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Trinity Bank Reports: Return On Assets 1.54% Return on Equity 14.91%

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Trinity Bank N.A. (OTC PINK:TYBT) reported strong financial results for Q2 2022, achieving a net income of $1.68 million, or $1.47 per diluted share, marking a 16.7% increase from the previous year. Year-to-date net income reached $3.29 million, up 19.5% from 2021, with earnings per diluted share at $2.90. The bank's loan and deposit growth remains robust, with returns on assets and equity exceeding peer averages. Chairman Jeffrey M. Harp noted the influence of rising interest rates on income and their commitment to providing competitive rates for deposits.

Positive
  • Q2 2022 net income of $1.68 million, a 16.7% increase YoY.
  • YTD net income of $3.29 million, representing a 19.5% YoY growth.
  • Earnings per diluted share for H1 2022 increased to $2.90 from $2.44 YoY.
  • Best quarterly profit since inception in 2003.
  • Loan and deposit growth trends remain positive.
Negative
  • None.

FORT WORTH, TEXAS / ACCESSWIRE / August 1, 2022 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the three months ending June 30, 2022 and YTD results for the six months ending June 30, 2022.

Results of Operations

Trinity Bank, N.A. reported Net Income after Taxes of $1,680,000 or $1.47 per diluted common share for the first quarter of 2022, compared to $1,426,000 or $1.26 per diluted common share for the second quarter of 2021, an increase of 16.7%.

For the first six months of 2022, Net Income after Taxes amounted to $3,290,000, an increase of 19.5% over the first half of 2021 results of $2,754,000. Earnings per diluted common share for the first half of 2022 were $2.90, an increase of 18.9% over the first half of 2021 results of $2.44 per diluted common share

Jeffrey M. Harp, Chairman, stated, "We are pleased to announce that 2Q 2022 performance produced the best quarterly profit for Trinity Bank since inception in 2003. Loans and Deposits continue to grow. Return on Assets and Return on Equity remain well above both national and local peer groups. Our borrowers continue to perform well in an unsettled economic environment."

"After many years of maintaining artificially low interest rates, the Federal Reserve has embarked on a program to rapidly raise interest rates to combat the inflation that we all see on a daily basis. We have had four prime rate increases in four months (from 3.25% to 5.50%). While this helps our interest income, we also must increase deposit rates in line with our philosophy to pay as much as we can instead of as little as we can get by with. For example, we are offering one-year CD's at a 2.40% rate - well above the local market."

"In my 51 years in this business in this market, I can only say that we are in unprecedented times. Our goal remains to ADAPT, IMPROVISE, and OVERCOME. We strive to provide exceptional service to existing customers and attract new relationships with quality people. We intend to continue to maintain a strong capital base with above-average profitability and efficiency as we prepare for whatever the future holds."

Trinity Bank N.A. , Monday, August 1, 2022, Press release picture

Trinity Bank N.A. , Monday, August 1, 2022, Press release pictureTrinity Bank N.A. , Monday, August 1, 2022, Press release picture

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 Six Months Ending
June 30 % June 30 %
EARNINGS SUMMARY
2022 2021 Change 2022 2021 Change
Interest income
$3,763 $3,806 -1.1% $7,363 $7,462 -1.3%
Interest expense
248 144 72.2% 414 276 50.0%
Net Interest Income
3,515 3,662 -4.0% 6,949 7,186 -3.3%
Service charges on deposits
62 58 6.9% 123 115 7.0%
Other income
126 104 21.2% 230 195 17.9%
Total Non Interest Income
188 162 16.0% 353 310 13.9%
Salaries and benefits expense
1,096 1,080 1.5% 2,095 2,039 2.7%
Occupancy and equipment expense
111 114 -2.6% 221 238 -7.1%
Other expense
536 405 32.3% 1,136 910 24.8%
Total Non Interest Expense
1,743 1,599 9.0% 3,452 3,187 8.3%
Pretax pre-provision income
1,960 2,225 -11.9% 3,850 4,309 -10.7%
Gain on sale of securities
0 0 N/M 0 0 N/M
Gain on sale of foreclosed assets
0 0 N/M 0 0 N/M
Gain on sale of assets
0 0 N/M 0 0 N/M
Provision for Loan Losses
0 550 -100.0% 0 1,100 -100.0%
Earnings before income taxes
1,960 1,675 17.0% 3,850 3,209 20.0%
Provision for income taxes
280 249 N/M 560 455 23.1%
Net Earnings
$1,680 $1,426 17.8% $3,290 $2,754 19.5%
Basic earnings per share
1.54 1.32 16.8% 3.02 2.55 18.5%
Basic weighted average shares
1,093 1,084 1,090 1,081
outstanding
Diluted earnings per share - estimate
1.47 1.26 16.7% 2.90 2.44 18.9%
Diluted weighted average shares outstanding
1,139 1,130 1,136 1,127

