First Quarter Earnings Up 19.7% to $1.70 Per Share

Return on Assets 1.76% And Return on Equity 15.97%

FORT WORTH, TX / ACCESSWIRE / May 3, 2023 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the three months ending March 31, 2023.

Results of Operations

Trinity Bank, N.A. reported Net Income after Taxes of $1,938,000 or $1.70 per diluted common share for the first quarter of 2023, compared to $1,610,000 or $1.42 per diluted common share for the first quarter of 2022, an increase of 19.7%.

President Barney Wiley stated, "We are pleased with our first quarter results. Growth in Earnings, Loans, Deposits, and Capital are indicative of a good market. Our strong and diversified customer base, competitive interest rates, and exceptional customer service have made our continued growth possible. We appreciate our customers and continue to look for long-term relationships with quality people who are looking for a quality local bank."

On May 28, 2023, Trinity will observe its 20-year anniversary. To express their thanks, the bank will be hosting Customer Appreciation Days each Friday in May and invite all customers to drop by the lobby. According to Wiley, "We are proud of our performance and continue to be grateful for our shareholders' trust and their investment in Trinity Bank."

Trinity also announced that its 22nd consecutive increase in its semiannual dividend was paid in late April to shareholders. The April 2023 dividend of $0.81 per share also represents an increase of 8.7% over the April 2022 dividend of $0.75 per share."

Trinity Bank N.A. , Wednesday, May 3, 2023, Press release picture
Trinity Bank N.A. , Wednesday, May 3, 2023, Press release picture

Trinity Bank, N.A. is a commercial bank that began operations May 28, 2003. For a full financial statement or for monthly updates on deposit rates and liquidity position 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
2023 2022 Change
Interest income
$ 5,264 $ 3,599 46.3%
Interest expense
1,572 165 852.7%
Net Interest Income
3,692 3,434 7.5%
Service charges on deposits
61 59 3.4%
Other income
115 106 8.5%
Total Non Interest Income
176 165 6.7%
Salaries and benefits expense
1,068 999 6.9%
Occupancy and equipment expense
108 110 -1.8%
Other expense
433 600 -27.8%
Total Non Interest Expense
1,609 1,709 -5.9%
Pretax pre-provision income
2,259 1,890 19.5%
Gain on sale of securities
(1) 0 N/M

Provision for Loan Losses
0 0 N/M
Earnings before income taxes
2,258 1,890 19.5%
Provision for income taxes
320 280 14.3%
Net Earnings
$ 1,938 $ 1,610 20.4%
Basic earnings per share
1.78 1.48 20.3%
Basic weighted average shares
1,090 1,087
outstanding
Diluted earnings per share - estimate
1.70 1.42 19.7%
Diluted weighted average shares outstanding
1,139 1,133
Average for Quarter
March 31 %
BALANCE SHEET SUMMARY
2023 2022 Change
Total loans
$ 272,089 $ 243,893 11.6%
Total short term investments
22,733 28,809 -21.1%
Total investment securities
136,288 142,753 -4.5%
Earning assets
431,110 415,455 3.8%
Total assets
439,725 421,745 4.3%
Noninterest bearing deposits
146,909 154,029 -4.6%
Interest bearing deposits
246,285 221,868 11.0%
Total deposits
393,194 375,897 4.6%
Fed Funds Purchased and Repurchase Agreements
0 0 N/M
Shareholders' equity
$ 48,537 $ 43,883 10.6%

