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Trinity Bank Reports 2017 3rd Quarter Net Income of $1,053,000

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October 25, 2017 5:26 PM EDT

- 3rd Quarter Return on Assets 1.66%
- 3rd Quarter Return on Equity 13.90%

FORT WORTH, TX / ACCESSWIRE / October 25, 2017 / Trinity Bank N.A. (OTC PINK: TYBT) today announced operating results for the third quarter and the nine months ending September 30, 2017.

Results of Operation

For the third quarter 2017, Trinity Bank, N.A. reported Net Income after Taxes of $1,053,000, an increase of 3.3% over third quarter 2016 earnings of $1,019,000. Earnings per diluted common share for the third quarter 2017 amounted to $0.94, an increase of 3.2% over third quarter 2016 results of $0.91 per diluted common share.

For the first nine months of 2017, Net Income after Taxes was $2,426,000, a decrease of 17.4% over the first nine months of 2016 results of $2,937,000. Earnings per diluted common share for the first nine months of 2017 were $2.16, a decrease of 16.9% over the first nine months of 2016 results of $2.60 per diluted common share.

President Jeffrey M. Harp stated, "Third quarter Net Income of $1,053,000 represents our second best quarterly performance since inception. Total Earning Assets increased 14.6% over the 3rd quarter of 2016. This increase was driven by 17.2% increase in Total Deposits. We are fortunate to operate in a market with economic activity. Trinity continues to be very efficient and comparative results for the third quarter are favorable as shown below."

Trinity Peer

Return on Assets 1.66% 1.03%

Return on Equity 13.90% 9.55%

"On October 31, 2017, Trinity will pay its twelfth semi-annual dividend since inception in April 2012. Dividend record is shown below."

2012 $ .45 plus $1.00 special

2013 $ .53

2014 $ .65

2015 $ .80

2016 $ .90

2017 $1.00


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
2017
2016
Change
2017
2016
Change
Interest income
 $ 2,345 $ 2,010 16.7 % $ 6,734 $ 6,070 10.9 %
Interest expense
 175 136 28.7 % 464 396 17.2 %
Net Interest Income
 2,170 1,874 15.8 % 6,270 5,674 10.5 %
Service charges on deposits
 35 38 -7.9 % 115 114 0.9 %
Other income
 94 115 -18.3 % 273 308 -11.4 %
Total Non Interest Income
 129 153 -15.7 % 388 422 -8.1 %
Salaries and benefits expense
 520 476 9.2 % 1,527 1,505 1.5 %
Occupancy and equipment expense
 110 72 52.8 % 320 225 42.2 %
Other expense
 276 268 3.0 % 826 836 -1.2 %
Total Non Interest Expense
 906 816 11.0 % 2,673 2,566 4.2 %
Pretax pre-provision income
 1,393 1,211 15.0 % 3,985 3,530 12.9 %
Gain on sale of securities
 0 91 N/M 3 184 N/M
Gain on sale of foreclosed assets
 0 0 N/M 0 0 N/M
Gain on sale of assets
 0 0 N/M 0 41 N/M
Provision for Loan Losses
 60 0 N/M 1,120 0 N/M
Earnings before income taxes
 1,333 1,302 2.4 % 2,868 3,755 -23.6 %
Provision for income taxes
 280 283 -1.1 % 442 818 -46.0 %
Net Earnings
 $ 1,053 $ 1,019 3.3 % $ 2,426 $ 2,937 -17.4 %
Basic earnings per share
 0.95 0.92 3.5 % 2.19 2.62 -16.4 %
Basic weighted average shares
 1,106 1,109 1,107 1,118
outstanding
Diluted earnings per share
 0.94 0.91 3.2 % 2.16 2.60 -16.9 %
Diluted weighted average shares outstanding
 1,121 1,120 1,122 1,129 0