Average for Quarter Average for Six Months
June 30 % June 30 %
BALANCE SHEET SUMMARY
2022 2021 Change 2022 2021 Change
Total loans
$255,951 $261,273 -2.0% $249,955 $262,025 -4.6%
Total short term investments
30,993 28,242 9.7% 29,696 19,931 49.0%
Total investment securities
142,743 96,153 48.5% 142,526 95,251 49.6%
Earning assets
429,687 385,668 11.4% 422,177 377,207 11.9%
Total assets
437,237 391,571 11.7% 429,441 383,478 12.0%
Noninterest bearing deposits
164,965 136,853 20.5% 159,530 142,334 12.1%
Interest bearing deposits
229,986 211,012 9.0% 225,947 197,935 14.2%
Total deposits
394,951 347,865 13.5% 385,477 340,269 13.3%
Fed Funds Purchased and Repurchase Agreements
0 0 N/M 0 122 N/M
Shareholders' equity
$45,059 $40,236 12.0% $44,475 $39,713 12.0%

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

Average for Quarter Ending
June 30, March 31, Dec 31, Sept. 30, June 30,
BALANCE SHEET SUMMARY
2022 2022 2021 2021 2021
Total loans
$255,951 $240,831 $236,698 $222,400 $214,501
Total PPP loans
0 $3,062 11,585 27,071 46,772
Total short term investments
30,993 28,809 33,497 26,122 28,242
Total investment securities
142,743 142,717 128,283 113,914 96,153
Earning assets
429,687 415,419 410,063 389,507 385,668

Total assets
437,237 421,711 416,766 395,762 391,571
Noninterest bearing deposits
164,965 154,029 170,822 143,056 136,853
Interest bearing deposits
229,986 221,868 215,287 207,369 211,012
Total deposits
394,951 375,897 386,109 350,425 347,865
Fed Funds Purchased and Repurchase Agreements
0 0 0 0 0
Shareholders' equity
$45,059 $44,456 $43,113 $41,723 $40,236

Quarter Ended

June 30, March 31, Dec 31, Sept. 30, June 30,
HISTORICAL EARNINGS SUMMARY
2022 2022 2021 2021 2021
Interest income less PPP
$3,763 $3,321 $3,302 $3,162 $3,021
PPP interest and fees
0 278 245 530 785
Interest expense
248 165 159 150 144
Net Interest Income
3,515 3,434 3,388 3,542 3,662
Service charges on deposits
62 59 58 56 58
Other income
126 106 108 111 104
Total Non Interest Income
188 165 166 167 162
Salaries and benefits expense
1,096 999 1,009 1,127 1,080
Occupancy and equipment expense
111 110 108 121 114
Other expense
536 600 540 430 405
Total Non Interest Expense
1,743 1,709 1,657 1,678 1,599
Pretax pre-provision income
1,960 1,890 1,897 2,031 2,225
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 0 290 550
Earnings before income taxes
1,960 1,890 1,897 1,741 1,675
Provision for income taxes
280 280 305 265 249
Net Earnings
$1,680 $1,610 $1,592 $1,476 $1,426
Diluted earnings per share
$1.47 $1.42 $1.41 $1.30 $1.26

