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home / news releases / TYBT - Trinity Bank Reports Return on Assets of 1.23%

TYBT - Trinity Bank Reports Return on Assets of 1.23%

Trinity Bank NA

TRINITY BANK REPORTS 2019 2nd QUARTER NET INCOME OF $374,000
YTD RETURN ON ASSETS 1.23%
YTD RETURN ON EQUITY 9.14%

FORT WORTH, TX / ACCESSWIRE / July 18, 2019 / Trinity Bank N.A. (OTC Pink: TYBT) today announced operating results for the second quarter and the six months ending June 30, 2019.

Results of Operation

For the second quarter 2019, Trinity Bank, N.A. reported Net Income after Taxes of $374,000, a decrease of 67.7% over second quarter 2018 earnings of $1,159,000. Earnings per diluted common share for the second quarter 2019 amounted to $0.33, a decrease of 67.60% over second quarter 2018 results of $1.03 per diluted common share.

For the first six months of 2019, Net Income after Taxes were $1,576,000, a decrease of 31.1% over the first half of 2018 results of $2,287,000. Earnings per diluted common share for the first half of 2019 were $1.41, a decrease of 30.7% over the first half of 2018 results of $2.03 per diluted common share.

President Jeff Harp stated, “For the second time in our 16 year history, we have identified a large borrower in financial difficulty. The borrower has deeded some property back to the bank in lieu of foreclosure, and the $1,000,000 loan loss provision we made in 2Q covers 100% of the remaining exposure. We have aggressive collection efforts underway. In spite of this, we are on pace to have our second best earnings year since inception. The returns generated this year will still be well above the performance of our bank peer group.”

“One of the positive aspects of maintaining a strong Capital base (13.05% as of June 30, 2019 - substantially in excess of our peer bank group) is that one problem loan does not impact our growth plans or our dividend policy.”

Richard Burt, Executive Vice President, stated, “Since 2015, we have added staff to build a base for doubling the size of the Bank and to implement a management succession plan for some of our founding employees. I am pleased to announce that we are adding a senior operations person this month that will complete our staff for the foreseeable future. We, as a management team, feel we have the right team in place and the necessary infrastructure to once again begin growing our operating revenue faster than our expenses.”

Actual for Quarter

3 Months
3 Months
(in 000's)
06/30/2019
06/30/2018
%
Net Interest Income
$
2,977
$
2,350
14.9
%
Non-Interest Income
122
137
97.1
%
Non-Interest Expense
(1,279
)
(1,139
)
12.3
%
Pretax Pre-provision Income
1,345
1,348
-0.2
%
Gains on Sale of Securities and Other Assets
1
7
N/M
Loan Loss Provision
(1,000
)
(30
)
N/M
Pretax Income
346
1,325
N/M
Income Tax
28
(166
)
(116.9
)%
Net Income
$
374
$
1,159
(67.7
)%
Diluted Weighted Average Shares
1,119
1,122
Earnings Per Share
0.33
1.03
(67.6
)%

Actual for 6 months

6 Months
6 Months
(in 000's)
06/30/2019
06/30/2018
%
Net Interest Income
$
4,922
$
4,627
6.4
%
Non-Interest Income
245
266
(7.9
)%
Non-Interest Expense
(2,406
)
(2,271
)
5.9
%
Pretax Pre-provision Income
2,761
2,622
5.3
%
Gains on Sale of Securities and Other Assets
(2
)
7
N/M
Loan Loss Provision
(1,030
)
(30
)
N/M
Pretax Income
1,729
2,599
(33.5
)%
Income Tax
(153
)
(312
)
(51.0
)%
Net Income
$
1,576
$
2,287
(31.1
)%
Diluted Weighted Average Shares
1,118
1,124
Earnings Per Share
1.41
2.03
(30.7
)%


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.

