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home / news releases / TYBT - Trinity Bank Reports Second Quarter Earnings Up 17.7% to $1.73 Per Diluted Share Return on Assets 1.79% And Return on Equity 15.96%

TYBT - Trinity Bank Reports Second Quarter Earnings Up 17.7% to $1.73 Per Diluted Share Return on Assets 1.79% And Return on Equity 15.96%

Trinity Bank NA

FORT WORTH, TX / ACCESSWIRE / July 31, 2023 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the three months ending June 30, 2023 and YTD results for the six months ending June 30, 2023.

Results of Operations

Trinity Bank, N.A. reported Net Income after Taxes of $1,973,000 or $1.73 per diluted common share for the first quarter of 2023, compared to $1,680,000 or $1.47 per diluted common share for the second quarter of 2022, an increase of 17.7%.

For the first six months of 2023, Net Income after Taxes amounted to $3,911,000, an increase of 18.9% over the first half of 2022 results of $3,290,000. Earnings per diluted common share for the first half of 2023 were $3.43, an increase of 18.3% over the first half of 2022 results of $2.90 per diluted common share

Matt R. Opitz, CEO, stated, "I am pleased with the results of the second quarter. We experienced an increase in loan volume and deposits are steady (which in this environment is a plus). Our customers continue to report strong backlogs and a cautiously optimistic outlook for the remainder of the year."

"Our capital, earnings and liquidity remain strong, keeping Trinity Bank positioned to take advantage of new opportunities for continued growth. During the second quarter, we capitalized on opportunities to establish several new relationships with quality prospects. We will remain focused on attracting new customers as we continue to see some banks in our market tighten lending and credit requirements as a result of the increased rate environment and lack of liquidity. Trinity was built for times like these."

I am especially proud of our great staff who remains committed to providing exceptional customer experiences. They continue to demonstrate a willingness to go above and beyond for our customers which continues to be the main driver in producing these superior results."

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
2023
2022
Change
2023
2022
Change
Interest income
$
5,719
$
3,763
52.0
%
$
10,982
$
7,363
49.2
%
Interest expense
1,934
248
679.8
%
3,504
414
746.4
%
Net Interest Income
3,785
3,515
7.7
%
7,478
6,949
7.6
%
Service charges on deposits
64
62
3.2
%
123
123
0.0
%
Other income
120
126
-4.8
%
238
230
3.5
%
Total Non Interest Income
184
188
-2.1
%
361
353
2.3
%
Salaries and benefits expense
1,146
1,096
4.6
%
2,214
2,095
5.7
%
Occupancy and equipment expense
116
111
4.5
%
227
221
2.7
%
Other expense
441
536
-17.7
%
873
1,136
-23.2
%
Total Non Interest Expense
1,703
1,743
-2.3
%
3,314
3,452
-4.0
%
Pretax pre-provision income
2,266
1,960
15.6
%
4,525
3,850
17.5
%
Gain on sale of securities
(3
)
0
N/M
(4
)
0
N/M
Provision for Loan Losses
0
0
N/M
0
0
N/M
Earnings before income taxes
2,263
1,960
15.5
%
4,521
3,850
17.4
%
Provision for income taxes
290
280
3.6
%
610
560
8.9
%
Net Earnings
$
1,973
$
1,680
17.4
%
$
3,911
$
3,290
18.9
%
Basic earnings per share
1.81
1.54
17.8
%
3.59
3.02
18.9
%
Basic weighted average shares
1,090
1,093
1,090
1,090
outstanding
Diluted earnings per share - estimate
1.73
1.47
17.7
%
3.43
2.90
18.3
%
Diluted weighted average shares outstanding
1,139
1,139
1,139
1,136
Average for Quarter
Average for Six Months
June 30
%
June 30
%
BALANCE SHEET SUMMARY
2023
2022
Change
2023
2022
Change
Total loans
$
283,827
$
255,951
10.9
%
$
287,647
$
249,955
15.1
%
Total short term investments
16,087
30,993
-48.1
%
19,392
29,696
-34.7
%
Total investment securities
134,403
142,743
-5.8
%
142,743
142,526
0.2
%
Earning assets
434,317
429,687
1.1
%
449,782
422,177
6.5
%
Total assets
441,447
437,237
1.0
%
437,237
429,441
1.8
%
Noninterest bearing deposits
140,734
164,965
-14.7
%
136,459
159,530
-14.5
%
Interest bearing deposits
253,624
229,986
10.3
%
249,018
225,947
10.2
%
Total deposits
394,358
394,951
-0.2
%
393,778
385,477
2.2
%
Fed Funds Purchased and Repurchase Agreements
55
0
N/M
28
0
N/M
Shareholders' equity
$
49,444
$
45,059
9.7
%
$
49,539
$
44,475
11.4
%

