Trinity Bank Reports 2021 3rd Quarter Net Income Of $1,476,000

Rhea-AI Summary

Trinity Bank N.A. (OTC PINK:TYBT) reported strong operating results for Q3 2021, with net income after taxes rising 21.4% to $1,476,000, up from $1,216,000 in Q3 2020. Earnings per diluted share reached $1.30, a 20.4% increase from $1.08 in the same quarter last year. For the first nine months, net income increased by 21.9% to $4,230,000. The bank also announced an 8.4% increase in dividends for 2021, totaling $1.42 per share, marking its 20th consecutive semiannual dividend hike.

Positive

• Net income after taxes for Q3 2021 increased by 21.4% to $1,476,000.
• Earnings per diluted common share rose to $1.30, up 20.4% from Q3 2020.
• Net income for the first nine months of 2021 grew by 21.9% to $4,230,000.
• Earnings per diluted share for the nine months increased by 22.1% to $3.75.
• Dividends for 2021 will total $1.42, an 8.4% increase from 2020.

Negative

• Continued challenges from price increases and supply chain issues.
• Artificial low interest rate environment hindering growth.

3^RD QUARTER RETURN ON ASSETS 1.49%
3^RD QUARTER RETURN ON EQUITY 14.15%

FORT WORTH, TX / ACCESSWIRE / October 27 2021 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the third quarter and the nine months ending September 30, 2021.

Results of Operation

For the third quarter 2021, Trinity Bank, N.A. reported Net Income after Taxes of $1,476,000, an increase of 21.4% over third quarter 2020 earnings of $1,216,000. Earnings per diluted common share for the third quarter 2021 amounted to $1.30, an increase of 20.4% over third quarter 2020 results of $1.08 per diluted common share.

For the first nine months of 2021, Net Income after Taxes was $4,230,000, an increase of 21.9% over the first nine months of 2020 results of $3,470,000. Earnings per diluted common share for the first nine months of 2021 were $3.75, an increase of 22.1% over the first nine months of 2020 results of $3.07 per diluted common share.

Chairman Jeff Harp stated, "Trinity Bank and its customers have continued to make progress in 2021 in spite of price increases, supply chain issues, and political gridlock. We are cautiously optimistic that the headwinds from the pandemic are diminishing."

President Barney C. Wiley reported, "We continue to see increased activity in the local economy and increased opportunity for organic growth - both from our existing customers as well as prospective customers. The artificial low interest rate environment is a hindrance, but Trinity continues to produce above-peer performance in terms of Return on Assets, Return on Equity, Efficiency, and Capital Strength. In addition, on October 29, Trinity will pay its 20^th consecutive increased semiannual dividend. Total dividends for 2021 will be $1.42 representing an 8.4% increase over 2020 dividends of $1.31."

