Trinity Bank Reports: Return on Assets 1.46% Return on Equity 14.18%

FORT WORTH, TX / ACCESSWIRE / August 3, 2021 / Trinity Bank N.A. (OTC Bulletin Board: TYBT) today announced operating results for the three months ending June 30, 2021 and YTD results for the six months ending June 30, 2021.

Results of Operations

Trinity Bank, N.A. reported Net Income after Taxes of $1,426,000 or $1.26 per diluted common share for the second quarter of 2021, compared to $1,130,000 or $1.00 per diluted common share for the second quarter of 2020, an increase of 26%.

For the first six months of 2021, Net Income after Taxes amounted to $2,754,000, an increase of 22% over the first half of 2020 results of $2,254,000. Earnings per diluted common share for the first half of 2021 were $2.44, an increase of 23% over the first half of 2020 results of $1.99 per diluted common share.

Matt R. Opitz, Chief Executive Officer, stated, "I am pleased with the performance Trinity Bank was able to achieve in 2Q. These results represent our most profitable quarter since inception and that is due to the hard work and dedication of our great staff. PPP fee income and core loan growth, excluding PPP loans, were the primary drivers in achieving this above average performance."

"We have successfully submitted all round one PPP loans for forgiveness and have received 100% forgiveness on all but one loan that has been processed. Subsequently, that loan has been paid off. We are now focused on assisting our customers with the forgiveness of round two loans and have already begun those efforts."

"We continue to see above average loan demand both from our existing customer base as well as prospective customers who are encountering challenges with their banks. We are well positioned to continue taking advantage of this growth opportunity but, as always, we remain focused on quality over quantity."

"We are still faced with a great deal of uncertainty and have prepared accordingly, adding significantly to our Loan Loss Reserve this year, despite no material deterioration in our loan portfolio. With our core earnings (excluding PPP impact), strong capital base, asset quality, and efficiency, we remain ready to take advantage of opportunities for continued growth."

Page 2 - Trinity Bank Second Quarter 2021

Page 3 - Trinity Bank Second Quarter 2021

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
20212020Change 20212020Change 

 

 

 

 
 
 

 

 
 
Interest income
$3,806$3,04225.1%$7,462$5,96425.1%
Interest expense
 144 188-23.4% 276 569-51.5%
Net Interest Income
 3,662 2,85428.3% 7,186 5,39533.2%

 
            
Service charges on deposits
 58 3948.7% 115 8929.2%
Other income
 104 7931.6% 195 15922.6%
Total Non Interest Income
 162 11837.3% 310 24825.0%

 
            
Salaries and benefits expense
 1,080 1,0374.1% 2,039 1,8927.8%
Occupancy and equipment expense
 114 1130.9% 238 2284.4%
Other expense
 405 412-1.7% 910 81411.8%
Total Non Interest Expense
 1,599 1,5622.4% 3,187 2,9348.6%

 
            
Pretax pre-provision income
 2,225 1,41057.8% 4,309 2,70959.1%

 
            
Gain on sale of securities
 0 0N/M  0 0N/M 
Gain on sale of foreclosed assets
 0 0N/M  0 0N/M 
Gain on sale of assets
 0 0N/M  0 0N/M 

 
            
Provision for Loan Losses
 550 125340.0% 1,100 125780.0%

 
            
Earnings before income taxes
 1,675 1,28530.4% 3,209 2,58424.2%
Provision for income taxes
 249 155N/M  455 33037.9%

 
            
Net Earnings
$1,426$1,13026.2%$2,754$2,25422.2%

 
            
Basic earnings per share
 1.32 1.0426.5% 2.55 2.0723.1%
Basic weighted average shares
 1,084 1,086   1,081 1,087  
outstanding
            

 
            
Diluted earnings per share - estimate
 1.26 1.0026.0% 2.44 1.9922.8%
Diluted weighted average shares outstanding
 1,130 1,133   1,127 1,134  

 
Average for Quarter
 
 Average for Six Months
 
 

 
June 30% June 30% 
BALANCE SHEET SUMMARY
20212020Change 20212020Change 

 

 

 

 
 
 

 

 
 
Total loans
$261,273$212,25823.1%$262,025$190,81237.3%
Total short term investments
 28,242 41,211-31.5% 19,931 40,061-50.2%
Total investment securities
 96,153 81,49618.0% 95,251 77,75322.5%

 
            
Earning assets
 385,668 334,96515.1% 377,207 308,62622.2%

 
            
Total assets
 391,571 342,36914.4% 383,478 316,08221.3%

 
            
Noninterest bearing deposits
 136,853 122,40911.8% 142,334 105,43535.0%
Interest bearing deposits
 211,012 180,55816.9% 197,935 171,38715.5%

 
            
Total deposits
 347,865 302,96714.8% 340,269 276,82222.9%

 
            