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
2023
2023
2022
2022
2022
Total loans
$
283,827
$
272,089
$
268,908
$
266,041
$
255,951
Total short term investments
16,087
22,733
39,334
50,091
30,574
Total investment securities
134,403
136,288
138,049
144,170
143,142
Earning assets
434,317
431,110
446,291
460,302
429,687
Total assets
441,447
439,725
455,683
467,859
437,237
Noninterest bearing deposits
140,734
146,909
167,630
177,293
164,965
Interest bearing deposits
253,624
246,285
246,989
246,907
229,986
Total deposits
394,358
393,194
414,618
424,200
394,951
Fed Funds Purchased and Repurchase Agreements
55
0
0
0
0
Shareholders' equity
$
49,444
$
48,537
$
47,713
$
46,676
$
45,059

Quarter Ended
June 30,
March 31,
Dec 31,
Sept. 30,
HISTORICAL EARNINGS SUMMARY
2023
2023
2022
2022
2022
Interest income less PPP
$
5,719
$
5,264
$
5,173
$
4,588
$
3,763
Interest expense
1,934
1,572
1,022
607
248
Net Interest Income
3,785
3,692
4,151
3,981
3,515
Service charges on deposits
64
61
59
58
62
Other income
120
115
113
114
126
Total Non Interest Income
184
176
172
172
188
Salaries and benefits expense
1,146
1,068
1,141
1,290
1,096
Occupancy and equipment expense
116
108
106
163
111
Other expense
441
433
399
495
536
Total Non Interest Expense
1,703
1,609
1,646
1,948
1,743
Pretax pre-provision income
2,266
2,259
2,677
2,205
1,960
Gain on sale of securities
(3
)
(1
)
(164
)
(19
)
0
Provision for Loan Losses
0
0
0
0
0
Earnings before income taxes
2,263
2,258
2,513
2,186
1,960
Provision for income taxes
290
320
400
320
280
Net Earnings
$
1,973
$
1,938
$
2,113
$
1,866
$
1,680
Diluted earnings per share
$
1.73
$
1.70
$
1.86
$
1.64
$
1.47

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
2023
2023
2022
2022
2022
Total loans
$
292,591
$
270,530
$
281,857
$
265,811
$
267,163
Total short term investments
18,313
37,656
19,893
58,084
19,635
Total investment securities
130,603
136,407
134,628
136,114
142,834

Total earning assets
441,507
444,593
436,378
460,009
429,632
Allowance for loan losses
(5,344
)
(5,344
)
(4,323
)
(4,314
)
(4,314
)
Premises and equipment
2,378
2,337
2,196
1,976
2,019
Other Assets
10,044
9,381
11,030
11,957
11,260
Total assets
448,585
450,967
445,281
469,628
438,597
Noninterest bearing deposits
141,613
151,010
159,568
181,436
170,661
Interest bearing deposits
259,401
252,164
240,883
248,475
226,141

Total deposits
401,014
403,174
400,451
429,911
396,802
Fed Funds Purchased and Repurchase Agreements
0
0
0
0
0
Other Liabilities
2,239
2,936
1,779
2,794
1,474
Total liabilities
403,253
406,110
402,230
432,705
398,276
Shareholders' Equity Actual
50,427
48,537
48,871
46,712
45,830
Unrealized Gain/Loss - AFS
(5,096
)
(3,680
)
(5,820
)
(9,789
)
(5,509
)
Total Equity
$
45,331
$
44,857
$
43,051
$
36,923
$
40,321
Quarter Ending
June 30,
March 31,
Dec 31,
Sept. 30,
NONPERFORMING ASSETS
2023
2023
2022
2022
2022
Nonaccrual loans
$
143
$
159
$
171
$
195
$
211
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
$
143
$
159
$
171
$
195
$
211
Accruing loans past due 30-89 days
$
2
$
407
$
3
$
0
$
0
Total nonperforming assets as a percentage
of loans and foreclosed assets
0.05
%
0.06
%
0.06
%
0.07
%
0.08
%

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
2023
2023
2022
2022
2022
Balance at beginning of period
$
5,344
$
4,324
$
4,314
$
4,314
$
4,314
Loans charged off
0
0
0
0
0
Loan recoveries
0
0
10
0
0
Net (charge-offs) recoveries
0
0
10
0
0
Provision for loan losses (One time CECL adjustment)
0
1,020
0
0
0
Balance at end of period
$
5,344
$
5,344
$
4,324
$
4,314
$
4,314