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

Ending Balance
June 30, March 31, Dec 31, Sept. 30, June 30,
HISTORICAL BALANCE SHEET
2022 2022 2021 2021 2021
Total loans
$267,163 $247,358 $240,283 $228,976 $215,085
Total PPP loans
0 - 9,380 20,911 34,305
Total short term investments
19,635 39,776 41,153 34,818 31,247
Total investment securities
142,834 138,793 137,387 117,844 100,499
Total earning assets
429,632 425,927 428,203 402,549 381,136
Allowance for loan losses
(4,314) (4,314) (4,306) (4,306) (4,016)
Premises and equipment
2,019 2,065 2,118 2,179 2,218
Other Assets
11,260 10,557 5,802 6,803 10,507
Total assets
438,597 434,235 431,817 407,225 389,845
Noninterest bearing deposits
170,661 158,072 167,497 148,238 149,049
Interest bearing deposits
226,141 233,142 218,611 214,162 196,355
Total deposits
396,802 391,214 386,108 362,400 345,404
Fed Funds Purchased and Repurchase Agreements
0 0 0 0 0
Other Liabilities
1,474 2,033 1,181 1,834 1,539
Total liabilities
398,276 393,247 387,289 364,234 346,943
Shareholders' Equity Actual
45,830 44,093 43,113 41,465 40,957
Unrealized Gain/Loss - AFS
(5,509) (3,105) 1,415 1,526 1,945
Total Equity
$40,321 $40,988 $44,528 $42,991 $42,902

Quarter Ending
June 30, March 31, Dec 31, Sept. 30, June 30,
NONPERFORMING ASSETS
2022 2022 2021 2021 2021
Nonaccrual loans
$211 $239 $259 $279 $297
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
$211 $239 $259 $279 $297
Accruing loans past due 30-89 days
$0 $0 $0 $600 $0
Total nonperforming assets as a percentage
of loans and foreclosed assets
0.08% 0.10% 0.11% 0.12% 0.12%

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

Quarter Ending
ALLOWANCE FOR
June 30, March 31, Dec 31, Sept. 30, June 30,
LOAN LOSSES
2022 2022 2021 2021 2021
Balance at beginning of period
$4,314 $4,306 $4,306 $4,016 $3,466
Loans charged off
0 0 0 0 0
Loan recoveries
0 8 0 0 0
Net (charge-offs) recoveries
0 8 0 0 0
Provision for loan losses
0 0 0 290 550
Balance at end of period
$4,314 $4,314 $4,306 $4,306 $4,016
Allowance for loan losses
1.61% 1.74% 1.72% 1.88% 1.61%
as a percentage of total loans
Allowance for loan losses net of PPP Loans
1.61% 1.74% 1.79% 1.94% 1.86%
as a percentage of total loans
Allowance for loan losses
2045% 1805% 1663% 1543% 1352%
as a percentage of nonperforming assets
Net charge-offs (recoveries) as a
0.00% 0.00% 0.00% 0.00% 0.00%
percentage of average loans
Provision for loan losses
0.00% 0.00% 0.00% 0.13% 0.21%
as a percentage of average loans

Quarter Ending
June 30, March 31, Dec 31, Sept. 30, June 30,
SELECTED RATIOS
2022 2022 2021 2021 2021
Return on average assets (annualized)
1.54% 1.53% 1.53% 1.49% 1.46%
Return on average equity (annualized)
15.92% 15.71% 14.60% 13.50% 13.51%
Return on average equity (excluding unrealized gain on investments)
14.91% 14.61% 15.06% 14.15% 14.18%
Average shareholders' equity to average assets
10.31% 10.54% 10.34% 10.54% 10.28%
Yield on earning assets (tax equivalent)
3.68% 3.64% 3.95% 3.97% 4.11%
Effective Cost of Funds
0.23% 0.16% 0.15% 0.16% 0.14%
Net interest margin (tax equivalent)
3.45% 3.48% 3.80% 3.81% 3.97%
Efficiency ratio (tax equivalent)
44.9% 45.2% 44.5% 43.3% 40.5%
End of period book value per common share
$36.89 $37.50 $41.12 $39.66 $39.47
End of period book value (excluding unrealized gain on investments)
$41.93 $40.34 $39.81 $38.25 $37.68
End of period common shares outstanding (in 000's)
1,093 1,093 1,083 1,084 1,087

