Trinity Bank Reports Second Quarter Earnings Up 17.7% to $1.73 Per Diluted Share Return on Assets 1.79% And Return on Equity 15.96%

FORT WORTH, TX / ACCESSWIRE / July 31, 2023 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the three months ending June 30, 2023 and YTD results for the six months ending June 30, 2023.

Results of Operations

Trinity Bank, N.A. reported Net Income after Taxes of $1,973,000 or $1.73 per diluted common share for the first quarter of 2023, compared to $1,680,000 or $1.47 per diluted common share for the second quarter of 2022, an increase of 17.7%.

For the first six months of 2023, Net Income after Taxes amounted to $3,911,000, an increase of 18.9% over the first half of 2022 results of $3,290,000. Earnings per diluted common share for the first half of 2023 were $3.43, an increase of 18.3% over the first half of 2022 results of $2.90 per diluted common share

Matt R. Opitz, CEO, stated, "I am pleased with the results of the second quarter. We experienced an increase in loan volume and deposits are steady (which in this environment is a plus). Our customers continue to report strong backlogs and a cautiously optimistic outlook for the remainder of the year."

"Our capital, earnings and liquidity remain strong, keeping Trinity Bank positioned to take advantage of new opportunities for continued growth. During the second quarter, we capitalized on opportunities to establish several new relationships with quality prospects. We will remain focused on attracting new customers as we continue to see some banks in our market tighten lending and credit requirements as a result of the increased rate environment and lack of liquidity. Trinity was built for times like these."

I am especially proud of our great staff who remains committed to providing exceptional customer experiences. They continue to demonstrate a willingness to go above and beyond for our customers which continues to be the main driver in producing these superior results."

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		2023				2022				Change				2023				2022				Change
Interest income		$	5,719			$	3,763				52.0	%		$	10,982			$	7,363				49.2	%
Interest expense			1,934				248				679.8	%			3,504				414				746.4	%
Net Interest Income			3,785				3,515				7.7	%			7,478				6,949				7.6	%
Service charges on deposits			64				62				3.2	%			123				123				0.0	%
Other income			120				126				-4.8	%			238				230				3.5	%
Total Non Interest Income			184				188				-2.1	%			361				353				2.3	%
Salaries and benefits expense			1,146				1,096				4.6	%			2,214				2,095				5.7	%
Occupancy and equipment expense			116				111				4.5	%			227				221				2.7	%
Other expense			441				536				-17.7	%			873				1,136				-23.2	%
Total Non Interest Expense			1,703				1,743				-2.3	%			3,314				3,452				-4.0	%
Pretax pre-provision income			2,266				1,960				15.6	%			4,525				3,850				17.5	%
Gain on sale of securities			(3	)			0				N/M				(4	)			0				N/M
Provision for Loan Losses			0				0				N/M				0				0				N/M
Earnings before income taxes			2,263				1,960				15.5	%			4,521				3,850				17.4	%
Provision for income taxes			290				280				3.6	%			610				560				8.9	%
Net Earnings		$	1,973			$	1,680				17.4	%		$	3,911			$	3,290				18.9	%
Basic earnings per share			1.81				1.54				17.8	%			3.59				3.02				18.9	%
Basic weighted average shares			1,090				1,093								1,090				1,090
outstanding
Diluted earnings per share - estimate			1.73				1.47				17.7	%			3.43				2.90				18.3	%
Diluted weighted average shares outstanding			1,139				1,139								1,139				1,136

		Average for Quarter												Average for Six Months
		June 30								%				June 30								%
BALANCE SHEET SUMMARY		2023				2022				Change				2023				2022				Change
Total loans		$	283,827			$	255,951				10.9	%		$	287,647			$	249,955				15.1	%
Total short term investments			16,087				30,993				-48.1	%			19,392				29,696				-34.7	%
Total investment securities			134,403				142,743				-5.8	%			142,743				142,526				0.2	%
Earning assets			434,317				429,687				1.1	%			449,782				422,177				6.5	%
Total assets			441,447				437,237				1.0	%			437,237				429,441				1.8	%
Noninterest bearing deposits			140,734				164,965				-14.7	%			136,459				159,530				-14.5	%
Interest bearing deposits			253,624				229,986				10.3	%			249,018				225,947				10.2	%
Total deposits			394,358				394,951				-0.2	%			393,778				385,477				2.2	%
Fed Funds Purchased and Repurchase Agreements			55				0				N/M				28				0				N/M
Shareholders' equity		$	49,444			$	45,059				9.7	%		$	49,539			$	44,475				11.4	%

