Trinity Bank Reports First $1,000,000 Quarterly Profit
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E-mailFORT WORTH, TX -- (Marketwired) -- 10/26/16 -- Trinity Bank, N.A. (OTC: TYBT) today announced operating results for the third quarter and the nine months ending September 31, 2016. The financial summary is attached for your review.
Results of Operations
For the third quarter of 2016, Trinity Bank, N.A. reported Net Income after Taxes of $1,019,000, an increase of 7.4% over third quarter 2014 earnings of $949,000. Earnings per diluted common share for the third quarter 2016 amounted to $.91, an increase of 8.3% over third quarter 2015 results of $.84 per diluted common share.
For the first nine months of 2016, Net Income after Taxes was $2,937,000, an increase of 6.6% over the nine month 2015 results of $2,756,000. Earnings per diluted common share for the first nine months of 2016 were $2.60, an increase of 6.6% over 2015 nine months results of $2.44 per diluted common share.
Jeffrey M. Harp, President, stated, "We are pleased to announce Trinity's first quarter with Net Income in excess of $1,000,000. It took us four full years of operation to make $1,000,000 for the year (2007). It is very gratifying for all of us to now be making in excess of $1,000,000 in one quarter. I would like to thank our staff, our Board, and our customers for making this possible."
"Trinity continues to perform at a high level -- Return on Assets of 1.84% and Return on Equity of 14.33% -- when compared to all local, state, and national peer groups."
As previously announced, Trinity Bank will pay its tenth cash dividend October 31st to shareholders of record as of October 14th. This dividend of $.46 per share represents a 4.5% increase over the $.44 dividend that was paid in April, 2016. The Board of Directors will continue to review dividend policy on a semi-annual basis."
Average for Quarter Ending 9/30/2016 9/30/2015 % ------------------------------------------- ---------- ---------- ------ (in 000's) Loans $ 120,931 $ 119,107 1.5% Deposits $ 189,344 $ 179,635 5.4% Actual for Quarter Ending 9/30/2016 9/30/2015 % ------------------------------------------- ---------- ---------- ------ (in 000's) Net Interest Income $ 1,874 $ 1,910 (1.9)% Non-Interest Income 153 130 17.7% Non-Interest Expense (816) (839) (2.7)% Pretax Preprovision Income $ 1,211 $ 1,201 .8% Gain on Sale of Securities and Foreclosed Assets 91 31 Loan Loss Provision 0 0 Pre Tax Income 1,302 1,232 5.7% Income Tax (283) (283) Net Income $ 1,019 $ 949 7.4% Diluted Weighted Average Shares 1,120 1,133 Earnings per Share 0.91 0.84 8.3% Return on Assets 1.84% 1.83% Return on Equity 14.33% 14.24%
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.
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 2016 2015 Change 2016 2015 Change
Interest income $ 2,010 $ 2,007 0.1% $ 6,070 $ 5,821 4.3%
Interest expense 136 97 40.2% $ 396 $ 291 36.1%
Net Interest Income 1,874 1,910 -1.9% 5,674 5,530 2.6%
Service charges on
deposits 38 46 -17.4% $ 105 $ 136 -22.8%
