Trinity Bank reports 2024 3rd Quarter Earnings - Return on Assets of 1.73%

Rhea-AI Summary

Trinity Bank (OTC PINK:TYBT) reported Q3 2024 net income of $2,099,000, up 6.66% from Q3 2023. Earnings per diluted share reached $1.86, a 7.51% increase. For the first nine months of 2024, net income was $6,281,000, up 6.84% year-over-year. The bank's return on assets was 1.73% and return on equity 14.77%. Total deposits increased 4.8% to $429,139,000, while total loans reached $300,487,000. The bank announced its 26th semi-annual dividend of $0.93 per share, payable October 31, 2024.

Positive

• Net income increased 6.66% YoY to $2,099,000 in Q3 2024
• EPS grew 7.51% to $1.86 in Q3 2024
• Total deposits increased 4.8% to $429,139,000
• Net interest income rose 12.2% to $4,363,000
• Strong capital position with 18.58% total risk-based capital ratio

Negative

• Non-interest income decreased 4.9% to $174,000
• Non-interest expenses increased 17.5% to $2,102,000
• Interest expenses rose 16% to $2,749,000
• Noninterest bearing deposits declined 4.2% to $131,659,000

TRINITY BANK REPORTS 2024 3^RD QUARTER NET INCOME OF $2,099,000

3^RD QUARTER RETURN ON ASSETS 1.73%

3^RD QUARTER RETURN ON EQUITY 14.77%

FORT WORTH, TX / ACCESSWIRE / October 29, 2024 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the third quarter and the nine months ending September 30, 2024.

Results of Operation

For the third quarter 2024, Trinity Bank, N.A. reported Net Income after Taxes of $2,099,000, an increase of 6.66% over third quarter 2023 earnings of $1,968,000. Earnings per diluted common share for the third quarter 2024 amounted to $1.86, an increase of 7.51% over third quarter 2023 results of $1.73 per diluted common share.

For the first nine months of 2024, Net Income after Taxes was $6,281,000, an increase of 6.84% over the first nine months of 2023 results of $5,879,000. Earnings per diluted common share for the first nine months of 2024 were $5.57, an increase of 7.73% over the first nine months of 2023 results of $5.17 per diluted common share.

COO Richard Burt stated, "Trinity Bank continues to produce consistent earnings and growth despite the uncertainty that continues in our economy. We are on pace to have the best year in our 21-year history. In addition, we are proud to announce, Trinity Bank will distribute its 26^th semi-annual dividend of $.93 per share on October 31, 2024."

"As we have seen in past presidential election years, our customers and prospects have taken a cautious approach to their business and decisions. Backlogs remain strong and they have chosen to produce cash reserves and paydown debt. We have also seen an uptick in mergers and acquisitions activity over the past few quarters as customers are leery of future tax changes. Regardless of the election uncertainty, we are pleased with both our customers' and the bank's performance and are well positioned to take advantage of opportunities for continued growth."