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		2023				2023				2022				2022				2022
Total loans		$	283,827			$	272,089			$	268,908			$	266,041			$	255,951
Total short term investments			16,087				22,733				39,334				50,091				30,574
Total investment securities			134,403				136,288				138,049				144,170				143,142
Earning assets			434,317				431,110				446,291				460,302				429,687
Total assets			441,447				439,725				455,683				467,859				437,237
Noninterest bearing deposits			140,734				146,909				167,630				177,293				164,965
Interest bearing deposits			253,624				246,285				246,989				246,907				229,986
Total deposits			394,358				393,194				414,618				424,200				394,951
Fed Funds Purchased and Repurchase Agreements			55				0				0				0				0
Shareholders' equity		$	49,444			$	48,537			$	47,713			$	46,676			$	45,059
	Quarter Ended
	June 30,								March 31,				Dec 31,				Sept. 30,
HISTORICAL EARNINGS SUMMARY			2023				2023				2022				2022				2022
Interest income less PPP		$	5,719			$	5,264			$	5,173			$	4,588			$	3,763
Interest expense			1,934				1,572				1,022				607				248
Net Interest Income			3,785				3,692				4,151				3,981				3,515
Service charges on deposits			64				61				59				58				62
Other income			120				115				113				114				126
Total Non Interest Income			184				176				172				172				188
Salaries and benefits expense			1,146				1,068				1,141				1,290				1,096
Occupancy and equipment expense			116				108				106				163				111
Other expense			441				433				399				495				536
Total Non Interest Expense			1,703				1,609				1,646				1,948				1,743
Pretax pre-provision income			2,266				2,259				2,677				2,205				1,960
Gain on sale of securities			(3	)			(1	)			(164	)			(19	)			0
Provision for Loan Losses			0				0				0				0				0
Earnings before income taxes			2,263				2,258				2,513				2,186				1,960
Provision for income taxes			290				320				400				320				280
Net Earnings		$	1,973			$	1,938			$	2,113			$	1,866			$	1,680
Diluted earnings per share		$	1.73			$	1.70			$	1.86			$	1.64			$	1.47

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		2023				2023				2022				2022				2022
Total loans		$	292,591			$	270,530			$	281,857			$	265,811			$	267,163
Total short term investments			18,313				37,656				19,893				58,084				19,635
Total investment securities			130,603				136,407				134,628				136,114				142,834
Total earning assets			441,507				444,593				436,378				460,009				429,632
Allowance for loan losses			(5,344	)			(5,344	)			(4,323	)			(4,314	)			(4,314	)
Premises and equipment			2,378				2,337				2,196				1,976				2,019
Other Assets			10,044				9,381				11,030				11,957				11,260
Total assets			448,585				450,967				445,281				469,628				438,597
Noninterest bearing deposits			141,613				151,010				159,568				181,436				170,661
Interest bearing deposits			259,401				252,164				240,883				248,475				226,141
Total deposits			401,014				403,174				400,451				429,911				396,802
Fed Funds Purchased and Repurchase Agreements			0				0				0				0				0
Other Liabilities			2,239				2,936				1,779				2,794				1,474
Total liabilities			403,253				406,110				402,230				432,705				398,276
Shareholders' Equity Actual			50,427				48,537				48,871				46,712				45,830
Unrealized Gain/Loss - AFS			(5,096	)			(3,680	)			(5,820	)			(9,789	)			(5,509	)
Total Equity		$	45,331			$	44,857			$	43,051			$	36,923			$	40,321
	Quarter Ending
	June 30,								March 31,				Dec 31,				Sept. 30,
NONPERFORMING ASSETS			2023				2023				2022				2022				2022
Nonaccrual loans		$	143			$	159			$	171			$	195			$	211
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		$	143			$	159			$	171			$	195			$	211
Accruing loans past due 30-89 days		$	2			$	407			$	3			$	0			$	0
Total nonperforming assets as a percentage
of loans and foreclosed assets			0.05	%			0.06	%			0.06	%			0.07	%			0.08	%

