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home / news releases / TYBT - Trinity Bank Reports Results for 2022 Net Income up 24.9% to $7269000 Earnings per Share up 24.0% to $6.39 Return on Assets 1.64% Return on Equity 15.86%

TYBT - Trinity Bank Reports Results for 2022 Net Income up 24.9% to $7269000 Earnings per Share up 24.0% to $6.39 Return on Assets 1.64% Return on Equity 15.86%

Trinity Bank NA

FORT WORTH, TX / ACCESSWIRE / January 31, 2023 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the fourth quarter and the twelve months ending December 31, 2022.

Results of Operation

For the fourth quarter 2022, Trinity Bank, N.A. reported Net Income after Taxes of $2,113,000, an increase of 32.7% over fourth quarter 2021 earnings of $1,592,00. Earnings per diluted common share for the fourth quarter 2022 amounted to $1.86, an increase of 31.7% over fourth quarter 2021 results of $1.41 per diluted common share.

For 2022, Net Income after Taxes was $7,269,000, an increase of 24.9% over 2021 results of $5,822,000. Earnings per diluted common share for 2022 were $6.39, an increase of 24.0% over 2021 results of $5.15 per diluted common share.

2022 saw the Federal Reserve raise the Fed Funds Rate seven times starting in March of 2022 to combat inflation. The rates went from basically zero to 4.5% in December. These rate changes in turn have impacted a variety of interest rates, including savings rates, bond rates, and lending rates (both short and long-term). Everyone has been affected.

"For banks in particular, these rate hikes have created tightened margins and liquidity pressures. Trinity's management is cognizant of these pressures and has been pro-active in both our account rates and lending rates, as well as our bond strategy. We are fortunate and confident in our asset mix between cash, bonds, and loans, especially with regards to our ratio between fixed and floating rate loans," said President Barney Wiley.

In spite of the historical rise in rates experienced in 2022, and the unknowns of 2023, below are some positive results experienced from 2021 to 2022.

As Chairman Jeff Harp has quipped in jest on multiple occasions, "I have been in banking in the same town for 52 years and the events of the past three years has shown me that the first 49 years of lessons are worthless as these times are unprecedented. But I will tell you that I would not trade places with any other bank."

President Barney C. Wiley stated, "2022 was an outstanding year for Trinity Bank, albeit an interesting year. 2022 was our best year since inception which is a testament to our dedicated staff, quality customer base and outstanding shareholders. In times of uncertainty, we have shown the ability to stay flexible, pro-active, and able to provide for the needs of our customers and shareholders and thankful to be in the market we serve."

ACTUAL FOR QUARTER
3 Months
3 Months
EARNINGS SUMMARY
12/31/2022
12/31/2021
%
Net Interest Income
$
4,151
$
3,388
22.5
Total Non-Interest Income
172
166
3.6
Total Non-Interest Expense
(1,646
)
(1,657
)
(0.7
)
Pretax pre-provision income
2,677
1,897
41.1
Gain on sale of securities
(164
)
0
N/M
Loan Loss Provision
0
0
N/M
Pretax Income
2,513
1,897
32.5
Income Tax
(400
)
(305
)
31.1
Net Earnings
$
2,113
$
1,592
32.7

Earnings Per Share
$
1.86
$
1.41
31.9
Diluted weighted average shares
1,138
1,129
ACTUAL FOR 12 MONTHS
12 Months
12 Months
EARNINGS SUMMARY
12/31/2022
12/31/2021
%
Net Interest Income
$
15,081
$
14,116
6.8
%
Total Non-Interest Income
696
644
8.1
%
Total Non-Interest Expense
(7,046
)
(6,523
)
8.0
%
Pretax pre-provision income
8,731
8,237
6.0
%

Gain on sale of securities and ORE
-182
0
N/M
Loan Loss Provision
(0
)
(1,390
)
N/M
Pretax Income
8,549
6,847
24.9
%
Income Tax
(1,280
)
(1,025
)
24.9
%
Net Earnings
$
7,269
$
5,822
24.9
%
Earnings Per Share
6.39
5.15
24.0
%
Diluted weighted average shares
1,138
1,130

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
2022
2021
Change
2022
2021
Change
Interest income
$
5,173
$
3,547
45.8
%
$
17,124
$
14,700
16.5
%
Interest expense
1,022
159
542.8
%
2,043
584
249.8
%
Net Interest Income
4,151
3,388
22.5
%
15,081
14,116
6.8
%

