Trinity Bank Reports 2024 2Q Results - Return on Assets 1.80% and Return on Equity 15.68%

Rhea-AI Summary

Trinity Bank N.A. (OTC PINK:TYBT) reported strong financial results for Q2 2024 and the first half of the year. Net Income after Taxes for Q2 2024 was $2,154,000 or $1.91 per diluted share, a 10.4% increase from Q2 2023. For the first six months of 2024, Net Income after Taxes reached $4,181,000, up 6.9% from the same period in 2023. Earnings per diluted share for H1 2024 were $3.70, a 7.9% increase year-over-year.

CEO Matt R. Opitz highlighted Q2 2024 as Trinity Bank's best quarter since inception, praising the staff's dedication. Despite challenges like high inflation and an elevated rate environment, the bank reported a positive business climate in North Texas. Trinity Bank maintains strong liquidity and capital positions, ready for continued growth opportunities.

Positive

• Net Income after Taxes increased by 10.4% year-over-year in Q2 2024
• Earnings per diluted share grew by 10.4% to $1.91 in Q2 2024
• H1 2024 Net Income after Taxes up 6.9% compared to H1 2023
• H1 2024 Earnings per diluted share increased by 7.9% to $3.70
• Return on Assets of 1.80% and Return on Equity of 15.68% for Q2 2024
• Strong liquidity and capital position reported by the bank

Negative

• None.

Second Quarter Earnings Up 10.4% to $1.91 Per Diluted Share

FORT WORTH, TX / ACCESSWIRE / July 25, 2024 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the three months ending June 30, 2024, and YTD results for the six months ending June 30, 2024.

Results of Operations

Trinity Bank, N.A. reported Net Income after Taxes of $2,154,000 or $1.91 per diluted common share for the first quarter of 2024, compared to $1,973,000 or $1.73 per diluted common share for the second quarter of 2023, an increase of 10.4%.

For the first six months of 2024, Net Income after Taxes amounted to $4,181,000, an increase of 6.9% over the first half of 2023 results of $3,911,000. Earnings per diluted common share for the first half of 2024 were $3.70, an increase of 7.9% over the first half of 2023 results of $3.43 per diluted common share.

Matt R. Opitz, CEO, stated, "The second quarter represents Trinity Bank's single best quarter of performance since inception. We are pleased with these results and especially proud of our dedicated staff who continues to go above and beyond, constantly providing the type of exceptional customer experiences that make results like these possible."

"Despite the continued effects of high inflation, the elevated rate environment and an upcoming, consequential presidential election, the business climate is good in North Texas and our customers remain cautiously optimistic. Trinity Bank is well positioned, with good liquidity and strong capital, to deal with the effects of our current environment as well as look for opportunities for continued growth."

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.

		Quarter Ended													Six Months Ending
	June 30										%					June 30							%
BALANCE SHEET SUMMARY			2024				2023			Change					2024				2023			Change
Interest income		$	7,107			$	5,719				24.3	%		$	14,041			$	10,982				27.9	%
Interest expense			2,713				1,934				40.3	%			5,544				3,504				58.2	%
Net Interest Income			4,394				3,785				16.1	%			8,497				7,478				13.6	%
Service charges on deposits			64				64				0.0	%			120				123				-2.4	%
Other income			121				120				0.8	%			238				238				0.0	%
Total Non Interest Income			185				184				0.5	%			358				361				-0.8	%
Salaries and benefits expense			1,319				1,146				15.1	%			2,541				2,214				14.8	%
Occupancy and equipment expense			122				116				5.2	%			244				227				7.5	%
Other expense			657				441				49.0	%			1,277				873				46.3	%
Total Non Interest Expense			2,098				1,703				23.2	%			4,062				3,314				22.6	%
Pretax pre-provision income			2,481				2,266				9.5	%			4,793				4,525				5.9	%
Gain on sale of Securities			(4	)			(3	)			N/M				(4	)			(4	)			N/M
Gain on sale of Assets			36				0				N/M				53				0				N/M
Provision for Loan Losses			0				0				N/M				0				0				N/M
Earnings before income taxes			2,514				2,263				11.1	%			4,841				4,521				7.1	%
Provision for income taxes			360				290				24.1	%			660				610				8.2	%
Net Earnings		$	2,154			$	1,973				9.2	%		$	4,181			$	3,911				6.9	%
Basic earnings per share			2.00				1.81				10.3	%			3.87				3.59				7.9	%
Basic weighted average shares			1,079				1,090								1,079				1,090
outstanding
Diluted earnings per share - estimate			1.91				1.73				10.2	%			3.70				3.43				8.0	%
Diluted weighted average shares outstanding			1,129				1,139								1,129				1,139
	Average for Quarter																Average for Six Months
	June 30										%						June 30						%
BALANCE SHEET SUMMARY			2024				2023			Change					2024				2023			Change
Total loans		$	306,551			$	283,827				8.0	%		$	304,424			$	287,647				5.8	%
Total short term investments			25,626				16,087				59.3	%			31,637				19,392				63.1	%
FRB Stock			435				429				1.4	%			434				429				1.2	%
Total investment securities			137,088				134,403				2.0	%			139,855				142,743				-2.0	%
Earning assets			469,700				434,746				8.0	%			476,350				450,211				5.8	%
Total assets			477,700				441,447				8.2	%			483,981				437,237				10.7	%
Noninterest bearing deposits			131,609				140,734				-6.5	%			129,688				136,459				-5.0	%
Interest bearing deposits			293,548				253,624				15.7	%			301,289				249,018				21.0	%
Total deposits			425,157				394,358				7.8	%			430,977				393,778				9.4	%
Fed Funds Purchased and Repurchase Agreements			0				55				N/M				0				28				N/M
Shareholders' equity		$	54,951			$	49,444				11.1	%		$	54,437			$	49,539				9.9	%