Other income 115 82 40.2% 317 $ 253 25.3%
Total Non Interest
Income 153 130 17.7% 422 389 8.5%
Salaries and
benefits expense 476 514 -7.4% $ 1,505 $ 1,397 7.7%
Occupancy and
equipment expense 72 69 4.3% $ 225 $ 195 15.4%
Other expense 268 256 4.7% $ 836 $ 866 -3.5%
Total Non Interest
Expense 816 839 -2.7% 2,566 2,458 4.4%
Pretax pre-provision
income 1,211 1,201 0.8% 3,530 3,461 2.0%
Gain on sale of
securities 91 31 N/M $ 184 $ 43 N/M
Gain on sale of
foreclosed assets 0 0 N/M $ 0 $ 70 N/M
Gain on sale of
other assets 0 0 N/M $ 41 $ 0 N/M
Provision for Loan
Losses 0 0 N/M 0 0 N/M
Earnings before
income taxes 1,302 1,232 5.7% 3,755 3,574 5.1%
Provision for income
taxes 283 283 0.0% $ 818 $ 818 0.0%
Net Earnings $ 1,019 $ 949 7.4% $ 2,937 $ 2,756 6.6%
Basic earnings per
share 0.92 0.85 8.2% 2.62 2.46 6.5%
Basic weighted
average shares
outstanding 1,109 1,122 1,118 1,121
Diluted earnings per
share 0.91 0.84 8.3% 2.60 2.44 6.6%
Diluted weighted
average shares
outstanding 1,120 1,133 1,129 1,132
Average for Nine
Average for Quarter Months
September 30 % September 30 %
BALANCE SHEET
SUMMARY 2016 2015 Change 2016 2015 Change
Total loans $ 120,931 $ 119,107 1.5% $ 120,099 $ 115,632 3.9%
Total short term
investments 14,035 13,055 7.5% 15,736 15,033 4.7%
Total investment
securities 81,166 70,557 15.0% 78,851 70,992 11.1%
Earning assets 216,132 202,719 6.6% 214,686 201,657 6.5%
Total assets 221,332 207,560 6.6% 219,926 206,819 6.3%
Noninterest bearing
deposits 61,241 60,995 0.4% 62,336 58,971 5.7%
Interest bearing
deposits 128,103 118,640 8.0% 126,558 120,788 4.8%
Total deposits 189,344 179,635 5.4% 188,894 179,759 5.1%
Fed Funds Purchased
and Repurchase
Agreements 361 429 -15.9% 358 429 -16.6%
Shareholders' equity $ 30,278 $ 26,653 13.6% $ 29,390 $ 25,837 13.8%
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 2016 2016 2016 2015 2015
Total loans $ 120,931 $ 118,028 $ 122,069 $ 124,316 $ 119,107
Total short term
investments 14,035 16,766 16,414 16,894 13,055
Total investment
securities 81,166 80,062 76,418 71,663 70,557
Earning assets 216,132 214,856 214,901 212,873 202,719
Total assets 221,332 219,895 220,262 217,961 207,560
Noninterest bearing
deposits 61,241 58,456 63,433 67,719 60,995
Interest bearing deposits 128,103 130,204 126,587 120,853 118,640
Total deposits 189,344 188,660 190,020 188,572 179,635
Fed Funds Purchased and
Repurchase Agreements 361 358 355 361 429
Shareholders' equity $ 30,278 $ 29,460 $ 28,758 $ 27,733 $ 26,653
Quarter Ended
HISTORICAL EARNINGS Sept. 30, June 30, March 31, Dec 31, Sept. 30,
SUMMARY 2016 2016 2016 2015 2015
Interest income $ 2,010 $ 2,016 $ 2,043 $ 2,070 $ 2,007
Interest expense 136 134 126 107 97
Net Interest Income 1,874 1,882 1,917 1,963 1,910
Service charges on
deposits 38 37 39 50 48
Other income 115 87 104 87 82
Total Non Interest Income 153 124 143 137 130
Salaries and benefits
expense 476 520 509 627 514
Occupancy and equipment
expense 72 76 78 68 69
Other expense 268 267 298 149 256
Total Non Interest Expense 816 863 885 844 839
Pretax pre-provision
income 1,211 1,143 1,175 1,256 1,201