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
2023 2022 2022 2022 2022
Total loans
$ 272,089 $ 268,908 $ 266,041 $ 255,951 $ 240,831
Total PPP loans
$ 0 0 0 0 3,062
Total short term investments
22,733 39,334 50,091 30,574 28,809
Total investment securities
136,288 138,049 144,170 143,142 142,753
Earning assets
431,110 446,291 460,302 429,687 415,455
Total assets
439,725 455,683 467,859 437,237 421,745
Noninterest bearing deposits
146,909 167,630 177,293 164,965 154,029
Interest bearing deposits
246,285 246,989 246,907 229,986 221,868
Total deposits
393,194 414,618 424,200 394,951 375,897
Fed Funds Purchased and Repurchase Agreements
0 0 0 0 0
Shareholders' equity
$ 48,537 $ 47,713 $ 46,676 $ 45,059 $ 43,883
Quarter Ended
March 31, Dec 31, Sept. 30, June 30, March 31,
HISTORICAL EARNINGS SUMMARY
2023 2022 2022 2022 2022
Interest income less PPP
$ 5,264 $ 5,173 $ 4,588 $ 3,763 $ 3,321
PPP interest and fees
0 0 0 0 278
Interest expense
1,572 1,022 607 248 165
Net Interest Income
3,692 4,151 3,981 3,515 3,434
Service charges on deposits
61 59 58 62 59
Other income
115 113 114 126 106
Total Non Interest Income
176 172 172 188 165
Salaries and benefits expense
1,068 1,141 1,290 1,096 999
Occupancy and equipment expense
108 106 163 111 110
Other expense
433 399 495 536 600
Total Non Interest Expense
1,609 1,646 1,948 1,743 1,709
Pretax pre-provision income
2,259 2,677 2,205 1,960 1,890
Gain on sale of securities
(1) (164) (19) 0 0
Provision for Loan Losses
0 0 0 0 0
Earnings before income taxes
2,258 2,513 2,186 1,960 1,890
Provision for income taxes
320 400 320 280 280
Net Earnings
$ 1,938 $ 2,113 $ 1,866 $ 1,680 $ 1,610
Diluted earnings per share
$ 1.70 $ 1.86 $ 1.64 $ 1.47 $ 1.42

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
2023 2022 2022 2022 2022
Total loans
$ 270,530 $ 281,857 $ 265,811 $ 267,163 $ 247,358
Total short term investments
37,656 19,893 58,084 19,635 39,776
Total investment securities
136,407 134,628 136,114 142,834 138,793
Total earning assets
444,593 436,378 460,009 429,632 425,927
Allowance for loan losses
(5,344) (4,323) (4,314) (4,314) (4,314)
Premises and equipment
2,337 2,196 1,976 2,019 2,065
Other Assets
9,381 11,030 11,957 11,260 10,557
Total assets
450,967 445,281 469,628 438,597 434,235
Noninterest bearing deposits
151,010 159,568 181,436 170,661 158,072
Interest bearing deposits
252,164 240,883 248,475 226,141 233,142
Total deposits
403,174 400,451 429,911 396,802 391,214
Fed Funds Purchased and Repurchase Agreements
0 0 0 0 0
Other Liabilities
2,936 1,779 2,794 1,474 2,033
Total liabilities
406,110 402,230 432,705 398,276 393,247
Shareholders' Equity Actual
48,537 48,871 46,712 45,830 44,093
Unrealized Gain/Loss - AFS
(3,680) (5,820) (9,789) (5,509) (3,105)
Total Equity
$ 44,857 $ 43,051 $ 36,923 $ 40,321 $ 40,988
Quarter Ending
March 31, Dec 31, Sept. 30, June 30, March 31,
NONPERFORMING ASSETS
2023 2022 2022 2022 2022
Nonaccrual loans
$ 159 $ 171 $ 195 $ 211 $ 239
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
$ 159 $ 171 $ 195 $ 211 $ 239
Accruing loans past due 30-89 days
$ 407 $ 3 $ 0 $ 0 $ 0
Total nonperforming assets as a percentage
of loans and foreclosed assets
0.06% 0.06% 0.07% 0.08% 0.10%

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
2023 2022 2022 2022 2022
Balance at beginning of period
$ 4,324 $ 4,314 $ 4,314 $ 4,314 $ 4,306
Loans charged off
0 0 0 0 0
Loan recoveries
0 10 0 0 8
Net (charge-offs) recoveries
0 10 0 0 8
Provision for loan losses (One time CECL adjustment)
1,020 0 0 0 0
Balance at end of period
$ 5,344 $ 4,324 $ 4,314 $ 4,314 $ 4,314
Allowance for loan losses
as a percentage of total loans
1.98% 1.53% 1.62% 1.61% 1.74%
Allowance for loan losses
as a percentage of nonperforming assets
3361% 2528% 2212% 2045% 1805%
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
0.37% 0.00% 0.00% 0.00% 0.00%
Quarter Ending
March 31, Dec 31, Sept. 30, June 30, March 31,
SELECTED RATIOS
2023 2022 2022 2022 2022
Return on average assets (annualized)
1.76% 1.85% 1.60% 1.54% 1.53%
Return on average equity (annualized)
17.28% 19.63% 17.68% 15.92% 15.71%
Return on average equity (excluding unrealized gain on investments)
15.97% 17.71% 15.99% 14.91% 14.61%
Average shareholders' equity to average assets
11.04% 10.47% 9.98% 10.31% 10.54%
Yield on earning assets (tax equivalent)
5.09% 4.84% 4.17% 3.68% 3.64%
Effective Cost of Funds
1.46% 0.92% 0.53% 0.23% 0.16%
Net interest margin (tax equivalent)
3.63% 3.92% 3.64% 3.45% 3.48%
Efficiency ratio (tax equivalent)
39.4% 36.2% 44.7% 44.9% 45.2%
End of period book value per common share
$ 41.12 $ 39.42 $ 33.78 $ 36.89 $ 37.50
End of period book value (excluding unrealized gain/loss on investments)
$ 44.49 $ 44.75 $ 42.74 $ 41.93 $ 40.34
End of period common shares outstanding (in 000's)
1,091 1,092 1,093 1,093 1,093