		Average for Quarter Ending
		June 30,				March 31,				Dec. 31				Sept. 30,				June 30,
BALANCE SHEET SUMMARY		2024				2024				2023				2023				2023
Total loans		$	306,551			$	302,296			$	297,994			$	294,238			$	283,827
Total short term investments			25,626				37,649				43,172				22,128				16,087
FRB Stock			435				433				430				430				429
Total investment securities			137,088				142,623				132,086				133,257				134,403
Earning assets			469,700				483,001				473,682				450,053				434,746
Total assets			477,700				490,262				481,952				458,461				441,447
Noninterest bearing deposits			131,609				127,766				138,527				137,385				140,734
Interest bearing deposits			293,548				309,030				297,030				271,946				253,624
Total deposits			425,157				436,796				435,557				409,331				394,358
Fed Funds Purchased and Repurchase Agreements			0				0				261				1,076				55
Shareholders' equity		$	54,951			$	53,923			$	52,263			$	51,234			$	49,444
										Quarter Ended
		June 30,				March 31,				Dec. 31				Sept. 30,				June 30,
HISTORICAL EARNINGS SUMMARY		2024				2024				2023				2023				2023
Interest income		$	7,107			$	6,934			$	6,818			$	6,258			$	5,719
Interest expense			2,713				2,832				2,738				2,370				1,934
Net Interest Income			4,394				4,102				4,080				3,888				3,785
Service charges on deposits			64				53				55				69				64
Other income			121				121				117				114				120
Total Non Interest Income			185				174				172				183				184
Salaries and benefits expense			1,319				1,223				1,314				1,171				1,146
Occupancy and equipment expense			122				122				109				118				116
Other expense			657				620				509				500				441
Total Non Interest Expense			2,098				1,965				1,932				1,789				1,703
Pretax pre-provision income			2,481				2,311				2,320				2,282				2,266
Gain on sale of securities			(4	)			0				(36	)			(1	)			(3	)
Gain on sale of Other Assets			36				17				58				0				0
Provision for Loan Losses			0				0				0				0				0
Earnings before income taxes			2,514				2,328				2,342				2,281				2,263
Provision for income taxes			360				300				207				313				290
Net Earnings		$	2,154			$	2,028			$	2,135			$	1,968			$	1,973
Diluted earnings per share		$	1.91			$	1.80			$	1.88			$	1.73			$	1.73