Average for Quarter
Average for Nine Months
September 30
%
September 30
%
BALANCE SHEET SUMMARY
2017
2016
Change
2017
2016
Change
Total loans
 $ 131,507 $ 120,931 8.7 % $ 131,268 $ 120,099 9.3 %
Total short term investments
 26,349 14,035 87.7 % 20,834 15,736 32.4 %
Total investment securities
 89,922 81,166 10.8 % 85,529 78,851 8.5 %
Earning assets
 247,778 216,132 14.6 % 237,631 214,686 10.7 %
Total assets
 254,291 221,332 14.9 % 244,241 219,926 11.1 %
Noninterest bearing deposits
 75,572 61,241 23.4 % 73,427 62,336 17.8 %
Interest bearing deposits
 146,331 128,103 14.2 % 139,610 126,558 10.3 %
Total deposits
 221,903 189,344 17.2 % 213,037 188,894 12.8 %
Fed Funds Purchased and Repurchase Agreements
 0 361 -100.0 % 106 358 -70.4 %
Shareholders' equity
 $ 31,428 $ 30,278 3.8 % $ 30,391 $ 29,390 3.4 %

Average for Quarter Ending
Sept. 30,
June 30,
March 31,
Dec 31,
Sept. 30,
BALANCE SHEET SUMMARY
2017
2017
2017
2016
2016
Total loans
 $ 131,507 $ 131,481 $ 130,977 $ 124,012 $ 120,931
Total short term investments
 26,349 21,563 14,089 21,884 14,035
Total investment securities
 89,922 84,656 82,294 81,207 81,166
Earning assets
 247,778 237,700 227,360 227,103 216,132
Total assets
 254,291 244,153 234,058 232,931 221,332
Noninterest bearing deposits
 75,572 73,999 70,654 72,209 62,336
Interest bearing deposits
 146,331 139,407 132,946 129,186 126,558
Total deposits
 221,903 213,406 203,600 201,395 188,894
Fed Funds Purchased and Repurchase Agreements
 0 0 320 361 358
Shareholders' equity
 $ 31,428 $ 30,024 $ 29,701 $ 29,746 $ 29,390
Quarter Ended
Sept. 30,
June 30,
March 31,
Dec 31,
Sept. 30,
HISTORICAL EARNINGS SUMMARY
 2017 2017 2017 2016 2016
Interest income
 $ 2,345 $ 2,244 $ 2,145 $ 2,050 $ 2,010
Interest expense
 175 150 139 138 136
Net Interest Income
 2,170 2,094 2,006 1,912 1,874
Service charges on deposits
 35 38 42 42 38
Other income
 94 92 88 89 115
Total Non Interest Income
 129 130 130 131 153
Salaries and benefits expense
 520 499 508 526 476
Occupancy and equipment expense
 110 106 104 77 72
Other expense
 276 281 269 210 268
Total Non Interest Expense
 906 886 881 813 816
Pretax pre-provision income
 1,393 1,338 1,255 1,230 1,211
Gain on sale of securities
 0 3 (1 ) 79 91
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
 60 60 1,000 0 0
Earnings before income taxes
 1,333 1,281 254 1,309 1,302
Provision for income taxes
 280 265 (103 ) 237 283
Net Earnings
 $ 1,053 $ 1,016 $ 357 $ 1,072 $ 1,019
Diluted earnings per share
 $ 0.94 $ 0.91 $ 0.32 $ 0.96 $ 0.91
Ending Balance
Sept. 30,
June 30,
March 31,
Dec 31,
Sept. 30,
HISTORICAL BALANCE SHEET
2017
2017
2017
2016
2016
Total loans
 $ 129,762 $ 132,854 $ 131,531 $ 132,140 $ 123,995
Total short term investments
 39,662 20,090 28,599 9,615 12,817
Total investment securities
 91,467 88,902 81,820 83,241 80,951
Total earning assets
 260,891 241,846 241,950 224,996 217,763
Allowance for loan losses
 (1,493 ) (2,731 ) (2,662 ) (1,652 ) (1,644 )
Premises and equipment
 2,747 2,780 2,698 2,525 1,764
Other Assets
 6,050 6,433 5,950 6,875 8,918
Total assets
 268,195 248,328 247,936 232,744 226,801
Noninterest bearing deposits
 79,366 75,867 78,381 74,537 67,702
Interest bearing deposits
 155,790 140,577 139,409 127,986 127,123
Total deposits
 235,156 216,444 217,790 202,523 194,825
Fed Funds Purchased and Repurchase Agreements
 0 0 0 361 361
Other Liabilities
 1,548 872 923 472 1,793
Total liabilities
 236,704 217,316 218,713 203,356 196,979
Shareholders' Equity Actual
 30,310 29,886 29,015 29,201 28,106
Unrealized Gain - AFS
 1,181 1,126 208 187 1,716
Total Equity
 $ 31,491 $ 31,012 $ 29,223 $ 29,388 $ 29,822
Quarter Ending
Sept. 30,
June 30,
March 31,
Dec 31,
Sept. 30,
NONPERFORMING ASSETS
 2017 2017 2017 2016 2016
Nonaccrual loans
 $ 921 $ 2,345 $ 2,527 $ 2,753 $ 3,173
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
 $ 921 $ 2,345 $ 2,527 $ 2,753 $ 3,173
Accruing loans past due 30-89 days
 $ 0 $ 0 $ 0 $ 121 $ 0
Total nonperforming assets as a percentage
of loans and foreclosed assets
 0.71 % 1.77 % 1.92 % 2.08 % 2.56 %

