Trinity Bank Reports Results for 2024 Net Income Up 5.5% to $8,458,000 Return on Assets 1.70%

Rhea-AI Summary

Trinity Bank N.A. (TYBT) reported strong financial results for Q4 and full-year 2024. Net Income after Taxes reached $8,458,000 in 2024, a 5.5% increase from $8,015,000 in 2023. Earnings per diluted share grew to $7.48, up 5.9% from $7.06 in 2023.

Q4 2024 was the most profitable quarter in the bank's history, with Net Income of $2,178,000, up 2.0% from Q4 2023. Key metrics include:

• Interest income increased 18.8% to $28,579,000
• Net Interest Income grew 14.0% to $17,607,000
• Total deposits increased 8.0% to $440,708,000
• Return on average assets was 1.70%

The bank reported strong growth in loans and deposits, with improved loan demand noted after the November election. Management remains focused on sound banking principles while investing in infrastructure, people, and technology for future growth.

Positive

• Record-breaking Q4 and full-year 2024 net income
• Net Income increased 5.5% to $8,458,000 in 2024
• Interest income grew 18.8% to $28,579,000
• Net Interest Income up 14.0% to $17,607,000
• Total deposits increased 8.0% to $440,708,000
• Strong return on assets at 1.70%

Negative

• Interest expense increased 27.4% to $10,972,000
• Non-interest expenses up 16.5% to $8,204,000
• Nonperforming assets increased to $1,047,000 in Q4 2024 from $658,000 in Q4 2023

FORT WORTH, TX / ACCESS Newswire / February 5, 2025 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the fourth quarter and the twelve months ending December 31, 2024.

Results of Operation

For the fourth quarter 2024, Trinity Bank, N.A. reported Net Income after Taxes of $2,178,000, an increase of 2.0% over fourth quarter 2023 earnings of $2,135,00. Earnings per diluted common share for the fourth quarter 2024 amounted to $1.92, an increase of 2.1% over fourth quarter 2023 results of $1.88 per diluted common share.

For 2024, Net Income after Taxes was $8,458,000, an increase of 5.5% over 2023 results of $8,015,000. Earnings per diluted common share for 2024 were $7.48, an increase of 5.9% over 2023 results of $7.06 per diluted common share.

Co-Chairman and CEO Matt R. Opitz stated, "We are pleased with both our fourth quarter and full year 2024 results. The fourth quarter was the most profitable quarter and 2024 was the most profitable year in history for Trinity Bank. We finished the year with strong growth in net income, loans and deposits."

"We have seen significant improvements in loan demand since the election in November. Further, corporate confidence throughout the State of Texas continues to increase, post-election, which is very encouraging as we embark on the new year."

"As we move into 2025, we remain focused on our commitment to remain true to the same sound banking principles and management practices that have made Trinity Bank successful over its 22-year history. We will also continue to invest in our people, facilities, technology and processes to ensure we have the proper infrastructure to remain positioned to take advantage of opportunities for continued growth not only in 2025 but for years to come."

"As always, thank you to our dedicated staff. Without them and their commitment to remaining focused on providing exceptional customer experiences, results like these would not be achievable."

Page 2 - Trinity Bank fourth quarter 2024 earnings

Page 3 - Trinity Bank fourth quarter 2024 earnings

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

		Quarter Ended												Twelve Months Ending
		December 31								%				December 31								%
EARNINGS SUMMARY		2024				2023				Change				2024				2023				Change
Interest income		$	7,426			$	6,818				8.9	%		$	28,579			$	24,060				18.8	%
Interest expense			2,681				2,738				-2.1	%			10,972				8,611				27.4	%
Net Interest Income			4,745				4,080				16.3	%			17,607				15,449				14.0	%
Service charges on deposits			70				55				27.3	%			256				247				3.6	%
Other income			112				117				-4.3	%			459				471				-2.5	%
Total Non Interest Income			182				172				5.8	%			715				718				-0.4	%
Salaries and benefits expense			1,343				1,314				2.2	%			5,254				4,699				11.8	%
Occupancy and equipment expense			117				109				7.3	%			495				454				9.0	%
Other expense			575				509				13.0	%			2,455				1,887				30.1	%
Total Non Interest Expense			2,035				1,932				5.3	%			8,204				7,040				16.5	%
Pretax pre-provision income			2,892				2,320				24.7	%			10,118				9,127				10.9	%
Gain on sale of Securities			1				(36	)			N/M				2				(40	)			N/M
Gain on sale of Assets			0				58				N/M				53				58				N/M
Provision for Loan Losses			350				0				N/M				350				0				N/M
Earnings before income taxes			2,543				2,342				8.6	%			9,823				9,145				7.4	%
Provision for income taxes			365				207				76.3	%			1,365				1,130				20.8	%
Net Earnings		$	2,178			$	2,135				2.0	%		$	8,458			$	8,015				5.5	%
Basic earnings per share			2.01				1.96				2.5	%			7.83				7.36				6.4	%
Basic weighted average shares			1,085				1,088								1,080				1,089
outstanding
Diluted earnings per share - estimate			1.92				1.88				2.1	%			7.48				7.06				5.9	%
Diluted weighted average shares outstanding			1,135				1,134								1,130				1,135

