Trinity Bank Reports First Quarter Earnings

Rhea-AI Summary

Trinity Bank N.A. (OTC PINK:TYBT) reported a 5.9% increase in first-quarter earnings, reaching $1.80 per share. With a return on assets of 1.65% and return on equity of 15.04%, the bank's net income after taxes rose to $2,028,000. The bank remains focused on asset quality and liquidity amidst economic volatility, with plans for technology upgrades and a 25th consecutive dividend increase.

Positive

• 5.9% increase in first-quarter earnings to $1.80 per share

• Return on assets at 1.65% and return on equity at 15.04%

• Net income after taxes rose to $2,028,000

• Technology upgrades planned for website and online banking platform

• 25th consecutive dividend increase, with a new dividend of $0.88 per share

Negative

• None.

First Quarter Earnings Up 5.9% to $1.80 Per Share
Return on Assets 1.65% And Return on Equity 15.04%

FORT WORTH, TX / ACCESSWIRE / April 29, 2024 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the three months ending March 31, 2024.

Results of Operations

Trinity Bank, N.A. reported Net Income after Taxes of $2,028,000 or $1.80 per diluted common share for the first quarter of 2024, compared to $1,938,000 or $1.70 per diluted common share for the first quarter of 2023, an increase of 5.9%.

"We are pleased with our 1^st Quarter results, and the overall outlook for 2024. We have been blessed with steady loan production, contrary to others in the industry suffering from a lack of demand," stated President Barney Wiley. This a testament to our current customers and shareholders financial strength, and for this, we are thankful.

Although our results have remained solid, we are aware of the economic volatility in this election year. According to President Wiley," We remain focused on asset quality, liquidity, and following our core values and prudent underwriting practices."

"We are excited to announce technology upgrades to our website and on-line banking platform in the coming months which will further help our loyal customers. This rollout is a testament to our hardworking and dedicated employees, and our dedication to quality products and services."

Trinity announced its 25^th consecutive increase in its semiannual dividend. The dividend was paid this last week to shareholders. The April 2024 of $ .88 per share represents an increase of 8.6% over the April 2023 dividend of $ .81 per share."

Trinity Bank, N.A. is a commercial bank that began operations May 28, 2003. For a full financial statement or for monthly updates on deposit rates and liquidity position 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
		March 31								%
EARNINGS SUMMARY		2024				2023				Change
Interest income		$	6,934			$	5,264				31.7	%
Interest expense			2,832				1,572				80.2	%
Net Interest Income			4,102				3,692				11.1	%
Service charges on deposits			53				61				-13.1	%
Other income			121				115				5.2	%
Total Non Interest Income			174				176				-1.1	%
Salaries and benefits expense			1,223				1,068				14.5	%
Occupancy and equipment expense			122				108				13.0	%
Other expense			620				433				43.2	%
Total Non Interest Expense			1,965				1,609				22.1	%
Pretax pre-provision income			2,311				2,259				2.3	%
Gain on sale of Securities			0				(1	)			N/M
Gain on sale of Assets			17
Provision for Loan Losses			0				0				N/M
Earnings before income taxes			2,328				2,258				3.1	%
Provision for income taxes			300				320				-6.3	%
Net Earnings		$	2,028			$	1,938				4.6	%
Basic earnings per share			1.88				1.78				5.6	%
Basic weighted average shares			1,079				1,090
outstanding
Diluted earnings per share - estimate			1.80				1.70				5.9	%
Diluted weighted average shares outstanding			1,129				1,139
		Average for Quarter
		March 31
BALANCE SHEET SUMMARY		2024				2023				Change
Total loans		$	302,296			$	272,089				11.1	%
Total short term investments			37,649				22,733				65.6	%
Total investment securities			143,056				136,288				5.0	%
Earning assets			483,001				431,110				12.0	%
Total assets			490,262				439,725				11.5	%
Noninterest bearing deposits			127,766				146,896				-13.0	%
Interest bearing deposits			309,030				246,298				25.5	%
Total deposits			436,796				393,194				11.1	%
Fed Funds Purchased and Repurchase Agreements			0				0				N/M
Shareholders' equity		$	53,923			$	48,537				11.1	%

