Tier 1 Leverage Ratio 12.44%
FORT WORTH, TX / ACCESSWIRE / April 28, 2020 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the three months ending March 31, 2020.
Results of Operations
Trinity Bank, N.A. reported Net Income after Taxes of $1,124,000 or $.99 per diluted common share for the first quarter of 2020, compared to $1,202,000 or $1.08 per diluted common share for the first quarter of 2019, a decrease of 8.3%.
Matt R. Opitz, Chief Executive Officer, stated, "While this performance does not represent a record quarter for Trinity Bank, we are pleased with the results, given the current upheaval in the economy. Despite the challenges presented by the low rate environment and COVID-19 outbreak, we have been able to generate meaningful growth. I am proud of our team of dedicated employees who have been working tirelessly to ensure the day-to-day needs of our customers are met during this difficult time. Additionally, we are fortunate to have such a strong operations staff that was able to develop a streamlined process to provide loans related to the government's Paycheck Protection Plan loan program. We have been able to assist not only our existing customers, but also some new customers who were having difficulty securing a PPP loan through their banks. This has been a great success for Trinity Bank."
Mr. Opitz further stated, "These are some of the most challenging times we have seen, but we are pleased with the position of the bank today. As we make our way through 2020, we will remain focused on providing exceptional experiences to our customers and looking for ways to continue growing relationships with good people who need a good local bank that can help them navigate these uncertain times."
Profitability | 3/31/2020 | 3/31/2019 | ||||||||||
Return on Assets | 1.55 | % | 1.91 | % | ||||||||
Return on Equity | 12.36 | % | 13.90 | % | ||||||||
Average for Quarter Ending | % | |||||||||||
(in 000's) | ||||||||||||
Loans | $ | 169,367 | $ | 152,227 | 11.3 | |||||||
Deposits | $ | 250,677 | $ | 216,220 | 15.9 | |||||||
| Actual for Quarter Ending | ||||||||||||
(in 000's) | 3/31/2020 | 3/31/2019 | % | |||||||||
Net Interest Income | $ | 2,541 | $ | 2,420 | 5.0 | |||||||
Non-Interest Income | 128 | 123 | 4.1 | |||||||||
Non-Interest Expense | (1,370 | ) | (1,129 | ) | 21.3 | |||||||
Pretax Pre-provision Income | $ | 1,299 | $ | 1,414 | (8.1 | ) | ||||||
Gain on Sale of Securities and Assets | 0 | (2 | ) | N/M | ||||||||
Loan Loss Provision | 0 | (30 | ) | N/M | ||||||||
Pre Tax Income | 1,299 | 1,382 | (6.0 | ) | ||||||||
Income Tax | 175 | 180 | N/M | |||||||||
Net Income | $ | 1,124 | $ | 1,202. | (6.5 | ) | ||||||
Diluted Weighted Average Shares | 1,135 | 1,118 | ||||||||||
Earnings per Share | $ | .99 | $ | 1.08 | (8.3 | ) | ||||||
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.
SOURCE: Trinity Bank N.A.
View source version on accesswire.com:
https://www.accesswire.com/587207/Trinity-Bank-Reports-Return-on-Assets-155-and-Return-on-Equity-of-1236
