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Trinity Bank Reports 2018 3rd Quarter Net Income of $1,190,000

2018-10-23 17:27 ET - News Release

FORT WORTH, TX / ACCESSWIRE / October 23, 2018 / Trinity Bank N.A. (OTC PINK: TYBT) today announced operating results for the third quarter and the nine months ending September 30, 2018.

Results of Operation

For the third quarter 2018, Trinity Bank, N.A. reported Net Income after Taxes of $1,190,000, an increase of 13.0% over third quarter 2017 earnings of $1,053,000. Earnings per diluted common share for the third quarter 2018 amounted to $1.07, an increase of 13.6% over third quarter 2017 results of $0.94 per diluted common share.

For the first nine months of 2018, Net Income after Taxes was $3,477,000, an increase of 43.3% over the first nine months of 2017 results of $2,426,000. Earnings per diluted common share for the first nine months of 2018 were $3.11, an increase of 44.0% over the first nine months of 2017 results of $2.16 per diluted common share.

President Jeffrey M. Harp stated, "Third quarter results represents all-time highs for Trinity bank in terms of Net Income, Return on Assets, and Return on Equity. Congratulations to our staff for their exceptional performance and productivity."

Executive Vice President Barney C. Wiley stated, "These are volatile times, but Trinity is fortunate to participate in a market displaying strong economic activity. We continue to be committed to operate with:

  1. strong capital - Equity to Assets Ratio of 12.77%,

  2. sound liquidity - $98 million in overnight funds and investments,

  3. high efficiency - Efficiency Ratio of 41.5% vs Peer 62.6%, and

  4. emphasis on growth - 10.5% increase in Loan Volume.”

    "In addition, Trinity Bank will distribute its 14th semi-annual dividend of $.57 per share on October 31, 2018. We have been fortunate to be able to increase the dividend semi-annually since the initial dividend in 2012. Trinity has now returned $6.39 of the original investors $10.00 cost in the form of cash dividends."

Trinity Bank third quarter 2018 earnings


Actual for Quarter
3 Months 3 Months
(in 000's)
09/30/2018 09/30/2017 %
Net Interest Income
 $ 2,349. $ 2,170. 8.2 %.
Non-Interest Income
 149. 129. 15.5 %)
Non-Interest Expense
 (1098 ) (906 ) 21.2 %.
Pretax Preprovision Income
 1,400. 1,393. .5 %
Gains on Sale of Securities and Other Assets
 4 0 N/M
Loan Loss Provision
 (30 ). (60 ). N/M
Pretax Income
 1,374 1,333 3.1 %.
Income Tax
 (184 ) (280 ) (34.3 %).
Net Income
 $ 1,190 $ 1,053 13.0 %.
Diluted Weighted Average Shares
 1,115 1,121
Earnings Per Share
 1.07. .94. 13.6 %


Actual for 9 months
9 Months 9 Months
(in 000's)
09/30/2018 09/30/2017 %
Net Interest Income
 $ 6,976. $ 6,270. 11.3 %.
Non-Interest Income
 415. 388. 7.0 %
Non-Interest Expense
 (3,369 ) (2,673 ) 26.0 %.
Pretax Pre-provision Income
 4,022. 3,985. .9 %.
Gains on Sale of Securities and Other Assets
 11. 3. N/M
Loan Loss Provision
 (60 ) (1,120 ) N/M
Pretax Income
 3,973 2,868 38.5 %
Income Tax
 (496 ) (442 ) 12.2 %
Net Income
 $ 3,477 $ 2,426 43.3 %
Diluted Weighted Average Shares
 1,118 1,122
Earnings Per Share
 $ 3.11. $ 2.16. 44.0 %