Page 3 - Trinity Bank third quarter 2024 earnings

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

		Quarter Ended												Nine Months Ending
		September 30								%				September 30								%
EARNINGS SUMMARY		2024				2023				Change				2024				2023				Change
Interest income		$	7,112			$	6,258				13.6	%		$	21,153			$	17,240				22.7	%
Interest expense			2,749				2,370				16.0	%			8,292				5,874				41.2	%
Net Interest Income			4,363				3,888				12.2	%			12,861				11,366				13.2	%
Service charges on deposits			65				69				-6.2	%			186				192				-3.1	%
Other income			109				114				-4.1	%			347				352				-1.3	%
Total Non Interest Income			174				183				-4.9	%			533				544				-2.0	%
Salaries and benefits expense			1,368				1,171				16.8	%			3,910				3,385				15.5	%
Occupancy and equipment expense			133				118				12.9	%			377				345				9.4	%
Other expense			601				500				20.1	%			1,880				1,374				36.8	%
Total Non Interest Expense			2,102				1,789				17.5	%			6,167				5,104				20.8	%
Pretax pre-provision income			2,435				2,282				6.7	%			7,227				6,806				6.2	%
Gain on sale of Securities			4				(1	)			N/M				1				(4	)			N/M
Gain on sale of Assets			0				0				N/M				53				0				N/M
Provision for Loan Losses			0				0				N/M				0				0				N/M
Earnings before income taxes			2,439				2,281				6.9	%			7,281				6,802				7.0	%
Provision for income taxes			340				313				8.6	%			1,000				923				8.3	%
Net Earnings		$	2,099			$	1,968				6.7	%		$	6,281			$	5,879				6.8	%
Basic earnings per share			1.95				1.81				7.7	%			5.83				5.40				7.9	%
Basic weighted average shares			1,078				1,088								1,078				1,089
outstanding
Diluted earnings per share - estimate			1.86				1.73				7.5	%			5.57				5.17				7.7	%
Diluted weighted average shares outstanding			1,128				1,137								1,128				1,138
	Average for Quarter																Average for Nine Months
	September 30										%						September 30						%
BALANCE SHEET SUMMARY			2024				2023			Change					2024				2023			Change
Total loans		$	300,487			$	294,238				2.1	%		$	303,102			$	283,465				6.9	%
Total short term investments			38,112				22,128				72.2	%			33,811				20,314				66.4	%
FRB Stock			437				430				1.6	%			435				429				1.4	%
Total investment securities			137,751				133,257				3.4	%			139,148				134,353				3.6	%
Earning assets			476,787				450,053				5.9	%			476,496				438,561				8.6	%
Total assets			485,034				458,461				5.8	%			484,335				446,613				8.4	%
Noninterest bearing deposits			131,659				137,385				-4.2	%			130,350				141,614				-8.0	%
Interest bearing deposits			297,480				271,946				9.4	%			300,010				257,406				16.6	%
Total deposits			429,139				409,331				4.8	%			430,360				399,020				7.9	%
Fed Funds Purchased and Repurchase Agreements			0				1,076				N/M				0				381				N/M
Shareholders' equity		$	56,857			$	51,234				11.0	%		$	55,249			$	50,110				10.3	%

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

		Average for Quarter Ending
		Sep 30,				June 30,				March 31,				Dec. 31				Sept. 30,
BALANCE SHEET SUMMARY		2024				2024				2024				2023				2023
Total loans		$	300,487			$	306,551			$	302,296			$	297,994			$	294,238
Total short term investments			38,112				25,626				37,649				43,172				22,128
FRB Stock			437				435				433				430				430
Total investment securities			137,751				137,088				142,623				132,086				133,257
Earning assets			476,787				469,700				483,001				473,682				450,053
Total assets			485,034				477,700				490,262				481,952				458,461
Noninterest bearing deposits			131,659				131,609				127,766				138,527				137,385
Interest bearing deposits			297,480				293,548				309,030				297,030				271,946
Total deposits			429,139				425,157				436,796				435,557				409,331
Fed Funds Purchased and Repurchase Agreements			0				0				0				261				1,076
Shareholders' equity		$	56,857			$	54,951			$	53,923			$	52,263			$	51,234
	Quarter Ended
	Sep 30,						June 30,				March 31,				Dec. 31				Sept. 30
HISTORICAL EARNINGS SUMMARY			2024				2024				2024				2023				2023
Interest income		$	7,112			$	7,107			$	6,934			$	6,818			$	6,258
Interest expense			2,749				2,713				2,832				2,738				2,370
Net Interest Income			4,363				4,394				4,102				4,080				3,888
Service charges on deposits			65				64				53				55				69
Other income			109				121				121				117				114
Total Non Interest Income			174				185				174				172				183
Salaries and benefits expense			1,368				1,319				1,223				1,314				1,171
Occupancy and equipment expense			133				122				122				109				118
Other expense			601				657				620				509				500
Total Non Interest Expense			2,102				2,098				1,965				1,932				1,789
Pretax pre-provision income			2,435				2,481				2,311				2,320				2,282
Gain on sale of securities			4				(4	)			0				(36	)			(1	)
Gain on sale of Other Assets			0				36				17				58				0
Provision for Loan Losses			0				0				0				0				0
Earnings before income taxes			2,439				2,514				2,328				2,342				2,281
Provision for income taxes			340				360				300				207				313
Net Earnings		$	2,099			$	2,154			$	2,028			$	2,135			$	1,968
Diluted earnings per share		$	1.86			$	1.91			$	1.80			$	1.88			$	1.73

