Second Quarter Earnings Up 10.4% to $1.91 Per Diluted Share
FORT WORTH, TX / ACCESSWIRE / July 25, 2024 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the three months ending June 30, 2024, and YTD results for the six months ending June 30, 2024.
Results of Operations
Trinity Bank, N.A. reported Net Income after Taxes of $2,154,000 or $1.91 per diluted common share for the first quarter of 2024, compared to $1,973,000 or $1.73 per diluted common share for the second quarter of 2023, an increase of 10.4%.
For the first six months of 2024, Net Income after Taxes amounted to $4,181,000, an increase of 6.9% over the first half of 2023 results of $3,911,000. Earnings per diluted common share for the first half of 2024 were $3.70, an increase of 7.9% over the first half of 2023 results of $3.43 per diluted common share.
Matt R. Opitz, CEO, stated, "The second quarter represents Trinity Bank's single best quarter of performance since inception. We are pleased with these results and especially proud of our dedicated staff who continues to go above and beyond, constantly providing the type of exceptional customer experiences that make results like these possible."
"Despite the continued effects of high inflation, the elevated rate environment and an upcoming, consequential presidential election, the business climate is good in North Texas and our customers remain cautiously optimistic. Trinity Bank is well positioned, with good liquidity and strong capital, to deal with the effects of our current environment as well as look for opportunities for continued growth."
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.
Quarter Ended
Six Months Ending
June 30
%
June 30
%
BALANCE SHEET SUMMARY
2024
2023
Change
2024
2023
Change
Interest income
$
7,107
$
5,719
24.3
%
$
14,041
$
10,982
27.9
%
Interest expense
2,713
1,934
40.3
%
5,544
3,504
58.2
%
Net Interest Income
4,394
3,785
16.1
%
8,497
7,478
13.6
%
Service charges on deposits
64
64
0.0
%
120
123
-2.4
%
Other income
121
120
0.8
%
238
238
0.0
%
Total Non Interest Income
185
184
0.5
%
358
361
-0.8
%
Salaries and benefits expense
1,319
1,146
15.1
%
2,541
2,214
14.8
%
Occupancy and equipment expense
122
116
5.2
%
244
227
7.5
%
Other expense
657
441
49.0
%
1,277
873
46.3
%
Total Non Interest Expense
2,098
1,703
23.2
%
4,062
3,314
22.6
%
Pretax pre-provision income
2,481
2,266
9.5
%
4,793
4,525
5.9
%
Gain on sale of Securities
(4
)
(3
)
N/M
(4
)
(4
)
N/M
Gain on sale of Assets
36
0
N/M
53
0
N/M
Provision for Loan Losses
0
0
N/M
0
0
N/M
Earnings before income taxes
2,514
2,263
11.1
%
4,841
4,521
7.1
%
Provision for income taxes
360
290
24.1
%
660
610
8.2
%
Net Earnings
$
2,154
$
1,973
9.2
%
$
4,181
$
3,911
6.9
%
Basic earnings per share
2.00
1.81
10.3
%
3.87
3.59
7.9
%
Basic weighted average shares
1,079
1,090
1,079
1,090
outstanding
Diluted earnings per share - estimate
1.91
1.73
10.2
%
3.70
3.43
8.0
%
Diluted weighted average shares outstanding
1,129
1,139
1,129
1,139
Average for Quarter
Average for Six Months
June 30
%
June 30
%
BALANCE SHEET SUMMARY
2024
2023
Change
2024
2023
Change
Total loans
$
306,551
$
283,827
8.0
%
$
304,424
$
287,647
5.8
%
Total short term investments
25,626
16,087
59.3
%
31,637
19,392
63.1
%
FRB Stock
435
429
1.4
%
434
429
1.2
%
Total investment securities
137,088
134,403
2.0
%
139,855
142,743
-2.0
%
Earning assets
469,700
434,746
8.0
%
476,350
450,211
5.8
%
Total assets
477,700
441,447
8.2
%
483,981
437,237
10.7
%
Noninterest bearing deposits
131,609
140,734
-6.5
%
129,688
136,459
-5.0
%
Interest bearing deposits
293,548
253,624
15.7
%
301,289
249,018
21.0
%
Total deposits
425,157
394,358
7.8
%
430,977
393,778
9.4
%
Fed Funds Purchased and Repurchase Agreements
0
55
N/M
0
28
N/M
Shareholders' equity
$
54,951
$
49,444
11.1
%
$
54,437
$
49,539
9.9
%
Average for Quarter Ending
June 30,
March 31,
Dec. 31
Sept. 30,
June 30,
BALANCE SHEET SUMMARY
2024
2024
2023
2023
2023
Total loans
$
306,551
$
302,296
$
297,994
$
294,238
$
283,827
Total short term investments
25,626
37,649
43,172
22,128
16,087
FRB Stock
435
433
430
430
429
Total investment securities
137,088
142,623
132,086
133,257
134,403
Earning assets
469,700
483,001
473,682
450,053
434,746
Total assets
477,700
490,262
481,952
458,461
441,447
Noninterest bearing deposits
131,609
127,766
138,527
137,385
140,734
Interest bearing deposits
293,548
309,030
297,030
271,946
253,624
Total deposits
425,157
436,796
435,557
409,331
394,358
Fed Funds Purchased and Repurchase Agreements
