Trinity Bank Reports 2023 3rd Quarter Net Income of $1,968,000

Rhea-AI Summary

Trinity Bank N.A. (OTC PINK:TYBT) reported a 5.5% increase in Net Income after Taxes for the third quarter of 2023 compared to the same period in 2022. Earnings per diluted common share also increased by 5.5%. For the first nine months of 2023, Net Income after Taxes increased by 14.0% compared to the same period in 2022, and earnings per diluted common share increased by 14.1%. CEO Matt R. Opitz expressed satisfaction with the results, highlighting the increase in customer deposits and new loan opportunities. Trinity Bank remains focused on prudent management of its balance sheet, interest rate risk, and credit quality.

Positive

• Net Income after Taxes for the third quarter of 2023 increased by 5.5% compared to the same period in 2022.
• Earnings per diluted common share for the third quarter of 2023 increased by 5.5% compared to the same period in 2022.
• Net Income after Taxes for the first nine months of 2023 increased by 14.0% compared to the same period in 2022.
• Earnings per diluted common share for the first nine months of 2023 increased by 14.1% compared to the same period in 2022.

Negative

• None.

3^RD QUARTER RETURN ON ASSETS 1.72%

3^RD QUARTER RETURN ON EQUITY 15.29%

FORT WORTH, TX / ACCESSWIRE / October 30, 2023 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the third quarter and the nine months ending September 30, 2023.

Results of Operation

For the third quarter 2023, Trinity Bank, N.A. reported Net Income after Taxes of $1,968,000, an increase of 5.5% over third quarter 2022 earnings of $1,866,000. Earnings per diluted common share for the third quarter 2023 amounted to $1.73, an increase of 5.5% over third quarter 2022 results of $1.64 per diluted common share.

For the first nine months of 2023, Net Income after Taxes was $5,879,000, an increase of 14.0% over the first nine months of 2022 results of $5,156,000. Earnings per diluted common share for the first nine months of 2023 were $5.17, an increase of 14.1% over the first nine months of 2022 results of $4.53 per diluted common share.

CEO Matt R. Opitz stated, "We are pleased with the results of the third quarter. In spite of the rapid increase in interest expense this year, Trinity has managed to generate an increase in Net Income for the quarter and year-to-date. We remain encouraged by the level of economic activity in our market which led to an increase in customer deposits and new loan opportunities during the quarter. With strong liquidity and capital levels, Trinity Bank continues to grow and support our customers."

"We are seeing an increase in banks in our market that are struggling to maintain the liquidity levels needed to serve their loan customers. This has resulted in increased opportunities to add quality, new relationships at favorable terms."

"We remain focused on prudent and effective management of our balance sheet, interest rate risk and credit quality. Trinity Bank was built for times like these and is ready for what lies ahead."

