CORRECTION: Trinity Bank Reports 4Q and FYE 2018 Results

This press release replaces the press release disseminated January 22, 2019 at 3:35PM ET. The press release contained an incorrect September 2018 Diluted earnings per share and has been corrected in the version below.

FORT WORTH, TX / ACCESSWIRE / January 28, 2019 / Trinity Bank N.A. (OTC PINK: TYBT) today announced financial and operating results for the fourth quarter and for the twelve months ended December 31, 2018.

2018

Net Income (in 000’s)

$
1,200

$
4,677

Return on Average Assets

1.88
%

1.84
%

Return on Average Equity

15.02
%

14.77
%

Trinity Bank, N.A. reported Net Income after Taxes for the fourth quarter of 2018 of $1,200,000 or $1.08 per diluted common share, compared to $642,000 or $.57 per diluted common share for the fourth quarter of 2017, an increase of 87.9%.

For the year 2018, Net Income After Taxes amounted to $4,677,000, or $4.19 per diluted common share, compared to $3,068,000, or $2.74 per diluted common share for 2017, an increase of 53.0%.

Jeffrey M. Harp, President, stated, “2018 results reflect Trinity Bank’s return to its historical level of performance (see below). Superior results are indicative of an outstanding staff providing exceptional customer service.”

Trinity Bank

2018

Peer Group

(9-30-18)

2017

2016

2015

2014

Return on Assets

1.84
%

1.24
%

1.23
%

1.79
%

1.68
%

Return on Equity

14.77
%

11.66
%

10.22
%

14.32
%

14.69
%

14.29
%

Executive Vice-President Matt Opitz remarked, “Over the last two years, Trinity has made a substantial investment in our physical facility and in additional staff. These investments are already generating a positive return to shareholders. In 2019, we plan on adding staff, both revenue producers and support staff, in order to achieve our goal for continual organic growth. While focusing on internal growth, we continue to be open to expanding geographically in the North Texas market or acquiring another institution if the right opportunity presents itself.”

