358
192
86.5
%
1,118
656
70.4
%
Net Interest Income
2,427
2,215
9.6
%
9,402
8,485
10.8
%
Service charges on deposits
31
35
-11.4
%
148
149
-0.7
%
Other income
101
91
11.0
%
399
366
9.0
%
Total Non Interest Income
132
126
4.8
%
547
515
6.2
%
Salaries and benefits expense
757
575
31.7
%
2,823
2,102
34.3
%
Occupancy and equipment expense
120
112
7.1
%
466
432
7.9
%
Other expense
289
290
-0.3
%
1,245
1,116
11.6
%
Total Non Interest Expense
1,166
977
19.3
%
4,534
3,650
24.2
%
Pretax pre-provision income
1,393
1,364
2.1
%
5,415
5,350
1.2
%
Gain on sale of securities
3
2
N/M
14
4
N/M
Gain on sale of assets
0
0
N/M
0
0
N/M
Provision for Loan Losses
30
507
N/M
90
1,627
N/M
Earnings before income taxes
1,366
859
59.0
%
5,339
3,727
43.3
%
Provision for income taxes
166
217
-23.5
%
662
659
0.5
%
Net Earnings
$
1,200
$
642
86.9
%
$
4,677
$
3,068
52.4
%
Basic earnings per share
1.09
0.58
87.9
%
4.24
2.77
53.0
%
Basic weighted average shares
1,100
1,106
1,102
1,106
outstanding
Diluted earnings per share
1.08
0.57
87.9
%
4.19
2.74
53.0
%
Diluted weighted average shares outstanding
1,115
1,121
1,117
1,121

Average for Quarter
Average for Twelve Months
December 31
%
December 31
%
BALANCE SHEET SUMMARY
2018
2017
Change
2018
2017
Change
Total loans
$
144,801
$
130,708
10.8
%
$
143,869
$
131,126
9.7
%
Total short term investments
23,175
33,929
-31.7
%
18,854
24,136
-21.9
%
Total investment securities
79,700
92,935
-14.2
%
84,427
87,396
-3.4
%
Earning assets
247,676
257,572
-3.8
%
247,150
242,658
1.9
%
Total assets
255,113
264,668
-3.6
%
254,343
249,390
2.0
%
Noninterest bearing deposits
81,187
81,387
-0.2
%
81,783
75,434
8.4
%
Interest bearing deposits
141,081
150,771
-6.4
%
139,807
142,423
-1.8
%
Total deposits
222,268
232,158
-4.3
%
221,590
217,857
1.7
%
Fed Funds Purchased and Repurchase Agreements
0
0
0.0
%
390
79
393.7
%
Shareholders' equity
$
31,948
$
31,546
1.3
%
$
31,664
$
30,682
3.2
%

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
2018
2018
2018
2018
2017
Total loans
$
144,801
$
145,280
$
147,227
$
137,942
$
130,708
Total short term investments
23,175
18,368
10,843
23,035
33,929
Total investment securities
79,700
80,509
84,981
92,926
92,935
Earning assets
247,676
244,157
243,051
253,903
257,572
Total assets
255,113
251,839
250,070
260,399
264,668
Noninterest bearing deposits
81,187
83,151
80,637
82,622
81,387
Interest bearing deposits
141,081
135,815
135,940
146,206
150,771
Total deposits
222,268
218,966
216,577
228,828
232,158
Fed Funds Purchased and Repurchase Agreements
0
0
1,566
0
0
Shareholders' equity
$
31,948
$
32,151
$
31,236
$
31,308
$
31,546