Service charges on deposits
59
58
1.7
%
239
230
3.9
%
Other income
113
108
4.6
%
457
414
10.4
%
Total Non Interest Income
172
166
3.6
%
696
644
8.1
%
Salaries and benefits expense
1,141
1,009
13.1
%
4,525
4,175
8.4
%
Occupancy and equipment expense
106
108
-1.9
%
490
467
4.9
%
Other expense
399
540
-26.1
%
2,031
1,881
8.0
%
Total Non Interest Expense
1,646
1,657
-0.7
%
7,046
6,523
8.0
%
Pretax pre-provision income
2,677
1,897
41.1
%
8,731
8,237
6.0
%
Gain on sale of securities
(164
)
0
N/M
(182
)
0
N/M
Provision for Loan Losses
0
0
N/M
0
1,390
N/M
Earnings before income taxes
2,513
1,897
32.5
%
8,549
6,847
24.9
%
Provision for income taxes
400
305
31.1
%
1,280
1,025
24.9
%
Net Earnings
$
2,113
$
1,592
32.7
%
$
7,269
$
5,822
24.9
%
Basic earnings per share
1.93
1.47
31.6
%
6.66
5.37
23.9
%
Basic weighted average shares
1,092
1,083
1,092
1,084
outstanding
Diluted earnings per share - estimate
1.86
1.41
31.7
%
6.39
5.15
24.0
%
Diluted weighted average shares outstanding
1,138
1,129
1,138
1,130
Average for Quarter
Average for Twelve Months
December 31
%
December 31
%
BALANCE SHEET SUMMARY
2022
2021
Change
2022
2021
Change
Total loans
$
268,801
$
236,698
13.6
%
$
258,005
$
219,696
17.4
%
PPP loans
0
11,585
-100.0
%
755
35,708
-97.9
%
Total short term investments
39,759
33,497
18.7
%
37,686
25,014
50.7
%
Total investment securities
137,624
128,283
7.3
%
141,597
108,281
30.8
%
Earning assets
446,184
410,063
8.8
%
438,043
388,699
12.7
%
Total assets
455,683
416,766
9.3
%
445,739
394,739
12.9
%
Noninterest bearing deposits
167,630
170,822
-1.9
%
166,329
144,112
15.4
%
Interest bearing deposits
246,989
215,287
14.7
%
236,254
206,569
14.4
%
Total deposits
414,618
386,109
7.4
%
402,583
350,681
14.8
%
Fed Funds Purchased and Repurchase Agreements
0
0
N/M
0
0
N/M
Shareholders' equity
$
47,713
$
42,241
13.0
%
$
45,846
$
40,870
12.2
%

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
2022
2022
2022
2022
2021
Total loans
$
268,801
$
266,041
$
255,951
$
240,831
$
236,698
Total PPP loans
0
0
0
3,062
11,585
Total short term investments
39,759
50,091
30,993
28,809
33,497
Total investment securities
137,624
143,746
142,743
142,717
128,283
Earning assets
446,184
459,878
429,687
415,419
410,063
Total assets
455,683
467,859
437,237
421,711
416,766
Noninterest bearing deposits
167,630
177,293
164,965
154,029
170,822
Interest bearing deposits
246,989
246,907
229,986
221,868
215,287
Total deposits
414,618
424,200
394,951
375,897
386,109
Fed Funds Purchased and Repurchase Agreements
0
0
0
0
0
Shareholders' equity
$
47,713
$
46,676
$
45,059
$
44,456
$
43,113

Quarter Ended
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
HISTORICAL EARNINGS SUMMARY
2022
2022
2022
2022
2021
Interest income less PPP
$
5,173
$
4,588
$
3,763
$
3,321
$
3,302
PPP interest and fees
0
0
0
278
245
Interest expense
1,022
607
248
165
159
Net Interest Income
4,151
3,981
3,515
3,434
3,388

Service charges on deposits
59
58
62
59
58
Other income
113
114
126
106
108
Total Non Interest Income
172
172
188
165
166