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		2021				2020				Change				2021				2020				Change
Interest income		$	3,692			$	2,949				25.2	%		$	11,153			$	8,913				25.1	%
Interest expense			150				158				-5.1	%			426				727				-41.4	%
Net Interest Income			3,542				2,791				26.9	%			10,727				8,186				31.0	%
Service charges on deposits			56				56				0.0	%			169				145				16.6	%
Other income			111				86				29.1	%			309				243				27.2	%
Total Non Interest Income			167				142				17.6	%			478				388				23.2	%
Salaries and benefits expense			1,127				915				23.2	%			3,166				2,807				12.8	%
Occupancy and equipment expense			121				94				28.7	%			359				348				3.2	%
Other expense			430				364				18.1	%			1,340				1,150				16.5	%
Total Non Interest Expense			1,678				1,373				22.2	%			4,865				4,305				13.0	%
Pretax pre-provision income			2,031				1,560				30.2	%			6,340				4,269				48.5	%
Gain on sale of securities			0				0				N/M				0				0				N/M
Gain on sale of foreclosed assets			0				18				N/M				0				18				N/M
Gain on sale of assets			0				0				N/M				0				0				N/M
Provision for Loan Losses			290				200				45.0	%			1,390				325				327.7	%
Earnings before income taxes			1,741				1,378				26.3	%			4,950				3,962				24.9	%
Provision for income taxes			265				162				N/M				720				492				46.3	%
Net Earnings		$	1,476			$	1,216				21.4	%		$	4,230			$	3,470				21.9	%
Basic earnings per share			1.36				1.12				21.3	%			3.91				3.20				22.1	%
Basic weighted average shares			1,086				1,084								1,083				1,085
outstanding
Diluted earnings per share - estimate			1.30				1.08				20.4	%			3.75				3.07				22.1	%
Diluted weighted average shares outstanding			1,132				1,131								1,129				1,132
	Average for Quarter																Average for Nine Months
	September 30																September 30
BALANCE SHEET SUMMARY			2021				2020			% Change					2021				2020			% Change
Total loans		$	222,400			$	165,073				34.7	%		$	214,470			$	168,203				27.5	%
Total PPP loans		$	27,071			$	51,381				-47.3	%		$	43,325			$	31,142				39.1	%
Total short term investments			26,122				32,176				-18.8	%			22,017				37,152				-40.7	%
Total investment securities			113,914				92,272				23.5	%			101,540				82,889				22.5	%
Earning assets			389,507				340,902				14.3	%			381,352				319,386				19.4	%
Total assets			395,762				342,058				15.7	%			387,645				326,806				18.6	%
Noninterest bearing deposits			143,056				117,655				21.6	%			140,044				111,353				25.8	%
Interest bearing deposits			207,369				189,053				9.7	%			203,647				175,504				16.0	%
Total deposits			350,425				306,708				14.3	%			343,691				286,857				19.8	%
Fed Funds Purchased and Repurchase Agreements			0				0				N/M				81				0				N/M
Shareholders' equity		$	41,723			$	37,602				11.0	%		$	40,390			$	36,866				9.6	%

	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		2021				2021				2021				2020				2020
Total loans		$	222,400			$	214,501			$	206,386			$	188,361				165,073
Total PPP loans			27,071			$	46,772			$	56,454			$	51,079				51,381
Total short term investments			26,122				28,242				11,131				23,960				32,176
Total investment securities			113,914				96,153				94,737				93,094				92,272
Earning assets			389,507				385,668				368,708				356,494				340,902
Total assets			395,762				391,571				375,295				363,558				342,058
Noninterest bearing deposits			143,056				136,853				133,541				130,114				117,655
Interest bearing deposits			207,369				211,012				199,047				191,654				189,053
Total deposits			350,425				347,865				332,588				321,768				306,708
Fed Funds Purchased and Repurchase Agreements			0				0				244				0				0
Shareholders' equity		$	41,723			$	40,236			$	39,352			$	38,084			$	37,602

		Quarter Ended
		Sept. 30,				June 30,				March 31,				Dec 31,				Sept. 30,
HISTORICAL EARNINGS SUMMARY		2021				2021				2021				2020				2020
Interest income		$	3,692			$	3,806			$	3,656			$	3,177			$	2,949
Interest expense			150				144				131				129				158
Net Interest Income			3,542				3,662				3,525				3,048				2,791
Service charges on deposits			56				58				56				61				56
Other income			111				104				91				90				86
Total Non Interest Income			167				162				147				151				142
Salaries and benefits expense			1,127				1,080				959				977				915
Occupancy and equipment expense			121				114				124				119				94
Other expense			430				405				505				362				364
Total Non Interest Expense			1,678				1,599				1,588				1,458				1,373
Pretax pre-provision income			2,031				2,225				2,084				1,741				1,560
Gain on sale of securities			0				0				0				(1	)			0
Gain on sale of foreclosed assets			0				0				0				0				18
Gain on sale of other assets			0				0				0				0				0
Provision for Loan Losses			290				550				550				315				200
Earnings before income taxes			1,741				1,675				1,534				1,425				1,378
Provision for income taxes			265				249				206				179				162
Net Earnings		$	1,476			$	1,426			$	1,328			$	1,246			$	1,216
Diluted earnings per share		$	1.30			$	1.26			$	1.18			$	1.10			$	1.08