Quarter Ending
ALLOWANCE FOR
Sept. 30,
June 30,
March 31,
Dec 31,
Sept. 30,
LOAN LOSSES
2017
2017
2017
2016
2016
Balance at beginning of period
 $ 2,731 $ 2,662 $ 1,652 $ 1,644 $ 1,633
Loans charged off
 1,300 0 0 0 0
Loan recoveries
 2 9 10 8 11
Net (charge-offs) recoveries
 (1,298 ) 9 10 8 11
Provision for loan losses
 60 60 1,000 0 0
Balance at end of period
 $ 1,493 $ 2,731 $ 2,662 $ 1,652 $ 1,644
Allowance for loan losses
as a percentage of total loans
 1.15 % 2.06 % 2.02 % 1.25 % 1.33 %
Allowance for loan losses
as a percentage of nonperforming assets
 162 % 116 % 105 % 60 % 52 %
Net charge-offs (recoveries) as a
percentage of average loans
 0.99 % -0.01 % -0.01 % -0.01 % -0.01 %
Provision for loan losses
as a percentage of average loans
 0.05 % 0.05 % 0.76 % N/A N/A

Quarter Ending
Sept. 30,
June 30,
March 31,
Dec 31,
Sept. 30,
SELECTED RATIOS
 2017 2017 2017 2016 2016
Return on average assets (annualized)
 1.66 % 1.66 % 0.61 % 1.84 % 1.84 %
Return on average equity (annualized)
 13.40 % 13.54 % 4.81 % 14.32 % 13.46 %
Return on average equity (excluding unrealized gain on investments)
 13.90 % 13.78 % 4.85 % 14.97 % 14.33 %
Average shareholders' equity to average assets
 12.36 % 12.30 % 12.69 % 12.86 % 13.68 %
Yield on earning assets (tax equivalent)
 4.22 % 4.19 % 4.20 % 4.13 % 4.14 %
Effective Cost of Funds
 0.28 % 0.25 % 0.25 % 0.25 % 0.26 %
Net interest margin (tax equivalent)
 3.94 % 3.94 % 3.95 % 3.88 % 3.88 %
Efficiency ratio (tax equivalent)
 35.3 % 35.8 % 37.0 % 35.8 % 36.2 %
End of period book value per common share
 $ 28.47 $ 28.04 $ 26.37 $ 26.50 $ 26.89
End of period book value (excluding unrealized gain on investments)
 $ 27.41 $ 27.02 $ 26.19 $ 26.33 $ 25.34
End of period common shares outstanding (in 000's)
 1,106 1,106 1,108 1,109 1,109

