TRINITY BANK REPORTS: Return on Assets 1.42%, Return on Equity 13.56% - CORRECTION RELEASE

Rhea-AI Summary

Trinity Bank, N.A. (OTC PINK:TYBT) reported significant growth for Q1 2021, achieving a net income after taxes of $1,328,000 ($1.18/share), marking a 19.2% increase year-over-year. Loan growth surged by 55.2% to $262,840,000, while deposits rose by 32.7% to $332,588,000. The bank continues to strengthen its loan loss reserves amidst economic uncertainties. Additionally, Trinity Bank announced its 19th consecutive dividend increase, raising the April dividend to $0.69, up 3.00% from the previous dividend. These results reflect the bank's most profitable quarter since its inception.

Positive

• Net income increased by 19.2% to $1,328,000.
• Earnings per share rose 19.2% to $1.18.
• Loan portfolio grew 55.2% to $262,840,000.
• Deposits increased by 32.7% to $332,588,000.
• 19th consecutive dividend increase to $0.69, a 3.00% hike.

Negative

• Return on Assets decreased from 1.55% to 1.42%.
• Return on Equity decreased from 12.36% to 13.56%.

This press release reflects a change in Trinity Bank's previous press release, published on April 27, 2021, in which the "Allowance for loan losses net of PPP Loans" for March 31, 2021 was incorrectly notated.

FORT WORTH, TX / ACCESSWIRE / April 27, 2021 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the three months ending March 31, 2021.

Results of Operations
Trinity Bank, N.A. reported Net Income after Taxes of $1,328,000 or $1.18 per diluted common share for the first quarter of 2021, compared to $1,124,000 or $.99 per diluted common share for the first quarter of 2020, an increase of 19.2%.

Matt R. Opitz, Chief Executive Officer, stated, "First quarter results represent Trinity Bank's most profitable single quarter since inception. In spite of continued economic uncertainty, we experienced above average loan growth in our core loan portfolio as well as continued deposit growth. Our staff has continued to process 1^st round PPP forgiveness applications as well as 2^nd round PPP loan applications which represents a continued success story for Trinity Bank."

"Thus far, we have not seen any undue stress in the loan portfolio. However, we are continuing to aggressively add to our Loan Loss Reserve in light of continued economic uncertainty and the strong loan growth we have experienced since August of last year."

Mr. Opitz further stated, "I am pleased to announce the 19^th consecutive increase in our semiannual dividend. The April 2021 dividend of $.69 represents a 3.00% increase over the prior dividend of $.67 paid in October 2020."

Profitability	3/31/2021	3/31/2020
Return on Assets	1.42 %	1.55 %
Return on Equity	13.56 %	12.36 %
Average for Quarter Ending			%
(in 000's)
Loans	$ 262,840	$ 169,367	55.2
Deposits	$ 332,588	$ 250,677	32.7

Page 2 - Trinity Bank First Quarter 2021

Actual for Quarter Ending
(in 000's)		3/31/2021		3/31/2020		%
Net Interest Income		$ 3,525		2,541		38.7
Non-Interest Income		147		128		14.8
Non-Interest Expense		(1,588)		(1,370)		15.9
Pretax Pre-provision Income		$ 2,084		$ 1,299		60.4
Gain on Sale of Securities and Assets		0		(0)		N/M
Loan Loss Provision		(550)		(0)		N/M
Pre Tax Income		1,534		1,299		18.1
Income Tax		(206)		(175)		N/M
Net Income		$ 1,328		$ 1,124		18.1
Diluted Weighted Average Shares		1,129		1,135
Earnings per Share		$ 1.18		$ .99		19.2