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

3 Months Ending
March 31, 2023 March 31, 2022
Tax Tax
Average Equivalent Average Equivalent
YIELD ANALYSIS
Balance Interest Yield Yield Balance Interest Yield Yield
Interest Earning Assets:
Short term investment
$ 22,733 271 4.77% 4.77% $ 28,809 17 0.24% 0.24%
FRB Stock
428 6 6.00% 6.00% 411 6 6.00% 6.00%
Taxable securities
444 7 6.31% 6.31% 2,577 0 0.00% 0.00%
Tax Free securities
135,416 827 2.44% 3.09% 139,729 680 1.95% 2.46%
Loans
272,089 4,153 6.11% 6.11% 243,893 2,896 4.75% 4.75%
Total Interest Earning Assets
431,110 5,264 4.88% 5.09% 415,419 3,599 3.47% 3.64%
Noninterest Earning Assets:
Cash and due from banks
6,233 5,697
Other assets
6,729 4,901
Allowance for loan losses
(4,347) (4,306)
Total Noninterest Earning Assets
8,615 6,292
Total Assets
$ 439,725 $ 421,711
Interest Bearing Liabilities:
Transaction and Money Market accounts
173,071 1,067 2.47% 2.47% 176,030 110 0.25% 0.25%
Certificates and other time deposits
73,213 505 2.76% 2.76% 43,098 55 0.51% 0.51%
Other borrowings
0 0 0.00% 0.00% 0 0 0.00% 0.00%
Total Interest Bearing Liabilities
246,284 1,572 2.55% 2.55 % 219,128 165 0.30% 0.30%
Noninterest Bearing Liabilities:
Demand deposits
146,909 156,769
Other liabilities
1,875 1,358
Shareholders' Equity
44,657 44,456
Total Liabilities and Shareholders Equity
$ 439,725 $ 421,711
Net Interest Income and Spread
3,692 2.33% 2.53% 3,434 3.16% 3.34%
Net Interest Margin
3.43% 3.63% 3.31% 3.48%

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

March 31 March 31
2023 % 2022 %
LOAN PORTFOLIO
Commercial and industrial less PPP
$ 147,968 54.62% $ 142,524 57.62%
Real estate:
Commercial
78,122 28.84% 56,059 22.66%
Residential
16,574 6.12% 16,653 6.73%
Construction and development
27,921 10.31% 31,802 12.86%
Consumer
337 0.12% 320 0.13%
Total loans
270,922 100.00% 247,358 100.00%
March 31 March 31
2023 2022
REGULATORY CAPITAL DATA
Tier 1 Capital
$ 44,859 $ 44,094
Total Capital (Tier 1 + Tier 2)
$ 48,539 $ 47,492
Total Risk-Adjusted Assets
$ 302,197 $ 270,950
Tier 1 Risk-Based Capital Ratio
16.06% 16.27%
Total Risk-Based Capital Ratio
17.32% 17.53%
Tier 1 Leverage Ratio
11.04% 10.45%
OTHER DATA
Full Time Equivalent
Employees (FTE's)
25 24
Stock Price Range
(For the Three Months Ended):
High
$ 88.50 $ 80.01
Low
$ 87.75 $ 76.00
Close
$ 87.75 $ 80.01

SOURCE: Trinity Bank N.A.



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