Trinity Bank Reports: Return on Assets 1.53% Return on Equity 14.61%

FORT WORTH, TX , ACCESSWIRE / April 28, 2022 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the three months ending March 31, 2022.

Results of Operations

Trinity Bank, N.A. reported Net Income after Taxes of $1,610,000 or $1.42 per diluted common share for the first quarter of 2022, compared to $1,328,000 or $1.18 per diluted common share for the first quarter of 2021, an increase of 19.2%.

Jeffrey M. Harp, Chairman, stated, "We are pleased with first quarter results - our most profitable quarter since inception. First Quarter 2022 marked the end of our involvement with the SBA Payroll Protection Program. 100% of our PPP loans were forgiven in full. This is a tribute to the efforts of our staff and our customer base to comply with the requirements of the program."

"As you can see below, Trinity Bank continues to produce high levels of Returns and good growth in loans (excluding PPP) and deposits. We are fortunate to have a solid customer base operating in a good market."

"I am also pleased to announce that the 20 th consecutive increase in our semiannual dividend will be paid on April 29 th to shareholders of record as of April 15, 2022. The April 2022 dividend of $0.75 per share represents an increase of 8.7% over the April 2021 dividend of $0.69 per share."

Trinity Bank N.A. , Thursday, April 28, 2022, Press release picture

Page 2 - Trinity Bank First Quarter 2022

Trinity Bank N.A. , Thursday, April 28, 2022, Press release picture

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

March 31 %
EARNINGS SUMMARY
2022 2021 Change
Interest income less PPP
$3,321 $2,972 11.7%
PPP interest and fees
278 684 -59.4%
Interest expense
165 131 26.0%
Net Interest Income
3,434 3,525 -2.6%
Service charges on deposits
59 56 5.4%
Other income
106 91 16.5%
Total Non Interest Income
165 147 12.2%
Salaries and benefits expense
999 959 4.2%
Occupancy and equipment expense
110 124 -11.3%
Other expense
600 505 18.8%
Total Non Interest Expense
1,709 1,588 7.6%
Pretax pre-provision income
1,890 2,084 -9.3%
Gain on sale of securities
0 0 N/M
Gain on sale of foreclosed assets
0 0 N/M
Gain on sale of assets
0 0 N/M
Provision for Loan Losses
0 550 N/M
Earnings before income taxes
1,890 1,534 23.2%
Provision for income taxes
280 206 N/M
Net Earnings
$1,610 $1,328 21.2%
Basic earnings per share
1.48 1.23 19.4%
Basic weighted average shares
1,087 1,083
outstanding
Diluted earnings per share - estimate
1.42 1.18 19.2%
Diluted weighted average shares outstanding
1,133 1,129
Average for Quarter
March 31 %
BALANCE SHEET SUMMARY
2022 2021 Change
Total loans
$240,831 $206,386 16.7%
Total PPP loans
3,062 56,454 -94.6%
Total short term investments
28,809 11,131 158.8%
Total investment securities
142,717 94,737 50.6%
Earning assets
415,419 368,708 12.7%
Total assets
421,711 375,295 12.4%
Noninterest bearing deposits
154,029 133,541 15.3%
Interest bearing deposits
221,868 199,047 11.5%
Total deposits
375,897 332,588 13.0%
Fed Funds Purchased and Repurchase Agreements
0 244 N/M
Shareholders' equity
$44,456 $39,352 13.0%

TRINITY BANK N.A.

(Unaudited)

(Dollars in thousands, except per share data)

