FORT WORTH, TX / ACCESS Newswire / February 5, 2025 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the fourth quarter and the twelve months ending December 31, 2024.
Results of Operation
For the fourth quarter 2024, Trinity Bank, N.A. reported Net Income after Taxes of $2,178,000, an increase of 2.0% over fourth quarter 2023 earnings of $2,135,00. Earnings per diluted common share for the fourth quarter 2024 amounted to $1.92, an increase of 2.1% over fourth quarter 2023 results of $1.88 per diluted common share.
For 2024, Net Income after Taxes was $8,458,000, an increase of 5.5% over 2023 results of $8,015,000. Earnings per diluted common share for 2024 were $7.48, an increase of 5.9% over 2023 results of $7.06 per diluted common share.
Co-Chairman and CEO Matt R. Opitz stated, "We are pleased with both our fourth quarter and full year 2024 results. The fourth quarter was the most profitable quarter and 2024 was the most profitable year in history for Trinity Bank. We finished the year with strong growth in net income, loans and deposits."
"We have seen significant improvements in loan demand since the election in November. Further, corporate confidence throughout the State of Texas continues to increase, post-election, which is very encouraging as we embark on the new year."
"As we move into 2025, we remain focused on our commitment to remain true to the same sound banking principles and management practices that have made Trinity Bank successful over its 22-year history. We will also continue to invest in our people, facilities, technology and processes to ensure we have the proper infrastructure to remain positioned to take advantage of opportunities for continued growth not only in 2025 but for years to come."
"As always, thank you to our dedicated staff. Without them and their commitment to remaining focused on providing exceptional customer experiences, results like these would not be achievable."
Page 2 - Trinity Bank fourth quarter 2024 earnings
Page 3 - Trinity Bank fourth quarter 2024 earnings
TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data)
Quarter Ended
Twelve Months Ending
December 31
%
December 31
%
EARNINGS SUMMARY
2024
2023
Change
2024
2023
Change
Interest income
$
7,426
$
6,818
8.9
%
$
28,579
$
24,060
18.8
%
Interest expense
2,681
2,738
-2.1
%
10,972
8,611
27.4
%
Net Interest Income
4,745
4,080
16.3
%
17,607
15,449
14.0
%
Service charges on deposits
70
55
27.3
%
256
247
3.6
%
Other income
112
117
-4.3
%
459
471
-2.5
%
Total Non Interest Income
182
172
5.8
%
715
718
-0.4
%
Salaries and benefits expense
1,343
1,314
2.2
%
5,254
4,699
11.8
%
Occupancy and equipment expense
117
109
7.3
%
495
454
9.0
%
Other expense
575
509
13.0
%
2,455
1,887
30.1
%
Total Non Interest Expense
2,035
1,932
5.3
%
8,204
7,040
16.5
%
Pretax pre-provision income
2,892
2,320
24.7
%
10,118
9,127
10.9
%
Gain on sale of Securities
1
(36
)
N/M
2
(40
)
N/M
Gain on sale of Assets
0
58
N/M
53
58
N/M
Provision for Loan Losses
350
0
N/M
350
0
N/M
Earnings before income taxes
2,543
2,342
8.6
%
9,823
9,145
7.4
%
Provision for income taxes
365
207
76.3
%
1,365
1,130
20.8
%
Net Earnings
$
2,178
$
2,135
2.0
%
$
8,458
$
8,015
5.5
%
Basic earnings per share
2.01
1.96
2.5
%
7.83
7.36
6.4
%
Basic weighted average shares
1,085
1,088
1,080
1,089
outstanding
Diluted earnings per share - estimate
1.92
1.88
2.1
%
7.48
7.06
5.9
%
Diluted weighted average shares outstanding
1,135
1,134
1,130
1,135
Average for Quarter
Average for Twelve Months
December 31
%
December 31
%
BALANCE SHEET SUMMARY
2024
2023
Change
2024
2023
Change
Total loans
$
297,595
$
297,994
-0.1
%
$
301,718
$
287,127
5.1
%
Total short term investments
84,667
43,172
96.1
%
46,595
26,075
78.7
%
FRB Stock
438
430
1.9
%
436
429
1.6
%
Total investment securities
139,200
132,086
5.4
%
139,161
134,211
3.7
%
Earning assets
521,900
473,252
10.3
%
487,910
447,842
8.9
%
Total assets
529,766
481,952
9.9
%
495,755
455,520
8.8
%