Quarter Ended
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
HISTORICAL EARNINGS SUMMARY
2018
2018
2018
2018
2017
Interest income
$
2,785
$
2,658
$
2,591
$
2,486
$
2,407
Interest expense
358
309
241
209
192
Net Interest Income
2,427
2,349
2,350
2,277
2,215
Service charges on deposits
31
38
37
42
35
Other income
101
111
100
87
91
Total Non Interest Income
132
149
137
129
126
Salaries and benefits expense
757
707
731
628
575
Occupancy and equipment expense
120
119
106
121
112
Other expense
289
272
302
382
290
Total Non Interest Expense
1,166
1,098
1,139
1,131
977
Pretax pre-provision income
1,393
1,400
1,348
1,275
1,364
Gain on sale of securities
3
4
7
0
2
Gain on sale of other assets
0
0
0
0
0
Provision for Loan Losses
30
30
30
0
507
Earnings before income taxes
1,366
1,374
1,325
1,275
859
Provision for income taxes
166
184
166
146
217
Net Earnings
$
1,200
$
1,190
$
1,159
$
1,129
$
642
Diluted earnings per share
$
1.08
$
0.94
$
1.03
$
1.00
$
0.57

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
2018
2018
2018
2018
2017
Total loans
$
154,184
$
143,846
$
150,833
$
142,848
$
139,818
Total short term investments
13,127
23,080
7,454
20,766
19,027
Total investment securities
81,896
79,234
78,840
93,034
93,518
Total earning assets
249,207
246,160
237,127
256,648
252,363
Allowance for loan losses
(1,671
)
(1,664
)
(1,634
)
(1,604
)
(1,600
)
Premises and equipment
2,627
2,652
2,729
2,725
2,731
Other Assets
7,018
5,892
7,582
5,046
5,817
Total assets
257,181
253,040
245,804
262,815
259,311
Noninterest bearing deposits
85,668
81,856
79,678
86,903
84,445
Interest bearing deposits
137,979
137,926
133,922
143,929
143,638
Total deposits
223,647
219,782
213,600
230,832
228,083
Fed Funds Purchased and Repurchase Agreements
0
0
0
0
0
Other Liabilities
701
1,311
610
1,143
352
Total liabilities
224,348
221,093
214,210
231,975
228,435
Shareholders' Equity Actual
34,051
32,772
32,244
31,497
30,993
Unrealized Gain - AFS
(1,218
)
(825
)
(650
)
(657
)
(117
)
Total Equity
$
32,833
$
31,947
$
31,594
$
30,840
$
30,876

Quarter Ending
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
NONPERFORMING ASSETS
2018
2018
2018
2018
2017
Nonaccrual loans
$
60
$
137
$
179
$
224
$
394
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
$
60
$
137
$
179
$
224
$
394
Accruing loans past due 30-89 days
$
0
$
456
$
458
$
0
$
0
Total nonperforming assets as a percentage
of loans and foreclosed assets
0.04
%
0.10
%
0.12
%
0.16
%
0.28
%

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
2018
2018
2018
2018
2017
Balance at beginning of period
$
1,664
$
1,634
$
1,604
$
1,600
$
1,493
Loans charged off
23
0
0
0
400
Loan recoveries
0
0
0
4
0
Net (charge-offs) recoveries
(23
)
0
0
4
(400
)
Provision for loan losses
30
30
30
0
507
Balance at end of period
$
1,671
$
1,664
$
1,634
$
1,604
$
1,600
Allowance for loan losses
as a percentage of total loans
1.08
%
1.10
%
1.08
%
1.12
%
1.14
%
Allowance for loan losses
as a percentage of nonperforming assets
2785
%
930
%
913
%
716
%
406
%
Net charge-offs (recoveries) as a
percentage of average loans
0.02
%
0.00
%
0.00
%
-0.01
%
0.31
%
Provision for loan losses
as a percentage of average loans
0.02
%
0.02
%
0.02
%
0.00
%
0.39
%

Quarter Ending
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
SELECTED RATIOS
2018
2018
2018
2018
2017
Return on average assets (annualized)
1.88
%
1.89
%
1.85
%
1.73
%
0.97
%
Return on average equity (annualized)
15.02
%
14.81
%
14.84
%
14.42
%
8.14
%
Return on average equity (excluding unrealized gain on investments)
15.57
%
14.53
%
14.51
%
14.34
%
8.44
%
Average shareholders' equity to average assets
12.52
%
12.77
%
12.49
%
12.02
%
11.92
%
Yield on earning assets (tax equivalent)
4.75
%
4.59
%
4.53
%
4.19
%
4.17
%
Effective Cost of Funds
0.58
%
0.51
%
0.40
%
0.33
%
0.29
%
Net interest margin (tax equivalent)
4.17
%
4.08
%
4.13
%
3.86
%
3.88
%
Efficiency ratio (tax equivalent)
37.9
%
41.5
%
43.0
%
43.9
%
37.2
%
End of period book value per common share
$
29.85
$
29.07
$
28.13
$
27.88
$
27.92
End of period book value (excluding unrealized gain on investments)
$
30.96
$
29.82
$
29.31
$
28.48
$
28.02
End of period common shares outstanding (in 000's)
1,100
1,099
1,100
1,106
1,106