Average for Quarter Ending
March 31, Dec 31, Sept. 30, June 30, March 31,
BALANCE SHEET SUMMARY
2022 2021 2021 2021 2021
Total loans
$240,831 $236,698 $222,400 $214,501 $206,386
Total PPP loans
$3,062 11,585 27,071 46,772 56,454
Total short term investments
28,809 33,497 26,122 28,242 11,131
Total investment securities
142,717 128,283 113,914 96,153 94,737
Earning assets
415,419 410,063 389,507 385,668 368,708
Total assets
421,711 416,766 395,762 391,571 375,295
Noninterest bearing deposits
154,029 170,822 143,056 136,853 133,541
Interest bearing deposits
221,868 215,287 207,369 211,012 199,047
Total deposits
375,897 386,109 350,425 347,865 332,588
Fed Funds Purchased and Repurchase Agreements
0 0 0 0 244
Shareholders' equity
$44,456 $43,113 $41,723 $40,236 $39,352
Quarter Ended
March 31, Dec, Sept. 30, June 30, March 31,
HISTORICAL EARNINGS SUMMARY
2022 2021 2021 2021 2021
Interest income less PPP
$3,321 $3,302 $3,162 $3,021 $2,972
PPP interest and fees
278 245 530 785 684
Interest expense
165 159 150 144 131
Net Interest Income
3,434 3,388 3,542 3,662 3,525
Service charges on deposits
59 58 56 58 56
Other income
106 108 111 104 91
Total Non Interest Income
165 166 167 162 147
Salaries and benefits expense
999 1,009 1,127 1,080 959
Occupancy and equipment expense
110 108 121 114 124
Other expense
600 540 430 405 505
Total Non Interest Expense
1,709 1,657 1,678 1,599 1,588
Pretax pre-provision income
1,890 1,897 2,031 2,225 2,084
Gain on sale of securities
0 0 0 0 0
Gain on sale of foreclosed assets
0 0 0 0 0
Gain on sale of other assets
0 0 0 0 0
Provision for Loan Losses
0 0 290 550 550
Earnings before income taxes
1,890 1,897 1,741 1,675 1,534
Provision for income taxes
280 305 265 249 206
Net Earnings
$1,610 $1,592 $1,476 $1,426 $1,328
Diluted earnings per share
$1.42 $1.41 $1.30 $1.26 $1.18

TRINITY BANK N.A.

(Unaudited)

(Dollars in thousands, except per share data)

Ending Balance
March 31, Dec 31, Sept. 30, June 30, March 31,
HISTORICAL BALANCE SHEET
2022 2021 2021 2021 2021
Total loans
$247,358 $240,283 $228,976 $215,085 $213,644
Total PPP loans
- 9,380 20,911 34,305 56,975
Total short term investments
39,776 41,153 34,818 31,247 10,941
Total investment securities
138,793 137,387 117,844 100,499 93,615
Total earning assets
425,927 428,203 402,549 381,136 375,175
Allowance for loan losses
(4,314) (4,306) (4,306) (4,016) (3,466)
Premises and equipment
2,065 2,118 2,179 2,218 2,221
Other Assets
10,557 5,802 6,803 10,507 7,645
Total assets
434,235 431,817 407,225 389,845 381,575
Noninterest bearing deposits
158,072 167,497 148,238 149,049 135,920
Interest bearing deposits
233,142 218,611 214,162 196,355 202,205
Total deposits
391,214 386,108 362,400 345,404 338,125
Fed Funds Purchased and Repurchase Agreements
0 0 0 0 0
Other Liabilities
2,033 1,181 1,834 1,539 2,181
Total liabilities
393,247 387,289 364,234 346,943 340,306
Shareholders' Equity Actual
44,093 43,113 41,465 40,957 39,352
Unrealized Gain/Loss - AFS
(3,105) 1,415 1,526 1,945 1,917
Total Equity
$40,988 $44,528 $42,991 $42,902 $41,269
Quarter Ending
March 31, Dec 31, Sept. 30, June 30, March 31,
NONPERFORMING ASSETS
2022 2021 2021 2021 2021
Nonaccrual loans
$239 $259 $279 $297 $321
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
$239 $259 $279 $297 $321
Accruing loans past due 30-89 days
$0 $0 $600 $0 $0
Total nonperforming assets as a percentage
of loans and foreclosed assets
0.10% 0.11% 0.12% 0.12% 0.13%

TRINITY BANK N.A.

(Unaudited)

(Dollars in thousands, except per share data)

Quarter Ending
ALLOWANCE FOR
March 31, Dec 31, Sept. 30, June 30, March 31,
LOAN LOSSES
2022 2021 2021 2021 2021
Balance at beginning of period
$4,306 $4,306 $4,016 $3,466 $2,915
Loans charged off
0 0 0 0 0
Loan recoveries
8 0 0 0 1
Net (charge-offs) recoveries
8 0 0 0 1
Provision for loan losses
0 0 290 550 550
Balance at end of period
$4,314 $4,306 $4,306 $4,016 $3,466
Allowance for loan losses
as a percentage of total loans
1.74% 1.72% 1.88% 1.61% 1.28%
Allowance for loan losses net of PPP Loans
as a percentage of total loans
1.74% 1.79% 1.94% 1.86% 1.62%
Allowance for loan losses
as a percentage of nonperforming assets
1805% 1663% 1543% 1352% 1080%
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% 0.00% 0.13% 0.21% 0.21%
Quarter Ending
March 31, Dec 31, Sept. 30, June 30, March 31,
SELECTED RATIOS
2022 2021 2021 2021 2021
Return on average assets (annualized)
1.53% 1.53% 1.49% 1.46% 1.42%
Return on average equity (annualized)
15.71% 14.60% 13.50% 13.51% 12.88%
Return on average equity (excluding unrealized gain on investments)
14.61% 15.06% 14.15% 14.18% 13.56%
Average shareholders' equity to average assets
10.54% 10.34% 10.54% 10.28% 10.49%
Yield on earning assets (tax equivalent)
3.64% 3.95% 3.97% 4.11% 4.14%
Effective Cost of Funds
0.16% 0.15% 0.16% 0.14% 0.15%
Net interest margin (tax equivalent)
3.48% 3.80% 3.81% 3.97% 3.99%
Efficiency ratio (tax equivalent)
45.2% 44.5% 43.3% 40.5% 41.4%
End of period book value per common share
$37.50 $41.12 $39.66 $39.47 $38.11
End of period book value (excluding unrealized gain/loss on investments)
$40.34 $39.81 $38.25 $37.68 $36.34
End of period common shares outstanding (in 000's)
1,093 1,083 1,084 1,087 1,083