Trinity Bank third quarter 2018 earnings

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 Nine Months Ending
September 30 % September 30 %
EARNINGS SUMMARY
 2018 2017 Change 2018 2017 Change
Interest income
 $ 2,658 $ 2,345 13.3 % $ 7,735 $ 6,734 14.9 %
Interest expense
 309 175 76.6 % 759 464 63.6 %
Net Interest Income
 2,349 2,170 8.2 % 6,976 6,270 11.3 %
Service charges on deposits
 38 35 8.6 % 111 115 -3.5 %
Other income
 111 94 18.1 % 304 273 11.4 %
Total Non Interest Income
 149 129 15.5 % 415 388 7.0 %
Salaries and benefits expense
 707 520 36.0 % 2,067 1,527 35.4 %
Occupancy and equipment expense
 119 110 8.2 % 346 320 8.1 %
Other expense
 272 276 -1.4 % 956 826 15.7 %
Total Non Interest Expense
 1,098 906 21.2 % 3,369 2,673 26.0 %
Pretax pre-provision income
 1,400 1,393 0.5 % 4,022 3,985 0.9 %
Gain on sale of securities
 4 0 N/M 11 3 N/M
Provision for Loan Losses
 30 60 N/M 60 1,120 N/M
Earnings before income taxes
 1,374 1,333 3.1 %# 3,973 2,868 38.5 %
Provision for income taxes
 184 280 -34.3 % 496 442 12.2 %
Net Earnings
 $ 1,190 $ 1,053 13.0 % $ 3,477 $ 2,426 43.3 %
Basic earnings per share
 1.08 0.95 13.6 % 3.15 2.19 43.9 %
Basic weighted average shares
 1,100 1,106 1,103 1,107
outstanding
Diluted earnings per share
 1.07 0.94 13.6 % 3.11 2.16 44.0 %
Diluted weighted average shares outstanding
 1,115 1,121 1,118 1,122



Average for Quarter Average for Nine Months
September 30 % September 30 %
BALANCE SHEET SUMMARY
 2018 2017 Change 2018 2017 Change
Total loans
 $ 145,280 $ 131,507 10.5 % $ 143,555 $ 131,268 9.4 %
Total short term investments
 18,368 26,349 -30.3 % 17,398 20,834 -16.5 %
Total investment securities
 80,509 89,922 -10.5 % 86,020 85,529 0.6 %
Earning assets
 244,157 247,778 -1.5 % 246,973 237,631 3.9 %
Total assets
 251,839 254,291 -1.0 % 254,084 244,241 4.0 %
Noninterest bearing deposits
 83,151 75,572 10.0 % 82,008 73,427 11.7 %
Interest bearing deposits
 135,815 146,331 -7.2 % 139,353 139,610 -0.2 %
Total deposits
 218,966 221,903 -1.3 % 221,361 213,037 3.9 %
Fed Funds Purchased and Repurchase Agreements
 0 0 0.0 % 522 106 N/M
Shareholders' equity
 $ 32,151 $ 31,428 2.3 % $ 31,568 $ 30,391 3.9 %

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


 Average for Quarter Ending
Sept. 30, June 30, March 31, Dec 31, Sept. 30,
BALANCE SHEET SUMMARY
 2018 2018 2018 2017 2017
Total loans
 $ 145,280 $ 147,227 $ 137,942 $ 130,708 $ 131,507
Total short term investments
 18,368 10,843 23,035 33,929 26,349
Total investment securities
 80,509 84,981 92,926 92,935 89,922
Earning assets
 244,157 243,051 253,903 257,572 247,778
Total assets
 251,839 250,070 260,399 264,668 254,291
Noninterest bearing deposits
 83,151 80,637 82,622 81,387 75,572
Interest bearing deposits
 135,815 135,940 146,206 150,771 146,331
Total deposits
 218,966 216,577 228,828 232,158 221,903
Fed Funds Purchased and Repurchase Agreements
 0 1,566 0 0 0
Shareholders' equity
 $ 32,151 $ 31,236 $ 31,308 $ 31,546 $ 31,428



Quarter Ended
Sept. 30, June 30, March 31, Dec 31, Sept. 30,
HISTORICAL EARNINGS SUMMARY
 2018 2018 2018 2017 2017
Interest income
 $ 2,658 $ 2,591 $ 2,486 $ 2,407 $ 2,345
Interest expense
 309 241 209 192 175
Net Interest Income
 2,349 2,350 2,277 2,215 2,170
Service charges on deposits
 38 37 42 35 35
Other income
 111 100 87 91 94
Total Non Interest Income
 149 137 129 126 129
Salaries and benefits expense
 707 731 628 575 520
Occupancy and equipment expense
 119 106 121 112 110
Other expense
 272 302 382 290 276
Total Non Interest Expense
 1,098 1,139 1,131 977 906
Pretax pre-provision income
 1,400 1,348 1,275 1,364 1,393
Gain on sale of securities
 4 7 0 2 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
 30 30 0 507 60
Earnings before income taxes
 1,374 1,325 1,275 859 1,333
Provision for income taxes
 184 166 146 217 280
Net Earnings
 $ 1,190 $ 1,159 $ 1,129 $ 642 $ 1,053
Diluted earnings per share
 $ 1.07 $ 1.03 $ 1.00 $ 0.57 $ 0.94