Page 2 – Trinity Bank fourth quarter 2018

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

Twelve Months Ending

December 31

EARNINGS SUMMARY

2018

2017

Change

2018

2017

Change

Interest income

$
2,785

$
2,407

15.7
%

$
10,520

$
9,141

15.1
%

Interest expense

358

192

86.5
%

1,118

656

70.4
%

Net Interest Income

2,427

2,215

9.6
%

9,402

8,485

10.8
%

Service charges on deposits

-11.4
%

148

149

-0.7
%

Other income

101

11.0
%

399

366

9.0
%

Total Non Interest Income

132

126

4.8
%

547

515

6.2
%

Salaries and benefits expense

757

575

31.7
%

2,823

2,102

34.3
%

Occupancy and equipment expense

120

112

7.1
%

466

432

7.9
%

Other expense

289

290

-0.3
%

1,245

1,116

11.6
%

Total Non Interest Expense

1,166

977

19.3
%

4,534

3,650

24.2
%

Pretax pre-provision income

1,393

1,364

2.1
%

5,415

5,350

1.2
%

Gain on sale of securities

N/M

Gain on sale of assets

N/M

Provision for Loan Losses

507

N/M

1,627

N/M

Earnings before income taxes

1,366

859

59.0
%

5,339

3,727

43.3
%

Provision for income taxes

166

217

-23.5
%

662

659

0.5
%

Net Earnings

$
1,200

$
642

86.9
%

$
4,677

$
3,068

52.4
%

Basic earnings per share

1.09

0.58

87.9
%

4.24

2.77

53.0
%

Basic weighted average shares

1,100

1,106

1,102

1,106

outstanding

Diluted earnings per share

1.08

0.57

87.9
%

4.19

2.74

53.0
%

Diluted weighted average shares outstanding

1,115

1,121

1,117

1,121

Average for Quarter

Average for Twelve Months

December 31

BALANCE SHEET SUMMARY

2018

2017

Change

2018

2017

Change

Total loans

$
144,801

$
130,708

10.8
%

$
143,869

$
131,126

9.7
%

Total short term investments

23,175

33,929

-31.7
%

18,854

24,136

-21.9
%

Total investment securities

79,700

92,935

-14.2
%

84,427

87,396

-3.4
%

Earning assets

247,676

257,572

-3.8
%

247,150

242,658

1.9
%

Total assets

255,113

264,668

-3.6
%

254,343

249,390

2.0
%

Noninterest bearing deposits

81,187

81,387

-0.2
%

81,783

75,434

8.4
%

Interest bearing deposits

141,081

150,771

-6.4
%

139,807

142,423

-1.8
%

Total deposits

222,268

232,158

-4.3
%

221,590

217,857

1.7
%

Fed Funds Purchased and Repurchase Agreements

0.0
%

390

393.7
%

Shareholders’ equity

$
31,948

$
31,546

1.3
%

$
31,664

$
30,682

3.2
%

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

Average for Quarter Ending

Dec 31,

Sept. 30,

June 30,

March 31,

Dec 31,

BALANCE SHEET SUMMARY

2018

2017

Total loans

$
144,801

$
145,280

$
147,227

$
137,942

$
130,708

Total short term investments

23,175

18,368

10,843

23,035

33,929

Total investment securities

79,700

80,509

84,981

92,926

92,935

Earning assets

247,676

244,157

243,051

253,903

257,572

Total assets

255,113

251,839

250,070

260,399

264,668

Noninterest bearing deposits

81,187

83,151

80,637

82,622

81,387

Interest bearing deposits

141,081

135,815

135,940

146,206

150,771

Total deposits

222,268

218,966

216,577

228,828

232,158

Fed Funds Purchased and Repurchase Agreements

1,566

Shareholders’ equity

$
31,948

$
32,151

$
31,236

$
31,308

$
31,546

Quarter Ended

Dec 31,

Sept. 30,

June 30,

March 31,

Dec 31,

HISTORICAL EARNINGS SUMMARY

2018

2017

Interest income

$
2,785

$
2,658

$
2,591

$
2,486

$
2,407

Interest expense

358

309

241

209

192

Net Interest Income

2,427

2,349

2,350

2,277

2,215

Service charges on deposits

Other income

101

111

100

Total Non Interest Income

132

149

137

129

126

Salaries and benefits expense

757

707

731

628

575

Occupancy and equipment expense

120

119

106

121

112

Other expense

289

272

302

382

290

Total Non Interest Expense

1,166

1,098

1,139

1,131

977

Pretax pre-provision income

1,393

1,400

1,348

1,275

1,364

Gain on sale of securities

Gain on sale of other assets

Provision for Loan Losses

507

Earnings before income taxes

1,366

1,374

1,325

1,275

859

Provision for income taxes

166

184

166

146

217

Net Earnings

$
1,200

$
1,190

$
1,159

$
1,129

$
642

Diluted earnings per share

$
1.08

$
1.07

$
1.03

$
1.00

$
0.57

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

Ending Balance

Dec 31,

Sept. 30,

June 30,

March 31,

Dec 31,

HISTORICAL BALANCE SHEET

2018

2017

Total loans

$
154,184

$
143,846

$
150,833

$
142,848

$
139,818

Total short term investments

13,127

23,080

7,454

20,766

19,027

Total investment securities

81,896

79,234

78,840

93,034

93,518

Total earning assets

249,207

246,160

237,127

256,648

252,363

Allowance for loan losses

(1,671
)

(1,664
)

(1,634
)

(1,604
)

(1,600
)

Premises and equipment

2,627

2,652

2,729

2,725

2,731

Other Assets

7,018

5,892

7,582

5,046

5,817

Total assets

257,181

253,040

245,804

262,815

259,311

Noninterest bearing deposits

85,668

81,856

79,678

86,903

84,445

Interest bearing deposits

137,979

137,926

133,922

143,929

143,638

Total deposits

223,647

219,782

213,600

230,832

228,083

Fed Funds Purchased and Repurchase Agreements

Other Liabilities

701

1,311

610

1,143

352

Total liabilities

224,348

221,093

214,210

231,975

228,435

Shareholders’ Equity Actual

34,051

32,772

32,244

31,497

30,993

Unrealized Gain – AFS

(1,218
)

(825
)

(650
)

(657
)

(117
)

Total Equity

$
32,833

$
31,947

$
31,594

$
30,840

$
30,876

Quarter Ending

Dec 31,

Sept. 30,

June 30,

March 31,

Dec 31,

NONPERFORMING ASSETS

2018

2017

Nonaccrual loans

$
60

$
137

$
179

$
224

$
394

Restructured loans

$
0

Other real estate & foreclosed assets

$
0

Accruing loans past due 90 days or more

$
0

Total nonperforming assets

$
60

$
137

$
179

$
224

$
394

Accruing loans past due 30-89 days

$
0

$
456

$
458

$
0

Total nonperforming assets as a percentage

of loans and foreclosed assets

0.04
%

0.10
%

0.12
%

0.16
%

0.28
%

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

Quarter Ending

ALLOWANCE FOR

Dec 31,

Sept. 30,

June 30,

March 31,

Dec 31,

LOAN LOSSES

2018

2017

Balance at beginning of period

$
1,664

$
1,634

$
1,604

$
1,600

$
1,493

Loans charged off

400

Loan recoveries

Net (charge-offs) recoveries

(23
)

(400
)

