Trinity Bank Reports 2024 2Q Results - Return on Assets 1.80% and Return on Equity 15.68%

Second Quarter Earnings Up 10.4% to $1.91 Per Diluted Share

FORT WORTH, TX / ACCESSWIRE / July 25, 2024 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the three months ending June 30, 2024, and YTD results for the six months ending June 30, 2024.

Results of Operations

Trinity Bank, N.A. reported Net Income after Taxes of $2,154,000 or $1.91 per diluted common share for the first quarter of 2024, compared to $1,973,000 or $1.73 per diluted common share for the second quarter of 2023, an increase of 10.4%.

For the first six months of 2024, Net Income after Taxes amounted to $4,181,000, an increase of 6.9% over the first half of 2023 results of $3,911,000. Earnings per diluted common share for the first half of 2024 were $3.70, an increase of 7.9% over the first half of 2023 results of $3.43 per diluted common share.

Matt R. Opitz, CEO, stated, "The second quarter represents Trinity Bank's single best quarter of performance since inception. We are pleased with these results and especially proud of our dedicated staff who continues to go above and beyond, constantly providing the type of exceptional customer experiences that make results like these possible."

"Despite the continued effects of high inflation, the elevated rate environment and an upcoming, consequential presidential election, the business climate is good in North Texas and our customers remain cautiously optimistic. Trinity Bank is well positioned, with good liquidity and strong capital, to deal with the effects of our current environment as well as look for opportunities for continued growth."

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.


Quarter Ended

Six Months Ending

June 30

%

June 30

%

BALANCE SHEET SUMMARY

2024

2023

Change

2024

2023

Change








Interest income

$

7,107

$

5,719

24.3

%

$

14,041

$

10,982

27.9

%

Interest expense

2,713

1,934

40.3

%

5,544

3,504

58.2

%

Net Interest Income

4,394

3,785

16.1

%

8,497

7,478

13.6

%


Service charges on deposits

64

64

0.0

%

120

123

-2.4

%

Other income

121

120

0.8

%

238

238

0.0

%

Total Non Interest Income

185

184

0.5

%

358

361

-0.8

%


Salaries and benefits expense

1,319

1,146

15.1

%

2,541

2,214

14.8

%

Occupancy and equipment expense

122

116

5.2

%

244

227

7.5

%

Other expense

657

441

49.0

%

1,277

873

46.3

%

Total Non Interest Expense

2,098

1,703

23.2

%

4,062

3,314

22.6

%


Pretax pre-provision income

2,481

2,266

9.5

%

4,793

4,525

5.9

%


Gain on sale of Securities

(4

)

(3

)

N/M

(4

)

(4

)