Page 3 - Trinity Bank third quarter 2023 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	2023			2022			Change			2023			2022			Change
Interest income	$	6,258		$	4,588			36.4	%	$	17,240		$	11,951			44.3	%
Interest expense		2,370			607			290.4	%		5,874			1,021			475.3	%
Net Interest Income		3,888			3,981			-2.3	%		11,366			10,930			4.0	%
Service charges on deposits		69			58			19.0	%		192			182			5.5	%
Other income		114			114			0.0	%		352			342			2.9	%
Total Non Interest Income		183			172			6.4	%		544			524			3.8	%
Salaries and benefits expense		1,171			1,290			-9.2	%		3,385			3,385			0.0	%
Occupancy and equipment expense		118			163			-27.6	%		345			383			-9.9	%
Other expense		500			495			1.0	%		1,374			1,631			-15.8	%
Total Non Interest Expense		1,789			1,948			-8.2	%		5,104			5,399			-5.5	%
Pretax pre-provision income		2,282			2,205			3.5	%		6,806			6,055			12.4	%
Gain on sale of securities		(1)			(19)			N/M			(4)			(19)			N/M
Provision for Loan Losses		0			0			N/M			0			0			N/M
Earnings before income taxes		2,281			2,186			4.3	%		6,802			6,036			12.7	%
Provision for income taxes		313			320			-2.2	%		923			880			4.9	%
Net Earnings	$	1,968		$	1,866			5.5	%	$	5,879		$	5,156			14.0	%
Basic earnings per share		1.80			1.71			5.5	%		5.40			4.72			14.3	%
Basic weighted average shares		1,088			1,094						1,089			1,092
outstanding
Diluted earnings per share - estimate		1.73			1.64			5.5	%		5.17			4.53			14.1	%
Diluted weighted average shares outstanding		1,137			1,140						1,138			1,138
	Average for Quarter									Average for Nine Months
	September 30						%			September 30						%
BALANCE SHEET SUMMARY		2023			2022		Change				2023			2022		Change
Total loans	$	294,238		$	266,041			10.6	%	$	283,465		$	255,376			11.0	%
Total short term investments		22,128			50,091			-55.8	%		20,314			36,569			-44.5	%
Total investment securities		133,687			143,746			-7.0	%		134,782			142,937			-5.7	%
Earning assets		450,053			459,878			-2.1	%		438,561			434,882			0.8	%
Total assets		458,461			467,859			-2.0	%		446,613			442,387			1.0	%
Noninterest bearing deposits		137,385			177,293			-22.5	%		141,614			165,891			-14.6	%
Interest bearing deposits		271,946			246,907			10.1	%		257,406			232,636			10.6	%
Total deposits		409,331			424,200			-3.5	%		399,020			398,527			0.1	%
Fed Funds Purchased and Repurchase Agreements		1,076			0			N/M			381			0			N/M
Shareholders' equity	$	51,234		$	46,676			9.8	%	$	50,110		$	45,217			10.8	%

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	2023			2023			2023			2022			2022
Total loans	$	294,238		$	283,827		$	272,089		$	268,908		$	266,041
Total short term investments		22,128			16,087			22,733			39,334			50,091
Total investment securities		133,687			134,403			136,288			138,049			144,170
Earning assets		450,053			434,317			431,110			446,291			460,302
Total assets		458,461			441,447			439,725			455,683			467,859
Noninterest bearing deposits		137,385			140,734			146,909			167,630			177,293
Interest bearing deposits		271,946			253,624			246,285			246,989			246,907
Total deposits		409,331			394,358			393,194			414,618			424,200
Fed Funds Purchased and Repurchase Agreements		1,076			55			0			0			0
Shareholders' equity	$	51,234		$	49,444		$	48,537		$	47,713		$	46,676
	Quarter Ended
	Sept. 30,			June 30,			March 31,			Dec 31,			Sept. 30,
HISTORICAL EARNINGS SUMMARY	2023			2023			2023			2022			2022
Interest income	$	6,258		$	5,719		$	5,264		$	5,173		$	4,588
Interest expense		2,370			1,934			1,572			1,022			607
Net Interest Income		3,888			3,785			3,692			4,151			3,981
Service charges on deposits		69			64			61			59			58
Other income		114			120			115			113			114
Total Non Interest Income		183			184			176			172			172
Salaries and benefits expense		1,171			1,146			1,068			1,141			1,290
Occupancy and equipment expense		118			116			108			106			163
Other expense		500			441			433			399			495
Total Non Interest Expense		1,789			1,703			1,609			1,646			1,948
Pretax pre-provision income		2,282			2,266			2,259			2,677			2,205
Gain on sale of securities		(1)			(3)			(1)			(164)			(19)
Provision for Loan Losses		0			0			0			0			0
Earnings before income taxes		2,281			2,263			2,258			2,513			2,186
Provision for income taxes		313			290			320			400			320
Net Earnings	$	1,968		$	1,973		$	1,938		$	2,113		$	1,866
Diluted earnings per share	$	1.73		$	1.73		$	1.70		$	1.86		$	1.64

