FORT WORTH, TX / ACCESSWIRE / January 30, 2024 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the fourth quarter and the twelve months ending December 31, 2023.
Results of Operation
For the fourth quarter 2023, Trinity Bank, N.A. reported Net Income after Taxes of $2,135,000, an increase of 1.0% over fourth quarter 2022 earnings of $2,113,00. Earnings per diluted common share for the fourth quarter 2023 amounted to $1.88, an increase of 1.1% over fourth quarter 2022 results of $1.86 per diluted common share.
For 2023, Net Income after Taxes was $8,015,000, an increase of 10.3% over 2022 results of $7,269,000. Earnings per diluted common share for 2023 were $7.06, an increase of 10.5% over 2022 results of $6.39 per diluted common share.
CEO Matt R. Opitz stated, "We are pleased with both our fourth quarter and full year 2023 results. The fourth quarter was the most profitable quarter and 2023 was the most profitable year in history for Trinity Bank."
"Loan demand remained strong in the fourth quarter which lead to 5.5% year-over-year loan growth. Our customers remain cautiously optimistic, and backlogs remain robust. We also took advantage of the opportunity to add several new, quality relationships in 2023 as many other banks were forced to drastically reduce lending efforts due to a lack of liquidity."
"Despite the bank failures we saw in March which led depositors throughout the US to pay much closer attention to where they were keeping their money, Trinity Bank was able to report 7.9% deposit growth in 2023. This is a testament to our conservative management practices."
Page 2 - Trinity Bank fourth quarter 2023 earnings
Mr. Opitz Further stated, "2023 was an outstanding year for Trinity Bank. These above average results are attributable to our dedicated staff, quality customer base and exceptional shareholders. Trinity Bank is prepared for what lies ahead and will continue to look for growth opportunities in the coming year with strong capital, great liquidity and a commitment to do the right thing for the right reasons."
Page 4 - Trinity Bank fourth quarter 2023 earnings
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
Twelve Months Ending
December 31
%
December 31
%
EARNINGS SUMMARY
2023
2022
Change
2023
2022
Change
Interest income
$
6,818
$
5,173
31.8
%
$
24,060
$
17,124
40.5
%
Interest expense
2,738
1,022
167.9
%
8,611
2,043
321.5
%
Net Interest Income
4,080
4,151
-1.7
%
15,449
15,081
2.4
%
Service charges on deposits
55
59
-6.8
%
247
239
3.3
%
Other income
117
113
3.5
%
471
457
3.1
%
Total Non Interest Income
172
172
0.0
%
718
696
3.2
%
Salaries and benefits expense
1,314
1,141
15.2
%
4,699
4,525
3.8
%
Occupancy and equipment expense
109
106
2.8
%
454
490
-7.3
%
Other expense
509
399
27.6
%
1,887
2,031
-7.1
%
Total Non Interest Expense
1,932
1,646
17.4
%
7,040
7,046
-0.1
%
Pretax pre-provision income
2,320
2,677
-13.3
%
9,127
8,731
4.5
%
Gain on sale of securities
(36
)
(164
)
N/M
(40
)
(182
)
N/M
Gain on sale of assets
58
0
N/M
58
0
N/M
Provision for Loan Losses
0
0
N/M
0
0
N/M
Earnings before income taxes
2,342
2,513
-6.8
%
9,145
8,549
7.0
%
Provision for income taxes
207
400
-48.3
%
1,130
1,280
-11.7
%
Net Earnings
$
2,135
$
2,113
1.0
%
$
8,015
$
7,269
10.3
%
Basic earnings per share
1.96
1.93
1.4
%
7.36
6.66
10.6
%
Basic weighted average shares
1,088
1,092
1,089
1,092
outstanding
Diluted earnings per share - estimate
1.88
1.86
1.4
%
7.06
6.39
10.6
%
Diluted weighted average shares outstanding
1,134
1,138
1,135
1,138
Average for Quarter
Average for Twelve Months
December 31
%
December 31
%
BALANCE SHEET SUMMARY
2023
2022
Change
2023
2022
Change
Total loans
$
297,994
$
268,801
10.9
%
$
287,127
$
258,005
11.3
%
Total short term investments
43,172
39,759
8.6
%
