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home / news releases / TYBT - Trinity Bank Reports Return on Assets of 1.91%

TYBT - Trinity Bank Reports Return on Assets of 1.91%

Trinity Bank NA

Return on Equity 13.90%
Tier 1 Leverage Ratio 13.70%

FORT WORTH, TX / ACCESSWIRE / April 24, 2019 / Trinity Bank N.A. (OTC PINK: TYBT) today announced operating results for the three months ending March 31, 2019.

Results of Operations

Trinity Bank, N.A. reported Net Income After Taxes of $1,202,000 or $1.08 per diluted common share for the first quarter of 2019, compared to $1,129,000 or $1.00 per diluted common share for the first quarter of 2018, an increase of 8.0%.

Jeffrey M. Harp, President, stated, "First Quarter 2019 results were very good. Return on Assets of 1.91% reflects very favorably to the Peer Group average ROA of 1.19%, and Trinity Bank continues to operate with exceptional efficiency. The current economic environment is volatile (to say the least), but we look forward to meeting the challenge with the goal of producing exceptional results."

Executive Vice President, Matt Opitz, stated, "We are pleased to announce that Travis Smart has accepted an offer to join the Trinity Bank team as Vice President of commercial banking. Travis brings with him a proven ability to generate and maintain quality commercial banking relationships. With the addition of Travis, Trinity Bank, in the last 18 months, has gone from two lenders (Barney Wiley and Jeff Harp) to five. We are excited about what five revenue producers will mean for Trinity's goal to continue growing and expanding our customer base in the North Texas marketplace."

Profitability

3/31/2019

3/31/2018

Return on Assets

1.91%

1.73%

Return on Equity

13.90%

14.34%

Average for Quarter Ending

3/31/2019

3/31/2018

%

(in 000's)

Loans

$152,227

$137,942

10.4

Deposits

$216,220

$228,828

(5.5)


Trinity Bank First Quarter 2019


Actual for Quarter Ending

(in 000's)

3/31/2019

3/31/2018

%

Net Interest Income

$2,420

$2,277

6.3

Non-Interest Income

123

129

(4.7)

Non-Interest Expense

(1,129)

(1,131)

(0.2)

Pretax Preprovision Income

$1,414

$1,275

10.9

Gain on Sale of Securities and Assets

(2)

0

N/M

Loan Loss Provision

(30)

0

N/M

Pre Tax Income

1,382

1,275

8.4

Income Tax

180

146

N/M

Net Income

$1,202

$1,129

6.5

Diluted Weighted Average Shares

1,118

1,125

.

Earnings per Share

$1.08

$1.00

8.0


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
March 31
%
EARNINGS SUMMARY
2019
2018
Change
Interest income
$
2,814
$
2,486
13.2
%
Interest expense
394
209
88.5
%
Net Interest Income
2,420
2,277
6.3
%
Service charges on deposits
40
42
-4.8
%
Other income
83
87
-4.6
%
Total Non Interest Income
123
129
-4.7
%
Salaries and benefits expense
763
628
21.5
%
Occupancy and equipment expense
107
121
-11.6
%
Other expense
259
382
-32.2
%
Total Non Interest Expense
1,129
1,131
-0.2
%
Pretax pre-provision income
1,414
1,275
10.9
%
Gain on sale of securities
(2
)
0
N/M
Gain on sale of foreclosed assets
0
0
N/M
Gain on sale of assets
0
0
N/M
Provision for Loan Losses
30
0
N/M
Earnings before income taxes
1,382
1,275
8.4
%
Provision for income taxes
180
146
N/M
Net Earnings
$
1,202
$
1,129
6.5
%
Basic earnings per share
1.09
1.02
6.9
%
Basic weighted average shares
1,099
1,106
outstanding
Diluted earnings per share - estimate
1.08
1.00
8.0
%
Diluted weighted average shares outstanding
1,118
1,125

Average for Quarter
March 31
%
BALANCE SHEET SUMMARY
2019
2018
Change
Total loans
$
152,227
$
137,942
10.4
%
Total short term investments
12,728
23,035
-44.7
%
Total investment securities
79,278
92,926
-14.7
%
Earning assets
244,233
253,903
-3.8
%
Total assets
251,901
260,399
-3.3
%
Noninterest bearing deposits
73,881
82,622
-10.6
%
Interest bearing deposits
142,339
146,206
-2.6
%
Total deposits
216,220
228,828
-5.5
%
Fed Funds Purchased and Repurchase Agreements
1,187
0
N/M
Shareholders' equity
$
33,940
$
31,308
8.4
%