###

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. 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

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

Quarter Ended
Six Months Ending
June 30
%
June 30
%
EARNINGS SUMMARY
2019
2018
Change
2019
2018
Change
Interest income
$
2,977
$
2,591
14.9
%
$
5,791
$
5,077
14.1
%
Interest expense
475
241
97.1
%
869
450
93.1
%
Net Interest Income
2,502
2,350
6.5
%
4,922
4,627
6.4
%
Service charges on deposits
42
37
13.5
%
81
73
11.0
%
Other income
80
100
-20.0
%
164
193
-15.0
%
Total Non Interest Income
122
137
-10.9
%
245
266
-7.9
%
Salaries and benefits expense
788
731
7.8
%
1,551
1,360
14.0
%
Occupancy and equipment expense
116
106
9.4
%
223
227
-1.8
%
Other expense
375
302
24.2
%
632
684
-7.6
%
Total Non Interest Expense
1,279
1,139
12.3
%
2,406
2,271
5.9
%
Pretax pre-provision income
1,345
1,348
-0.2
%
2,761
2,622
5.3
%
Gain on sale of securities
1
7
N/M
(2
)
7
N/M
Gain on sale of foreclosed assets
0
0
N/M
0
0
N/M
Gain on sale of assets
0
0
N/M
0
0
N/M
Provision for Loan Losses
1,000
30
N/M
1,030
30
N/M
Earnings before income taxes
346
1,325
-73.9
%
1,729
2,599
-33.5
%
Provision for income taxes
(28
)
166
-116.9
%
153
312
-51.0
%
Net Earnings
$
374
$
1,159
-67.7
%
$
1,576
$
2,287
-31.1
%
Basic earnings per share
0.34
1.05
-67.6
%
1.43
2.07
-30.7
%
Basic weighted average shares
1,100
1,103
1,099
1,105
outstanding
Diluted earnings per share - estimate
0.33
1.03
-67.6
%
1.41
2.03
-30.7
%
Diluted weighted average shares outstanding
1,119
1,122
1,118
1,124
Average for Quarter
Average for Six Months
June 30
%
June 30
%
BALANCE SHEET SUMMARY
2019
2018
Change
2019
2018
Change
Total loans
$
156,571
$
147,227
6.3
%
$
154,327
$
142,610
8.2
%
Total short term investments
26,034
10,843
140.1
%
19,038
16,905
12.6
%
Total investment securities
74,627
84,981
-12.2
%
76,940
88,821
-13.4
%
Earning assets
257,232
243,051
5.8
%
250,305
248,336
0.8
%
Total assets
264,826
250,070
5.9
%
258,314
255,098
1.3
%
Noninterest bearing deposits
73,665
80,637
-8.6
%
73,772
81,427
-9.4
%
Interest bearing deposits
154,918
135,940
14.0
%
148,664
141,151
5.3
%
Total deposits
228,583
216,577
5.5
%
222,436
222,578
-0.1
%
Fed Funds Purchased and Repurchase Agreements
0
1,566
N/M
590
787
N/M
Shareholders' equity
$
35,301
$
31,236
13.0
%
$
34,624
$
31,272
10.7
%


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

Average for Quarter Ending
June 30,
March 31,
Dec 31,
Sept. 30,
June 30,
BALANCE SHEET SUMMARY
2019
2019
2018
2018
2018
Total loans
$
156,571
$
152,227
$
144,801
$
145,280
$
147,227
Total short term investments
26,034
12,728
23,175
18,368
10,843
Total investment securities
74,627
79,278
79,700
80,509
84,981
Earning assets
257,232
244,233
247,676
244,157
243,051
Total assets
264,826
251,901
255,113
251,839
250,070
Noninterest bearing deposits
73,665
73,881
81,187
83,151
80,637
Interest bearing deposits
154,918
142,339
141,081
135,815
135,940
Total deposits
228,583
216,220
222,268
218,966
216,577
Fed Funds Purchased and Repurchase Agreements
0
1,187
0
0
1,566
Shareholders' equity
$
35,301
$
33,940
$
31,948
$
32,151
$
31,236
Quarter Ended
June 30,
March 31,
Dec 31,
Sept. 30,
June 30,
HISTORICAL EARNINGS SUMMARY
2019
2019
2018
2018
2018
Interest income
$
2,977
$
2,814
$
2,785
$
2,658
$
2,591
Interest expense
475
394
358
309
241
Net Interest Income
2,502
2,420
2,427
2,349
2,350
Service charges on deposits
42
40
31
38
37
Other income
80
83
101
111
100
Total Non Interest Income
122
123
132
149
137
Salaries and benefits expense
788
763
757
707
731
Occupancy and equipment expense
116
107
120
119
106
Other expense
375
259
289
272
302
Total Non Interest Expense
1,279
1,129
1,166
1,098
1,139
Pretax pre-provision income
1,345
1,414
1,393
1,400
1,348
Gain on sale of securities
1
(2
)
3
4
7
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
1,000
30
30
30
30
Earnings before income taxes
346
1,382
1,366
1,374
1,325
Provision for income taxes
(28
)
180
166
184
166
Net Earnings
$
374
$
1,202
$
1,200
$
1,190
$
1,159
Diluted earnings per share
$
0.33
$
1.08
$
1.08
$
1.07
$
1.03