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	2023			2023			2023			2022			2022
Total loans	$	298,506		$	292,591		$	270,530		$	281,857		$	265,811
Total short term investments		26,168			18,313			37,656			19,893			58,084
Total investment securities		127,035			130,603			136,407			134,628			136,114
Total earning assets		451,709			441,507			444,593			436,378			460,009
Allowance for loan losses		(5,222)			(5,344)			(5,344)			(4,323)			(4,314)
Premises and equipment		2,389			2,378			2,337			2,196			1,976
Other Assets		10,137			10,044			9,381			11,030			11,957
Total assets		459,013			448,585			450,967			445,281			469,628
Noninterest bearing deposits		135,016			141,613			151,010			159,568			181,436
Interest bearing deposits		279,319			259,401			252,164			240,883			248,475
Total deposits		414,335			401,014			403,174			400,451			429,911
Fed Funds Purchased and Repurchase Agreements		0			0			0			0			0
Other Liabilities		3,164			2,239			2,936			1,779			2,794
Total liabilities		417,499			403,253			406,110			402,230			432,705
Shareholders' Equity Actual		51,470			50,427			48,537			48,871			46,712
Unrealized Gain/Loss - AFS		(9,956)			(5,096)			(3,680)			(5,820)			(9,789)
Total Equity	$	41,514		$	45,331		$	44,857		$	43,051		$	36,923
	Quarter Ending
	Sept. 30,			June 30,			March 31,			Dec 31,			Sept. 30,
NONPERFORMING ASSETS	2023			2023			2023			2022			2022
Nonaccrual loans	$	115		$	143		$	159		$	171		$	195
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	$	115		$	143		$	159		$	171		$	195
Accruing loans past due 30-89 days	$	2		$	2		$	407		$	3		$	0
Total nonperforming assets as a percentage
of loans and foreclosed assets		0.04	%		0.05	%		0.06	%		0.06	%		0.07

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	2023			2023			2023			2022			2022
Balance at beginning of period	$	5,344		$	5,344		$	4,324		$	4,314		$	4,314
Loans charged off		(127)			0			0			0			0
Loan recoveries		5			0			0			10			0
Net (charge-offs) recoveries		(122)			0			0			10			0
Provision for loan losses (One time CECL adjustment)		0			0			1,020			0			0
Balance at end of period	$	5,222		$	5,344		$	5,344		$	4,324		$	4,314
Allowance for loan losses
as a percentage of total loans		1.75	%		1.83	%		1.98	%		1.53	%		1.62	%
Allowance for loan losses
as a percentage of nonperforming assets		4541	%		3737	%		3361	%		2528	%		2212	%
Net charge-offs (recoveries) as a
percentage of average loans		0.04	%		0.00	%		0.00	%		0.00	%		0.00	%
Provision for loan losses
as a percentage of average loans		0.00	%		0.00	%		0.37	%		0.00	%		0.00	%
	Quarter Ending
	Sept. 30,			June 30,			March 31,			Dec 31,			Sept. 30,
SELECTED RATIOS	2023			2023			2023			2022			2022
Return on average assets (annualized)		1.72	%		1.79	%		1.76	%		1.85	%		1.60	%
Return on average equity (annualized)		17.69	%		17.74	%		17.68	%		17.71	%		17.68	%
Return on average equity (excluding unrealized gain on investments)		15.29	%		15.96	%		15.97	%		17.71	%		15.99	%
Average shareholders' equity to average assets		11.18	%		11.20	%		11.04	%		10.47	%		9.98	%
Yield on earning assets (tax equivalent)		5.76	%		5.47	%		5.09	%		4.84	%		4.17	%
Effective Cost of Funds		2.11	%		1.78	%		1.46	%		0.92	%		0.53	%
Net interest margin (tax equivalent)		3.66	%		3.69	%		3.63	%		3.92	%		3.64	%
Efficiency ratio (tax equivalent)		41.6	%		42.9	%		39.4	%		36.2	%		44.7	%
End of period book value per common share	$	38.09		$	41.59		$	41.12		$	39.42		$	33.78
End of period book value (excluding unrealized gain/loss on investments)	$	47.22		$	46.26		$	44.49		$	44.75		$	42.74
End of period common shares outstanding (in 000's)		1,090			1,090			1,091			1,092			1,093