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


 Ending Balance
Sept. 30, June 30, March 31, Dec 31, Sept. 30,
HISTORICAL BALANCE SHEET
 2018 2018 2018 2017 2017
Total loans
 $ 143,846 $ 150,833 $ 142,848 $ 139,818 $ 129,762
Total short term investments
 23,080 7,454 20,766 19,027 39,662
Total investment securities
 79,234 78,840 93,034 93,518 91,467
Total earning assets
 246,160 237,127 256,648 252,363 260,891
Allowance for loan losses
 (1,664 ) (1,634 ) (1,604 ) (1,600 ) (1,493 )
Premises and equipment
 2,652 2,729 2,725 2,731 2,747
Other Assets
 5,892 7,582 5,046 5,817 6,050
Total assets
 253,040 245,804 262,815 259,311 268,195
Noninterest bearing deposits
 81,856 79,678 86,903 84,445 79,366
Interest bearing deposits
 137,926 133,922 143,929 143,638 155,790
Total deposits
 219,782 213,600 230,832 228,083 235,156
Fed Funds Purchased and Repurchase Agreements
 0 0 0 0 0
Other Liabilities
 1,311 610 1,143 352 1,548
Total liabilities
 221,093 214,210 231,975 228,435 236,704
Shareholders' Equity Actual
 32,772 32,244 31,497 30,993 30,310
Unrealized Gain - AFS
 (825 ) (650 ) (657 ) (117 ) 1,181
Total Equity
 $ 31,947 $ 31,594 $ 30,840 $ 30,876 $ 31,491



Quarter Ending
Sept. 30, June 30, March 31, Dec 31, Sept. 30,
NONPERFORMING ASSETS
 2018 2018 2018 2017 2017
Nonaccrual loans
 $ 137 $ 179 $ 224 $ 394 $ 921
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
 $ 137 $ 179 $ 224 $ 394 $ 921
Accruing loans past due 30-89 days
 $ 456 $ 458 $ 0 $ 0 $ 0
Total nonperforming assets as a percentage
of loans and foreclosed assets
 0.10 % 0.12 % 0.16 % 0.28 % 0.66 %

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



Quarter Ending
ALLOWANCE FOR
 Sept. 30, June 30, March 31, Dec 31, Sept. 30,
LOAN LOSSES
 2018 2018 2018 2017 2017
Balance at beginning of period
 $ 1,634 $ 1,604 $ 1,600 $ 1,493 $ 2,731
Loans charged off
 0 0 0 400 1,300
Loan recoveries
 0 0 4 0 2
Net (charge-offs) recoveries
 0 0 4 (400 ) (1,298 )
Provision for loan losses
 30 30 0 507 60
Balance at end of period
 $ 1,664 $ 1,634 $ 1,604 $ 1,600 $ 1,493
Allowance for loan losses
as a percentage of total loans
 1.16 % 1.08 % 1.12 % 1.14 % 1.15 %
Allowance for loan losses
as a percentage of nonperforming assets
 1215 % 913 % 716 % 406 % 162 %
Net charge-offs (recoveries) as a
percentage of average loans
 0.00 % 0.00 % -0.01 % 0.31 % 0.99 %
Provision for loan losses
as a percentage of average loans
 0.02 % 0.02 % 0.00 % 0.39 % 0.05 %



Quarter Ending
Sept. 30, June 30, March 31, Dec 31, Sept. 30,
SELECTED RATIOS
 2018 2018 2018 2017 2017
Return on average assets (annualized)
 1.89 % 1.85 % 1.73 % 0.97 % 1.66 %
Return on average equity (annualized)
 14.81 % 14.84 % 14.42 % 8.14 % 13.40 %
Return on average equity (excluding unrealized gain on investments)
 14.53 % 14.51 % 14.34 % 8.44 % 13.90 %
Average shareholders' equity to average assets
 12.77 % 12.49 % 12.02 % 11.92 % 12.36 %
Yield on earning assets (tax equivalent)
 4.59 % 4.53 % 4.19 % 4.17 % 4.22 %
Effective Cost of Funds
 0.51 % 0.40 % 0.33 % 0.29 % 0.28 %
Net interest margin (tax equivalent)
 4.08 % 4.13 % 3.86 % 3.88 % 3.94 %
Efficiency ratio (tax equivalent)
 41.5 % 43.0 % 43.9 % 37.2 % 35.3 %
End of period book value per common share
 $ 29.07 $ 28.13 $ 27.88 $ 27.92 $ 28.47
End of period book value (excluding unrealized gain on investments)
 $ 29.82 $ 29.31 $ 28.48 $ 28.02 $ 27.41
End of period common shares outstanding (in 000's)
 1,099 1,100 1,106 1,106 1,106