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

		Average for Quarter Ending
		March 31,				Dec. 31				Sept. 30,				June 30,				March 31,
BALANCE SHEET SUMMARY		2024				2023				2023				2023				2023
Total loans		$	302,296			$	297,994			$	294,238			$	283,827			$	272,089
Total short term investments			37,649				43,172				22,128				16,087				22,733
Total investment securities			143,056				132,516				133,687				134,403				136,288
Earning assets			483,001				473,682				450,053				434,317				431,110
Total assets			490,262				481,952				458,461				441,447				439,725
Noninterest bearing deposits			127,766				138,527				137,385				140,734				146,909
Interest bearing deposits			309,030				297,030				271,946				253,624				246,285
Total deposits			436,796				435,557				409,331				394,358				393,194
Fed Funds Purchased and Repurchase Agreements			0				261				1,076				55				0
Shareholders' equity		$	53,923			$	52,263			$	51,234			$	49,444			$	48,537
		Quarter Ended
		March 31,				Dec. 31				Sept. 30				June 30,				March 31,
HISTORICAL EARNINGS SUMMARY			2024				2023				2023				2023				2023
Interest income		$	6,934			$	6,818			$	6,258			$	5,719			$	5,264
Interest expense			2,832				2,738				2,370				1,934				1,572
Net Interest Income			4,102				4,080				3,888				3,785				3,692
Service charges on deposits			53				55				69				64				61
Other income			121				117				114				120				115
Total Non Interest Income			174				172				183				184				176
Salaries and benefits expense			1,223				1,314				1,171				1,146				1,068
Occupancy and equipment expense			122				109				118				116				108
Other expense			620				509				500				441				433
Total Non Interest Expense			1,965				1,932				1,789				1,703				1,609
Pretax pre-provision income			2,311				2,320				2,282				2,266				2,259
Gain on sale of securities			0				(36	)			(1	)			(3	)			(1	)
Gain on sale of Other Assets			17				58				0				0				0
Provision for Loan Losses			0				0				0				0				0
Earnings before income taxes			2,328				2,342				2,281				2,263				2,258
Provision for income taxes			300				207				313				290				320
Net Earnings		$	2,028			$	2,135			$	1,968			$	1,973			$	1,938
Diluted earnings per share		$	1.80			$	1.88			$	1.73			$	1.73			$	1.70

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

		Ending Balance
		March 31,				Dec. 31				Sept. 30,				June 30,				March 31,
HISTORICAL BALANCE SHEET		2024				2023				2023				2023				2023
Total loans		$	312,372			$	297,423			$	298,506			$	292,591			$	270,530
Total short term investments		$	38,009			$	40,334				26,168				18,313				37,656
Total investment securities		$	139,598			$	140,403				127,035				130,603				136,407
Total earning assets			489,979				478,160				451,709				441,507				444,593
Allowance for loan losses			(5,225	)			(5,224	)			(5,222	)			(5,344	)			(5,344	)
Premises and equipment			2,375				2,387				2,389				2,378				2,337
Other Assets			8,149				10,291				10,137				10,044				9,381
Total assets			495,278				485,614				459,013				448,585				450,967
Noninterest bearing deposits			130,876				130,601				135,016				141,613				151,010
Interest bearing deposits			310,889				301,603				279,319				259,401				252,164
Total deposits			441,765				432,204				414,335				401,014				403,174
Fed Funds Purchased and Repurchase Agreements			0				0				0				0				0
Other Liabilities			2,618				2,663				3,164				2,239				2,936
Total liabilities			444,383				434,867				417,499				403,253				406,110
Shareholders' Equity Actual			50,894				53,465				51,470				50,427				48,537
Unrealized Gain/Loss - AFS			(3,883	)			(2,718	)			(9,956	)			(5,096	)			(3,680	)
Total Equity		$	47,011			$	50,747			$	41,514			$	45,331			$	44,857
		Quarter Ending
		March 31,				Dec. 31				Sept. 30,				June 30,				March 31,
NONPERFORMING ASSETS		2024				2023				2023				2023				2023
Nonaccrual loans		$	0			$	0			$	115			$	143			$	159
Restructured loans		$	598			$	658			$	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		$	598			$	658			$	115			$	143			$	159
Accruing loans past due 30-89 days		$	0			$	1			$	2			$	2			$	407
Total nonperforming assets as a percentage
of loans and foreclosed assets			0.19	%			0.22	%			0.04	%			0.05	%			0.06	%

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

		Quarter Ending
ALLOWANCE FOR		March 31,				Dec. 31				Sept. 30,				June 30,				March 31,
LOAN LOSSES		2024				2023				2023				2023				2023
Balance at beginning of period		$	5,224			$	5,222			$	5,344			$	5,344			$	4,324
Loans charged off			0				0				(127	)			0				0
Loan recoveries			0				2				5				0				0
Net (charge-offs) recoveries			0				2				(122	)			0				0
Provision for loan losses (One time CECL adjustment)			0				0				0				0				1,020
Balance at end of period		$	5,224			$	5,224			$	5,222			$	5,344			$	5,344
Allowance for loan losses
as a percentage of total loans			1.67	%			1.76	%			1.75	%			1.83	%			1.98	%
Allowance for loan losses
as a percentage of nonperforming assets			874	%			794	%			4541	%			3737	%			3361	%
Net charge-offs (recoveries) as a
percentage of average loans			0.00	%			0.00	%			0.04	%			0.00	%			0.00	%
Provision for loan losses
as a percentage of average loans			0.00	%			0.00	%			0.00	%			0.00	%			0.37	%
		Quarter Ending
		March 31,				Dec. 31				Sept. 30,				June 30,				March 31,
SELECTED RATIOS		2024				2023				2023				2023				2023
Return on average assets (annualized)			1.65	%			1.77	%			1.72	%			1.79	%			1.76	%
Return on average equity (annualized)			16.03	%			19.87	%			17.69	%			17.74	%			17.68	%
Return on average equity (excluding unrealized gain on investments)			15.04	%			16.34	%			15.29	%			15.96	%			15.97	%
Average shareholders' equity to average assets			11.00	%			10.84	%			11.18	%			11.20	%			11.04	%
Yield on earning assets (tax equivalent)			2.08	%			5.81	%			5.76	%			5.47	%			5.09	%
Effective Cost of Funds			2.31	%			2.16	%			2.11	%			1.78	%			1.46	%
Net interest margin (tax equivalent)			3.63	%			3.65	%			3.66	%			3.69	%			3.63	%
Efficiency ratio (tax equivalent)			42.8	%			42.4	%			41.6	%			42.9	%			39.4	%
End of period book value per common share		$	47.17			$	46.73			$	38.09			$	41.59			$	41.12
End of period book value (excluding unrealized gain/loss on investments)		$	43.57			$	49.23			$	47.22			$	46.26			$	44.49
End of period common shares outstanding (in 000's)			1,079				1,086				1,090				1,090				1,091