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


Twelve Months Ending
December 31, 2018
December 31, 2017
Tax
Tax
Average
Equivalent
Average
Equivalent
YIELD ANALYSIS
Balance
Interest
Yield
Yield
Balance
Interest
Yield
Yield
Interest Earning Assets:
Short term investment
$
18,478
378
2.05
%
2.05
%
$
23,763
311
1.31
%
1.31
%
FRB Stock
367
23
6.00
%
6.00
%
373
23
6.00
%
6.00
%
Tax Free securities
84,427
2,387
2.83
%
3.58
%
87,396
2,361
2.70
%
3.89
%
Loans
143,869
7,732
5.37
%
5.37
%
131,126
6,446
4.92
%
4.92
%
Total Interest Earning Assets
247,141
10,520
4.26
%
4.51
%
242,658
9,141
3.77
%
4.19
%
Noninterest Earning Assets:
Cash and due from banks
4,411
4,404
Other assets
4,427
4,539
Allowance for loan losses
(1,636
)
(2,211
)
Total Noninterest Earning Assets
7,202
6,732
Total Assets
$
254,343
$
249,390
Interest Bearing Liabilities:
Transaction and Money Market accounts
115,271
797
0.69
%
0.69
%
114,315
396
0.35
%
0.35
%
Certificates and other time deposits
24,536
311
1.27
%
1.27
%
28,108
259
0.92
%
0.92
%
Other borrowings
390
10
2.56
%
2.56
%
79
1
0.25
%
0.25
%
Total Interest Bearing Liabilities
140,197
1,118
0.80
%
0.80
%
142,502
656
0.46
%
0.46
%
Noninterest Bearing Liabilities:
Demand deposits
81,783
75,434
Other liabilities
699
772
Shareholders' Equity
31,664
30,682
Total Liabilities and Shareholders Equity
$
254,343
$
249,390
Net Interest Income and Spread
9,402
3.46
%
3.71
%
8,485
3.31
%
3.73
%
Net Interest Margin
3.50
%
4.06
%
3.50
%
3.93
%

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


December 31
December 31
2018
%
2017
%
LOAN PORTFOLIO
Commercial and industrial
$
87,537
56.77
%
$
80,226
57.38
%
Real estate:
Commercial
24,413
15.83
%
18,672
13.35
%
Residential
19,147
12.42
%
24,335
17.40
%
Construction and development
22,034
14.29
%
15,885
11.36
%
Consumer
1,054
0.68
%
700
0.50
%
Total loans (gross)
154,185
100.00
%
139,818
100.00
%
Unearned discounts
0
0.00
%
0
0.00
%
Total loans (net)
$
154,185
100.00
%
$
139,818
100.00
%

December 31
December 31
2018
2017
REGULATORY CAPITAL DATA
Tier 1 Capital
$
34,051
$
30,993
Total Capital (Tier 1 + Tier 2)
$
35,722
$
32,593
Total Risk-Adjusted Assets
$
171,326
$
158,248
Tier 1 Risk-Based Capital Ratio
19.88
%
19.59
%
Total Risk-Based Capital Ratio
20.85
%
20.60
%
Tier 1 Leverage Ratio
13.35
%
11.71
%
OTHER DATA
Full Time Equivalent
Employees (FTE's)
20
17
Stock Price Range
(For the Three Months Ended):
High
$
67.00
$
60.30
Low
$
59.05
$
57.25
Close
$
65.50
$
59.83

SOURCE: Trinity Bank N.A.
Stock Information
Company Name: Trinity Bank NA
Stock Symbol: TYBT
Market: OTC
Website: trinitybk.com
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