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


Quarter Ending
June 30,2022 June 30,2021

Average

Tax
Equivalent
Average

Tax
Equivalent
YIELD ANALYSIS
Balance Interest Yield Yield Balance Interest Yield Yield
Interest Earning Assets:






Short term investment
$30,574 58 0.76% 0.76% $27,838 11 0.16% 0.16%
FRB Stock
419 6 6.00% 6.00% 404 6 6.00% 6.00%
Taxable securities
1,297 0 0.00% 0.00% 2,198 0 0.00% 0.00%
Tax Free securities
141,446 734 2.08% 2.63% 93,955 605 2.58% 3.26%
Loans
255,951 2,965 4.63% 4.63% 261,273 3,184 4.87% 4.87%

Total Interest Earning Assets
429,687 3,763 3.50% 3.68% 385,668 3,806 3.95% 4.11%
Noninterest Earning Assets:
Cash and due from banks
6,061 5,510
Other assets
5,803 4,095
Allowance for loan losses
(4,314) (3,702)
Total Noninterest Earning Assets
7,550 5,903
Total Assets
$437,237 $391,571
Interest Bearing Liabilities:
Transaction and Money Market accounts
185,133 186 0.40% 0.40% 159,448 90 0.23% 0.23%
Certificates and other time deposits
32,091 41 0.51% 0.51% 41,564 41 0.39% 0.39%
Other borrowings
12,762 21 0.66% 0.66% 10,000 13 0.52% 0.52%

Total Interest Bearing Liabilities
229,986 248 0.43% 0.43% 211,012 144 0.27% 0.27%
Noninterest Bearing Liabilities:
Demand deposits
164,965 136,853
Other liabilities
1,607 1,484
Shareholders' Equity
40,679 42,222
Total Liabilities and Shareholders Equity
$437,237 $391,571
Net Interest Income and Spread
3,515 3.07% 3.25% 3,662 3.67% 3.84%
Net Interest Margin
3.27% 3.45% 3.80% 3.97%

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


June 30
June 30
2022 % 2021 %
LOAN PORTFOLIO
Commercial and industrial
$158,935 59.49% $147,373 59.09%
Real estate:
Commercial
64,560 24.17% 61,051 24.48%
Residential
18,396 6.89% 17,149 6.88%
Construction and development
25,001 9.36% 23,476 9.41%
Consumer
271 0.10% 341 0.14%

Total loans (gross)
267,163 100.00% 249,390 100.00%

Unearned discounts
0 0.00% 0 0.00%
Total loans (net)
$267,163 100.00% $249,390 100.00%

June 30 June 30
2022 2021
REGULATORY CAPITAL DATA
Tier 1 Capital
$45,830 $40,955
Total Capital (Tier 1 + Tier 2)
$49,565 $42,900
Total Risk-Adjusted Assets
$298,259 $236,963
Tier 1 Risk-Based Capital Ratio
15.37% 17.28%
Total Risk-Based Capital Ratio
16.62% 18.54%
Tier 1 Leverage Ratio
10.48% 10.54%
OTHER DATA
Full Time Equivalent
Employees (FTE's)
24 23

Stock Price Range
(For the Three Months Ended):
High
$88.75 $75.00
Low
$80.01 $61.31
Close
$88.75 $75.00

SOURCE: Trinity Bank N.A.



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FAQ

What were Trinity Bank's Q2 2022 earnings per share (EPS)?

Trinity Bank reported Q2 2022 earnings per diluted share of $1.47.

How did Trinity Bank's net income for the first half of 2022 compare to 2021?

Net income for the first half of 2022 was $3.29 million, a 19.5% increase from $2.75 million in 2021.

What is the stock symbol for Trinity Bank?

The stock symbol for Trinity Bank is TYBT.

What factors are influencing Trinity Bank's financial performance in 2022?

Rising interest rates have contributed positively to interest income, helping Trinity Bank's financial performance.

When did Trinity Bank begin operations?

Trinity Bank began operations on May 28, 2003.

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