	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		2021				2021				2021				2020				2020
Total loans		$	228,976			$	215,085			$	213,644			$	205,355			$	177,091
Total PPP loans		$	20,911			$	34,305			$	56,975			$	46,852			$	51,382
Total short term investments			34,818				31,247				10,941				24,993				16,429
Total investment securities			117,844				100,499				93,615				95,244				90,606
Total earning assets			402,549				381,136				375,175				372,444				335,508
Allowance for loan losses			(4,306)				(4,016)				(3,466)				(2,915)				(2,598)
Premises and equipment			2,179				2,218				2,221				2,340				2,400
Other Assets			6,803				10,507				7,645				6,237				6,748
Total assets			407,225				389,845				381,575				378,106				342,058
Noninterest bearing deposits			148,238				149,049				135,920				134,692				114,284
Interest bearing deposits			214,162				196,355				202,205				201,120				186,096
Total deposits			362,400				345,404				338,125				335,812				300,380
Fed Funds Purchased and Repurchase Agreements			0				0				0				0				0
Other Liabilities			1,834				1,539				2,181				1,270				2,029
Total liabilities			364,234				346,943				340,306				337,082				302,409
Shareholders' Equity Actual			41,465				40,957				39,352				38,778				37,463
Unrealized Gain - AFS			1,526				1,945				1,917				2,246				2,186
Total Equity		$	42,991			$	42,902			$	41,269			$	41,024			$	39,649
	Quarter Ending
	Sept. 30,						June 30,				March 31,				Dec 31,				Sept. 30,
NONPERFORMING ASSETS			2021				2021				2021				2020				2020
Nonaccrual loans		$	279			$	297			$	321			$	249			$	266
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		$	279			$	297			$	321			$	249			$	266
Accruing loans past due 30-89 days		$	600			$	0			$	0			$	0			$	0
Total nonperforming assets as a percentage
of loans and foreclosed assets			0.12	%			0.12	%			0.13	%			0.10	%			0.12	%

	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		2021				2021				2021				2020				2020
Balance at beginning of period		$	4,016			$	3,466			$	2,915			$	2,598			$	2,396
Loans charged off			0				0				0				0				0
Loan recoveries			0				0				1				2				2
Net (charge-offs) recoveries			0				0				1				2				2
Provision for loan losses			290				550				550				315				200
Balance at end of period		$	4,306			$	4,016			$	3,466			$	2,915			$	2,598
Allowance for loan losses			1.88	%			1.61	%			1.28	%			1.16	%			1.14	%
as a percentage of total loans
Allowance for loan losses net of PPP Loans			1.94	%			1.86	%			1.62	%			1.46	%			1.48	%
as a percentage of total loans
Allowance for loan losses			1543	%			1352	%			1080	%			1171	%			977	%
as a percentage of nonperforming assets
Net charge-offs (recoveries) as a			0.00	%			0.00	%			0.00	%			0.00	%			0.00	%
percentage of average loans
Provision for loan losses			0.13	%			0.21	%			0.21	%			0.13	%			0.09	%
as a percentage of average loans
	Quarter Ending
	Sept. 30,						June 30,				March 31,				Dec 31,				Sept. 30,
SELECTED RATIOS			2021				2021				2021				2020				2020
Return on average assets (annualized)			1.49	%			1.46	%			1.42	%			1.37	%			1.42	%
Return on average equity (annualized)			13.50	%			13.51	%			12.88	%			12.15	%			12.19	%
Return on average equity (excluding unrealized gain on investments)			14.15	%			14.18	%			13.56	%			12.85	%			12.94	%
Average shareholders' equity to average assets			10.54	%			10.28	%			10.49	%			10.48	%			10.99	%
Yield on earning assets (tax equivalent)			3.97	%			4.11	%			4.14	%			3.88	%			3.65	%
Effective Cost of Funds			0.16	%			0.14	%			0.15	%			0.28	%			0.19	%
Net interest margin (tax equivalent)			3.81	%			3.97	%			3.99	%			3.60	%			3.46	%
Efficiency ratio (tax equivalent)			43.3	%			40.5	%			41.4	%			44.8	%			50.4	%
End of period book value per common share		$	39.66			$	39.47			$	38.11			$	37.88			$	36.61
End of period book value (excluding unrealized gain on investments)		$	38.25			$	37.68			$	36.34			$	35.81			$	34.59
End of period common shares outstanding (in 000's)			1,084				1,087				1,083				1,083				1,083

