Trinity Bank Reports: Return on Assets 1.53% Return on Equity 14.61%

Rhea-AI Summary

Trinity Bank N.A. (OTC PINK:TYBT) announced impressive first-quarter results for 2022, achieving a net income of $1,610,000, or $1.42 per diluted share, marking a 19.2% increase compared to $1,328,000, or $1.18 per diluted share in Q1 2021. This quarter is noted as the bank's most profitable since inception, accompanied by successful forgiveness of all PPP loans. Additionally, the bank will pay its 20th consecutive dividend increase of $0.75 per share on April 29, 2022, up 8.7% from the previous year.

Positive

• Net income increased by 19.2% year-over-year, reaching $1,610,000.
• Earnings per diluted share rose to $1.42 from $1.18.
• All PPP loans were fully forgiven, showcasing effective management.
• Dividend increased by 8.7%, marking the 20th consecutive dividend rise.

Negative

• None.

FORT WORTH, TX , ACCESSWIRE / April 28, 2022 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the three months ending March 31, 2022.

Results of Operations

Trinity Bank, N.A. reported Net Income after Taxes of $1,610,000 or $1.42 per diluted common share for the first quarter of 2022, compared to $1,328,000 or $1.18 per diluted common share for the first quarter of 2021, an increase of 19.2%.

Jeffrey M. Harp, Chairman, stated, "We are pleased with first quarter results - our most profitable quarter since inception. First Quarter 2022 marked the end of our involvement with the SBA Payroll Protection Program. 100% of our PPP loans were forgiven in full. This is a tribute to the efforts of our staff and our customer base to comply with the requirements of the program."

"As you can see below, Trinity Bank continues to produce high levels of Returns and good growth in loans (excluding PPP) and deposits. We are fortunate to have a solid customer base operating in a good market."

"I am also pleased to announce that the 20 ^th consecutive increase in our semiannual dividend will be paid on April 29 ^th to shareholders of record as of April 15, 2022. The April 2022 dividend of $0.75 per share represents an increase of 8.7% over the April 2021 dividend of $0.69 per share."

Page 2 - Trinity Bank First Quarter 2022

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
		March 31							%
EARNINGS SUMMARY		2022				2021			Change
Interest income less PPP		$	3,321			$	2,972			11.7	%
PPP interest and fees			278				684			-59.4	%
Interest expense			165				131			26.0	%
Net Interest Income			3,434				3,525			-2.6	%
Service charges on deposits			59				56			5.4	%
Other income			106				91			16.5	%
Total Non Interest Income			165				147			12.2	%
Salaries and benefits expense			999				959			4.2	%
Occupancy and equipment expense			110				124			-11.3	%
Other expense			600				505			18.8	%
Total Non Interest Expense			1,709				1,588			7.6	%
Pretax pre-provision income			1,890				2,084			-9.3	%
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			0				550			N/M
Earnings before income taxes			1,890				1,534			23.2	%
Provision for income taxes			280				206			N/M
Net Earnings		$	1,610			$	1,328			21.2	%
Basic earnings per share			1.48				1.23			19.4	%
Basic weighted average shares			1,087				1,083
outstanding
Diluted earnings per share - estimate			1.42				1.18			19.2	%
Diluted weighted average shares outstanding			1,133				1,129

		Average for Quarter
		March 31								%
BALANCE SHEET SUMMARY		2022				2021				Change
Total loans		$	240,831			$	206,386				16.7	%
Total PPP loans			3,062				56,454				-94.6	%
Total short term investments			28,809				11,131				158.8	%
Total investment securities			142,717				94,737				50.6	%
Earning assets			415,419				368,708				12.7	%
Total assets			421,711				375,295				12.4	%
Noninterest bearing deposits			154,029				133,541				15.3	%
Interest bearing deposits			221,868				199,047				11.5	%
Total deposits			375,897				332,588				13.0	%
Fed Funds Purchased and Repurchase Agreements			0				244				N/M
Shareholders' equity		$	44,456			$	39,352				13.0	%

