TYBT - Trinity Bank Reports Return on Assets of 1.32 % Return on Equity 12.35%

July, 28 2020 02:45 PM Trinity Bank NA

FORT WORTH, TX / ACCESSWIRE / July 28, 2020 / Trinity Bank N.A. (OTC Bulletin Board:TYBT) today announced operating results for the three months ending June 30, 2020 and YTD results for the six months ending June 30, 2020.

Results of Operations

Trinity Bank, N.A. reported Net Income after Taxes of $1,130,000 or $1.00 per diluted common share for the second quarter of 2020, compared to $374,000 or $0.33 per diluted common share for the second quarter of 2019, an increase of 203.0%.

For the first six months of 2020, Net Income after Taxes amounted to $2,254,000, an increase of 43% over the first half of 2019 results of $1,576,000. Earnings per diluted common share for the first half of 2020 were $1.99, an increase of 41% over the first half of 2019 results of $1.41 per diluted common share.

Barney Wiley, President, stated, "The primary focus in the 2Q was (and will continue to be) ADAPTING, IMPROVISING, and OVERCOMING. Our staff has performed admirably, going above and beyond expectations as our nation copes with the chaos created by the virus pandemic."

"The main story for 2Q was the SBA Payroll Protection Program. Trinity Bank was able to participate fully (thanks to our superb operations group) despite having never made an SBA loan prior to the PPP facility. To date, we have funded 268 PPP loans totaling $51,381,000 - average loan size of $191,700. While the PPP loans are at a 1% interest rate, we did receive most of the fees from the SBA associated with PPP in June. The bank has to take these fees into income over the life of the loans (undetermined at this time). With the portion of the fees taken into income attributable to 2Q, we were able to absorb all of the extraordinary PPP expense (personnel and software) and make a substantial addition to the Reserve for Loan Losses."

"This is an extremely challenging environment. With our core earnings (excluding PPP impact), strong capital base, asset quality, and efficiency, we remain cautiously optimistic about the future for Trinity Bank."

