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

Jul 25, 2024

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)

View the original press release on accesswire.com

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