Gain on sale of securities 91 67 27 18 31
Gain on sale of foreclosed
assets 0 0 0 0 0
Gain on sale of other
assets 0 19 22 21 0
Provision for Loan Losses 0 0 0 76 0
Earnings before income
taxes 1,302 1,229 1,224 1,219 1,232
Provision for income taxes 283 263 272 242 283
Net Earnings $ 1,019 $ 966 $ 952 $ 977 $ 949
Diluted earnings per share $ 0.91 $ 0.86 $ 0.84 $ 0.86 $ 0.84
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
Ending Balance
HISTORICAL BALANCE Sept. 30, June 30, March 31, Dec 31, Sept. 30,
SHEET 2016 2016 2016 2015 2015
Total loans $ 123,995 $ 117,616 $ 120,214 $ 127,871 $ 118,146
Total short term
investments 12,817 13,269 21,082 20,095 18,533
Total investment
securities 80,951 79,974 78,737 72,616 70,542
Total earning assets 217,763 210,859 220,033 220,582 207,221
Allowance for loan
losses (1,644) (1,633) (1,624) (1,613) (1,528)
Premises and
equipment 1,764 1,425 1,444 1,397 1,304
Other Assets 8,918 5,353 5,189 8,008 5,381
Total assets 226,801 216,004 225,042 228,374 212,378
Noninterest bearing
deposits 67,702 59,753 63,151 73,078 60,749
Interest bearing
deposits 127,123 124,839 130,828 125,772 122,491
Total deposits 194,825 184,592 193,979 198,850 183,240
Fed Funds Purchased
and Repurchase
Agreements 361 361 355 355 429
Other Liabilities 1,793 1,235 1,842 1,095 1,582
Total liabilities 196,979 186,188 196,176 200,300 185,251
Shareholders' Equity
Actual 28,106 28,097 27,180 26,755 25,818
Unrealized Gain - AFS 1,716 1,719 1,686 1,319 1,309
Total Equity $ 29,822 $ 29,816 $ 28,866 $ 28,074 $ 27,127
Quarter Ending
Sept. 30, June 30, March 31, Dec 31, Sept. 30,
NONPERFORMING ASSETS 2016 2016 2015 2015 2015
Nonaccrual loans $ 3,173 $ 1,349 $ 1,383 $ 0 $ 0
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 $ 3,173 $ 1,349 $ 1,383 $ 0 $ 0
Accruing loans past
due 30-89 days $ 0 $ 0 $ 0 $ 0 $ 0
Total nonperforming
assets as a
percentage of loans
and foreclosed
assets 2.56% 1.15% 1.15% 0.00% 0.00%
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 2016 2016 2016 2015 2015
Balance at beginning of
period $ 1,633 $ 1,624 $ 1,613 $ 1,528 $ 1,518
Loans charged off 0 0 0 0 0
Loan recoveries 11 9 11 9 10
Net (charge-offs)
recoveries 11 9 11 9 10
Provision for loan
losses 0 0 0 76 0
Balance at end of
period $ 1,644 $ 1,633 $ 1,624 $ 1,613 $ 1,528
Allowance for loan
losses
as a percentage of
total loans 1.33% 1.39% 1.35% 1.26% 1.29%
Allowance for loan
losses
as a percentage of
nonperforming assets 52% 121% 117% N/A N/A
Net charge-offs
(recoveries) as a
percentage of average
loans -0.01% -0.01% -0.01% -0.01% -0.01%
Provision for loan
losses
as a percentage of
average loans N/A N/A N/A 0.06% N/A
Quarter Ending
Sept. 30, June 30, March 31, Dec 31, Sept. 30,
SELECTED RATIOS 2016 2016 2016 2015 2015
Return on average
assets (annualized) 1.84% 1.76% 1.73% 1.79% 1.83%
Return on average
equity (annualized) 13.46% 13.12% 13.19% 14.09% 14.24%
Return on average
equity (excluding
unrealized gain on
investments) 14.33% 13.97% 14.01% 14.84% 14.68%
Average shareholders'
equity to average
assets 13.68% 13.40% 13.06% 12.72% 12.84%