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

		Quarter Ending
		March 31, 2024												March 31, 2023
											Tax												Tax
		Average									Equivalent			Average									Equivalent
YIELD ANALYSIS		Balance			Interest			Yield			Yield			Balance			Interest			Yield			Yield
Interest Earning Assets:
Short term investment		$	37,649			517			5.49	%		5.49	%	$	22,733			271			4.77	%		4.77	%
FRB Stock			433			6			6.00	%		6.00	%		428			6			6.00	%		6.00	%
Taxable securities			2,472			32			5.18	%		5.18	%		444			7			6.31	%		6.31	%
Tax Free securities			140,151			1,047			2.99	%		3.78	%		135,416			827			2.44	%		3.09	%
Loans			302,296			5,331			7.05	%		7.05	%		272,089			4,153			6.11	%		6.11	%
Total Interest Earning Assets			483,001			6,933			5.74	%		5.97	%		431,110			5,264			4.88	%		5.09	%
Noninterest Earning Assets:
Cash and due from banks			5,427												6,233
Other assets			7,059												6,729
Allowance for loan losses			(5,225	)											(4,347	)
Total Noninterest Earning Assets			7,261												8,615
Total Assets		$	490,262											$	439,725
Interest Bearing Liabilities:
Transaction and Money Market accounts			204,700			1,141			2.23	%		2.23	%		173,071			1,067			2.47	%		2.47	%
Certificates and other time deposits			95,663			1,678			7.02	%		7.02	%		73,213			505			2.76	%		2.76	%
Other borrowings			8,667			13			0.60	%		0.60	%		0			0			0.00	%		0.00	%
Total Interest Bearing Liabilities			309,030			2,832			3.67	%		3.67	%		246,284			1,572			2.55	%		2.55	%
Noninterest Bearing Liabilities:
Demand deposits			127,766												146,909
Other liabilities			2,856												1,875
Shareholders' Equity			50,610												44,657
Total Liabilities and Shareholders Equity		$	490,262											$	439,725
Net Interest Income and Spread			173,971			4,101			2.08	%		2.31	%					3,692			2.33	%		2.53	%
Net Interest Margin									3.40	%		3.63	%								3.43	%		3.63	%

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

		March 31								March 31
		2024				%				2023				%
LOAN PORTFOLIO
Commercial and industrial		$	171,452				54.80	%		$	147,968				54.62	%
Real estate:
Commercial			96,269				30.77	%			78,122				28.84	%
Residential			15,877				5.08	%			16,574				6.12	%
Construction and development			28,974				9.26	%			27,921				10.31	%
Consumer			272				0.09	%			337				0.12	%
Total loans			312,844				100.00	%			270,922				100.00	%
		March 31								March 31
		2024								2023
REGULATORY CAPITAL DATA
Tier 1 Capital		$	54,777							$	44,859
Total Capital (Tier 1 + Tier 2)		$	59,197							$	48,539
Total Risk-Adjusted Assets		$	352,550							$	302,197
Tier 1 Risk-Based Capital Ratio			15.54	%							16.06	%
Total Risk-Based Capital Ratio			16.79	%							17.32	%
Tier 1 Leverage Ratio			11.17	%							11.04	%
OTHER DATA
Full Time Equivalent
Employees (FTE's)			28								25
Stock Price Range
(For the Three Months Ended):
High		$	95.00							$	88.50
Low		$	89.00							$	87.75
Close		$	94.00							$	87.75

SOURCE: Trinity Bank N.A.

View the original press release on accesswire.com

FAQ

What was Trinity Bank's first-quarter earnings per share for 2024?

Trinity Bank reported first-quarter earnings of $1.80 per diluted common share for 2024.

What is Trinity Bank's stock symbol?

Trinity Bank's stock symbol is TYBT.

What is the return on equity for Trinity Bank?

Trinity Bank's return on equity is 15.04%.