N/M

Gain on sale of Assets

36

0

N/M

53

0

N/M

Provision for Loan Losses

0

0

N/M

0

0

N/M


Earnings before income taxes

2,514

2,263

11.1

%

4,841

4,521

7.1

%

Provision for income taxes

360

290

24.1

%

660

610

8.2

%


Net Earnings

$

2,154

$

1,973

9.2

%

$

4,181

$

3,911

6.9

%


Basic earnings per share

2.00

1.81

10.3

%

3.87

3.59

7.9

%

Basic weighted average shares

1,079

1,090

1,079

1,090

outstanding


Diluted earnings per share - estimate

1.91

1.73

10.2

%

3.70

3.43

8.0

%

Diluted weighted average shares outstanding

1,129

1,139

1,129

1,139




Average for Quarter

Average for Six Months

June 30

%

June 30

%

BALANCE SHEET SUMMARY

2024

2023

Change

2024

2023

Change


Total loans

$

306,551

$

283,827

8.0

%

$

304,424

$

287,647

5.8

%

Total short term investments

25,626

16,087

59.3

%

31,637

19,392

63.1

%

FRB Stock

435

429

1.4

%

434

429

1.2

%

Total investment securities

137,088

134,403

2.0

%

139,855

142,743

-2.0

%


Earning assets

469,700

434,746

8.0

%

476,350

450,211

5.8

%


Total assets

477,700

441,447

8.2

%

483,981

437,237

10.7

%


Noninterest bearing deposits

131,609

140,734

-6.5

%

129,688

136,459

-5.0

%

Interest bearing deposits

293,548

253,624

15.7

%

301,289

249,018

21.0

%


Total deposits

425,157

394,358

7.8

%

430,977

393,778

9.4

%


Fed Funds Purchased and Repurchase Agreements

0

55

N/M

0

28

N/M


Shareholders' equity

$

54,951

$

49,444

11.1

%

$

54,437

$

49,539

9.9

%


Average for Quarter Ending


June 30,

March 31,

Dec. 31

Sept. 30,

June 30,

BALANCE SHEET SUMMARY

2024

2024

2023

2023

2023







Total loans

$

306,551

$

302,296

$

297,994

$

294,238

$

283,827

Total short term investments

25,626

37,649

43,172

22,128

16,087

FRB Stock

435

433

430

430

429

Total investment securities

137,088

142,623

132,086

133,257

134,403


Earning assets

469,700

483,001

473,682

450,053

434,746


Total assets

477,700

490,262

481,952

458,461

441,447


Noninterest bearing deposits

131,609

127,766

138,527

137,385

140,734

Interest bearing deposits

293,548

309,030

297,030

271,946

253,624


Total deposits

425,157

436,796

435,557

409,331

394,358


Fed Funds Purchased and Repurchase Agreements

0

0

261

1,076

55


Shareholders' equity

$

54,951

$

53,923

$

52,263

$

51,234

$

49,444



Quarter Ended


June 30,

March 31,

Dec. 31

Sept. 30,

June 30,

HISTORICAL EARNINGS SUMMARY

2024

2024

2023

2023

2023



Interest income

$

7,107

$

6,934

$

6,818

$

6,258

$

5,719

Interest expense

2,713

2,832

2,738

2,370

1,934

Net Interest Income

4,394

4,102

4,080

3,888

3,785


Service charges on deposits

64

53

55

69

64

Other income

121

121

117

114

120

Total Non Interest Income

185

174

172

183

184


Salaries and benefits expense

1,319

1,223

1,314

1,171

1,146

Occupancy and equipment expense

122

122

109

118

116

Other expense

657

620

509

500

441

Total Non Interest Expense

2,098

1,965

1,932

1,789

1,703


Pretax pre-provision income

2,481

2,311

2,320

2,282

2,266


Gain on sale of securities

(4

)

0

(36

)

(1

)

(3

)

Gain on sale of Other Assets

36

17

58

0

0

Provision for Loan Losses

0

0

0

0

0


Earnings before income taxes

2,514

2,328

2,342

2,281

2,263

Provision for income taxes

360

300

207

313

290


Net Earnings

$

2,154

$

2,028

$

2,135

$

1,968

$

1,973


Diluted earnings per share

$

1.91

$

1.80

$

1.88

$

1.73

$

1.73


Ending Balance


June 30,

March 31,

Dec. 31

Sept. 30,

June 30,

HISTORICAL BALANCE SHEET

2024

2024

2023

2023

2023







Total loans

$

304,810

$

312,372

$

297,423

$

298,506

$

292,591

FRB Stock

435

435

430

430

429

Total short term investments

10,003

38,009

40,334

26,168

18,313

Total investment securities

136,331

139,598

140,403

127,035

130,603


Total earning assets

451,579

490,414

478,590

452,139

441,507


Allowance for loan losses

(5,227

)

(5,225

)

(5,224

)

(5,222

)

(5,344

)

Premises and equipment

2,397

2,375

2,387

2,389

2,378

Other Assets

14,711

8,149

10,291

10,137

10,044


Total assets

463,460

495,713

486,044

459,443

448,585


Noninterest bearing deposits

128,318

130,876

130,601

135,016

141,613

Interest bearing deposits

280,945

310,889

301,603

279,319

259,401


Total deposits

409,263

441,765

432,204

414,335

401,014


Fed Funds Purchased and Repurchase Agreements

0

0

0

0

0

Other Liabilities

2,804

2,618

2,663

3,164

2,239


Total liabilities

412,067

444,383

434,867

417,499

403,253


Shareholders' Equity Actual

55,915

54,777

53,465

51,470

50,427

Unrealized Gain/Loss - AFS

(4,957

)

(3,883

)

(2,718

)

(9,956

)

(5,096

)

Total Equity

$

50,958

$

50,894

$

50,747

$

41,514

$

45,331




Quarter Ending


June 30,

March 31,

Dec. 31

Sept. 30,

June 30,

NONPERFORMING ASSETS

2024

2024

2023

2023

2023


Nonaccrual loans

$

0

$

0

$

0

$

115

$

143

Restructured loans

552

598

658

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

$

552

$

598

$

658

$

115

$

143


Accruing loans past due 30-89 days

$

1,274

$

0

$

1

$

2

$

2


Total nonperforming assets as a percentage

of loans and foreclosed assets

0.18

%

0.19

%

0.22

%

0.04

%

0.05

%


Quarter Ending

ALLOWANCE FOR

June 30,

March 31,

Dec. 31

Sept. 30,

June 30,

LOAN LOSSES

2024

2024

2023

2023

2023







Balance at beginning of period

$

5,224

$

5,224

$

5,222

$

5,344

$

5,344

Loans charged off

0

0

0

(127

)

0

Loan recoveries

3

0

2

5

0

Net (charge-offs) recoveries

0

0

2

(122

)

0

Provision for loan losses (One time CECL adjustment)

0

0

0

0

0

Balance at end of period

$

5,227

$

5,224

$

5,224

$

5,222

$

5,344


Allowance for loan losses

as a percentage of total loans

1.71

%

1.67

%

1.76

%

1.75

%

1.83

%

Allowance for loan losses

as a percentage of nonperforming assets

947

%

874

%

794

%

4541

%

3737

%

Net charge-offs (recoveries) as a

percentage of average loans

0.00

%

0.00

%

0.00

%

0.04

%

0.00

%

Provision for loan losses

as a percentage of average loans

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%


Quarter Ending

June 30,

March 31,

Dec. 31

Sept. 30,

June 30,

SELECTED RATIOS

2024

2024

2023

2023

2023


Return on average assets (annualized)