		Ending Balance
		June 30,				March 31,				Dec. 31				Sept. 30,				June 30,
HISTORICAL BALANCE SHEET		2024				2024				2023				2023				2023
Total loans		$	304,810			$	312,372			$	297,423			$	298,506			$	292,591
FRB Stock			435				435				430				430				429
Total short term investments			10,003				38,009				40,334				26,168				18,313
Total investment securities			136,331				139,598				140,403				127,035				130,603
Total earning assets			451,579				490,414				478,590				452,139				441,507
Allowance for loan losses			(5,227	)			(5,225	)			(5,224	)			(5,222	)			(5,344	)
Premises and equipment			2,397				2,375				2,387				2,389				2,378
Other Assets			14,711				8,149				10,291				10,137				10,044
Total assets			463,460				495,713				486,044				459,443				448,585
Noninterest bearing deposits			128,318				130,876				130,601				135,016				141,613
Interest bearing deposits			280,945				310,889				301,603				279,319				259,401
Total deposits			409,263				441,765				432,204				414,335				401,014
Fed Funds Purchased and Repurchase Agreements			0				0				0				0				0
Other Liabilities			2,804				2,618				2,663				3,164				2,239
Total liabilities			412,067				444,383				434,867				417,499				403,253
Shareholders' Equity Actual			55,915				54,777				53,465				51,470				50,427
Unrealized Gain/Loss - AFS			(4,957	)			(3,883	)			(2,718	)			(9,956	)			(5,096	)
Total Equity		$	50,958			$	50,894			$	50,747			$	41,514			$	45,331
										Quarter Ending
		June 30,				March 31,				Dec. 31				Sept. 30,				June 30,
NONPERFORMING ASSETS		2024				2024				2023				2023				2023
Nonaccrual loans		$	0			$	0			$	0			$	115			$	143
Restructured loans			552				598				658				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		$	552			$	598			$	658			$	115			$	143
Accruing loans past due 30-89 days		$	1,274			$	0			$	1			$	2			$	2
Total nonperforming assets as a percentage
of loans and foreclosed assets			0.18	%			0.19	%			0.22	%			0.04	%			0.05	%

		Quarter Ending
ALLOWANCE FOR		June 30,				March 31,				Dec. 31				Sept. 30,				June 30,
LOAN LOSSES		2024				2024				2023				2023				2023
Balance at beginning of period		$	5,224			$	5,224			$	5,222			$	5,344			$	5,344
Loans charged off			0				0				0				(127	)			0
Loan recoveries			3				0				2				5				0
Net (charge-offs) recoveries			0				0				2				(122	)			0
Provision for loan losses (One time CECL adjustment)			0				0				0				0				0
Balance at end of period		$	5,227			$	5,224			$	5,224			$	5,222			$	5,344
Allowance for loan losses
as a percentage of total loans			1.71	%			1.67	%			1.76	%			1.75	%			1.83	%
Allowance for loan losses
as a percentage of nonperforming assets			947	%			874	%			794	%			4541	%			3737	%
Net charge-offs (recoveries) as a
percentage of average loans			0.00	%			0.00	%			0.00	%			0.04	%			0.00	%
Provision for loan losses
as a percentage of average loans			0.00	%			0.00	%			0.00	%			0.00	%			0.00	%
	Quarter Ending
		June 30,				March 31,				Dec. 31				Sept. 30,				June 30,
SELECTED RATIOS		2024				2024				2023				2023				2023
Return on average assets (annualized)			1.80	%			1.65	%			1.77	%			1.72	%			1.79	%
Return on average equity (annualized)			17.42	%			16.03	%			19.87	%			17.36	%			17.74	%
Return on average equity (excluding unrealized gain on investments)			15.68	%			15.04	%			16.34	%			15.29	%			15.96	%
Average shareholders' equity to average assets			11.50	%			11.00	%			10.84	%			11.18	%			11.20	%
Yield on earning assets (tax equivalent)			6.28	%			5.97	%			5.81	%			5.76	%			5.47	%
Effective Cost of Funds			2.59	%			2.31	%			2.16	%			2.11	%			1.78	%
Net interest margin (tax equivalent)			3.97	%			3.63	%			3.65	%			3.66	%			3.69	%
Efficiency ratio (tax equivalent)			43.2	%			43.1	%			42.4	%			41.6	%			42.9	%
End of period book value per common share		$	47.23			$	47.17			$	46.73			$	38.09			$	41.59
End of period book value (excluding unrealized gain/loss on investments)		$	51.82			$	50.77			$	49.23			$	47.22			$	46.26
End of period common shares outstanding (in 000's)			1,079				1,079				1,086				1,090				1,090