		Average for Quarter												Average for Twelve Months
		December 31								%				December 31								%
BALANCE SHEET SUMMARY		2024				2023				Change				2024				2023				Change
Total loans		$	297,595			$	297,994				-0.1	%		$	301,718			$	287,127				5.1	%
Total short term investments			84,667				43,172				96.1	%			46,595				26,075				78.7	%
FRB Stock			438				430				1.9	%			436				429				1.6	%
Total investment securities			139,200				132,086				5.4	%			139,161				134,211				3.7	%
Earning assets			521,900				473,252				10.3	%			487,910				447,842				8.9	%
Total assets			529,766				481,952				9.9	%			495,755				455,520				8.8	%
Noninterest bearing deposits			140,237				138,527				1.2	%			132,835				140,837				-5.7	%
Interest bearing deposits			331,293				297,030				11.5	%			307,873				267,392				15.1	%
Total deposits			471,529				435,557				8.3	%			440,708				408,229				8.0	%
Fed Funds Purchased and Repurchase Agreements			0				261				N/M				0				351				N/M
Shareholders' equity		$	58,388			$	52,263				11.7	%		$	56,039			$	50,653				10.6	%

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

		Average for Quarter Ending
		Dec 31,				Sep 30,				June 30,				March 31,				Dec. 31
BALANCE SHEET SUMMARY		2024				2024				2024				2024				2023
Total loans		$	297,595			$	300,487			$	306,551			$	302,296			$	297,994
Total short term investments			84,667				38,112				25,626				37,649				43,172
FRB Stock			438				437				435				433				430
Total investment securities			139,200				137,751				137,088				142,623				132,086
Earning assets			521,900				476,787				469,700				483,001				473,682
Total assets			529,766				485,034				477,700				490,262				481,952
Noninterest bearing deposits			140,237				131,659				131,609				127,766				138,527
Interest bearing deposits			331,293				297,480				293,548				309,030				297,030
Total deposits			471,529				429,139				425,157				436,796				435,557
Fed Funds Purchased and Repurchase Agreements			0				0				0				0				261
Shareholders' equity		$	58,388			$	56,857			$	54,951			$	53,923			$	52,263

		Quarter Ended
		Dec 31,				Sep 30,				June 30,				March 31,				Dec. 31
HISTORICAL EARNINGS SUMMARY		2024				2024				2024				2024				2023
Interest income		$	7,426			$	7,112			$	7,107			$	6,934			$	6,818
Interest expense			2,681				2,749				2,713				2,832				2,738
Net Interest Income			4,745				4,363				4,394				4,102				4,080
Service charges on deposits			70				65				64				53				55
Other income			112				109				121				121				117
Total Non Interest Income			182				174				185				174				172
Salaries and benefits expense			1,343				1,368				1,319				1,223				1,314
Occupancy and equipment expense			117				133				122				122				109
Other expense			575				601				657				620				509
Total Non Interest Expense			2,035				2,102				2,098				1,965				1,932
Pretax pre-provision income			2,892				2,435				2,481				2,311				2,320
Gain on sale of securities			1				4				(4	)			0				(36	)
Gain on sale of Other Assets			0				0				36				17				58
Provision for Loan Losses			350				0				0				0				0
Earnings before income taxes			2,543				2,439				2,514				2,328				2,342
Provision for income taxes			365				340				360				300				207
Net Earnings		$	2,178			$	2,099			$	2,154			$	2,028			$	2,135
Diluted earnings per share		$	1.92			$	1.86			$	1.91			$	1.80			$	1.88