	TRINITY BANK N.A.
	(Unaudited)
	(Dollars in thousands, except per share data)
		Quarter Ending
		September 30, 2021																September 30, 2020
														Tax																Tax
		Average												Equivalent				Average												Equivalent
YIELD ANALYSIS		Balance				Interest				Yield				Yield				Balance				Interest				Yield				Yield
Interest Earning Assets:
Short term investment		$	25,716				13				0.20	%			0.20	%		$	32,176				10				0.12	%			0.12	%
FRB Stock			406				6				6.00	%			6.00	%			395				6				6.00	%			6.00	%
Taxable securities			423				0				0.00	%			0.00	%			0				0				0.00	%			0.00	%
Tax Free securities			113,491				640				2.26	%			2.86	%			91,877				600				2.61	%			3.31	%
Loans			249,472				3,033				4.86	%			4.86	%			216,454				2,333				4.31	%			4.31	%
Total Interest Earning Assets			389,508				3,692				3.79	%			3.97	%			340,902				2,949				3.46	%			3.65	%
Noninterest Earning Assets:
Cash and due from banks			5,481																5,050
Other assets			4,915																4,518
Allowance for loan losses			(4,142)																(2,449)
Total Noninterest Earning Assets			6,254																7,119
Total Assets		$	395,762															$	348,021
Interest Bearing Liabilities:
Transaction and Money Market accounts			156,631				95				0.24	%			0.24	%			143,006				35				0.10	%			0.10	%
Certificates and other time deposits			40,738				42				0.41	%			0.41	%			46,047				123				1.07	%			1.07	%
Other borrowings			10,000				13				0.52	%			0.52	%			0				0				0.00	%			0.00	%
Total Interest Bearing Liabilities			207,369				150				0.29	%			0.29	%			189,053				158				0.33	%			0.33	%
Noninterest Bearing Liabilities:
Demand deposits			143,056																117,655
Other liabilities			1,607																1,411
Shareholders' Equity			43,730																39,902
Total Liabilities and Shareholders Equity		$	395,762															$	348,021
Net Interest Income and Spread							3,542				3.50	%			3.68	%							2,791				3.13	%			3.32	%
Net Interest Margin											3.64	%			3.81	%											3.27	%			3.46	%

	TRINITY BANK N.A.
	(Unaudited)
	(Dollars in thousands, except per share data)
		September 30								September 30
		2021				%				2020				%
LOAN PORTFOLIO
Commercial and industrial		$	122,482				49.01	%		$	91,279				39.95	%
PPP Loans		$	20,427				8.17	%		$	50,100				21.93	%
Real estate:
Commercial			63,791				25.53	%			51,153				22.39	%
Residential			19,101				7.64	%			23,429				10.25	%
Construction and development			23,730				9.50	%			12,203				5.34	%
Consumer			356				0.14	%			309				0.14	%
Total loans (gross)			249,887				100.00	%			228,473				100.00	%
Unearned discounts			0				0.00	%			0				0.00	%
Total loans (net)		$	249,887				100.00	%		$	228,473				100.00	%
	September 30										September 30
			2021								2020
REGULATORY CAPITAL DATA
Tier 1 Capital		$	41,464							$	37,463
Total Capital (Tier 1 + Tier 2)		$	44,640							$	39,890
Total Risk-Adjusted Assets		$	252,968							$	194,025
Tier 1 Risk-Based Capital Ratio			16.39	%							19.31	%
Total Risk-Based Capital Ratio			17.65	%							20.56	%
Tier 1 Leverage Ratio			10.48	%							10.76	%
OTHER DATA
Full Time Equivalent
Employees (FTE's)			22								23
Stock Price Range
(For the Three Months Ended):
High		$	75.00							$	70.00
Low		$	73.50							$	57.50
Close		$	75.00							$	64.00

SOURCE: Trinity Bank N.A.

View source version on accesswire.com:
https://www.accesswire.com/669948/Trinity-Bank-Reports-2021-3rd-Quarter-Net-Income-Of-1476000

FAQ

What were Trinity Bank's earnings for Q3 2021?

Trinity Bank reported net income after taxes of $1,476,000 in Q3 2021, a 21.4% increase from the prior year.

How much did earnings per share increase for Trinity Bank?

Earnings per diluted common share rose to $1.30 in Q3 2021, up 20.4% from $1.08 in Q3 2020.

What is the total dividend for Trinity Bank in 2021?

Trinity Bank announced total dividends of $1.42 for 2021, representing an 8.4% increase from 2020.

What challenges is Trinity Bank facing?

Trinity Bank is facing challenges from price increases, supply chain issues, and an artificial low interest rate environment.