Provision for loan losses

507

Balance at end of period

$
1,671

$
1,664

$
1,634

$
1,604

$
1,600

Allowance for loan losses

as a percentage of total loans

1.08
%

1.10
%

1.08
%

1.12
%

1.14
%

Allowance for loan losses

as a percentage of nonperforming assets

2785
%

930
%

913
%

716
%

406
%

Net charge-offs (recoveries) as a

percentage of average loans

0.02
%

0.00
%

-0.01
%

0.31
%

Provision for loan losses

as a percentage of average loans

0.02
%

0.00
%

0.39
%

Quarter Ending

Dec 31,

Sept. 30,

June 30,

March 31,

Dec 31,

SELECTED RATIOS

2018

2017

Return on average assets (annualized)

1.88
%

1.89
%

1.85
%

1.73
%

0.97
%

Return on average equity (annualized)

15.02
%

14.81
%

14.84
%

14.42
%

8.14
%

Return on average equity (excluding unrealized gain on investments)

15.57
%

14.53
%

14.51
%

14.34
%

8.44
%

Average shareholders’ equity to average assets

12.52
%

12.77
%

12.49
%

12.02
%

11.92
%

Yield on earning assets (tax equivalent)

4.75
%

4.59
%

4.53
%

4.19
%

4.17
%

Effective Cost of Funds

0.58
%

0.51
%

0.40
%

0.33
%

0.29
%

Net interest margin (tax equivalent)

4.17
%

4.08
%

4.13
%

3.86
%

3.88
%

Efficiency ratio (tax equivalent)

37.9
%

41.5
%

43.0
%

43.9
%

37.2
%

End of period book value per common share

$
29.85

$
29.07

$
28.13

$
27.88

$
27.92

End of period book value (excluding unrealized gain on investments)

$
30.96

$
29.82

$
29.31

$
28.48

$
28.02

End of period common shares outstanding (in 000’s)

1,100

1,099

1,100

1,106

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

Twelve Months Ending

December 31, 2018

December 31, 2017

Tax

Average

Equivalent

Average

Equivalent

YIELD ANALYSIS

Balance

Interest

Yield

Balance

Interest

Yield

Interest Earning Assets:

Short term investment

$
18,478

378

2.05
%

$
23,763

311

1.31
%

FRB Stock

367

6.00
%

373

6.00
%

Tax Free securities

84,427

2,387

2.83
%

3.58
%

87,396

2,361

2.70
%

3.89
%

Loans

143,869

7,732

5.37
%

131,126

6,446

4.92
%

Total Interest Earning Assets

247,141

10,520

4.26
%

4.51
%

242,658

9,141

3.77
%

4.19
%

Noninterest Earning Assets:

Cash and due from banks

4,411

4,404

Other assets

4,427

4,539

Allowance for loan losses

(1,636
)

(2,211
)

Total Noninterest Earning Assets

7,202

6,732

Total Assets

$
254,343

$
249,390

Interest Bearing Liabilities:

Transaction and Money Market accounts

115,271

797

0.69
%

114,315

396

0.35
%

Certificates and other time deposits

24,536

311

1.27
%

28,108

259

0.92
%

Other borrowings

390

2.56
%

0.25
%

Total Interest Bearing Liabilities

140,197

1,118

0.80
%

142,502

656

0.46
%

Noninterest Bearing Liabilities:

Demand deposits

81,783

75,434

Other liabilities

699

772

Shareholders’ Equity

31,664

30,682

Total Liabilities and Shareholders Equity

$
254,343

$
249,390

Net Interest Income and Spread

9,402

3.46
%

3.71
%

8,485

3.31
%

3.73
%

Net Interest Margin

3.50
%

4.06
%

3.50
%

3.93
%

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

December 31

2018

2017

LOAN PORTFOLIO

Commercial and industrial

$
87,537

56.77
%

$
80,226

57.38
%

Real estate:

Commercial

24,413

15.83
%

18,672

13.35
%

Residential

19,147

12.42
%

24,335

17.40
%

Construction and development

22,034

14.29
%

15,885

11.36
%

Consumer

1,054

0.68
%

700

0.50
%

Total loans (gross)

154,185

100.00
%

139,818

100.00
%

Unearned discounts

0.00
%

Total loans (net)

$
154,185

100.00
%

$
139,818

100.00
%

December 31

2018

2017

REGULATORY CAPITAL DATA

Tier 1 Capital

$
34,051

$
30,993

Total Capital (Tier 1 + Tier 2)

$
35,722

$
32,593

Total Risk-Adjusted Assets

$
171,326

$
158,248

Tier 1 Risk-Based Capital Ratio

19.88
%

19.59
%

Total Risk-Based Capital Ratio

20.85
%

20.60
%

Tier 1 Leverage Ratio

13.35
%

11.71
%

OTHER DATA

Full Time Equivalent

Employees (FTE’s)

Stock Price Range

(For the Three Months Ended):

High

$
67.00

$
60.30

Low

$
59.05

$
57.25

$
65.50

$
59.83

SOURCE: Trinity Bank N.A.

ReleaseID: 533779

Go Top