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


Average for Quarter Ending
March 31,
Dec 31,
Sept. 30,
June 30,
March 31,
BALANCE SHEET SUMMARY
2019
2018
2018
2018
2018
Total loans
$
152,227
$
144,801
$
145,280
$
147,227
$
137,942
Total short term investments
12,728
23,175
18,368
10,843
23,035
Total investment securities
79,278
79,700
80,509
84,981
92,926
Earning assets
244,233
247,676
244,157
243,051
253,903
Total assets
251,901
255,113
251,839
250,070
260,399
Noninterest bearing deposits
73,881
81,187
83,151
80,637
82,622
Interest bearing deposits
142,339
141,081
135,815
135,940
146,206
Total deposits
216,220
222,268
218,966
216,577
228,828
Fed Funds Purchased and Repurchase Agreements
1,187
0
0
1,566
0
Shareholders' equity
$
33,940
$
31,948
$
32,151
$
31,236
$
31,308

Quarter Ended
March 31,
Dec 31,
Sept. 30,
June 30,
March 31,
HISTORICAL EARNINGS SUMMARY
2019
2018
2018
2018
2018
Interest income
$
2,814
$
2,785
$
2,658
$
2,591
$
2,486
Interest expense
394
358
309
241
209
Net Interest Income
2,420
2,427
2,349
2,350
2,277
Service charges on deposits
40
31
38
37
42
Other income
83
101
111
100
87
Total Non Interest Income
123
132
149
137
129
Salaries and benefits expense
763
757
707
731
628
Occupancy and equipment expense
107
120
119
106
121
Other expense
259
289
272
302
382
Total Non Interest Expense
1,129
1,166
1,098
1,139
1,131
Pretax pre-provision income
1,414
1,393
1,400
1,348
1,275
Gain on sale of securities
(2
)
3
4
7
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
30
30
30
30
0
Earnings before income taxes
1,382
1,366
1,374
1,325
1,275
Provision for income taxes
180
166
184
166
146
Net Earnings
$
1,202
$
1,200
$
1,190
$
1,159
$
1,129
Diluted earnings per share
$
1.08
$
1.08
$
1.07
$
1.03
$
1.00

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


Ending Balance
March 31,
Dec 31,
Sept. 30,
June 30,
March 31,
HISTORICAL BALANCE SHEET
2019
2018
2018
2018
2018
Total loans
$
160,028
$
154,184
$
143,846
$
150,833
$
142,848
Total short term investments
14,160
13,127
23,080
7,454
20,766
Total investment securities
75,906
81,896
79,234
78,840
93,034
Total earning assets
250,094
249,207
246,160
237,127
256,648
Allowance for loan losses
(1,703
)
(1,671
)
(1,664
)
(1,634
)
(1,604
)
Premises and equipment
2,613
2,627
2,652
2,729
2,725
Other Assets
5,506
7,018
5,892
7,582
5,046
Total assets
256,510
257,181
253,040
245,804
262,815
Noninterest bearing deposits
69,934
85,668
81,856
79,678
86,903
Interest bearing deposits
150,895
137,979
137,926
133,922
143,929
Total deposits
220,829
223,647
219,782
213,600
230,832
Fed Funds Purchased and Repurchase Agreements
0
0
0
0
0
Other Liabilities
1,158
701
1,311
610
1,143
Total liabilities
221,987
224,348
221,093
214,210
231,975
Shareholders' Equity Actual
34,522
34,051
32,772
32,244
31,497
Unrealized Gain - AFS
1
(1,218
)
(825
)
(650
)
(657
)
Total Equity
$
34,523
$
32,833
$
31,947
$
31,594
$
30,840

Quarter Ending
March 31,
Dec 31,
Sept. 30,
June 30,
March 31,
NONPERFORMING ASSETS
2019
2018
2018
2018
2018
Nonaccrual loans
$
952
$
60
$
137
$
179
$
224
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
$
952
$
60
$
137
$
179
$
224
Accruing loans past due 30-89 days
$
477
$
0
$
456
$
458
$
0
Total nonperforming assets as a percentage
of loans and foreclosed assets
0.59
%
0.04
%
0.10
%
0.12
%
0.16
%

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


Quarter Ending
ALLOWANCE FOR
March 31,
Dec 31,
Sept. 30,
June 30,
March 31,
LOAN LOSSES
2019
2018
2018
2018
2018
Balance at beginning of period
$
1,671
$
1,664
$
1,634
$
1,604
$
1,600
Loans charged off
0
23
0
0
0
Loan recoveries
2
0
0
0
4
Net (charge-offs) recoveries
2
(23
)
0
0
4
Provision for loan losses
30
30
30
30
0
Balance at end of period
$
1,703
$
1,671
$
1,664
$
1,634
$
1,604
Allowance for loan losses
as a percentage of total loans
1.06
%
1.08
%
1.10
%
1.08
%
1.12
%
Allowance for loan losses
as a percentage of nonperforming assets
179
%
2785
%
930
%
913
%
716
%
Net charge-offs (recoveries) as a
percentage of average loans
-0.01
%
0.02
%
0.00
%
0.00
%
-0.01
%
Provision for loan losses
as a percentage of average loans
0.02
%
0.02
%
0.02
%
0.02
%
0.00
%