Fed Funds Purchased and Repurchase Agreements
 0 0N/M  122 0N/M 

 
            
Shareholders' equity
$40,236$36,6119.9%$39,713$36,4958.8%

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
 2021  2021  2020  2020  2020 

 
 
 
  
 
  
 
  
 
  
 
 
Total loans
 $261,273  $262,840  $239,440  $216,454  $212,337 
Total short term investments
  28,242   11,131   23,960   32,176   41,211 
Total investment securities
  96,153   94,737   93,094   92,272   81,496 

 
                    
Earning assets
  385,668   368,708   356,494   340,902   335,044 

 
                    
Total assets
  391,571   375,295   363,558   342,058   342,369 

 
                    
Noninterest bearing deposits
  136,853   133,541   130,114   117,655   122,409 
Interest bearing deposits
  211,012   199,047   191,654   189,053   180,558 

 
                    
Total deposits
  347,865   332,588   321,768   306,708   302,967 

 
                    
Fed Funds Purchased and Repurchase Agreements
  0   244   0   0   0 

 
                    
Shareholders' equity
 $40,236  $39,352  $38,084  $37,602  $36,611 

 
Quarter Ended

 
June 30,March 31,Dec 31,Sept. 30,June 30,
HISTORICAL EARNINGS SUMMARY
20212021202020202020

 

 

 

 

 

 
Interest income
$3,806$3,656$3,177$2,949$3,042
Interest expense
 144 131 129 158 188
Net Interest Income
 3,662 3,525 3,048 2,791 2,854

 
          
Service charges on deposits
 58 56 61 56 39
Other income
 104 91 90 86 79
Total Non Interest Income
 162 147 151 142 118

 
          
Salaries and benefits expense
 1,080 959 977 915 1,037
Occupancy and equipment expense
 114 124 119 94 113
Other expense
 405 505 362 364 412
Total Non Interest Expense
 1,599 1,588 1,458 1,373 1,562

 
          
Pretax pre-provision income
 2,225 2,084 1,741 1,560 1,410

 
          
Gain on sale of securities
 0 0 (1 0 0
Gain on sale of foreclosed assets
 0 0 0 18 0
Gain on sale of other assets
 0 0 0 0 0

 
          
Provision for Loan Losses
 550 550 315 200 125

 
          
Earnings before income taxes
 1,675 1,534 1,425 1,378 1,285
Provision for income taxes
 249 206 179 162 155

 
          
Net Earnings
$1,426$1,328$1,246$1,216$1,130

 
          
Diluted earnings per share
$1.26$1.18$1.10$1.08$1.00

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
20212021202020202020 

 

 

 

 

 

 
 
Total loans
$249,390$270,619$252,207$228,473$216,848 
Total short term investments
 31,247 10,941 24,993 16,429 38,648 
Total investment securities
 100,499 93,615 95,244 90,606 90,658 

 
           
Total earning assets
 381,136 375,175 372,444 335,508 346,154 

 
           
Allowance for loan losses
 (4,016 (3,466 (2,915 (2,598 (2,396)
Premises and equipment
 2,218 2,221 2,340 2,400 2,455 
Other Assets
 10,507 7,645 6,237 6,748 5,673 

 
           
Total assets
 389,845 381,575 378,106 342,058 351,886 

 
           
Noninterest bearing deposits
 149,049 135,920 134,692 114,284 118,933 
Interest bearing deposits
 196,355 202,205 201,120 186,096 192,159 

 
           
Total deposits
 345,404 338,125 335,812 300,380 311,092 

 
           
Fed Funds Purchased and Repurchase Agreements
 0 0 0 0 0 
Other Liabilities
 1,539 2,181 1,270 2,029 1,501 

 
           
Total liabilities
 346,943 340,306 337,082 302,409 312,593 

 
           
Shareholders' Equity Actual
 40,957 39,352 38,778 37,463 37,089 
Unrealized Gain - AFS
 1,945 1,917 2,246 2,186 2,203 
Total Equity
$42,902$41,269$41,024$39,649$39,292 

 
Quarter Ending 
 
June 30, March 31, Dec 31, Sept. 30, June 30, 
NONPERFORMING ASSETS
2021 2021 2020 2020 2020 

 

 
 
 
       
Nonaccrual loans
$297 $321 $249 $266 $388 
Restructured loans
$0 $0 $0 $0 $0 
Other real estate & foreclosed assets
$0 $0 $0 $0 $320 
Accruing loans past due 90 days or more
$0 $0 $0 $0 $0 
Total nonperforming assets
$297 $321 $249 $266 $708 

 
               
Accruing loans past due 30-89 days
$0 $0 $0 $0 $0 

 
               
Total nonperforming assets as a percentage
               
of loans and foreclosed assets
 0.12% 0.12% 0.10% 0.12% 0.33%

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
2021 2021 2020 2020 2020 

 