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

Ending Balance
June 30,
March 31,
Dec 31,
Sept. 30,
June 30,
HISTORICAL BALANCE SHEET
2019
2019
2018
2018
2018
Total loans
$
156,014
$
160,028
$
154,184
$
143,846
$
150,833
Total short term investments
19,321
14,160
13,127
23,080
7,454
Total investment securities
72,014
75,906
81,896
79,234
78,840
Total earning assets
247,349
250,094
249,207
246,160
237,127
Allowance for loan losses
(2,224
)
(1,703
)
(1,671
)
(1,664
)
(1,634
)
Premises and equipment
2,580
2,613
2,627
2,652
2,729
Other Assets
8,040
5,506
7,018
5,892
7,582
Total assets
255,745
256,510
257,181
253,040
245,804
Noninterest bearing deposits
76,168
69,934
85,668
81,856
79,678
Interest bearing deposits
143,710
150,895
137,979
137,926
133,922
Total deposits
219,878
220,829
223,647
219,782
213,600
Fed Funds Purchased and Repurchase Agreements
0
0
0
0
0
Other Liabilities
614
1,158
701
1,311
610
Total liabilities
220,492
221,987
224,348
221,093
214,210
Shareholders' Equity Actual
34,572
34,522
34,051
32,772
32,244
Unrealized Gain - AFS
681
1
(1,218)
(825)
(650)
Total Equity
$
35,253
$
34,523
$
32,833
$
31,947
$
31,594
Quarter Ending
June 30,
March 31,
Dec 31,
Sept. 30,
June 30,
NONPERFORMING ASSETS
2019
2019
2018
2018
2018
Nonaccrual loans
$
446
$
952
$
60
$
137
$
179
Restructured loans
$
0
$
0
$
0
$
0
$
0
Other real estate & foreclosed assets
$
320
$
0
$
0
$
0
$
0
Accruing loans past due 90 days or more
$
0
$
0
$
0
$
0
$
0
Total nonperforming assets
$
766
$
952
$
60
$
137
$
179
Accruing loans past due 30-89 days
$
0
$
477
$
0
$
456
$
458
Total nonperforming assets as a percentage
of loans and foreclosed assets
0.49
%
0.59
%
0.04
%
0.10
%
0.12
%

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

Quarter Ending
ALLOWANCE FOR
June 30,
March 31,
Dec 31,
Sept. 30,
June 30,
LOAN LOSSES
2019
2019
2018
2018
2018
Balance at beginning of period
$
1,703
$
1,671
$
1,664
$
1,634
$
1,604
Loans charged off
498
0
23
0
0
Loan recoveries
19
2
0
0
0
Net (charge-offs) recoveries
(479
)
2
(23
)
0
0
Provision for loan losses
1,000
30
30
30
30
Balance at end of period
$
2,224
$
1,703
$
1,671
$
1,664
$
1,634
Allowance for loan losses
as a percentage of total loans
1.43
%
1.06
%
1.08
%
1.10
%
1.08
%
Allowance for loan losses
as a percentage of nonperforming assets
290
%
179
%
2785
%
930
%
913
%
Net charge-offs (recoveries) as a
percentage of average loans
0.31
%
-0.01
%
0.02
%
0.00
%
0.00
%
Provision for loan losses
as a percentage of average loans
0.64
%
0.02
%
0.02
%
0.02
%
0.02
%
Quarter Ending
June 30,
March 31,
Dec 31,
Sept. 30,
June 30,
SELECTED RATIOS
2019
2019
2018
2018
2018
Return on average assets (annualized)
0.56
%
1.91
%
1.88
%
1.89
%
1.85
%
Return on average equity (annualized)
4.24
%
14.17
%
15.02
%
14.81
%
14.84
%
Return on average equity (excluding unrealized gain on investments)
4.27
%
13.90
%
14.39
%
14.53
%
14.51
%
Average shareholders' equity to average assets
13.33
%
13.47
%
12.52
%
12.77
%
12.49
%
Yield on earning assets (tax equivalent)
4.85
%
4.86
%
4.75
%
4.59
%
4.53
%
Effective Cost of Funds
0.74
%
0.64
%
0.58
%
0.51
%
0.40
%
Net interest margin (tax equivalent)
4.11
%
4.22
%
4.17
%
4.08
%
4.13
%
Efficiency ratio (tax equivalent)
46.2
%
41.9
%
37.9
%
41.5
%
43.0
%
End of period book value per common share
$
32.14
$
31.44
$
29.85
$
29.07
$
28.13
End of period book value (excluding unrealized gain on investments)
$
31.52
$
31.44
$
30.96
$
29.82
$
29.31
End of period common shares outstanding (in 000's)
1,097
1,098
1,100
1,099
1,100