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		2023				2023				2022				2022				2022
Balance at beginning of period		$	5,344			$	4,324			$	4,314			$	4,314			$	4,314
Loans charged off			0				0				0				0				0
Loan recoveries			0				0				10				0				0
Net (charge-offs) recoveries			0				0				10				0				0
Provision for loan losses (One time CECL adjustment)			0				1,020				0				0				0
Balance at end of period		$	5,344			$	5,344			$	4,324			$	4,314			$	4,314
Allowance for loan losses
as a percentage of total loans			1.83	%			1.98	%			1.53	%			1.62	%			1.61	%
Allowance for loan losses
as a percentage of nonperforming assets			3737	%			3361	%			2528	%			2212	%			2045	%
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	%			0.37	%			0.00	%			0.00	%			0.00	%
	Quarter Ending
SELECTED RATIOS		June 30, 2023					March 31, 2023				Dec 31, 2022				Sept. 30, 2022			June 30, 2022
Return on average assets (annualized)			1.79	%			1.76	%			1.85	%			1.60	%			1.54	%
Return on average equity (annualized)			17.74	%			17.36	%			17.71	%			17.68	%			15.92	%
Return on average equity (excluding unrealized gain on investments)			15.96	%			15.97	%			17.71	%			15.99	%			14.91	%
Average shareholders' equity to average assets			11.20	%			11.04	%			10.47	%			9.98	%			10.31	%
Yield on earning assets (tax equivalent)			5.47	%			5.09	%			4.84	%			4.17	%			3.68	%
Effective Cost of Funds			1.78	%			1.46	%			0.92	%			0.53	%			0.23	%
Net interest margin (tax equivalent)			3.69	%			3.63	%			3.92	%			3.64	%			3.45	%
Efficiency ratio (tax equivalent)			42.9	%			39.4	%			36.2	%			44.7	%			44.9	%
End of period book value per common share		$	41.59			$	41.12			$	39.42			$	33.78			$	36.89
End of period book value (excluding unrealized gain/loss on investments)		$	46.26			$	44.49			$	44.75			$	42.74			$	41.93
End of period common shares outstanding (in 000's)			1,090				1,091				1,092				1,093				1,093

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

		3 Months Ending
		June 30,2023																June 30,2022
														Tax																Tax
		Average												Equivalent				Average												Equivalent
YIELD ANALYSIS		Balance				Interest				Yield				Yield				Balance				Interest				Yield				Yield
Interest Earning Assets:
Short term investment		$	16,087				215				5.35	%			5.35	%		$	30,574				58				0.76	%			0.76	%
FRB Stock			429				6				6.00	%			6.00	%			419				6				6.00	%			6.00	%
Taxable securities			385				4				4.16	%			4.16	%			1,297				0				0.00	%			0.00	%
Tax Free securities			133,589				832				2.49	%			3.15	%			141,446				734				2.08	%			2.63	%
Loans			283,827				4,662				6.57	%			6.57	%			255,951				2,965				4.63	%			4.63	%
Total Interest Earning Assets			434,317				5,719				5.27	%			5.47	%			429,687				3,763				3.50	%			3.68	%
Noninterest Earning Assets:
Cash and due from banks			5,770																6,061
Other assets			6,704																5,803
Allowance for loan losses			(5,344	)															(4,314	)
Total Noninterest Earning Assets			7,130																7,550
Total Assets		$	441,447															$	437,237
Interest Bearing Liabilities:
Transaction and Money Market accounts			167,291				1,240				2.96	%			2.96	%			185,133				186				0.40	%			0.40	%
Certificates and other time deposits			86,333				694				3.22	%			3.22	%			32,091				41				0.51	%			0.51	%
Other borrowings			55				0				0.00	%			0.00	%			12,762				21				0.66	%			0.66	%
Total Interest Bearing Liabilities			253,679				1,934				3.05	%			3.05	%			229,986				248				0.43	%			0.43	%
Noninterest Bearing Liabilities:
Demand deposits			140,734																164,965
Other liabilities			2,541																1,607
Shareholders' Equity			44,493																40,679
Total Liabilities and Shareholders Equity		$	441,447															$	437,237
Net Interest Income and Spread							3,785				2.22	%			2.42	%							3,515				3.07	%			3.25	%
Net Interest Margin											3.49	%			3.69	%											3.27	%			3.45	%

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

		June 30								June 30
		2023				%				2022				%
LOAN PORTFOLIO
Commercial and industrial		$	167,463				57.23	%		$	158,935				59.49	%
Real estate:
Commercial			83,273				28.46	%			64,560				24.17	%
Residential			12,731				4.35	%			18,396				6.89	%
Construction and development			28,600				9.77	%			25,001				9.36	%
Consumer			524				0.18	%			271				0.10	%
Total loans			292,591				100.00	%			267,163				100.00	%
			June 30								June 30
			2023								2022
REGULATORY CAPITAL DATA
Tier 1 Capital		$	45,331							$	45,830
Total Capital (Tier 1 + Tier 2)		$	50,427							$	49,565
Total Risk-Adjusted Assets		$	332,236							$	298,259
Tier 1 Risk-Based Capital Ratio			15.18	%							15.37	%
Total Risk-Based Capital Ratio			16.43	%							16.62	%
Tier 1 Leverage Ratio			11.42	%							10.48	%
OTHER DATA
Full Time Equivalent
Employees (FTE's)			27								24
Stock Price Range
(For the Three Months Ended):
High		$	87.75							$	88.75
Low		$	85.00							$	80.01
Close		$	85.00							$	88.75

SOURCE: Trinity Bank

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