26,075
37,686
-30.8
%
Total investment securities
132,516
137,624
-3.7
%
134,211
141,597
-5.2
%
Earning assets
473,682
446,184
6.2
%
447,413
438,043
2.1
%
Total assets
481,952
455,683
5.8
%
455,520
445,739
2.2
%
Noninterest bearing deposits
138,527
167,630
-17.4
%
140,837
166,329
-15.3
%
Interest bearing deposits
297,030
246,989
20.3
%
267,392
236,254
13.2
%
Total deposits
435,557
414,618
5.1
%
408,229
402,583
1.4
%
Fed Funds Purchased and Repurchase Agreements
261
0
N/M
351
0
N/M
Shareholders' equity
$
52,263
$
47,713
9.5
%
$
50,653
$
45,846
10.5
%
TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data)
Average for Quarter Ending
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
BALANCE SHEET SUMMARY
2023
2023
2023
2023
2022
Total loans
$
297,994
$
294,238
$
283,827
$
272,089
$
268,908
Total short term investments
43,172
22,128
16,087
22,733
39,334
Total investment securities
132,516
133,687
134,403
136,288
138,049
Earning assets
473,682
450,053
434,317
431,110
446,291
Total assets
481,952
458,461
441,447
439,725
455,683
Noninterest bearing deposits
138,527
137,385
140,734
146,909
167,630
Interest bearing deposits
297,030
271,946
253,624
246,285
246,989
Total deposits
435,557
409,331
394,358
393,194
414,618
Fed Funds Purchased and Repurchase Agreements
261
1,076
55
0
0
Shareholders' equity
$
52,263
$
51,234
$
49,444
$
48,537
$
47,713
Quarter Ended
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
HISTORICAL EARNINGS SUMMARY
2023
2023
2023
2023
2022
Interest income
$
6,818
$
6,258
$
5,719
$
5,264
$
5,173
Interest expense
2,738
2,370
1,934
1,572
1,022
Net Interest Income
4,080
3,888
3,785
3,692
4,151
Service charges on deposits
55
69
64
61
59
Other income
117
114
120
115
113
Total Non Interest Income
172
183
184
176
172
Salaries and benefits expense
1,314
1,171
1,146
1,068
1,141
Occupancy and equipment expense
109
118
116
108
106
Other expense
509
500
441
433
399
Total Non Interest Expense
1,932
1,789
1,703
1,609
1,646
Pretax pre-provision income
2,320
2,282
2,266
2,259
2,677
Gain on sale of securities
(36
)
(1
)
(3
)
(1
)
(164
)
Gain on sale of other assets
58
0
0
0
0
Provision for Loan Losses
0
0
0
0
0
Earnings before income taxes
2,342
2,281
2,263
2,258
2,513
Provision for income taxes
207
313
290
320
400
Net Earnings
$
2,135
$
1,968
$
1,973
$
1,938
$
2,113
Diluted earnings per share
$
1.88
$
1.73
$
1.73
$
1.70
$
1.86
TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data)
Ending Balance
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
HISTORICAL BALANCE SHEET
2023
2023
2023
2023
2022
Total loans
$
297,423
$
298,506
$
292,591
$
270,530
$
281,857
Total short term investments
40,334
26,168
18,313
37,656
19,893
Total investment securities
140,403
127,035
130,603
136,407
134,628
Total earning assets
478,160
451,709
441,507
444,593
436,378
Allowance for loan losses
(5,224
)
(5,222
)
(5,344
)
(5,344
)
(4,323
)
Premises and equipment
2,387
2,389
2,378
2,337
2,196
Other Assets
10,291
10,137
10,044
9,381
11,030
Total assets
485,614
459,013
448,585
450,967
445,281
Noninterest bearing deposits
130,601
135,016
141,613
151,010
159,568
Interest bearing deposits
301,603
279,319
259,401
252,164
240,883
Total deposits
432,204
414,335
401,014
403,174
400,451
Fed Funds Purchased and Repurchase Agreements
0
0
0
0
0
Other Liabilities
2,663
3,164
2,239
2,936
1,779
Total liabilities
434,867
417,499
403,253
406,110
402,230
Shareholders' Equity Actual
53,465
51,470
50,427
48,537
48,871
Unrealized Gain/Loss - AFS
(2,718
)
(9,956
)
(5,096
)
(3,680
)
(5,820
)
Total Equity
$
50,747
$
41,514
$
45,331
$
44,857
$
43,051
Quarter Ending
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
NONPERFORMING ASSETS
2023
2023
2023
2023
2022
Nonaccrual loans
$
0
$
115
$
143
$
159
$
171
Restructured loans