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		2022				2021				2021				2021				2021
Total loans		$	240,831			$	236,698			$	222,400			$	214,501			$	206,386
Total PPP loans		$	3,062				11,585				27,071				46,772				56,454
Total short term investments			28,809				33,497				26,122				28,242				11,131
Total investment securities			142,717				128,283				113,914				96,153				94,737
Earning assets			415,419				410,063				389,507				385,668				368,708
Total assets			421,711				416,766				395,762				391,571				375,295
Noninterest bearing deposits			154,029				170,822				143,056				136,853				133,541
Interest bearing deposits			221,868				215,287				207,369				211,012				199,047
Total deposits			375,897				386,109				350,425				347,865				332,588
Fed Funds Purchased and Repurchase Agreements			0				0				0				0				244
Shareholders' equity		$	44,456			$	43,113			$	41,723			$	40,236			$	39,352
	Quarter Ended
		March 31,				Dec,				Sept. 30,				June 30,				March 31,
HISTORICAL EARNINGS SUMMARY		2022				2021				2021				2021				2021
Interest income less PPP		$	3,321			$	3,302			$	3,162			$	3,021			$	2,972
PPP interest and fees			278				245				530				785				684
Interest expense			165				159				150				144				131
Net Interest Income			3,434				3,388				3,542				3,662				3,525
Service charges on deposits			59				58				56				58				56
Other income			106				108				111				104				91
Total Non Interest Income			165				166				167				162				147
Salaries and benefits expense			999				1,009				1,127				1,080				959
Occupancy and equipment expense			110				108				121				114				124
Other expense			600				540				430				405				505
Total Non Interest Expense			1,709				1,657				1,678				1,599				1,588
Pretax pre-provision income			1,890				1,897				2,031				2,225				2,084
Gain on sale of securities			0				0				0				0				0
Gain on sale of foreclosed assets			0				0				0				0				0
Gain on sale of other assets			0				0				0				0				0
Provision for Loan Losses			0				0				290				550				550
Earnings before income taxes			1,890				1,897				1,741				1,675				1,534
Provision for income taxes			280				305				265				249				206
Net Earnings		$	1,610			$	1,592			$	1,476			$	1,426			$	1,328
Diluted earnings per share		$	1.42			$	1.41			$	1.30			$	1.26			$	1.18

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		2022				2021				2021				2021				2021
Total loans		$	247,358			$	240,283			$	228,976			$	215,085			$	213,644
Total PPP loans			-				9,380				20,911				34,305				56,975
Total short term investments			39,776				41,153				34,818				31,247				10,941
Total investment securities			138,793				137,387				117,844				100,499				93,615
Total earning assets			425,927				428,203				402,549				381,136				375,175
Allowance for loan losses			(4,314	)			(4,306	)			(4,306	)			(4,016	)			(3,466	)
Premises and equipment			2,065				2,118				2,179				2,218				2,221
Other Assets			10,557				5,802				6,803				10,507				7,645
Total assets			434,235				431,817				407,225				389,845				381,575
Noninterest bearing deposits			158,072				167,497				148,238				149,049				135,920
Interest bearing deposits			233,142				218,611				214,162				196,355				202,205
Total deposits			391,214				386,108				362,400				345,404				338,125
Fed Funds Purchased and Repurchase Agreements			0				0				0				0				0
Other Liabilities			2,033				1,181				1,834				1,539				2,181
Total liabilities			393,247				387,289				364,234				346,943				340,306
Shareholders' Equity Actual			44,093				43,113				41,465				40,957				39,352
Unrealized Gain/Loss - AFS			(3,105	)			1,415				1,526				1,945				1,917
Total Equity		$	40,988			$	44,528			$	42,991			$	42,902			$	41,269

		Quarter Ending
		March 31,				Dec 31,				Sept. 30,				June 30,				March 31,
NONPERFORMING ASSETS		2022				2021				2021				2021				2021
Nonaccrual loans		$	239			$	259			$	279			$	297			$	321
Restructured loans		$	0			$	0			$	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		$	239			$	259			$	279			$	297			$	321
Accruing loans past due 30-89 days		$	0			$	0			$	600			$	0			$	0
Total nonperforming assets as a percentage
of loans and foreclosed assets			0.10	%			0.11	%			0.12	%			0.12	%			0.13	%

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		2022				2021				2021				2021				2021
Balance at beginning of period		$	4,306			$	4,306			$	4,016			$	3,466			$	2,915
Loans charged off			0				0				0				0				0
Loan recoveries			8				0				0				0				1
Net (charge-offs) recoveries			8				0				0				0				1
Provision for loan losses			0				0				290				550				550
Balance at end of period		$	4,314			$	4,306			$	4,306			$	4,016			$	3,466
Allowance for loan losses
as a percentage of total loans			1.74	%			1.72	%			1.88	%			1.61	%			1.28	%
Allowance for loan losses net of PPP Loans
as a percentage of total loans			1.74	%			1.79	%			1.94	%			1.86	%			1.62	%
Allowance for loan losses
as a percentage of nonperforming assets			1805	%			1663	%			1543	%			1352	%			1080	%
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			0.00	%			0.00	%			0.13	%			0.21	%			0.21	%

		Quarter Ending
		March 31,				Dec 31,				Sept. 30,				June 30,				March 31,
SELECTED RATIOS		2022				2021				2021				2021				2021
Return on average assets (annualized)			1.53	%			1.53	%			1.49	%			1.46	%			1.42	%
Return on average equity (annualized)			15.71	%			14.60	%			13.50	%			13.51	%			12.88	%
Return on average equity (excluding unrealized gain on investments)			14.61	%			15.06	%			14.15	%			14.18	%			13.56	%
Average shareholders' equity to average assets			10.54	%			10.34	%			10.54	%			10.28	%			10.49	%
Yield on earning assets (tax equivalent)			3.64	%			3.95	%			3.97	%			4.11	%			4.14	%
Effective Cost of Funds			0.16	%			0.15	%			0.16	%			0.14	%			0.15	%
Net interest margin (tax equivalent)			3.48	%			3.80	%			3.81	%			3.97	%			3.99	%
Efficiency ratio (tax equivalent)			45.2	%			44.5	%			43.3	%			40.5	%			41.4	%
End of period book value per common share		$	37.50			$	41.12			$	39.66			$	39.47			$	38.11
End of period book value (excluding unrealized gain/loss on investments)		$	40.34			$	39.81			$	38.25			$	37.68			$	36.34
End of period common shares outstanding (in 000's)			1,093				1,083				1,084				1,087				1,083

TRINITY BANK N.A.