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
EARNINGS SUMMARY	March 31, 2021	March 31, 2020	% Change
Interest income	$3,656	$2,922	25.1%
Interest expense	131	381	-65.6%
Net Interest Income	3,525	2,541	38.7%
Service charges on deposits	56	50	12.0%
Other income	91	78	16.7%
Total Non Interest Income	147	128	14.8%
Salaries and benefits expense	959	856	12.0%
Occupancy and equipment expense	124	114	8.8%
Other expense	505	400	26.3%
Total Non Interest Expense	1,588	1,370	15.9%
Pretax pre-provision income	2,084	1,299	60.4%
Gain on sale of securities	0	0	N/M
Gain on sale of foreclosed assets	0	0	N/M
Gain on sale of assets	0	0	N/M
Provision for Loan Losses	550	0	N/M
Earnings before income taxes	1,534	1,299	18.1%
Provision for income taxes	206	175	N/M
Net Earnings	$1,328	$1,124	18.1%
Basic earnings per share	1.23	1.03	19.4%
Basic weighted average shares	1,083	1,088
outstanding
Diluted earnings per share - estimate	1.18	0.99	19.2%
Diluted weighted average shares outstanding	1,129	1,135
	Average for Quarter
BALANCE SHEET SUMMARY	March 31, 2021	March 31, 2020	% Change
Total loans	$262,840	$169,367	55.2%
Total short term investments	11,131	38,126	-70.8%
Total investment securities	94,737	74,406	27.3%
Earning assets	368,708	281,899	30.8%
Total assets	375,295	289,795	29.5%
Noninterest bearing deposits	133,541	89,277	49.6%
Interest bearing deposits	199,047	161,400	23.3%
Total deposits	332,588	250,677	32.7%
Fed Funds Purchased and Repurchase Agreements	244	0	N/M
Shareholders' equity	$39,352	$36,379	8.2%

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	2021	2020	2020	2020	2020
Total loans	$262,840	$239,440	$216,454	$212,337	$169,367
Total short term investments	11,131	23,960	32,176	41,211	38,126
Total investment securities	94,737	93,094	92,272	81,496	74,406
Earning assets	368,708	356,494	340,902	335,044	281,899
Total assets	375,295	363,558	342,058	342,369	289,795
Noninterest bearing deposits	133,541	130,114	117,655	122,409	89,277
Interest bearing deposits	199,047	191,654	189,053	180,558	161,400
Total deposits	332,588	321,768	306,708	302,967	250,677
Fed Funds Purchased and Repurchase Agreements	244	0	0	0	0
Shareholders' equity	$39,352	$38,084	$37,602	$36,611	$36,379
	Quarter Ended
	March 31,	Dec 31,	Sept. 30,	June 30,	March 31,
HISTORICAL EARNINGS SUMMARY	2021	2020	2020	2020	2020
Interest income	$3,656	$3,177	$2,949	$3,042	$2,922
Interest expense	131	129	158	188	381
Net Interest Income	3,525	3,048	2,791	2,854	2,541
Service charges on deposits	56	61	56	39	50
Other income	91	90	86	79	78
Total Non Interest Income	147	151	142	118	128
Salaries and benefits expense	959	977	915	1,037	856
Occupancy and equipment expense	124	119	94	113	114
Other expense	505	362	364	412	400
Total Non Interest Expense	1,588	1,458	1,373	1,562	1,370
Pretax pre-provision income	2,084	1,741	1,560	1,410	1,299
Gain on sale of securities	0	(1)	0	0	0
Gain on sale of foreclosed assets	0	0	18	0	0
Gain on sale of other assets	0	0	0	0	0
Provision for Loan Losses	550	315	200	125	0
Earnings before income taxes	1,534	1,425	1,378	1,285	1,299
Provision for income taxes	206	179	162	155	175
Net Earnings	$1,328	$1,246	$1,216	$1,130	$1,124
Diluted earnings per share	$ 1.18	$ 1.10	$ 1.08	$ 1.00	$ 0.99