*Profitability*
6/30/2020

6/30/2019








Return on Assets
1.32%

0.56%


Return on Equity
12.35%

4.24%

Page 2 - Trinity Bank Second Quarter 2020

*Average for Quarter Ending 6-30-20*





(in 000's)
6/30/2020

6/30/2019

%






Loans PPP Loans Loans
$212,258 $41,726 $170,352

$156,571 0 $156,571

35.6 8.8
Deposits
$302,967

$228,583

32.5

Page 3 - Trinity Bank Six Months YTD

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

Six Months Ending

June 30
%

June 30
%
EARNINGS SUMMARY
2020
2019
Change

2020
2019
Change








Interest income
$3,042
$2,977
2.2%

$5,964
$5,791
3.0%
Interest expense
188
475
-60.4%

569
869
-34.5%
Net Interest Income
2,854
2,502
14.1%

5,395
4,922
9.6%








Service charges on deposits
39
42
-7.1%

89
81
9.9%
Other income
79
80
-1.3%

159
164
-3.0%
Total Non Interest Income
118
122
-3.3%

248
245
1.2%








Salaries and benefits expense
1,037
788
31.6%

1,892
1,551
22.0%
Occupancy and equipment expense
113
116
-2.6%

228
223
2.2%
Other expense
412
375
9.9%

814
632
28.8%
Total Non Interest Expense
1,562
1,279
22.1%

2,934
2,406
21.9%








Pretax pre-provision income
1,410
1,345
4.8%

2,709
2,761
-1.9%








Gain on sale of securities
0
1
N/M

0
(2)
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
125
1,000
-87.5%

125
1,030
-87.9%








Earnings before income taxes
1,285
346
271.4%

2,584
1,729
49.5%
Provision for income taxes
155
(28)
N/M

330
153
115.7%








Net Earnings
$1,130
$374
202.1%

$2,254
$1,576
43.0%








Basic earnings per share
1.04
0.34
205.9%

2.07
1.43
44.8%
Basic weighted average shares
1,086
1,100


1,087
1,099

outstanding















Diluted earnings per share - estimate
1.00
0.33
203.0%

1.99
1.41
41.1%
Diluted weighted average shares outstanding
1,133
1,119


1,134
1,118


























Average for Quarter


Average for Six Months


June 30
%

June 30
%
BALANCE SHEET SUMMARY
2020
2019
Change

2020
2019
Change








Total loans
$212,258
$156,571
35.6%

$190,812
$154,327
23.6%
Total short term investments
41,211
26,034
58.3%

40,061
19,038
110.4%
Total investment securities
81,496
74,627
9.2%

77,753
76,940
1.1%








Earning assets
334,965
257,232
30.2%

308,626
250,305
23.3%








Total assets
342,369
264,826
29.3%

316,082
258,314
22.4%








Noninterest bearing deposits
122,409
73,665
66.2%

105,435
73,772
42.9%
Interest bearing deposits
180,558
154,918
16.6%

171,387
148,664
15.3%








Total deposits
302,967
228,583
32.5%

276,822
222,436
24.5%








Fed Funds Purchased and Repurchase Agreements
0
0
N/M

0
590
N/M








Shareholders' equity
$36,611
$35,301
3.7%

$36,495
$34,624
5.4%

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

2020

2019

Total loans

212,337

169,367

154,764

156,304

156,571

Total short term investments

41,211

38,126

69,110

35,991

26,034

Total investment securities

81,496

74,406

70,508

72,212

74,627

Earning assets

335,044

281,899

294,382

264,507

257,232

Total assets

342,369

289,795

301,596

272,245

264,826

Noninterest bearing deposits

122,409

89,277

101,932

82,822

73,665

Interest bearing deposits

180,558

161,400

168,784

152,296

154,918

Total deposits

302,967

250,677

270,716

235,118

228,583

Fed Funds Purchased and Repurchase Agreements

Shareholders' equity

36,611

36,379

35,382

36,081

35,301

Quarter Ended

HISTORICAL EARNINGS SUMMARY

June 30,
2020

March 31,
2020

Dec 31,
2019

Sept. 30,
2019

June 30,
2019

Interest income

3,042

2,922

2,996

3,025

2,977

Interest expense

188

381

490

493

475

Net Interest Income

2,854

2,541

2,506

2,532

2,502

Service charges on deposits

Other income

104

Total Non Interest Income

118

128

127

140

122

Salaries and benefits expense

1,037

856

740

813

788

Occupancy and equipment expense

113

114

120

116

Other expense

412

400

370

299

375

Total Non Interest Expense

1,562

1,370

1,203

1,232

1,279

Pretax pre-provision income

1,410

1,299

1,430

1,440

1,345

Gain on sale of securities

Gain on sale of foreclosed assets

Gain on sale of other assets

Provision for Loan Losses

125

1,000

Earnings before income taxes

1,285

1,299

1,430

1,452

346

Provision for income taxes

155

175

210

206

(28

)

Net Earnings

1,130

1,124

1,220

1,246

374

Diluted earnings per share

1.00

0.99

1.12

1.08

0.33

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

2020


2020


2019


2019


2019

















Total loans

$
216,848


$
173,992


$
167,587


$
157,475


$
156,014

Total short term investments


38,648



37,566



60,603



56,328



19,321

Total investment securities


90,658



73,287



70,804



71,394



72,014






















Total earning assets


346,154



284,845



298,994



285,197



247,349






















Allowance for loan losses


(2,396
)


(2,269
)


(2,262
)


(2,259
)


(2,224
)
Premises and equipment


2,455



2,522



2,560



2,544



2,580

Other Assets


5,673



6,567



9,770



9,513



8,040






















Total assets


351,886



291,665



309,062



294,995



255,745






















Noninterest bearing deposits


118,933



89,581



100,527



97,519



76,168

Interest bearing deposits


192,159



162,726



170,191



159,712



143,710






















Total deposits


311,092



252,307



270,718



257,231



219,878






















Fed Funds Purchased and Repurchase Agreements


0



0



0



0



0

Other Liabilities


1,501



1,779



1,047



1,830



614






















Total liabilities


312,593



254,086



271,765



259,061



220,492






















Shareholders' Equity Actual


37,089



36,069



35,858



34,920



34,572

Unrealized Gain - AFS


2,203



1,510



1,439



1,014



681

Total Equity

$
39,292


$
37,579


$
37,297


$
35,934


$
35,253












































Quarter Ending


June 30, 2020
March 31, 2020


Dec 31, 2019


Sept. 30, 2019


June 30, 2019



NONPERFORMING ASSETS









































Nonaccrual loans

$
388


$
408


$
419


$
432


$
446

Restructured loans

$
0


$
0


$
0


$
0


$
0

Other real estate & foreclosed assets

$
320


$
320


$
320


$
320


$
320

Accruing loans past due 90 days or more

$
0


$
0


$
0


$
0


$
0

Total nonperforming assets

$
708


$
728


$
739


$
752


$
766






















Accruing loans past due 30-89 days

$
0


$
248


$
0


$
0


$
0






















Total nonperforming assets as a percentage




















of loans and foreclosed assets


0.33
%


0.42
%


0.44
%


0.45
%


0.49
%

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

2020


2020


2019


2019


2019

















Balance at beginning of period

$
2,269


$
2,262


$
2,259


$
2,224


$
1,703

Loans charged off


0



0



0



0



498

Loan recoveries


2



7



3



35



19

Net (charge-offs) recoveries


2



7



3



35



(479
)
Provision for loan losses


125



0



0



0



1,000

Balance at end of period

$
2,396


$
2,269


$
2,262


$
2,259


$
2,224






















Allowance for loan losses




















as a percentage of total loans


1.10
%


1.30
%


1.35
%


1.43
%


1.43
%
Allowance for loan losses




















as a percentage of nonperforming assets


338
%


312
%


306
%


300
%


290
%
Net charge-offs (recoveries) as a




















percentage of average loans


0.00
%


-0.01
%


0.00
%


-0.02
%


0.31
%
Provision for loan losses




















as a percentage of average loans


0.06
%


0.00
%


0.00
%


0.00
%


0.64
%
































































Quarter Ending


June 30, 2020
March 31, 2020


Dec 31, 2019


Sept. 30, 2019


June 30, 2019



SELECTED RATIOS









































Return on average assets (annualized)