(Unaudited)

(Dollars in thousands, except per share data)

		3 Months Ending
		March 31, 2022																March 31, 2021
														Tax																Tax
		Average												Equivalent				Average												Equivalent
YIELD ANALYSIS		Balance				Interest				Yield				Yield				Balance				Interest				Yield				Yield
Interest Earning Assets:
Short term investment		$	28,809				17				0.24	%			0.24	%		$	11,131				4				0.14	%			0.14	%
FRB Stock			411				6				6.00	%			6.00	%			397				6				6.00	%			6.00	%
Taxable securities			2,577				0				0.00	%			0.00	%			378				0				0.00	%			0.00	%
Tax Free securities			139,729				680				1.95	%			2.46	%			93,962				610				2.60	%			3.28	%
Loans			243,893				2,896				4.75	%			4.75	%			262,840				3,036				4.62	%			4.62	%
Total Interest Earning Assets			415,419				3,599				3.47	%			3.64	%			368,708				3,656				3.97	%			4.14	%
Noninterest Earning Assets:
Cash and due from banks			5,697																5,092
Other assets			4,901																4,574
Allowance for loan losses			(4,306	)															(3,079	)
Total Noninterest Earning Assets			6,292																6,587
Total Assets		$	421,711															$	375,295
Interest Bearing Liabilities:
Transaction and Money Market accounts			176,030				110				0.25	%			0.25	%			154,117				70				0.18	%			0.18	%
Certificates and other time deposits			43,098				55				0.51	%			0.51	%			44,930				61				0.54	%			0.54	%
Other borrowings			0				0				0.00	%			0.00	%			244				0				0.00	%			0.00	%
Total Interest Bearing Liabilities			219,128				165				0.30	%			0.30	%			199,291				131				0.26	%			0.26	%
Noninterest Bearing Liabilities:
Demand deposits			156,769																133,541
Other liabilities			1,358																3,111
Shareholders' Equity			44,456																39,352
Total Liabilities and Shareholders Equity		$	421,711															$	375,295
Net Interest Income and Spread							3,434				3.16	%			3.34	%							3,525				3.70	%			3.88	%
Net Interest Margin											3.31	%			3.48	%											3.82	%			3.99	%

TRINITY BANK N.A.

(Unaudited)

(Dollars in thousands, except per share data)

		March 31								March 31
		2022				%				2021				%
LOAN PORTFOLIO
Commercial and industrial less PPP		$	142,524				57.62	%		$	114,826				42.43	%
PPP loans		$	0				0.00	%		$	56,975				21.05	%
Real estate:
Commercial			56,059				22.66	%			59,542				22.00	%
Residential			16,653				6.73	%			19,948				7.37	%
Construction and development			31,802				12.86	%			18,956				7.00	%
Consumer			320				0.13	%			372				0.14	%
Total loans (gross)			247,358				100.00	%			270,619				100.00	%
Unearned discounts			0				0.00	%			0				0.00	%
Total loans (net)		$	247,358				100.00	%		$	270,619				100.00	%
		March 31								March 31
		2022								2021
REGULATORY CAPITAL DATA
Tier 1 Capital		$	44,094							$	39,352
Total Capital (Tier 1 + Tier 2)		$	47,492							$	42,247
Total Risk-Adjusted Assets		$	270,950							$	231,615
Tier 1 Risk-Based Capital Ratio			16.27	%							17.03	%
Total Risk-Based Capital Ratio			17.53	%							18.29	%
Tier 1 Leverage Ratio			10.45	%							10.49	%
OTHER DATA
Full Time Equivalent
Employees (FTE's)			24								24
Stock Price Range
(For the Three Months Ended):
High		$	80.01							$	66.00
Low		$	76.00							$	54.00
Close		$	80.01							$	66.00

SOURCE: Trinity Bank N.A.

View source version on accesswire.com:
https://www.accesswire.com/699319/Trinity-Bank-Reports-Return-on-Assets-153-Return-on-Equity-1461

FAQ

What are the Q1 2022 financial results for Trinity Bank (TYBT)?

Trinity Bank reported a net income of $1,610,000, or $1.42 per diluted share in Q1 2022, a 19.2% increase from Q1 2021.

What is the recent dividend payout announced by Trinity Bank (TYBT)?

Trinity Bank announced a dividend of $0.75 per share to be paid on April 29, 2022, which is an 8.7% increase from last year.

How did Trinity Bank (TYBT) perform in terms of PPP loans?

Trinity Bank successfully had 100% of its PPP loans forgiven, marking a positive outcome for the bank's management.

What was the significance of Q1 2022 for Trinity Bank (TYBT)?

Q1 2022 was noted as Trinity Bank's most profitable quarter since inception.