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

	Quarter Ending
	September 30,2023												September 30, 2022
										Tax												Tax
	Average									Equivalent			Average									Equivalent
YIELD ANALYSIS	Balance			Interest			Yield			Yield			Balance			Interest			Yield			Yield
Interest Earning Assets:
Short term investment	$	22,128			301			5.44	%		5.44	%	$	50,091			297			2.37	%		2.37	%
FRB Stock		430			6			6.00	%		6.00	%		425			6			6.00	%		6.00	%
Taxable securities		2,337			31			5.31	%		5.31	%		0			0			0.00	%		0.00	%
Tax Free securities		130,920			847			2.59	%		3.28	%		143,746			781			2.17	%		2.75	%
Loans		294,238			5,073			6.90	%		6.90	%		266,041			3,504			5.27	%		5.27	%
Total Interest Earning Assets		450,053			6,258			5.56	%		5.76	%		460,303			4,588			3.99	%		4.17	%
Noninterest Earning Assets:
Cash and due from banks		6,197												5,446
Other assets		7,433												6,423
Allowance for loan losses		(5,222)												(4,314)
Total Noninterest Earning Assets		8,408												7,555
Total Assets	$	458,461											$	467,858
Interest Bearing Liabilities:
Transaction and Money Market accounts		178,729			1,494			3.34	%		3.34	%		184,600			418			0.91	%		0.91	%
Certificates and other time deposits		93,217			861			3.69	%		3.69	%		38,057			105			1.10	%		1.10	%
Other borrowings		1,076			15			5.58	%		5.58	%		24,209			84			1.39	%		1.39	%
Total Interest Bearing Liabilities		273,022			2,370			3.47	%		3.47	%		246,866			607			0.98	%		0.98	%
Noninterest Bearing Liabilities:
Demand deposits		137,385												177,334
Other liabilities		2,703												1,733
Shareholders' Equity		45,351												41,925
Total Liabilities and Shareholders Equity	$	458,461											$	467,858
Net Interest Income and Spread					3,888			2.09	%		2.29	%					3,981			3.00	%		3.18	%
Net Interest Margin								3.46	%		3.66	%								3.46	%		3.64	%

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

	September 30						September 30
	2023			%			2022			%
LOAN PORTFOLIO
Commercial and industrial	$	167,000			55.86	%	$	151,265			56.83	%
Real estate:
Commercial		84,197			28.16	%		74,212			27.88	%
Residential		21,044			7.04	%		18,006			6.76	%
Construction and development		26,470			8.85	%		22,211			8.34	%
Consumer		243			0.08	%		489			0.18	%
Total loans		298,954			100.00	%		266,183			100.00	%
	September 30						September 30
	2023						2022
REGULATORY CAPITAL DATA
Tier 1 Capital	$	51,470					$	46,711
Total Capital (Tier 1 + Tier 2)	$	55,671					$	50,426
Total Risk-Adjusted Assets	$	334,784					$	296,615
Tier 1 Risk-Based Capital Ratio		15.37	%					15.75	%
Total Risk-Based Capital Ratio		16.63	%					17.00	%
Tier 1 Leverage Ratio		11.23	%					9.98	%
OTHER DATA
Full Time Equivalent
Employees (FTE's)		27						25
Stock Price Range
(For the Three Months Ended):
High	$	85.00					$	90.00
Low	$	84.00					$	85.00
Close	$	85.00					$	87.00

SOURCE: Trinity Bank N.A.

View source version on accesswire.com:
https://www.accesswire.com/797720/trinity-bank-reports-2023-3rd-quarter-net-income-of-1968000

FAQ

What is the ticker symbol for Trinity Bank?

The ticker symbol for Trinity Bank is TYBT.

What were the Net Income after Taxes for the third quarter of 2023?

The Net Income after Taxes for the third quarter of 2023 was $1,968,000.

What was the percentage increase in Net Income after Taxes for the first nine months of 2023 compared to the same period in 2022?

The Net Income after Taxes for the first nine months of 2023 increased by 14.0% compared to the same period in 2022.

What did the CEO of Trinity Bank say about the results?

CEO Matt R. Opitz expressed satisfaction with the results, highlighting the increase in customer deposits and new loan opportunities.

What is Trinity Bank's focus?

Trinity Bank remains focused on prudent management of its balance sheet, interest rate risk, and credit quality.