Quarter Ending
March 31,
Dec 31,
Sept. 30,
June 30,
March 31,
SELECTED RATIOS
2019
2018
2018
2018
2018
Return on average assets (annualized)
1.91
%
1.88
%
1.89
%
1.85
%
1.73
%
Return on average equity (annualized)
14.17
%
15.02
%
14.81
%
14.84
%
14.42
%
Return on average equity (excluding unrealized gain on investments)
13.90
%
14.39
%
14.53
%
14.51
%
14.34
%
Average shareholders' equity to average assets
13.47
%
12.52
%
12.77
%
12.49
%
12.02
%
Yield on earning assets (tax equivalent)
4.86
%
4.75
%
4.59
%
4.53
%
4.19
%
Effective Cost of Funds
0.64
%
0.58
%
0.51
%
0.40
%
0.33
%
Net interest margin (tax equivalent)
4.22
%
4.17
%
4.08
%
4.13
%
3.86
%
Efficiency ratio (tax equivalent)
41.9
%
37.9
%
41.5
%
43.0
%
43.9
%
End of period book value per common share
$
31.44
$
29.85
$
29.07
$
28.13
$
27.88
End of period book value (excluding unrealized gain on investments)
$
31.44
$
30.96
$
29.82
$
29.31
$
28.48
End of period common shares outstanding (in 000's)
1,098
1,100
1,099
1,100
1,106

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


3 Months Ending
March 31, 2019
March 31, 2018
Tax
Tax
Average
Equivalent
Average
Equivalent
YIELD ANALYSIS
Balance
Interest
Yield
Yield
Balance
Interest
Yield
Yield
Interest Earning Assets:
Short term investment
$
12,350
76
2.46
%
2.46
%
$
22,661
89
1.57
%
1.57
%
FRB Stock
378
6
6.00
%
6.00
%
374
6
6.00
%
6.00
%
Taxable securities
911
5
2.20
%
2.20
%
0
0
0.00
%
0.00
%
Tax Free securities
78,367
579
2.96
%
3.74
%
92,926
649
2.79
%
3.53
%
Loans
152,227
2,148
5.64
%
5.64
%
137,942
1,742
5.05
%
5.05
%
Total Interest Earning Assets
244,233
2,814
4.61
%
4.86
%
253,903
2,486
3.92
%
4.19
%
Noninterest Earning Assets:
Cash and due from banks
4,904
3,767
Other assets
4,447
4,333
Allowance for loan losses
(1,683
)
(1,604
)
Total Noninterest Earning Assets
7,668
6,496
Total Assets
$
251,901
$
260,399
Interest Bearing Liabilities:
Transaction and Money Market accounts
115,560
261
0.90
%
0.90
%
120,745
146
0.48
%
0.48
%
Certificates and other time deposits
26,779
124
1.85
%
1.85
%
25,461
63
0.99
%
0.99
%
Other borrowings
1,187
9
3.03
%
3.03
%
0
0
0.30
%
0.30
%
Total Interest Bearing Liabilities
143,526
394
1.10
%
1.10
%
146,206
209
0.57
%
0.57
%
Noninterest Bearing Liabilities:
Demand deposits
73,881
82,622
Other liabilities
554
263
Shareholders' Equity
33,940
31,308
Total Liabilities and Shareholders Equity
$
251,901
$
260,399
Net Interest Income and Spread
2,420
3.51
%
3.76
%
2,277
3.34
%
3.62
%
Net Interest Margin
3.96
%
4.22
%
3.58
%
3.86
%

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


March 31
March 31
2019
%
2018
%
LOAN PORTFOLIO
Commercial and industrial
$
92,873
58.04
%
$
78,423
54.86
%
Real estate:
Commercial
24,424
15.26
%
20,664
14.46
%
Residential
16,895
10.56
%
24,766
17.33
%
Construction and development
25,215
15.76
%
18,552
12.98
%
Consumer
621
0.39
%
539
0.38
%
Total loans (gross)
160,028
100.00
%
142,944
100.00
%
Unearned discounts
0
0.00
%
0
0.00
%
Total loans (net)
$
160,028
100.00
%
$
142,944
100.00
%
March 31
March 31
2018
2018
REGULATORY CAPITAL DATA
Tier 1 Capital
$
34,522
$
31,497
Total Capital (Tier 1 + Tier 2)
$
36,225
$
33,101
Total Risk-Adjusted Assets
$
174,228
$
160,648
Tier 1 Risk-Based Capital Ratio
19.81
%
19.61
%
Total Risk-Based Capital Ratio
20.79
%
20.60
%
Tier 1 Leverage Ratio
13.70
%
12.10
%
OTHER DATA
Full Time Equivalent
Employees (FTE's)
21
19
Stock Price Range
(For the Three Months Ended):
High
$
65.50
$
59.83
Low
$
65.50
$
58.50
Close
$
65.50
$
59.05

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