Salaries and benefits expense
1,141
1,290
1,096
999
1,009
Occupancy and equipment expense
106
163
111
110
108
Other expense
399
495
536
600
540
Total Non Interest Expense
1,646
1,948
1,743
1,709
1,657
Pretax pre-provision income
2,677
2,205
1,960
1,890
1,897
Gain on sale of securities
(164
)
(19
)
0
0
0
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
0
0
0
Earnings before income taxes
2,513
2,186
1,960
1,890
1,897
Provision for income taxes
400
320
280
280
305
Net Earnings
$
2,113
$
1,866
$
1,680
$
1,610
$
1,592
Diluted earnings per share
$
1.86
$
1.64
$
1.47
$
1.42
$
1.41

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
2022
2022
2022
2022
2021






Total loans
$
281,857
$
265,811
$
267,163
$
247,358
$
240,283
Total PPP loans
0
-
-
-
9,380
Total short term investments
19,893
58,084
19,635
39,776
41,153
Total investment securities
134,628
136,114
142,834
138,793
137,387

Total earning assets
436,378
460,009
429,632
425,927
428,203

Allowance for loan losses
(4,323
)
(4,314
)
(4,314
)
(4,314
)
(4,306
)
Premises and equipment
2,196
1,976
2,019
2,065
2,118
Other Assets
11,030
11,957
11,260
10,557
5,802

Total assets
445,281
469,628
438,597
434,235
431,817

Noninterest bearing deposits
159,568
181,436
170,661
158,072
167,497
Interest bearing deposits
240,883
248,475
226,141
233,142
218,611

Total deposits
400,451
429,911
396,802
391,214
386,108

Fed Funds Purchased and Repurchase Agreements
0
0
0
0
0
Other Liabilities
1,779
2,794
1,474
2,033
1,181

Total liabilities
402,230
432,705
398,276
393,247
387,289

Shareholders' Equity Actual
48,871
46,712
45,830
44,093
43,113
Unrealized Gain/Loss - AFS
(5,820
)
(9,789
)
(5,509
)
(3,105
)
1,415
Total Equity
$
43,051
$
36,923
$
40,321
$
40,988
$
44,528

Quarter Ending

Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
NONPERFORMING ASSETS
2022
2022
2022
2022
2021
Nonaccrual loans
$
171
$
195
$
211
$
239
$
259
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
$
171
$
195
$
211
$
239
$
259
Accruing loans past due 30-89 days
$
3
$
0
$
0
$
0
$
0
Total nonperforming assets as a percentage
of loans and foreclosed assets
0.06
%
0.07
%
0.08
%
0.10
%
0.11
%

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
2022
2022
2022
2022
2021
Balance at beginning of period
$
4,314
$
4,314
$
4,314
$
4,306
$
4,306
Loans charged off
0
0
0
0
0
Loan recoveries
9
0
0
8
0
Net (charge-offs) recoveries
9
0
0
8
0
Provision for loan losses
0
0
0
0
0
Balance at end of period
$
4,323
$
4,314
$
4,314
$
4,314
$
4,306
Allowance for loan losses
1.53
%
1.62
%
1.61
%
1.74
%
1.72
%
as a percentage of total loans
Allowance for loan losses net of PPP Loans
1.53
%
1.62
%
1.61
%
1.74
%
1.79
%
as a percentage of total loans
Allowance for loan losses
2528
%
2212
%
2045
%
1805
%
1663
%
as a percentage of nonperforming assets
Net charge-offs (recoveries) as a
0.00
%
0.00
%
0.00
%
0.00
%
0.00
%
percentage of average loans
Provision for loan losses
0.00
%
0.00
%
0.00
%
0.00
%
0.00
%
as a percentage of average loans

Quarter Ending
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
SELECTED RATIOS
2022
2022
2022
2022
2021
Return on average assets (annualized)
1.85
%
1.60
%
1.54
%
1.53
%
1.53
%
Return on average equity (annualized)
19.63
%
17.68
%
15.92
%
15.71
%
14.60
%

Return on average equity (excluding unrealized gain on investments)
17.71
%
15.99
%
14.91
%
14.61
%
15.06
%
Average shareholders' equity to average assets
10.47
%
9.98
%
10.31
%
10.54
%
10.34
%
Yield on earning assets (tax equivalent)
4.84
%
4.17
%
3.68
%
3.64
%
3.95
%
Effective Cost of Funds
0.92
%
0.53
%
0.23
%
0.16
%
0.15
%
Net interest margin (tax equivalent)
3.92
%
3.64
%
3.45
%
3.48
%
3.80
%
Efficiency ratio (tax equivalent)
36.2
%
44.7
%
44.9
%
45.2
%
44.5
%
End of period book value per common share
$
39.42
$
33.78
$
36.89
$
37.50
$
41.12
End of period book value (excluding unrealized gain on investments)
$
44.75
$
42.74
$
41.93
$
40.34
$
39.81
End of period common shares outstanding (in 000's)
1,092
1,093
1,093
1,093
1,083