Yield on earning assets
(tax equivalent) 4.14% 4.16% 4.32% 4.23% 4.34%
Effective Cost of Funds 0.26% 0.25% 0.24% 0.20% 0.19%
Net interest margin
(tax equivalent) 3.88% 3.92% 4.08% 4.03% 4.15%
Efficiency ratio (tax
equivalent) 36.2% 38.8% 38.4% 36.2% 37.0%
End of period book
value per common share $ 26.89 $ 26.67 $ 25.77 $ 25.07 $ 24.18
End of period book
value (excluding
unrealized gain on
investments) $ 25.34 $ 25.13 $ 24.27 $ 23.89 $ 23.01
End of period common
shares outstanding (in
000's) 1,109 1,118 1,120 1,120 1,122
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
Quarter Ending
September 30, 2016 September 30, 2015
Tax Tax
Equiva- Equiva-
YIELD Average lent Average lent
ANALYSIS Balance Interest Yield Yield Balance Interest Yield Yield
Interest
Earning
Assets:
Short term
investment $ 13,663 28 0.82% 0.82% $ 12,685 21 0.66% 0.66%
Investment
securities 372 6 6.00% 6.00% 370 6 6.00% 6.00%
Tax Free
securities 81,166 513 2.53% 3.64% 70,557 440 2.49% 3.59%
Loans 120,931 1,463 4.84% 4.84% 119,107 1,540 5.17% 5.17%
Total
Interest
Earning
Assets 216,132 2,010 3.72% 4.14% 202,719 2,007 3.96% 4.34%
Noninterest
Earning
Assets:
Cash and due
from banks 3,820 4,112
Other assets 3,017 2,257
Allowance
for loan
losses (1,637) (1,528)
Total
Noninterest
Earning
Assets 5,200 4,841
Total Assets $221,332 $207,560
Interest
Bearing
Liabilities:
Transaction
and Money
Market
accounts 102,124 78 0.31% 0.31% 96,860 67 0.28% 0.28%
Certificates
and other
time
deposits 25,979 58 0.89% 0.89% 21,780 30 0.55% 0.55%
Other
borrowings 361 0 0.30% 0.30% 429 0 0.25% 0.25%
Total
Interest
Bearing
Liabilities 128,464 136 0.42% 0.42% 119,069 97 0.33% 0.33%
Noninterest
Bearing
Liabilities
Demand
deposits 61,241 60,995
Other
liabilities 1,349 843
Shareholders'
Equity 30,278 26,653
Total
Liabilities
and
Shareholders
Equity $221,332 $207,560
Net Interest
Income and
Spread 1,874 3.30% 3.72% 1,910 3.63% 4.02%
Net Interest
Margin 3.47% 3.88% 3.77% 4.15%
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
September September
30 30
2016 % 2015 %
LOAN PORTFOLIO
Commercial and industrial $ 67,314 54.29% $ 60,904 51.55%
Real estate:
Commercial 22,227 17.93% 22,523 19.06%
Residential 19,398 15.64% 19,677 16.65%
Construction and development 13,671 11.03% 13,237 11.20%
Consumer 1,385 1.12% 1,805 1.53%
Total loans (gross) 123,995 100.00% 118,146 100.00%
Unearned discounts 0 0.00% 0 0.00%
Total loans (net) $ 123,995 100.00% $ 118,146 100.00%
September September
30 30
2016 2015
REGULATORY CAPITAL DATA
Tier 1 Capital $ 28,106 $ 25,818
Total Capital (Tier 1 + Tier 2) $ 29,750 $ 27,346
Total Risk-Adjusted Assets $ 141,322 $ 131,608
Tier 1 Risk-Based Capital Ratio 19.92% 19.62%
Total Risk-Based Capital Ratio 21.08% 20.78%
Tier 1 Leverage Ratio 12.70% 12.44%
OTHER DATA
Full Time Equivalent
Employees (FTE's) 16 16
Stock Price Range
(For the Three Months Ended):
High $ 50.25 $ 61.00
Low $ 49.00 $ 51.00
Close $ 50.25 $ 51.00
For information contact: Richard Burt Executive Vice President Trinity Bank 817-763-9966
Source: Trinity Bank
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