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

		Ending Balance
		Dec. 31,				Sept. 30,				June 30,				March 31,				Dec. 31
HISTORICAL BALANCE SHEET		2024				2024				2024				2024				2023
Total loans		$	305,864			$	296,906			$	304,810			$	312,372			$	297,423
FRB Stock			439				438				435				435				430
Total short term investments			69,746				59,576				10,003				38,009				40,334
Total investment securities			138,306				137,510				136,331				139,598				140,403
Total earning assets			514,355				494,430				451,579				490,414				478,590
Allowance for loan losses			(5,583	)			(5,230	)			(5,227	)			(5,225	)			(5,224	)
Premises and equipment			4,123				2,393				2,397				2,375				2,387
Other Assets			9,339				9,739				14,711				8,149				10,291
Total assets			522,234				501,332				463,460				495,713				486,044
Noninterest bearing deposits			146,834				137,594				128,318				130,876				130,601
Interest bearing deposits			318,206				305,010				280,945				310,889				301,603
Total deposits			465,040				442,604				409,263				441,765				432,204
Fed Funds Purchased and Repurchase Agreements			0				0				0				0				0
Other Liabilities			2,711				2,901				2,804				2,618				2,663
Total liabilities			467,751				445,505				412,067				444,383				434,867
Shareholders' Equity Actual			59,758				57,976				55,915				54,777				53,465
Unrealized Gain/Loss - AFS			(5,275	)			(2,149	)			(4,957	)			(3,883	)			(2,718	)
Total Equity		$	54,483			$	55,827			$	50,958			$	50,894			$	50,747

		Quarter Ending
		Dec. 31,				Sept. 30,				June 30,				March 31,				Dec. 31
NONPERFORMING ASSETS		2024				2024				2024				2024				2023
Nonaccrual loans		$	1,047			$	0			$	0			$	0			$	0
Restructured loans			0				505				552				598				658
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		$	1,047			$	505			$	552			$	598			$	658
Accruing loans past due 30-89 days		$	0			$	39			$	1,274			$	0			$	1
Total nonperforming assets as a percentage
of loans and foreclosed assets			0.34	%			0.17	%			0.18	%			0.19	%			0.22	%

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

		Quarter Ending
ALLOWANCE FOR		Dec. 31,				Sept. 30,				June 30,				March 31,				Dec. 31
LOAN LOSSES		2024				2024				2024				2024				2023
Balance at beginning of period		$	5,230			$	5,227			$	5,224			$	5,224			$	5,222
Loans charged off			0				0				0				0				0
Loan recoveries			3				3				3				0				2
Net (charge-offs) recoveries			3				3				3				0				2
Provision for loan losses			350				0				0				0				0
Balance at end of period		$	5,583			$	5,230			$	5,227			$	5,224			$	5,224
Allowance for loan losses
as a percentage of total loans			1.83	%			1.76	%			1.71	%			1.67	%			1.76	%
Allowance for loan losses
as a percentage of nonperforming assets			533	%			1036	%			947	%			874	%			794	%
Net charge-offs (recoveries) as a
percentage of average loans			0.00	%			0.00	%			0.00	%			0.00	%			0.00	%
Provision for loan losses
as a percentage of average loans			0.11	%			0.00	%			0.00	%			0.00	%			0.00	%

		Quarter Ending
		Dec. 31,				Sept. 30,				June 30,				March 31,				Dec. 31
SELECTED RATIOS		2024				2024				2024				2024				2023
Return on average assets (annualized)			1.64	%			1.73	%			1.80	%			1.65	%			1.77	%
Return on average equity (annualized)			15.85	%			15.91	%			17.42	%			16.03	%			19.87	%
Return on average equity (excluding unrealized gain on investments)			14.92	%			14.77	%			15.68	%			15.04	%			16.34	%
Average shareholders' equity to average assets			11.02	%			11.72	%			11.50	%			11.00	%			10.84	%
Yield on earning assets (tax equivalent)			5.92	%			6.20	%			6.28	%			5.97	%			5.81	%
Effective Cost of Funds			2.06	%			2.31	%			2.31	%			2.34	%			2.16	%
Net interest margin (tax equivalent)			3.86	%			3.89	%			3.97	%			3.63	%			3.65	%
Efficiency ratio (tax equivalent)			39.0	%			43.7	%			43.2	%			43.1	%			42.4	%
End of period book value per common share		$	50.21			$	51.79			$	47.23			$	47.17			$	46.73
End of period book value (excluding unrealized gain/loss on investments)		$	55.08			$	53.78			$	51.82			$	50.77			$	49.23
End of period common shares outstanding (in 000's)			1,085				1,078				1,079				1,079				1,086