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


Twelve Months Ending
December 31, 2022
December 31, 2021

Tax

Tax
Average
Equivalent
Average
Equivalent
YIELD ANALYSIS
Balance
Interest
Yield
Yield
Balance
Interest
Yield
Yield
Interest Earning Assets:







Short term investment
$
37,266
735
1.97
%
1.97
%
$
24,610
44
0.18
%
0.18
%
FRB Stock
420
25
6.00
%
6.00
%
404
25
6.00
%
6.00
%
Taxable securities
959
1
0.00
%
0.00
%
748
1
0.13
%
0.13
%
Tax Free securities
140,638
3,039
2.16
%
2.74
%
107,533
2,503
2.33
%
2.95
%
Loans
258,760
13,324
5.15
%
5.15
%
255,488
12,127
4.75
%
4.75
%
Total Interest Earning Assets
438,043
17,124
3.91
%
4.09
%
388,783
14,700
3.78
%
3.95
%
Noninterest Earning Assets:
Cash and due from banks
5,973
5,466
Other assets
6,036
4,302
Allowance for loan losses
(4,313
)
(3,812
)
Total Noninterest Earning Assets
7,696
5,956
Total Assets
$
445,739
$
394,739
Interest Bearing Liabilities:
Transaction and Money Market accounts
181,865
1,391
0.76
%
0.76
%
158,711
374
0.24
%
0.24
%
Certificates and other time deposits
37,701
465
1.23
%
1.23
%
39,598
198
0.50
%
0.50
%
Other borrowings
16,689
187
1.12
%
1.12
%
8,260
12
0.15
%
0.15
%
Total Interest Bearing Liabilities
236,255
2,043
0.86
%
0.86
%
206,569
584
0.28
%
0.28
%
Noninterest Bearing Liabilities:
Demand deposits
166,328
144,112
Other liabilities
1,703
1,341
Shareholders' Equity
41,453
42,717
Total Liabilities and Shareholders Equity
$
445,739
$
394,739
Net Interest Income and Spread
15,081
3.04
%
3.23
%
14,116
3.50
%
3.67
%
Net Interest Margin
3.44
%
3.63
%
3.63
%
3.80
%

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

December 31
December 31
2022
%
2021
%
LOAN PORTFOLIO
Commercial and industrial
$
161,254
57.13
%
$
135,586
54.31
%
PPP Loans
$
0
0.00
%
9,380
3.76
%
Real estate:
Commercial
78,197
27.71
%
60,090
24.07
%
Residential
17,419
6.17
%
10,196
4.08
%
Construction and development
25,083
8.89
%
34,123
13.67
%
Consumer
283
0.10
%
288
0.12
%
Total loans (gross)
282,236
100.00
%
249,663
100.00
%
Unearned discounts
0
0.00
%
0
0.00
%
Total loans (net)
$
282,236
100.00
%
$
249,663
100.00
%

December 31
December 31

2022
2021
REGULATORY CAPITAL DATA
Tier 1 Capital
$
43,051
$
43,113
Total Capital (Tier 1 + Tier 2)
$
48,871
$
46,498
Total Risk-Adjusted Assets
$
315,529
$
269,856
Tier 1 Risk-Based Capital Ratio
15.49
%
15.97
%
Total Risk-Based Capital Ratio
16.74
%
17.23
%
Tier 1 Leverage Ratio
8.74
%
10.34
%
OTHER DATA
Full Time Equivalent
Employees (FTE's)
25
24
Stock Price Range
(For the Three Months Ended):
High
$
90.00
$
76.00
Low
$
76.00
$
75.00
Close
$
88.50
$
76.00

SOURCE: Trinity Bank



View source version on accesswire.com:
https://www.accesswire.com/737511/Trinity-Bank-Reports-Results-for-2022-Net-Income-up-249-to-7269000-Earnings-per-Share-up-240-to-639-Return-on-Assets-164-Return-on-Equity-1586
Stock Information
Company Name: Trinity Bank NA
Stock Symbol: TYBT
Market: OTC
Website: trinitybk.com
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