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



Quarter Ending
September 30, 2018 September 30, 2017
Tax Tax
Average Equivalent Average Equivalent
YIELD ANALYSIS
 Balance Interest Yield Yield Balance Interest Yield Yield
Interest Earning Assets:
Short term investment
 $ 17,991 93 2.07 % 2.07 % $ 25,975 91 1.40 % 1.40 %
FRB Stock
 377 6 6.00 % 6.00 % 374 6 6.00 % 6.00 %
Taxable securities
 1,217 6 1.97 % 1.97 % 76 0 0.00 % 0.00 %
Tax Free securities
 80,065 563 2.81 % 3.56 % 89,846 608 2.71 % 3.90 %
Loans
 145,280 1,990 5.48 % 5.48 % 131,507 1,640 4.99 % 4.99 %
Total Interest Earning Assets
 244,930 2,658 4.34 % 4.59 % 247,778 2,345 3.78 % 4.22 %
Noninterest Earning Assets:
Cash and due from banks
 4,308 4,450
Other assets
 4,265 4,796
Allowance for loan losses
 (1,664 ) (2,733 )
Total Noninterest Earning Assets
 6,909 6,513
Total Assets
 $ 251,839 $ 254,291
Interest Bearing Liabilities:
Transaction and Money Market accounts
 111,298 226 0.81 % 0.81 % 116,647 107 0.37 % 0.37 %
Certificates and other time deposits
 24,517 83 1.35 % 1.35 % 29,684 68 0.92 % 0.92 %
Other borrowings
 0 0 0.00 % 0.00 % 0 0 0.00 % 0.00 %
Total Interest Bearing Liabilities
 135,815 309 0.91 % 0.91 % 146,331 175 0.48 % 0.48 %
Noninterest Bearing Liabilities:
Demand deposits
 83,151 75,572
Other liabilities
 722 960
Shareholders' Equity
 32,151 31,428
Total Liabilities and Shareholders Equity
 $ 251,839 $ 254,291
Net Interest Income and Spread
 2,349 3.43 % 3.68 % 2,170 3.31 % 3.74 %
Net Interest Margin
 3.84 % 4.08 % 3.50 % 3.94 %

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



September 30 September 30
2018 % 2017 %
LOAN PORTFOLIO
Commercial and industrial
 $ 85,673 59.56 % $ 74,002 57.03 %
Real estate:
Commercial
 20,977 14.58 % 17,670 13.62 %
Residential
 19,407 13.49 % 21,875 16.86 %
Construction and development
 16,706 11.61 % 15,461 11.91 %
Consumer
 1,083 0.75 % 754 0.58 %
Total loans (gross)
 143,846 100.00 % 129,762 100.00 %
Unearned discounts
 0 0.00 % 0 0.00 %
Total loans (net)
 $ 143,846 100.00 % $ 129,762 100.00 %



September 30 September 30
2018 2017
REGULATORY CAPITAL DATA
Tier 1 Capital
 $ 32,773 $ 30,310
Total Capital (Tier 1 + Tier 2)
 $ 34,437 $ 31,803
Total Risk-Adjusted Assets
 $ 160,141 $ 151,089
Tier 1 Risk-Based Capital Ratio
 20.47 % 20.06 %
Total Risk-Based Capital Ratio
 21.50 % 21.05 %
Tier 1 Leverage Ratio
 13.01 % 11.92 %
OTHER DATA
Full Time Equivalent
Employees (FTE's)
 20 17
Stock Price Range
(For the Three Months Ended):
High
 $ 67.00 $ 61.00
Low
 $ 60.00 $ 60.30
Close
 $ 65.00 $ 60.30

SOURCE: Trinity Bank N.A.

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