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 ChangeInterest 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 ChangeTotal 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 2022Total 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
434,317 431,110 446,291 460,302 429,687Total assets
441,447 439,725 455,683 467,859 437,237Noninterest 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
394,358 393,194 414,618 424,200 394,951Fed 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 2022Interest 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 3,515Service charges on deposits
64 61 59 58 62 Other income
120 115 113 114 126 Total Non Interest Income
184 176 172 172 188Salaries 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 1,743Pretax pre-provision income
2,266 2,259 2,677 2,205 1,960Gain on sale of securities
(3) (1) (164) (19) 0 Provision for Loan Losses
0 0 0 0 0Earnings 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 $1,680Diluted 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 2022Total 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
441,507 444,593 436,378 460,009 429,632Allowance 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
448,585 450,967 445,281 469,628 438,597Noninterest 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
401,014 403,174 400,451 429,911 396,802Fed Funds Purchased and Repurchase Agreements
0 0 0 0 0 Other Liabilities
2,239 2,936 1,779 2,794 1,474 Total liabilities
403,253 406,110 402,230 432,705 398,276Shareholders' Equity Actual
50,427 48,537 48,871 46,712 45,830Unrealized 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 2022Nonaccrual 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 $211Accruing 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 EndingALLOWANCE FOR
June 30, March 31, Dec 31, Sept. 30, June 30,LOAN LOSSES
2023 2023 2022 2022 2022Balance at beginning of period
$5,344 $4,324 $4,314 $4,314 $4,314Loans 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 EndingSELECTED RATIOS
June 30,
2023 March 31, 2023 Dec 31,
2022 Sept. 30, 2022 June 30, 2022Return 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 7,550Total Assets
$441,447 $437,237Interest 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 $437,237Net 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 2022REGULATORY 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
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