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

		Twelve Months Ending
		December 31, 2024															December 31, 2023
													Tax												Tax
		Average											Equivalent				Average								Equivalent
YIELD ANALYSIS		Balance				Interest			Yield				Yield				Balance			Interest		Yield			Yield
Interest Earning Assets:
Short term investment		$	46,595			$	2,417			5.19	%			5.19	%		$	26,075		1,379			5.29	%		5.29	%
FRB Stock			436				26			6.00	%			6.00	%			429		26			6.00	%		6.00	%
Taxable securities			0				0			0.00	%			0.00	%			1,383		73			5.28	%		5.28	%
Tax Free securities			139,161				4,486			3.22	%			3.44	%			132,399		3,438			2.60	%		3.29	%
Loans			301,718				21,651			7.18	%			7.18	%			287,127		19,144			6.67	%		6.67	%
Total Interest Earning Assets			487,910				28,580			5.86	%			5.92	%			447,413		24,060			5.38	%		5.58	%
Noninterest Earning Assets:
Cash and due from banks			5,712															5,856
Other assets			7,363															7,306
Allowance for loan losses			(5,230	)														(5,057	)
Total Noninterest Earning Assets			7,845															8,105
Total Assets		$	495,755														$	455,518
Interest Bearing Liabilities:
Transaction and Money Market accounts		$	200,832			$	6,125			3.05	%			3.05	%			179,325		5,504			3.07	%		3.07	%
Certificates and other time deposits			107,041				4,846			4.53	%			4.53	%			78,092		3,034			3.89	%		3.89	%
Other borrowings			0				0			0.00	%			0.00	%			10,327		73			0.0071			0.71	%
Total Interest Bearing Liabilities			307,873				10,971			3.56	%			3.56	%			267,744		8,611			3.22	%		3.22	%
Noninterest Bearing Liabilities:
Demand deposits			132,835															140,835
Other liabilities			3,074															2,573
Shareholders' Equity			51,974															44,366
Total Liabilities and Shareholders Equity		$	495,755														$	455,518
Net Interest Income and Spread		$	180,037			$	17,609			2.29	%			2.35	%			179,669		15,449			2.16	%		2.37	%
Net Interest Margin										3.61	%			3.67	%								3.45	%		3.66	%

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

		December 31									December 31
		2024				%					2023			%
LOAN PORTFOLIO
Commercial and industrial		$	168,145				54.97	%		$	162,907				54.77	%
Real estate:
Commercial			96,441				31.53	%			86,215				28.99	%
Residential			11,209				3.66	%			17,271				5.81	%
Construction and development			29,933				9.79	%			30,724				10.33	%
Consumer			136				0.04	%			306				0.10	%
Total loans		$	305,864				100.00	%			297,423				100.00	%
	December 31										December 31
			2024								2023
REGULATORY CAPITAL DATA
Tier 1 Capital		$	59,758							$	53,464
Total Capital (Tier 1 + Tier 2)		$	64,147							$	57,695
Total Risk-Adjusted Assets		$	349,667							$	337,534
Tier 1 Risk-Based Capital Ratio			17.09	%							15.84	%
Total Risk-Based Capital Ratio			18.34	%							17.10	%
Tier 1 Leverage Ratio			11.28	%							11.09	%
OTHER DATA
Full Time Equivalent
Employees (FTE's)			28								28
Stock Price Range
(For the Three Months Ended):
High		$	91.00							$	90.00
Low		$	80.00							$	79.25
Close		$	91.00							$	90.00

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 ACCESS Newswire

FAQ

What was Trinity Bank's (TYBT) net income growth in 2024?

Trinity Bank's net income grew by 5.5% to $8,458,000 in 2024, compared to $8,015,000 in 2023.

How much did TYBT's earnings per share increase in 2024?

TYBT's diluted earnings per share increased by 5.9% to $7.48 in 2024, up from $7.06 in 2023.

What was Trinity Bank's (TYBT) deposit growth in 2024?

Trinity Bank's total deposits grew by 8.0% to $440,708,000 in 2024.

What was TYBT's return on assets for 2024?

Trinity Bank maintained a strong return on assets of 1.70% for 2024.

How did TYBT's interest income perform in 2024?

Trinity Bank's interest income increased by 18.8% to $28,579,000 in 2024.