1.80

%

1.65

%

1.77

%

1.72

%

1.79

%


Return on average equity (annualized)

17.42

%

16.03

%

19.87

%

17.36

%

17.74

%


Return on average equity (excluding unrealized gain on investments)

15.68

%

15.04

%

16.34

%

15.29

%

15.96

%


Average shareholders' equity to average assets

11.50

%

11.00

%

10.84

%

11.18

%

11.20

%


Yield on earning assets (tax equivalent)

6.28

%

5.97

%

5.81

%

5.76

%

5.47

%


Effective Cost of Funds

2.59

%

2.31

%

2.16

%

2.11

%

1.78

%


Net interest margin (tax equivalent)

3.97

%

3.63

%

3.65

%

3.66

%

3.69

%


Efficiency ratio (tax equivalent)

43.2

%

43.1

%

42.4

%

41.6

%

42.9

%


End of period book value per common share

$

47.23

$

47.17

$

46.73

$

38.09

$

41.59


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

$

51.82

$

50.77

$

49.23

$

47.22

$

46.26


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

1,079

1,079

1,086

1,090

1,090

Quarter Ending

June 30, 2024

June 30, 2023

YIELD ANALYSIS

Average
Balance

Interest

Yield

Tax
Equivalent
Yield

Average
Balance

Interest

Yield

Tax
Equivalent
Yield

Interest Earning Assets:

Short term investment

$

25,626

356

5.56

%

5.56

%

$

16,087

215

5.35

%

5.35

%

FRB Stock

435

6

6.00

%

6.00

%

429

6

6.00

%

6.00

%

Taxable securities

495

6

4.85

%

4.85

%

385

4

4.16

%

4.16

%

Tax Free securities

136,593

1,234

3.61

%

4.41

%

133,589

832

2.49

%

3.15

%

Loans

306,551

5,504

7.18

%

7.18

%

283,827

4,662

6.57

%

6.57

%

Total Interest Earning Assets

469,700

7,106

6.05

%

6.28

%

434,317

5,719

5.27

%

5.47

%

Noninterest Earning Assets:

Cash and due from banks

5,791

5,770

Other assets

7,436

6,704

Allowance for loan losses

(5,227

)

(5,344

)

Total Noninterest Earning Assets

8,000

7,130

Total Assets

$

477,700

$

441,447

Interest Bearing Liabilities:

Transaction and Money Market accounts

$

190,542

$

1,522

3.20

%

3.20

%

$

167,291

$

1,240

2.96

%

2.96

%

Certificates and other time deposits

103,006

1,191

4.62

%

4.62

%

86,333

694

3.22

%

3.22

%

Other borrowings

0

0

0.00

%

0.00

%

55

0

0.00

%

0.00

%

Total Interest Bearing Liabilities

293,548

2,713

3.70

%

3.70

%

253,679

1,934

3.05

%

3.05

%

Noninterest Bearing Liabilities:

Demand deposits

131,609

140,734

Other liabilities

3,069

2,541

Shareholders' Equity

49,474

44,493

Total Liabilities and Shareholders Equity

$

477,700

$

441,447

Net Interest Income and Spread

$

176,152

$

4,393

2.35

%

2.59

%

$

180,638

$

3,785

2.22

%

2.42

%

Net Interest Margin

3.74

%

3.97

%

3.49

%

3.69

%


June 30


June 30



2024

%

2023

%

LOAN PORTFOLIO










Commercial and industrial

$

164,397

53.93

%

$

167,463

57.23

%

Real estate:

Commercial

96,074

31.52

%

83,273

28.46

%

Residential

16,263

5.34

%

12,731

4.35

%

Construction and development

27,722

9.09

%

28,600

9.77

%

Consumer

354

0.12

%

524

0.18

%


Total loans

$

304,810

100.00

%

$

292,591

100.00

%





June 30
2024

June 30
2023

REGULATORY CAPITAL DATA

Tier 1 Capital

$

55,914

$

45,331

Total Capital (Tier 1 + Tier 2)

$

60,247

$

50,427

Total Risk-Adjusted Assets

$

345,039

$

332,236

Tier 1 Risk-Based Capital Ratio

16.21

%

15.18

%

Total Risk-Based Capital Ratio

17.46

%

16.43

%

Tier 1 Leverage Ratio

11.70

%

11.42

%


OTHER DATA

Full Time Equivalent

Employees (FTE's)

29

27


Stock Price Range

(For the Three Months Ended):

High

$

94.00

$

87.75

Low

$

86.75

$

85.00

Close

$

89.75

$

85.00

SOURCE: Trinity Bank, NA (Fort Worth, Texas)



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