Noninterest bearing deposits
140,237
138,527
1.2
%
132,835
140,837
-5.7
%
Interest bearing deposits
331,293
297,030
11.5
%
307,873
267,392
15.1
%
Total deposits
471,529
435,557
8.3
%
440,708
408,229
8.0
%
Fed Funds Purchased and Repurchase Agreements
0
261
N/M
0
351
N/M
Shareholders' equity
$
58,388
$
52,263
11.7
%
$
56,039
$
50,653
10.6
%
TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data)
Average for Quarter Ending
Dec 31,
Sep 30,
June 30,
March 31,
Dec. 31
BALANCE SHEET SUMMARY
2024
2024
2024
2024
2023
Total loans
$
297,595
$
300,487
$
306,551
$
302,296
$
297,994
Total short term investments
84,667
38,112
25,626
37,649
43,172
FRB Stock
438
437
435
433
430
Total investment securities
139,200
137,751
137,088
142,623
132,086
Earning assets
521,900
476,787
469,700
483,001
473,682
Total assets
529,766
485,034
477,700
490,262
481,952
Noninterest bearing deposits
140,237
131,659
131,609
127,766
138,527
Interest bearing deposits
331,293
297,480
293,548
309,030
297,030
Total deposits
471,529
429,139
425,157
436,796
435,557
Fed Funds Purchased and Repurchase Agreements
0
0
0
0
261
Shareholders' equity
$
58,388
$
56,857
$
54,951
$
53,923
$
52,263
Quarter Ended
Dec 31,
Sep 30,
June 30,
March 31,
Dec. 31
HISTORICAL EARNINGS SUMMARY
2024
2024
2024
2024
2023
Interest income
$
7,426
$
7,112
$
7,107
$
6,934
$
6,818
Interest expense
2,681
2,749
2,713
2,832
2,738
Net Interest Income
4,745
4,363
4,394
4,102
4,080
Service charges on deposits
70
65
64
53
55
Other income
112
109
121
121
117
Total Non Interest Income
182
174
185
174
172
Salaries and benefits expense
1,343
1,368
1,319
1,223
1,314
Occupancy and equipment expense
117
133
122
122
109
Other expense
575
601
657
620
509
Total Non Interest Expense
2,035
2,102
2,098
1,965
1,932
Pretax pre-provision income
2,892
2,435
2,481
2,311
2,320
Gain on sale of securities
1
4
(4
)
0
(36
)
Gain on sale of Other Assets
0
0
36
17
58
Provision for Loan Losses
350
0
0
0
0
Earnings before income taxes
2,543
2,439
2,514
2,328
2,342
Provision for income taxes
365
340
360
300
207
Net Earnings
$
2,178
$
2,099
$
2,154
$
2,028
$
2,135
Diluted earnings per share
$
1.92
$
1.86
$
1.91
$
1.80
$
1.88
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
2024
2024
2024
2024
2023
Total loans
$
305,864
$
296,906
$
304,810
$
312,372
$
297,423
FRB Stock
439
438
435
435
430
Total short term investments
69,746
59,576
10,003
38,009
40,334
Total investment securities
138,306
137,510
136,331
139,598
140,403
Total earning assets
514,355
494,430
451,579
490,414
478,590
Allowance for loan losses
(5,583
)
(5,230
)
(5,227
)
(5,225
)
(5,224
)
Premises and equipment
4,123
2,393
2,397
2,375
2,387
Other Assets
9,339
9,739
14,711
8,149
10,291
Total assets
522,234
501,332
463,460
495,713
486,044
Noninterest bearing deposits
146,834
137,594
128,318
130,876
130,601
Interest bearing deposits
318,206
305,010
280,945
310,889
301,603
Total deposits
465,040
442,604
409,263
441,765
432,204
Fed Funds Purchased and Repurchase Agreements
0
0
0
0
0
Other Liabilities
2,711
2,901
2,804
2,618
2,663
Total liabilities
467,751
445,505
412,067
444,383
434,867
Shareholders' Equity Actual
59,758
57,976
55,915
54,777
53,465
Unrealized Gain/Loss - AFS
(5,275
)
(2,149
)
(4,957
)
(3,883
)
(2,718
)
Total Equity
$
54,483
$
55,827
$
50,958
$
50,894
$
50,747
Quarter Ending
Dec. 31,
Sept. 30,
June 30,
March 31,
Dec. 31
NONPERFORMING ASSETS
2024
2024
2024
2024
2023
Nonaccrual loans
$
1,047
$
0
$
0
$
0
$
0
Restructured loans
0
505
552
598
658
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
$
1,047
$
505
$
552
$
598
$
658
Accruing loans past due 30-89 days
$
0
$
39
$
1,274
$
0
$
1
Total nonperforming assets as a percentage
of loans and foreclosed assets
0.34
%
0.17
%
0.18
%
0.19
%
0.22
%
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
2024
2024
2024
2024
2023
Balance at beginning of period
$
5,230
$
5,227
$
5,224
$
5,224
$
5,222
Loans charged off
0
0
0
0
0
Loan recoveries
3
3
3
0
2
Net (charge-offs) recoveries