$
658
$
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
$
658
$
115
$
143
$
159
$
171
Accruing loans past due 30-89 days
$
1
$
2
$
2
$
407
$
3
Total nonperforming assets as a percentage
of loans and foreclosed assets
0.22
%
0.04
%
0.05
%
0.06
%
0.06
%
TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data)
Quarter Ending
ALLOWANCE FOR
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
LOAN LOSSES
2023
2023
2023
2023
2022
Balance at beginning of period
$
5,222
$
5,344
$
5,344
$
4,324
$
4,314
Loans charged off
0
(127
)
0
0
0
Loan recoveries
2
5
0
0
10
Net (charge-offs) recoveries
2
(122
)
0
0
10
Provision for loan losses
0
0
0
1,020
0
Balance at end of period
$
5,224
$
5,222
$
5,344
$
5,344
$
4,324
Allowance for loan losses
1.76
%
1.75
%
1.83
%
1.98
%
1.53
%
as a percentage of total loans
Allowance for loan losses
794
%
4541
%
3737
%
3361
%
2528
%
as a percentage of nonperforming assets
Net charge-offs (recoveries) as a
0.00
%
0.04
%
0.00
%
0.00
%
0.00
%
percentage of average loans
Provision for loan losses
0.00
%
0.00
%
0.00
%
0.37
%
0.00
%
as a percentage of average loans
Quarter Ending
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
SELECTED RATIOS
2023
2023
2023
2023
2022
Return on average assets (annualized)
1.77
%
1.72
%
1.79
%
1.76
%
1.85
%
Return on average equity (annualized)
16.83
%
17.69
%
17.74
%
17.68
%
17.71
%
Return on average equity (excluding unrealized gain on investments)
16.34
%
15.29
%
15.96
%
15.97
%
17.71
%
Average shareholders' equity to average assets
10.84
%
11.18
%
11.20
%
11.04
%
10.47
%
Yield on earning assets (tax equivalent)
5.81
%
5.76
%
5.47
%
5.09
%
4.84
%
Effective Cost of Funds
2.16
%
2.11
%
1.78
%
1.46
%
0.92
%
Net interest margin (tax equivalent)
3.65
%
3.66
%
3.69
%
3.63
%
3.92
%
Efficiency ratio (tax equivalent)
42.9
%
41.6
%
42.9
%
39.4
%
36.2
%
End of period book value per common share
$
46.73
$
38.09
$
41.59
$
41.12
$
39.42
End of period book value (excluding unrealized gain on investments)
$
49.23
$
47.22
$
46.26
$
44.49
$
44.75
End of period common shares outstanding (in 000's)
1,086
1,090
1,090
1,091
1,092
TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data)
Twelve Months Ending
December 31, 2023
December 31, 2022
Tax
Tax
Average
Equivalent
Average
Equivalent
YIELD ANALYSIS
Balance
Interest
Yield
Yield
Balance
Interest
Yield
Yield
Interest Earning Assets:
Short term investment
$
26,075
1,379
5.29
%
5.29
%
$
37,266
735
1.97
%
1.97
%
FRB Stock
429
26
6.00
%
6.00
%
420
25
6.00
%
6.00
%
Taxable securities
1,383
73
5.28
%
5.28
%
959
1
0.00
%
0.00
%
Tax Free securities
132,399
3,438
2.60
%
3.29
%
140,638
3,039
2.16
%
2.74
%
Loans
287,127
19,144
6.67
%
6.67
%
258,760
13,324
5.15
%
5.15
%
Total Interest Earning Assets
447,413
24,060
5.38
%
5.58
%
438,043
17,124
3.91
%
4.09
%
Noninterest Earning Assets:
Cash and due from banks
5,856
5,973
Other assets
7,306
6,036
Allowance for loan losses
(5,057
)
(4,313
)
Total Noninterest Earning Assets
8,105
7,696
Total Assets
$
455,518
$
445,739
Interest Bearing Liabilities:
Transaction and Money Market accounts
179,325
5,504
3.07
%
3.07
%
181,865
1,391
0.76
%
0.76
%
Certificates and other time deposits
78,092
3,034
3.89
%
3.89
%
37,701
465
1.23
%
1.23
%
Other borrowings
10,327
73
0.71
%
0.71
%
16,689
187
1.12
%
1.12
%
Total Interest Bearing Liabilities
267,744
8,611
3.22
%
3.22
%
236,255
2,043
0.86
%
0.86
%
Noninterest Bearing Liabilities:
Demand deposits
140,835
166,328
Other liabilities
2,573
1,703
Shareholders' Equity
44,366
41,453
Total Liabilities and Shareholders Equity
$
455,518
$
445,739
Net Interest Income and Spread
15,449
2.16
%
2.37
%
15,081
3.04
%
3.23
%
Net Interest Margin
3.45
%
3.66
%
3.44
%
3.63
%
TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data)