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		2024				2024				2024				2023				2023
Total loans		$	296,906			$	304,810			$	312,372			$	297,423			$	298,506
FRB Stock			438				435				435				430				430
Total short term investments			59,576				10,003				38,009				40,334				26,168
Total investment securities			137,510				136,331				139,598				140,403				127,035
Total earning assets			494,430				451,579				490,414				478,590				452,139
Allowance for loan losses			(5,230	)			(5,227	)			(5,225	)			(5,224	)			(5,222	)
Premises and equipment			2,393				2,397				2,375				2,387				2,389
Other Assets			9,739				14,711				8,149				10,291				10,137
Total assets			501,332				463,460				495,713				486,044				459,443
Noninterest bearing deposits			137,594				128,318				130,876				130,601				135,016
Interest bearing deposits			305,010				280,945				310,889				301,603				279,319
Total deposits			442,604				409,263				441,765				432,204				414,335
Fed Funds Purchased and Repurchase Agreements			0				0				0				0				0
Other Liabilities			2,901				2,804				2,618				2,663				3,164
Total liabilities			445,505				412,067				444,383				434,867				417,499
Shareholders' Equity Actual			57,976				55,915				54,777				53,465				51,470
Unrealized Gain/Loss - AFS			(2,149	)			(4,957	)			(3,883	)			(2,718	)			(9,956	)
Total Equity		$	55,827			$	50,958			$	50,894			$	50,747			$	41,514

		Quarter Ending
		Sept. 30,				June 30,				March 31,				Dec. 31				Sept. 30,
NONPERFORMING ASSETS		2024				2024				2024				2023				2023
Nonaccrual loans		$	0			$	0			$	0			$	0			$	115
Restructured loans			505				552				598				658				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		$	505			$	552			$	598			$	658			$	115
Accruing loans past due 30-89 days		$	39			$	1,274			$	0			$	1			$	2
Total nonperforming assets as a percentage
of loans and foreclosed assets			0.17	%			0.18	%			0.19	%			0.22	%			0.04	%

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		2024				2024				2024				2023				2023
Balance at beginning of period		$	5,224			$	5,224			$	5,224			$	5,222			$	5,344
Loans charged off			0				0				0				0				(127	)
Loan recoveries			6				3				0				2				5
Net (charge-offs) recoveries			6				3				0				2				(122	)
Provision for loan losses			0				0				0				0				0
Balance at end of period		$	5,230			$	5,227			$	5,224			$	5,224			$	5,222
Allowance for loan losses
as a percentage of total loans			1.76	%			1.71	%			1.67	%			1.76	%			1.75	%
Allowance for loan losses
as a percentage of nonperforming assets			1036	%			947	%			874	%			794	%			4541	%
Net charge-offs (recoveries) as a
percentage of average loans			0.00	%			0.00	%			0.00	%			0.00	%			0.04	%
Provision for loan losses
as a percentage of average loans			0.00	%			0.00	%			0.00	%			0.00	%			0.00	%

		Quarter Ending
		Sept. 30,				June 30,				March 31,				Dec. 31				Sept. 30,
SELECTED RATIOS		2024				2024				2024				2023				2023
Return on average assets (annualized)			1.73	%			1.80	%			1.65	%			1.77	%			1.72	%
Return on average equity (annualized)			15.91	%			17.42	%			16.03	%			19.87	%			17.36	%
Return on average equity (excluding unrealized gain on investments)			14.77	%			15.68	%			15.04	%			16.34	%			15.29	%
Average shareholders' equity to average assets			11.72	%			11.50	%			11.00	%			10.84	%			11.18	%
Yield on earning assets (tax equivalent)			6.20	%			6.28	%			5.97	%			5.81	%			5.76	%
Effective Cost of Funds			2.50	%			2.59	%			2.31	%			2.16	%			2.11	%
Net interest margin (tax equivalent)			3.89	%			3.97	%			3.63	%			3.65	%			3.66	%
Efficiency ratio (tax equivalent)			43.7	%			43.2	%			43.1	%			42.4	%			41.6	%
End of period book value per common share		$	51.79			$	47.23			$	47.17			$	46.73			$	38.09
End of period book value (excluding unrealized gain/loss on investments)		$	53.78			$	51.82			$	50.77			$	49.23			$	47.22
End of period common shares outstanding (in 000's)			1,078				1,079				1,079				1,086				1,090