3
3
3
0
2
Provision for loan losses
350
0
0
0
0
Balance at end of period
$
5,583
$
5,230
$
5,227
$
5,224
$
5,224
Allowance for loan losses
as a percentage of total loans
1.83
%
1.76
%
1.71
%
1.67
%
1.76
%
Allowance for loan losses
as a percentage of nonperforming assets
533
%
1036
%
947
%
874
%
794
%
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
0.11
%
0.00
%
0.00
%
0.00
%
0.00
%
Quarter Ending
Dec. 31,
Sept. 30,
June 30,
March 31,
Dec. 31
SELECTED RATIOS
2024
2024
2024
2024
2023
Return on average assets (annualized)
1.64
%
1.73
%
1.80
%
1.65
%
1.77
%
Return on average equity (annualized)
15.85
%
15.91
%
17.42
%
16.03
%
19.87
%
Return on average equity (excluding unrealized gain on investments)
14.92
%
14.77
%
15.68
%
15.04
%
16.34
%
Average shareholders' equity to average assets
11.02
%
11.72
%
11.50
%
11.00
%
10.84
%
Yield on earning assets (tax equivalent)
5.92
%
6.20
%
6.28
%
5.97
%
5.81
%
Effective Cost of Funds
2.06
%
2.31
%
2.31
%
2.34
%
2.16
%
Net interest margin (tax equivalent)
3.86
%
3.89
%
3.97
%
3.63
%
3.65
%
Efficiency ratio (tax equivalent)
39.0
%
43.7
%
43.2
%
43.1
%
42.4
%
End of period book value per common share
$
50.21
$
51.79
$
47.23
$
47.17
$
46.73
End of period book value (excluding unrealized gain/loss on investments)
$
55.08
$
53.78
$
51.82
$
50.77
$
49.23
End of period common shares outstanding (in 000's)
1,085
1,078
1,079
1,079
1,086
TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data)
Twelve Months Ending
December 31, 2024
December 31, 2023
Tax
Tax
Average
Equivalent
Average
Equivalent
YIELD ANALYSIS
Balance
Interest
Yield
Yield
Balance
Interest
Yield
Yield
Interest Earning Assets:
Short term investment
$
46,595
$
2,417
5.19
%
5.19
%
$
26,075
1,379
5.29
%
5.29
%
FRB Stock
436
26
6.00
%
6.00
%
429
26
6.00
%
6.00
%
Taxable securities
0
0
0.00
%
0.00
%
1,383
73
5.28
%
5.28
%
Tax Free securities
139,161
4,486
3.22
%
3.44
%
132,399
3,438
2.60
%
3.29
%
Loans
301,718
21,651
7.18
%
7.18
%
287,127
19,144
6.67
%
6.67
%
Total Interest Earning Assets
487,910
28,580
5.86
%
5.92
%
447,413
24,060
5.38
%
5.58
%
Noninterest Earning Assets:
Cash and due from banks
5,712
5,856
Other assets
7,363
7,306
Allowance for loan losses
(5,230
)
(5,057
)
Total Noninterest Earning Assets
7,845
8,105
Total Assets
$
495,755
$
455,518
Interest Bearing Liabilities:
Transaction and Money Market accounts
$
200,832
$
6,125
3.05
%
3.05
%
179,325
5,504
3.07
%
3.07
%
Certificates and other time deposits
107,041
4,846
4.53
%
4.53
%
78,092
3,034
3.89
%
3.89
%
Other borrowings
0
0
0.00
%
0.00
%
10,327
73
0.0071
0.71
%
Total Interest Bearing Liabilities
307,873
10,971
3.56
%
3.56
%
267,744
8,611
3.22
%
3.22
%
Noninterest Bearing Liabilities:
Demand deposits
132,835
140,835
Other liabilities
3,074
2,573
Shareholders' Equity
51,974
44,366
Total Liabilities and Shareholders Equity
$
495,755
$
455,518
Net Interest Income and Spread
$
180,037
$
17,609
2.29
%
2.35
%
179,669
15,449
2.16
%
2.37
%
Net Interest Margin
3.61
%
3.67
%
3.45
%
3.66
%
TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data)
December 31
December 31
2024
%
2023
%
LOAN PORTFOLIO
Commercial and industrial
$
168,145
54.97
%
$
162,907
54.77
%
Real estate:
Commercial
96,441
31.53
%
86,215
28.99
%
Residential
11,209
3.66
%
17,271
5.81
%
Construction and development
29,933
9.79
%
30,724
10.33
%
Consumer
136
0.04
%
306
0.10
%
Total loans
$
305,864
100.00
%
297,423
100.00
%
December 31
December 31
2024
2023
REGULATORY CAPITAL DATA
Tier 1 Capital
$
59,758
$
53,464
Total Capital (Tier 1 + Tier 2)
$
64,147
$
57,695
Total Risk-Adjusted Assets
$
349,667
$
337,534
Tier 1 Risk-Based Capital Ratio
17.09
%
15.84
%
Total Risk-Based Capital Ratio
18.34
%
17.10
%
Tier 1 Leverage Ratio
11.28
%
11.09
%
OTHER DATA
Full Time Equivalent
Employees (FTE's)
28
28
Stock Price Range
(For the Three Months Ended):
High
$
91.00
$
90.00
Low
$
80.00
$
79.25
Close
$
91.00
$
90.00
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.