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	2021	2020	2020	2020	2020
Total loans	$270,619	$252,207	$228,473	$216,848	$173,992
Total short term investments	10,941	24,993	16,429	38,648	37,566
Total investment securities	93,615	95,244	90,606	90,658	73,287
Total earning assets	375,175	372,444	335,508	346,154	284,845
Allowance for loan losses	(3,466)	(2,915)	(2,598)	(2,396)	(2,269)
Premises and equipment	2,221	2,340	2,400	2,455	2,522
Other Assets	7,645	6,237	6,748	5,673	6,567
Total assets	381,575	378,106	342,058	351,886	291,665
Noninterest bearing deposits	135,920	134,692	114,284	118,933	89,581
Interest bearing deposits	202,205	201,120	186,096	192,159	162,726
Total deposits	338,125	335,812	300,380	311,092	252,307
Fed Funds Purchased and Repurchase Agreements	0	0	0	0	0
Other Liabilities	2,181	1,270	2,029	1,501	1,779
Total liabilities	340,306	337,082	302,409	312,593	254,086
Shareholders' Equity Actual	39,352	38,778	37,463	37,089	36,069
Unrealized Gain - AFS	1,917	2,246	2,186	2,203	1,510
Total Equity	$41,269	$41,024	$39,649	$39,292	$37,579
	Quarter Ending
	March 31,	Dec 31,	Sept. 30,	June 30,	March 31,
NONPERFORMING ASSETS	2021	2020	2020	2020	2020
Nonaccrual loans	$321	$249	$266	$388	$408
Restructured loans	$0	$0	$0	$0	$0
Other real estate & foreclosed assets	$0	$0	$0	$320	$320
Accruing loans past due 90 days or more	$0	$0	$0	$0	$0
Total nonperforming assets	$321	$249	$266	$708	$728
Accruing loans past due 30-89 days	$0	$0	$0	$0	$248
Total nonperforming assets as a percentage
of loans and foreclosed assets	0.12%	0.10%	0.12%	0.33%	0.42%

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	2021	2020	2020	2020	2020
Balance at beginning of period	$2,915	$2,598	$2,396	$2,269	$2,262
Loans charged off	0	0	0	0	0
Loan recoveries	1	2	2	2	7
Net (charge-offs) recoveries	1	2	2	2	7
Provision for loan losses	550	315	200	125	0
Balance at end of period	$3,466	$2,915	$2,598	$2,396	$2,269
Allowance for loan losses	1.28%	1.16%	1.14%	1.10%	1.30%
as a percentage of total loans
Allowance for loan losses net of PPP Loans	1.62%	1.46%	1.48%	1.36%	1.30%
as a percentage of total loans
Allowance for loan losses	1080%	1171%	977%	338%	312%
as a percentage of nonperforming assets
Net charge-offs (recoveries) as a	0.00%	0.00%	0.00%	0.00%	-0.01%
percentage of average loans
Provision for loan losses	0.21%	0.13%	0.09%	0.06%	0.00%
as a percentage of average loans
	Quarter Ending
	March 31,	Dec 31,	Sept. 30,	June 30,	March 31,
SELECTED RATIOS	2021	2020	2020	2020	2020
Return on average assets (annualized)	1.42%	1.37%	1.42%	1.32%	1.55%
Return on average equity (annualized)	12.88%	12.15%	12.19%	11.88%	11.80%
Return on average equity (excluding unrealized gain on investments)	13.56%	12.85%	12.94%	12.34%	12.36%
Average shareholders' equity to average assets	10.49%	10.48%	10.99%	10.69%	12.55%
Yield on earning assets (tax equivalent)	4.46%	3.88%	3.65%	3.81%	4.33%
Effective Cost of Funds	0.47%	0.28%	0.19%	0.22%	0.54%
Net interest margin (tax equivalent)	3.99%	3.60%	3.46%	3.59%	3.79%
Efficiency ratio (tax equivalent)	41.4%	44.8%	50.4%	51.6%	48.9%
End of period book value per common share	$38.11	$37.88	$36.61	$36.18	$34.54
End of period book value (excluding unrealized gain on investments)	$36.34	$35.81	$34.59	$34.15	$33.15
End of period common shares outstanding (in 000's)	1,083	1,083	1,083	1,086	1,088

TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data)
	3 Months Ending
	March 31, 2021					March 31, 2020
				Tax					Tax
	Average			Equivalent		Average			Equivalent
YIELD ANALYSIS	Balance	Interest	Yield	Yield		Balance	Interest	Yield	Yield
Interest Earning Assets:
Short term investment	$ 11,131	4	0.14%	0.14%		$ 38,126	122	1.28%	1.28%
FRB Stock	397	6	6.00%	6.00%		390	6	6.00%	6.00%
Taxable securities	378	0	0.00%	0.00%		2,033	8	1.57%	1.57%
Tax Free securities	93,962	610	2.60%	3.28%		72,373	510	2.82%	3.57%
Loans	262,840	3,036	4.62%	4.62%		169,273	2,275	5.38%	5.38%
Total Interest Earning Assets	368,708	3,656	3.97%	4.46%		282,195	2,921	4.14%	4.33%
Noninterest Earning Assets:
Cash and due from banks	5,092					5,071
Other assets	4,574					4,795
Allowance for loan losses	(3,079)					(2,266)
Total Noninterest Earning Assets	6,587					7,600
Total Assets	$375,295					$289,795
Interest Bearing Liabilities:
Transaction and Money Market accounts	154,117	70	0.18%	0.18%		120,731	201	0.67%	0.67%
Certificates and other time deposits	44,930	61	0.54%	0.54%		40,669	179	1.76%	1.76%
Other borrowings	244	0	0.00%	0.00%		0	0	0.00%	0.00%
Total Interest Bearing Liabilities	199,291	131	0.26%	0.26%		161,400	380	0.94%	0.94%
Noninterest Bearing Liabilities:
Demand deposits	133,541					89,277
Other liabilities	3,111					1,027
Shareholders' Equity	39,352					38,091
Total Liabilities and Shareholders Equity	$375,295					$289,795
Net Interest Income and Spread		3,525	3.70%	4.20%			2,541	3.20%	3.39%
Net Interest Margin			3.82%	3.99%				3.60%	3.79%

TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data)
	March 31		March 31
	2021	%	2020	%
LOAN PORTFOLIO
Commercial and industrial	$171,801	63.48%	$100,403	57.66%
Real estate:
Commercial	59,542	22.00%	26,930	15.47%
Residential	19,948	7.37%	23,285	13.37%
Construction and development	18,956	7.00%	22,934	13.17%
Consumer	372	0.14%	583	0.33%
Total loans (gross)	270,619	100.00%	174,135	100.00%
Unearned discounts	0	0.00%	0	0.00%
Total loans (net)	$270,619	100.00%	$174,135	100.00%
	March 31		March 31
	2021		2020
REGULATORY CAPITAL DATA
Tier 1 Capital	$39,352		$36,069
Total Capital (Tier 1 + Tier 2)	$42,247		$38,338
Total Risk-Adjusted Assets	$231,615		$187,527
Tier 1 Risk-Based Capital Ratio	17.03%		19.23%
Total Risk-Based Capital Ratio	18.29%		20.44%
Tier 1 Leverage Ratio	10.49%		12.44%
OTHER DATA
Full Time Equivalent
Employees (FTE's)	24		23
Stock Price Range
(For the Three Months Ended):
High	$66.00		$65.00
Low	$54.00		$57.50
Close	$66.00		$59.19

SOURCE: Trinity Bank N.A.

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https://www.accesswire.com/643107/TRINITY-BANK-REPORTS-Return-on-Assets-142-Return-on-Equity-1356--CORRECTION-RELEASE

FAQ

What were Trinity Bank's Q1 2021 earnings per share (EPS)?

Trinity Bank reported an EPS of $1.18 for Q1 2021.

How much did Trinity Bank's net income increase in Q1 2021?

Net income increased by 19.2% to $1,328,000 in Q1 2021.

What is the stock symbol for Trinity Bank?

The stock symbol for Trinity Bank is TYBT.

What was Trinity Bank's loan growth percentage for Q1 2021?

Loan growth for Q1 2021 was 55.2%.

When did Trinity Bank increase its dividend last?

Trinity Bank announced a dividend increase in April 2021, raising it to $0.69.