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

Quarter Ending
June 30,
2019
June 30,
2018
Tax
Tax
Average
Equivalent
Average
Equivalent
YIELD ANALYSIS
Balance
Interest
Yield
Yield
Balance
Interest
Yield
Yield
Interest Earning Assets:
Short term investment
$
25,653
153
2.39
%
2.39
%
$
10,466
50
1.91
%
1.91
%
FRB Stock
381
6
6.00
%
6.00
%
377
6
6.00
%
6.00
%
Taxable securities
1,593
9
2.26
%
2.26
%
154
1
2.60
%
2.60
%
Tax Free securities
73,034
539
2.95
%
3.74
%
84,827
599
2.82
%
3.58
%
Loans
156,571
2,270
5.80
%
5.80
%
147,227
1,935
5.26
%
5.26
%
Total Interest Earning Assets
257,232
2,977
4.63
%
4.85
%
243,051
2,591
4.26
%
4.53
%
Noninterest Earning Assets:
Cash and due from banks
5,021
4,400
Other assets
4,322
4,229
Allowance for loan losses
(1,749
)
(1,610
)
Total Noninterest Earning Assets
7,594
7,019
Total Assets
$
264,826
$
250,070
Interest Bearing Liabilities:
Transaction and Money Market accounts
125,618
321
1.02
%
1.02
%
112,148
166
0.59
%
0.59
%
Certificates and other time deposits
29,300
154
2.10
%
2.10
%
23,792
65
1.09
%
1.09
%
Other borrowings
0
0
0.00
%
0.00
%
1,566
10
2.55
%
2.55
%
Total Interest Bearing Liabilities
154,918
475
1.23
%
1.23
%
137,506
241
0.70
%
0.70
%
Noninterest Bearing Liabilities:
Demand deposits
73,665
80,637
Other liabilities
942
691
Shareholders' Equity
35,301
31,236
Total Liabilities and Shareholders Equity
$
264,826
$
250,070
Net Interest Income and Spread
2,502
3.40
%
3.62
%
2,350
3.56
%
3.83
%
Net Interest Margin
3.89
%
4.11
%
3.86
%
4.13
%

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

June 30
June 30
2019
%
2018
%
LOAN PORTFOLIO
Commercial and industrial
$
87,559
56.05
%
$
88,292
58.54
%
Real estate:
Commercial
23,311
14.92
%
20,961
13.90
%
Residential
22,471
14.39
%
23,518
15.59
%
Construction and development
22,445
14.37
%
17,387
11.53
%
Consumer
419
0.27
%
675
0.45
%
Total loans (gross)
156,205
100.00
%
150,833
100.00
%
Unearned discounts
0
0.00
%
0
0.00
%
Total loans (net)
$
156,205
100.00
%
$
150,833
100.00
%
June 30
June 30
2019
2018
REGULATORY CAPITAL DATA
Tier 1 Capital
$
34,572
$
32,244
Total Capital (Tier 1 + Tier 2)
$
36,708
$
33,878
Total Risk-Adjusted Assets
$
170,838
$
164,787
Tier 1 Risk-Based Capital Ratio
20.24
%
19.56
%
Total Risk-Based Capital Ratio
21.49
%
20.56
%
Tier 1 Leverage Ratio
13.05
%
12.89
%
OTHER DATA
Full Time Equivalent
Employees (FTE's)
22
20
Stock Price Range
(For the Three Months Ended):
High
$
66.00
$
60.00
Low
$
58.90
$
59.75
Close
$
64.00
$
60.00


SOURCE: Trinity Bank N.A.



View source version on accesswire.com:
https://www.accesswire.com/552567/Trinity-Bank-Reports-Return-on-Assets-of-123
Stock Information
Company Name: Trinity Bank NA
Stock Symbol: TYBT
Market: OTC
Website: trinitybk.com
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