TRINITY BANK N.A.

(Unaudited)

(Dollars in thousands, except per share data)

3 Months Ending
March 31, 2022 March 31, 2021
Tax Tax
Average Equivalent Average Equivalent
YIELD ANALYSIS
Balance Interest Yield Yield Balance Interest Yield Yield
Interest Earning Assets:
Short term investment
$28,809 17 0.24% 0.24% $11,131 4 0.14% 0.14%
FRB Stock
411 6 6.00% 6.00% 397 6 6.00% 6.00%
Taxable securities
2,577 0 0.00% 0.00% 378 0 0.00% 0.00%
Tax Free securities
139,729 680 1.95% 2.46% 93,962 610 2.60% 3.28%
Loans
243,893 2,896 4.75% 4.75% 262,840 3,036 4.62% 4.62%
Total Interest Earning Assets
415,419 3,599 3.47% 3.64% 368,708 3,656 3.97% 4.14%
Noninterest Earning Assets:
Cash and due from banks
5,697 5,092
Other assets
4,901 4,574
Allowance for loan losses
(4,306) (3,079)
Total Noninterest Earning Assets
6,292 6,587
Total Assets
$421,711 $375,295
Interest Bearing Liabilities:
Transaction and Money Market accounts
176,030 110 0.25% 0.25% 154,117 70 0.18% 0.18%
Certificates and other time deposits
43,098 55 0.51% 0.51% 44,930 61 0.54% 0.54%
Other borrowings
0 0 0.00% 0.00% 244 0 0.00% 0.00%
Total Interest Bearing Liabilities
219,128 165 0.30% 0.30% 199,291 131 0.26% 0.26%
Noninterest Bearing Liabilities:
Demand deposits
156,769 133,541
Other liabilities
1,358 3,111
Shareholders' Equity
44,456 39,352
Total Liabilities and Shareholders Equity
$421,711 $375,295
Net Interest Income and Spread
3,434 3.16% 3.34% 3,525 3.70% 3.88%
Net Interest Margin
3.31% 3.48% 3.82% 3.99%

TRINITY BANK N.A.

(Unaudited)

(Dollars in thousands, except per share data)

March 31 March 31
2022 % 2021 %
LOAN PORTFOLIO
Commercial and industrial less PPP
$142,524 57.62% $114,826 42.43%
PPP loans
$0 0.00% $56,975 21.05%
Real estate:
Commercial
56,059 22.66% 59,542 22.00%
Residential
16,653 6.73% 19,948 7.37%
Construction and development
31,802 12.86% 18,956 7.00%
Consumer
320 0.13% 372 0.14%
Total loans (gross)
247,358 100.00% 270,619 100.00%
Unearned discounts
0 0.00% 0 0.00%
Total loans (net)
$247,358 100.00% $270,619 100.00%
March 31 March 31
2022 2021
REGULATORY CAPITAL DATA
Tier 1 Capital
$44,094 $39,352
Total Capital (Tier 1 + Tier 2)
$47,492 $42,247
Total Risk-Adjusted Assets
$270,950 $231,615
Tier 1 Risk-Based Capital Ratio
16.27% 17.03%
Total Risk-Based Capital Ratio
17.53% 18.29%
Tier 1 Leverage Ratio
10.45% 10.49%
OTHER DATA
Full Time Equivalent
Employees (FTE's)
24 24
Stock Price Range
(For the Three Months Ended):
High
$80.01 $66.00
Low
$76.00 $54.00
Close
$80.01 $66.00

SOURCE: Trinity Bank N.A.



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