1.32
%


1.55
%


1.62
%


1.83
%


0.56
%





















Return on average equity (annualized)


12.35
%


11.80
%


13.34
%


13.81
%


4.24
%





















Return on average equity (excluding unrealized gain on investments)


12.34
%


12.36
%


13.79
%


14.21
%


4.27
%





















Average shareholders' equity to average assets


10.69
%


12.55
%


11.73
%


13.25
%


13.33
%





















Yield on earning assets (tax equivalent)


3.81
%


4.33
%


4.67
%


4.79
%


4.85
%





















Effective Cost of Funds


0.22
%


0.54
%


0.70
%


0.75
%


0.74
%





















Net interest margin (tax equivalent)


3.59
%


3.79
%


3.97
%


4.04
%


4.11
%





















Efficiency ratio (tax equivalent)


51.6
%


48.9
%


43.4
%


43.8
%


46.2
%





















End of period book value per common share

$
36.18


$
34.54


$
34.22


$
32.85


$
32.14






















End of period book value (excluding unrealized gain on investments)

$
34.15


$
33.15


$
32.90


$
31.92


$
31.52






















End of period common shares outstanding (in 000's)


1,086



1,088



1,090



1,094



1,097

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



Quarter Ending

June 30,2020

June 30,2019














Tax




Tax

Average


Equivalent

Average


Equivalent
YIELD ANALYSIS
Balance
Interest
Yield
Yield

Balance
Interest
Yield
Yield










Interest Earning Assets:









Short term investment
$ 41,211
13
0.13%
0.13%

$ 25,653
153
2.39%
2.39%
FRB Stock
395
6
6.00%
6.00%

381
6
6.00%
6.00%
Taxable securities
0
0
0.00%
0.00%

1,593
9
2.26%
2.26%
Tax Free securities
81,101
564
2.78%
3.52%

73,034
539
2.95%
3.74%
Loans
212,258
2,459
4.63%
4.63%

156,571
2,270
5.80%
5.80%










Total Interest Earning Assets
334,965
3,042
3.63%
3.81%

257,232
2,977
4.63%
4.85%










Noninterest Earning Assets:









Cash and due from banks
5,223




5,021



Other assets
4,453




4,322



Allowance for loan losses
(2,272)




(1,749)













Total Noninterest Earning Assets
7,404




7,594













Total Assets
$342,369




$264,826













Interest Bearing Liabilities:









Transaction and Money Market accounts
138,440
25
0.07%
0.07%

125,618
321
1.02%
1.02%
Certificates and other time deposits
42,118
163
1.55%
1.55%

29,300
154
2.10%
2.10%
Other borrowings
0
0
0.00%
0.00%

0
0
0.00%
0.00%










Total Interest Bearing Liabilities
180,558
188
0.42%
0.42%

154,918
475
1.23%
1.23%










Noninterest Bearing Liabilities:









Demand deposits
122,409




73,665



Other liabilities
1,352




942



Shareholders' Equity
38,050




35,301













Total Liabilities and Shareholders Equity
$342,369




$264,826













Net Interest Income and Spread

2,854
3.22%
3.39%


2,502
3.40%
3.62%










Net Interest Margin


3.41%
3.59%



3.89%
4.11%

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



June 30

June 30



2020
%
2019
%

LOAN PORTFOLIO











Commercial and industrial
$140,483
64.78%
$87,559
56.05%

Real estate:





Commercial
31,017
14.30%
23,311
14.92%

Residential
23,043
10.63%
22,471
14.39%

Construction and development
21,875
10.09%
22,445
14.37%

Consumer
430
0.20%
419
0.27%







Total loans (gross)
216,848
100.00%
156,205
100.00%







Unearned discounts
0
0.00%
0
0.00%







Total loans (net)
$216,848
100.00%
$156,205
100.00%














June 30

June 30



2020

2019


REGULATORY CAPITAL DATA





Tier 1 Capital
$37,089

$34,572


Total Capital (Tier 1 + Tier 2)
$39,370

$36,708


Total Risk-Adjusted Assets
$182,279

$170,838


Tier 1 Risk-Based Capital Ratio
20.35%

20.24%


Total Risk-Based Capital Ratio
21.60%

21.49%


Tier 1 Leverage Ratio
10.83%

13.05%








OTHER DATA





Full Time Equivalent





Employees (FTE's)
23

22








Stock Price Range





(For the Three Months Ended):





High
$64.98

$66.00


Low
$58.90

$58.90


Close
$60.50

$64.00

SOURCE: Trinity Bank N.A.

View source version on accesswire.com:
https://www.accesswire.com/599251/Trinity-Bank-Reports-Return-on-Assets-of-132-Return-on-Equity-1235

Company Name:	Trinity Bank NA
Stock Symbol:	TYBT
Market:	OTC
Website:	trinitybk.com

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