Allowance for loan losses
as a percentage of total loans
1.83
%
1.98
%
1.53
%
1.62
%
1.61
%
Allowance for loan losses
as a percentage of nonperforming assets
3737
%
3361
%
2528
%
2212
%
2045
%
Net charge-offs (recoveries) as a
percentage of average loans
0.00
%
0.00
%
0.00
%
0.00
%
0.00
%
Provision for loan losses
as a percentage of average loans
0.00
%
0.37
%
0.00
%
0.00
%
0.00
%
Quarter Ending
SELECTED RATIOS
June 30,
2023
March 31, 2023
Dec 31,
2022
Sept. 30, 2022
June 30, 2022
Return on average assets (annualized)
1.79
%
1.76
%
1.85
%
1.60
%
1.54
%
Return on average equity (annualized)
17.74
%
17.36
%
17.71
%
17.68
%
15.92
%
Return on average equity (excluding unrealized gain on investments)
15.96
%
15.97
%
17.71
%
15.99
%
14.91
%
Average shareholders' equity to average assets
11.20
%
11.04
%
10.47
%
9.98
%
10.31
%
Yield on earning assets (tax equivalent)
5.47
%
5.09
%
4.84
%
4.17
%
3.68
%
Effective Cost of Funds
1.78
%
1.46
%
0.92
%
0.53
%
0.23
%
Net interest margin (tax equivalent)
3.69
%
3.63
%
3.92
%
3.64
%
3.45
%
Efficiency ratio (tax equivalent)
42.9
%
39.4
%
36.2
%
44.7
%
44.9
%
End of period book value per common share
$
41.59
$
41.12
$
39.42
$
33.78
$
36.89
End of period book value (excluding unrealized gain/loss on investments)
$
46.26
$
44.49
$
44.75
$
42.74
$
41.93
End of period common shares outstanding (in 000's)
1,090
1,091
1,092
1,093
1,093

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

3 Months Ending
June 30,2023
June 30,2022
Tax
Tax
Average
Equivalent
Average
Equivalent
YIELD ANALYSIS
Balance
Interest
Yield
Yield
Balance
Interest
Yield
Yield
Interest Earning Assets:








Short term investment
$
16,087
215
5.35
%
5.35
%
$
30,574
58
0.76
%
0.76
%
FRB Stock
429
6
6.00
%
6.00
%
419
6
6.00
%
6.00
%
Taxable securities
385
4
4.16
%
4.16
%
1,297
0
0.00
%
0.00
%
Tax Free securities
133,589
832
2.49
%
3.15
%
141,446
734
2.08
%
2.63
%
Loans
283,827
4,662
6.57
%
6.57
%
255,951
2,965
4.63
%
4.63
%
Total Interest Earning Assets
434,317
5,719
5.27
%
5.47
%
429,687
3,763
3.50
%
3.68
%
Noninterest Earning Assets:
Cash and due from banks
5,770
6,061
Other assets
6,704
5,803
Allowance for loan losses
(5,344
)
(4,314
)
Total Noninterest Earning Assets
7,130
7,550
Total Assets
$
441,447
$
437,237
Interest Bearing Liabilities:
Transaction and Money Market accounts
167,291
1,240
2.96
%
2.96
%
185,133
186
0.40
%
0.40
%
Certificates and other time deposits
86,333
694
3.22
%
3.22
%
32,091
41
0.51
%
0.51
%
Other borrowings
55
0
0.00
%
0.00
%
12,762
21
0.66
%
0.66
%
Total Interest Bearing Liabilities
253,679
1,934
3.05
%
3.05
%
229,986
248
0.43
%
0.43
%
Noninterest Bearing Liabilities:
Demand deposits
140,734
164,965
Other liabilities
2,541
1,607
Shareholders' Equity
44,493
40,679
Total Liabilities and Shareholders Equity
$
441,447
$
437,237
Net Interest Income and Spread
3,785
2.22
%
2.42
%
3,515
3.07
%
3.25
%
Net Interest Margin
3.49
%
3.69
%
3.27
%
3.45
%

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

June 30
June 30
2023
%
2022
%
LOAN PORTFOLIO
Commercial and industrial
$
167,463
57.23
%
$
158,935
59.49
%
Real estate:
Commercial
83,273
28.46
%
64,560
24.17
%
Residential
12,731
4.35
%
18,396
6.89
%
Construction and development
28,600
9.77
%
25,001
9.36
%
Consumer
524
0.18
%
271
0.10
%
Total loans
292,591
100.00
%
267,163
100.00
%
June 30
June 30

2023
2022
REGULATORY CAPITAL DATA
Tier 1 Capital
$
45,331
$
45,830
Total Capital (Tier 1 + Tier 2)
$
50,427
$
49,565
Total Risk-Adjusted Assets
$
332,236
$
298,259
Tier 1 Risk-Based Capital Ratio
15.18
%
15.37
%
Total Risk-Based Capital Ratio
16.43
%
16.62
%
Tier 1 Leverage Ratio
11.42
%
10.48
%
OTHER DATA
Full Time Equivalent
Employees (FTE's)
27
24
Stock Price Range
(For the Three Months Ended):
High
$
87.75
$
88.75
Low
$
85.00
$
80.01
Close
$
85.00
$
88.75

SOURCE: Trinity Bank



View source version on accesswire.com:
https://www.accesswire.com/771303/Trinity-Bank-Reports-Second-Quarter-Earnings-Up-177-to-173-Per-Diluted-Share-Return-on-Assets-179-And-Return-on-Equity-1596
Stock Information
Company Name: Trinity Bank NA
Stock Symbol: TYBT
Market: OTC
Website: trinitybk.com
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