		Quarter Ending
		June 30, 2024																June 30, 2023
YIELD ANALYSIS		Average Balance				Interest				Yield				Tax Equivalent Yield				Average Balance				Interest				Yield				Tax Equivalent Yield
Interest Earning Assets:
Short term investment		$	25,626				356				5.56	%			5.56	%		$	16,087				215				5.35	%			5.35	%
FRB Stock			435				6				6.00	%			6.00	%			429				6				6.00	%			6.00	%
Taxable securities			495				6				4.85	%			4.85	%			385				4				4.16	%			4.16	%
Tax Free securities			136,593				1,234				3.61	%			4.41	%			133,589				832				2.49	%			3.15	%
Loans			306,551				5,504				7.18	%			7.18	%			283,827				4,662				6.57	%			6.57	%
Total Interest Earning Assets			469,700				7,106				6.05	%			6.28	%			434,317				5,719				5.27	%			5.47	%
Noninterest Earning Assets:
Cash and due from banks			5,791																5,770
Other assets			7,436																6,704
Allowance for loan losses			(5,227	)															(5,344	)
Total Noninterest Earning Assets			8,000																7,130
Total Assets		$	477,700															$	441,447
Interest Bearing Liabilities:
Transaction and Money Market accounts		$	190,542			$	1,522				3.20	%			3.20	%		$	167,291			$	1,240				2.96	%			2.96	%
Certificates and other time deposits			103,006				1,191				4.62	%			4.62	%			86,333				694				3.22	%			3.22	%
Other borrowings			0				0				0.00	%			0.00	%			55				0				0.00	%			0.00	%
Total Interest Bearing Liabilities			293,548				2,713				3.70	%			3.70	%			253,679				1,934				3.05	%			3.05	%
Noninterest Bearing Liabilities:
Demand deposits			131,609																140,734
Other liabilities			3,069																2,541
Shareholders' Equity			49,474																44,493
Total Liabilities and Shareholders Equity		$	477,700															$	441,447
Net Interest Income and Spread		$	176,152			$	4,393				2.35	%			2.59	%		$	180,638			$	3,785				2.22	%			2.42	%
Net Interest Margin											3.74	%			3.97	%											3.49	%			3.69	%

		June 30								June 30
		2024				%				2023				%
LOAN PORTFOLIO
Commercial and industrial		$	164,397				53.93	%		$	167,463				57.23	%
Real estate:
Commercial			96,074				31.52	%			83,273				28.46	%
Residential			16,263				5.34	%			12,731				4.35	%
Construction and development			27,722				9.09	%			28,600				9.77	%
Consumer			354				0.12	%			524				0.18	%
Total loans		$	304,810				100.00	%		$	292,591				100.00	%
			June 30 2024								June 30 2023
REGULATORY CAPITAL DATA
Tier 1 Capital		$	55,914							$	45,331
Total Capital (Tier 1 + Tier 2)		$	60,247							$	50,427
Total Risk-Adjusted Assets		$	345,039							$	332,236
Tier 1 Risk-Based Capital Ratio			16.21	%							15.18	%
Total Risk-Based Capital Ratio			17.46	%							16.43	%
Tier 1 Leverage Ratio			11.70	%							11.42	%
OTHER DATA
Full Time Equivalent
Employees (FTE's)			29								27
Stock Price Range
(For the Three Months Ended):
High		$	94.00							$	87.75
Low		$	86.75							$	85.00
Close		$	89.75							$	85.00

SOURCE: Trinity Bank, NA (Fort Worth, Texas)

View the original press release on accesswire.com

FAQ

What was Trinity Bank's (TYBT) earnings per share for Q2 2024?

Trinity Bank (TYBT) reported earnings of $1.91 per diluted share for Q2 2024, representing a 10.4% increase from $1.73 per diluted share in Q2 2023.

How much did Trinity Bank's (TYBT) net income grow in Q2 2024 compared to Q2 2023?

Trinity Bank's (TYBT) net income after taxes grew by 10.4%, from $1,973,000 in Q2 2023 to $2,154,000 in Q2 2024.

What was Trinity Bank's (TYBT) Return on Assets and Return on Equity for Q2 2024?

Trinity Bank (TYBT) reported a Return on Assets of 1.80% and a Return on Equity of 15.68% for Q2 2024.

How did Trinity Bank (TYBT) perform in the first half of 2024 compared to 2023?

In the first half of 2024, Trinity Bank (TYBT) reported Net Income after Taxes of $4,181,000, a 6.9% increase from $3,911,000 in the first half of 2023. Earnings per diluted share for H1 2024 were $3.70, up 7.9% from $3.43 in H1 2023.