 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$3,466 $2,915 $2,598 $2,396 $2,269 
Loans charged off
 0  0  0  0  0 
Loan recoveries
 0  1  2  2  2 
Net (charge-offs) recoveries
 0  1  2  2  2 
Provision for loan losses
 550  550  315  200  125 
Balance at end of period
$4,016 $3,466 $2,915 $2,598 $2,396 
 
               
Allowance for loan losses
 1.61% 1.28% 1.16% 1.14% 1.10%
as a percentage of total loans
               
Allowance for loan losses net of PPP Loans
 1.86% 1.62% 1.46% 1.48% 1.36%
as a percentage of total loans
               
Allowance for loan losses
 1352% 1080% 1171% 977% 338%
as a percentage of nonperforming assets
               
Net charge-offs (recoveries) as a
 0.00% 0.00% 0.00% 0.00% 0.00%
percentage of average loans
               
Provision for loan losses
 0.21% 0.21% 0.13% 0.09% 0.06%
as a percentage of average loans
               

 
Quarter Ending 
 
June 30, March 31, Dec 31, Sept. 30, June 30, 
SELECTED RATIOS
2021 2021 2020 2020 2020 

 

 
 
 
 
 
 
 
 
 
 
Return on average assets (annualized)
 1.46% 1.42% 1.37% 1.42% 1.32%
 
               
Return on average equity (annualized)
 13.51% 12.88% 12.15% 12.19% 11.88%

 
               
Return on average equity (excluding unrealized gain on investments)
 14.18% 13.56% 12.85% 12.94% 12.34%
 
               
Average shareholders' equity to average assets
 10.28% 10.49% 10.48% 10.99% 10.69%

 
               
Yield on earning assets (tax equivalent)
 4.11% 4.14% 3.88% 3.65% 3.81%

 
               
Effective Cost of Funds
 0.14% 0.15% 0.28% 0.19% 0.22%
 
               
Net interest margin (tax equivalent)
 3.97% 3.99% 3.60% 3.46% 3.59%
 
               
Efficiency ratio (tax equivalent)
 40.5% 41.4% 44.8% 50.4% 51.6%

 
               
End of period book value per common share
$39.47 $38.11 $37.88 $36.61 $36.18 

 
               
End of period book value (excluding unrealized gain on investments)
$37.68 $36.34 $35.81 $34.59 $34.15 
 
               
End of period common shares outstanding (in 000's)
 1,087  1,083  1,083  1,083  1,086 

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


 
Quarter Ending 
 
June 30,2021 June 30,2020 

 

 

 

 
 Tax 
 

 

 
 Tax 
 
Average
 

 
 Equivalent Average
 

 
 Equivalent 
YIELD ANALYSIS
BalanceInterestYield Yield BalanceInterestYield Yield 
Interest Earning Assets:            
Short term investment
$27,838110.16%0.16%$41,211130.13%0.13%
FRB Stock
 40466.00%6.00% 39566.00%6.00%
Taxable securities
 2,19800.00%0.00% 000.00%0.00%
Tax Free securities
 93,9556052.58%3.26% 81,1015642.78%3.52%
Loans
 261,2733,1844.87%4.87% 212,2582,4594.63%4.63%

 
              
Total Interest Earning Assets
 385,6683,8063.95%4.11% 334,9653,0423.63%3.81%

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


 
June 30
 
 June 30
 
 
 
2021% 2020% 
LOAN PORTFOLIO      

 

 

 
 
 

 
 
Commercial and industrial
$147,37359.09%$140,48364.78%
Real estate:
        
Commercial
 61,05124.48% 31,01714.30%
Residential
 17,1496.88% 23,04310.63%
Construction and development
 23,4769.41% 21,87510.09%
Consumer
 3410.14% 4300.20%

 
        
Total loans (gross)
 249,390100.00% 216,848100.00%

 
        
Unearned discounts
 00.00% 00.00%

 
        
Total loans (net)
$249,390100.00%$216,848100.00%

 
 June 30  June 30 
 
 2020  2020 
REGULATORY CAPITAL DATA
 
 
  
 
 
Tier 1 Capital
 $40,955  $37,089 
Total Capital (Tier 1 + Tier 2)
 $42,900  $39,370 
Total Risk-Adjusted Assets
 $236,963  $182,279 
Tier 1 Risk-Based Capital Ratio
  17.28%  20.35%
Total Risk-Based Capital Ratio
  18.54%  21.60%
Tier 1 Leverage Ratio
  10.54%  10.83%

 
        
OTHER DATA
        
Full Time Equivalent
        
Employees (FTE's)
  23   23 

 
        
Stock Price Range
        
(For the Three Months Ended):
        
High
 $75.00  $64.98 
Low
 $61.31  $58.90 
Close
 $75.00  $60.50 

SOURCE: Trinity Bank N.A.



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