Quarter Ending
September 30, 2017
September 30, 2016
Tax
Tax
Average
Equivalent
Average
Equivalent
YIELD ANALYSIS
Balance
Interest
Yield
Yield
Balance
Interest
Yield
Yield
Interest Earning Assets:
Short term investment
 $ 25,975 91 1.40 % 1.40 % $ 13,663 28 0.82 % 0.82 %
FRB Stock
 374 6 6.00 % 6.00 % 372 6 6.00 % 6.00 %
Taxable securities
 76 0 0.00 % 0.00 % 0 0 0.00 % 0.00 %
Tax Free securities
 89,846 608 2.71 % 3.90 % 81,166 513 2.53 % 3.64 %
Loans
 131,507 1,640 4.99 % 4.99 % 120,931 1,463 4.84 % 4.84 %
Total Interest Earning Assets
 247,778 2,345 3.78 % 4.22 % 216,132 2,010 3.72 % 4.14 %
Noninterest Earning Assets:
Cash and due from banks
 4,450 3,820
Other assets
 4,796 3,017
Allowance for loan losses
 (2,733 ) (1,637 )
Total Noninterest Earning Assets
 6,513 5,200
Total Assets
 $ 254,291 $ 221,332
Interest Bearing Liabilities:
Transaction and Money Market accounts
 116,647 107 0.37 % 0.37 % 102,124 78 0.31 % 0.31 %
Certificates and other time deposits
 29,684 68 0.92 % 0.92 % 25,979 58 0.89 % 0.89 %
Other borrowings
 0 0 0.00 % 0.00 % 361 0 0.30 % 0.30 %
Total Interest Bearing Liabilities
 146,331 175 0.48 % 0.48 % 128,464 136 0.42 % 0.42 %
Noninterest Bearing Liabilities:
Demand deposits
 75,572 61,241
Other liabilities
 960 1,349
Shareholders' Equity
 31,428 30,278
Total Liabilities and Shareholders Equity
 $ 254,291 $ 221,332
Net Interest Income and Spread
 2,170 3.31 % 3.74 % 1,874 3.30 % 3.72 %
Net Interest Margin
 3.50 % 3.94 % 3.47 % 3.88 %

September 30
September 30
2017
%
2016
%
LOAN PORTFOLIO
Commercial and industrial
 $ 74,002 57.03 % $ 67,314 54.29 %
Real estate:
Commercial
 17,670 13.62 % 22,227 17.93 %
Residential
 21,875 16.86 % 19,398 15.64 %
Construction and development
 15,461 11.91 % 13,671 11.03 %
Consumer
 754 0.58 % 1,385 1.12 %
Total loans (gross)
 129,762 100.00 % 123,995 100.00 %
Unearned discounts
 0 0.00 % 0 0.00 %
Total loans (net)
 $ 129,762 100.00 % $ 123,995 100.00 %

September 30
September 30
2017
%
 2016
REGULATORY CAPITAL DATA
Tier 1 Capital
 $ 30,310 $ 28,106
Total Capital (Tier 1 + Tier 2)
 $ 31,803 $ 29,750
Total Risk-Adjusted Assets
 $ 151,089 $ 141,322
Tier 1 Risk-Based Capital Ratio
 20.06 % 19.92 %
Total Risk-Based Capital Ratio
 21.05 % 21.08 %
Tier 1 Leverage Ratio
 11.92 % 12.70 %
OTHER DATA
Full Time Equivalent
Employees (FTE's)
 17 16
Stock Price Range
(For the Three Months Ended):
High
 $ 61.00 $ 50.25
Low
 $ 60.30 $ 49.00
Close
 $ 60.30 $ 50.25

SOURCE: Trinity Bank, N.A.


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