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

		Quarter Ending
		September 30, 2024																September 30, 2023
														Tax																Tax
		Average												Equivalent				Average												Equivalent
YIELD ANALYSIS		Balance				Interest				Yield				Yield				Balance				Interest				Yield				Yield
Interest Earning Assets:
Short term investment		$	38,112			$	525				5.51	%			5.51	%		$	22,128			$	301				5.44	%			5.44	%
FRB Stock			437				7				6.00	%			6.00	%			430				6				6.00	%			6.00	%
Taxable securities			2,098				26				4.96	%			4.96	%			2,337				31				5.31	%			5.31	%
Tax Free securities			135,653				1,029				3.03	%			3.84	%			130,920				847				2.59	%			3.28	%
Loans			300,487				5,525				7.35	%			7.35	%			294,238				5,073				6.90	%			6.90	%
Total Interest Earning Assets			476,787				7,112				5.97	%			6.20	%			450,053				6,258				5.56	%			5.76	%
Noninterest Earning Assets:
Cash and due from banks			5,874																6,197
Other assets			7,602																7,433
Allowance for loan losses			(5,229	)															(5,222	)
Total Noninterest Earning Assets			8,247																8,408
Total Assets		$	485,034															$	458,461
Interest Bearing Liabilities:
Transaction and Money Market accounts		$	191,291			$	1,515				3.17	%			3.17	%		$	178,729			$	1,494				3.34	%			3.34	%
Certificates and other time deposits			106,189				1,233				4.64	%			4.64	%			93,217				861				3.69	%			3.69	%
Other borrowings			0				0				0.00	%			0.00	%			1,076				15				5.58	%			0.00	%
Total Interest Bearing Liabilities			297,480				2,748				3.70	%			3.70	%			273,022				2,370				3.47	%			3.47	%
Noninterest Bearing Liabilities:
Demand deposits			131,659																137,385
Other liabilities			3,106																2,703
Shareholders' Equity			52,789																45,351
Total Liabilities and Shareholders Equity		$	485,034															$	458,461
Net Interest Income and Spread		$	179,307			$	4,364				2.27	%			2.50	%		$	177,031			$	3,888				2.09	%			2.29	%
Net Interest Margin											3.66	%			3.89	%											3.46	%			3.66	%

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

		September 30								September 30
		2024				%				2023				%
LOAN PORTFOLIO
Commercial and industrial		$	162,143				54.61	%		$	166,903				55.91	%
Real estate:
Commercial			95,116				32.04	%			83,846				28.09	%
Residential			14,608				4.92	%			21,044				7.05	%
Construction and development			24,704				8.32	%			26,470				8.87	%
Consumer			335				0.11	%			243				0.08	%
Total loans		$	296,906				100.00	%		$	298,506				100.00	%
	September 30										September 30
			2024								2023
REGULATORY CAPITAL DATA
Tier 1 Capital		$	57,977							$	51,470
Total Capital (Tier 1 + Tier 2)		$	62,176							$	55,671
Total Risk-Adjusted Assets		$	334,591							$	334,784
Tier 1 Risk-Based Capital Ratio			17.33	%							15.37	%
Total Risk-Based Capital Ratio			18.58	%							16.63	%
Tier 1 Leverage Ratio			11.95	%							11.23	%
OTHER DATA
Full Time Equivalent
Employees (FTE's)			28								27
Stock Price Range
(For the Three Months Ended):
High		$	90.00							$	85.00
Low		$	80.00							$	84.00
Close		$	87.00							$	85.00

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.

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 in Q3 2024?

Trinity Bank reported diluted earnings per share of $1.86 in Q3 2024, representing a 7.51% increase from $1.73 in Q3 2023.

What is Trinity Bank's (TYBT) dividend payment for October 2024?

Trinity Bank announced its 26th semi-annual dividend of $0.93 per share, payable on October 31, 2024.

What was Trinity Bank's (TYBT) return on assets and equity in Q3 2024?

Trinity Bank reported a return on assets of 1.73% and a return on equity of 14.77% for Q3 2024.

How much did Trinity Bank's (TYBT) total deposits grow in Q3 2024?

Trinity Bank's total deposits grew 4.8% year-over-year to $429,139,000 in Q3 2024.