0
0
261
1,076
55
Shareholders' equity
$
54,951
$
53,923
$
52,263
$
51,234
$
49,444
Quarter Ended
June 30,
March 31,
Dec. 31
Sept. 30,
June 30,
HISTORICAL EARNINGS SUMMARY
2024
2024
2023
2023
2023
Interest income
$
7,107
$
6,934
$
6,818
$
6,258
$
5,719
Interest expense
2,713
2,832
2,738
2,370
1,934
Net Interest Income
4,394
4,102
4,080
3,888
3,785
Service charges on deposits
64
53
55
69
64
Other income
121
121
117
114
120
Total Non Interest Income
185
174
172
183
184
Salaries and benefits expense
1,319
1,223
1,314
1,171
1,146
Occupancy and equipment expense
122
122
109
118
116
Other expense
657
620
509
500
441
Total Non Interest Expense
2,098
1,965
1,932
1,789
1,703
Pretax pre-provision income
2,481
2,311
2,320
2,282
2,266
Gain on sale of securities
(4
)
0
(36
)
(1
)
(3
)
Gain on sale of Other Assets
36
17
58
0
0
Provision for Loan Losses
0
0
0
0
0
Earnings before income taxes
2,514
2,328
2,342
2,281
2,263
Provision for income taxes
360
300
207
313
290
Net Earnings
$
2,154
$
2,028
$
2,135
$
1,968
$
1,973
Diluted earnings per share
$
1.91
$
1.80
$
1.88
$
1.73
$
1.73
Ending Balance
June 30,
March 31,
Dec. 31
Sept. 30,
June 30,
HISTORICAL BALANCE SHEET
2024
2024
2023
2023
2023
Total loans
$
304,810
$
312,372
$
297,423
$
298,506
$
292,591
FRB Stock
435
435
430
430
429
Total short term investments
10,003
38,009
40,334
26,168
18,313
Total investment securities
136,331
139,598
140,403
127,035
130,603
Total earning assets
451,579
490,414
478,590
452,139
441,507
Allowance for loan losses
(5,227
)
(5,225
)
(5,224
)
(5,222
)
(5,344
)
Premises and equipment
2,397
2,375
2,387
2,389
2,378
Other Assets
14,711
8,149
10,291
10,137
10,044
Total assets
463,460
495,713
486,044
459,443
448,585
Noninterest bearing deposits
128,318
130,876
130,601
135,016
141,613
Interest bearing deposits
280,945
310,889
301,603
279,319
259,401
Total deposits
409,263
441,765
432,204
414,335
401,014
Fed Funds Purchased and Repurchase Agreements
0
0
0
0
0
Other Liabilities
2,804
2,618
2,663
3,164
2,239
Total liabilities
412,067
444,383
434,867
417,499
403,253
Shareholders' Equity Actual
55,915
54,777
53,465
51,470
50,427
Unrealized Gain/Loss - AFS
(4,957
)
(3,883
)
(2,718
)
(9,956
)
(5,096
)
Total Equity
$
50,958
$
50,894
$
50,747
$
41,514
$
45,331
Quarter Ending
June 30,
March 31,
Dec. 31
Sept. 30,
June 30,
NONPERFORMING ASSETS
2024
2024
2023
2023
2023
Nonaccrual loans
$
0
$
0
$
0
$
115
$
143
Restructured loans
552
598
658
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
$
552
$
598
$
658
$
115
$
143
Accruing loans past due 30-89 days
$
1,274
$
0
$
1
$
2
$
2
Total nonperforming assets as a percentage
of loans and foreclosed assets
0.18
%
0.19
%
0.22
%
0.04
%
0.05
%
Quarter Ending
ALLOWANCE FOR
June 30,
March 31,
Dec. 31
Sept. 30,
June 30,
LOAN LOSSES
2024
2024
2023
2023
2023
Balance at beginning of period
$
5,224
$
5,224
$
5,222
$
5,344
$
5,344
Loans charged off
0
0
0
(127
)
0
Loan recoveries
3
0
2
5
0
Net (charge-offs) recoveries
0
0
2
(122
)
0
Provision for loan losses (One time CECL adjustment)
0
0
0
0
0
Balance at end of period
$
5,227
$
5,224
$
5,224
$
5,222
$
5,344
Allowance for loan losses
as a percentage of total loans
1.71
%
1.67
%
1.76
%
1.75
%
1.83
%
Allowance for loan losses
as a percentage of nonperforming assets
947
%
874
%
794
%
4541
%
3737
%
Net charge-offs (recoveries) as a
percentage of average loans
0.00
%
0.00
%
0.00
%
0.04
%
0.00
%
Provision for loan losses
as a percentage of average loans
0.00
%
0.00
%
0.00
%
0.00
%
0.00
%
Quarter Ending
June 30,
March 31,
Dec. 31
Sept. 30,
June 30,
SELECTED RATIOS
2024
2024
2023
2023
2023
Return on average assets (annualized)
1.80
%
1.65
%
1.77
%
1.72
%
1.79
%
Return on average equity (annualized)
17.42
%
16.03
%
19.87
%
17.36
%
17.74
%
Return on average equity (excluding unrealized gain on investments)
15.68
%
15.04
%
16.34
%
15.29
%
15.96
%
Average shareholders' equity to average assets
11.50
%
11.00
%
10.84
%
11.18
%
11.20
%
Yield on earning assets (tax equivalent)
6.28
%
5.97
%
5.81
%
5.76
%
5.47
%
Effective Cost of Funds
2.59
%
2.31
%
2.16
%
2.11
%
1.78
%
Net interest margin (tax equivalent)
3.97
%
3.63
%
3.65
%
3.66
%
3.69
%
Efficiency ratio (tax equivalent)
43.2
%
43.1
%
42.4
%
41.6
%
42.9
%
End of period book value per common share
$
47.23
$
47.17
$
46.73
$
38.09
$
41.59
End of period book value (excluding unrealized gain/loss on investments)
$
51.82
$
50.77
$
49.23
$
47.22
$
46.26
End of period common shares outstanding (in 000's)
