Trinity Bank Reports: 2012 First Quarter Net Income up 15.2%; Shareholders Receive First Cash Dividend

Marketwired

FORT WORTH, TX--(Marketwire -05/01/12)- Trinity Bank N.A. (TYBT.OB - News) today announced operating results for the three months ending March 31, 2012.

Results of Operations

Trinity Bank, N.A. reported Net Income After Taxes of $621,000, or $.55 per diluted common share for the first quarter of 2012, compared to $539,000 or $.48 per diluted common share for the first quarter of 2011, an increase of 14.6%.

Jeffrey M. Harp, President, stated, "Net Income was up 15.2% over the first quarter of 2011. This performance represents Trinity's 30th consecutive quarter of profit improvement. We are finally seeing a little pickup in loan demand, albeit from a very low level last year. The activity enabled us to produce a Return on Assets of 1.52% and a Return on Equity (excluding unrealized gain on investments) of 13.56%. Both ratios compare very favorably to local, regional, and national peer groups.

"Trinity Bank's first cash dividend was distributed to shareholders yesterday (04-30-12). We are pleased to be able to provide some tangible return on our shareholder's investment."

 

Average for Quarter Ending 03/31/2012 03/31/2011 %
(in 000's) ---------- ---------- ------


Loans $ 81,136 $ 71,103 14.1%
Deposits $ 143,067 $ 133,277 7.3%



Average for Quarter Ending 03/31/2012 03/31/2011 %
(in 000's) ---------- ---------- ------


Net Interest Income $ 1,353 $ 1,248 8.4%
Non-Interest Income $ 113 $ 129 -12.4%
Non-Interest Expense $ 642 $ 675 -4.9%
Loan Loss Provision $ 0 $ 0 NA

Pre Tax Income $ 824 $ 702 17.4%
Income Tax $ 203 $ 163 24.5%
Net Income $ 621 $ 539 15.2%

 
Average for Quarter Ending 03/31/2012 03/31/2011 %
(in 000's) ---------- ---------- ------


Net Income $ 621 $ 539 15.2%
Diluted Weighted Average Shares 1,119 1,126 -0.6%

Earnings per Share $ 0.55 $ 0.48 14.6%

Return on Assets 1.52% 1.42%
Return on Equity 13.56% 12.90%


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.

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
March 31 %
EARNINGS SUMMARY 2012 2011 Change

Interest income 1,514 1,474 2.7%
Interest expense 161 226 -28.8%
Net Interest Income 1,353 1,248 8.4%

Provision for Loan Losses 0 0 N/A

Service charges on deposits 37 37 0.0%
Net gain on securities available for sale 17 29 -41.4%
Other income 59 63 -6.3%
Total Non Interest Income 113 129 -12.4%

Salaries and benefits expense 331 340 -2.6%
Occupancy and equipment expense 74 75 -1.3%
Other expense 237 260 -8.8%
Total Non Interest Expense 642 675 -4.9%

Earnings before income taxes 824 702 17.4%
Provision for income taxes 203 163 24.5%
Net Earnings 621 539 15.2%

Basic earnings per share 0.59 0.51 15.7%
Basic weighted average shares outstanding 1,056 1,067

Diluted earnings per share 0.55 0.48 14.6%
Diluted weighted average shares outstanding 1,119 1,126


Average for Quarter
Ending March 31 %
BALANCE SHEET SUMMARY 2012 2011 Change

Total loans $ 81,136 $ 71,103 14.1%
Total short term investments 18,495 17,742 4.2%
Total investment securities 57,451 56,684 1.4%

Earning assets 157,082 145,529 7.9%

Total assets 163,755 151,401 8.2%

Noninterest bearing deposits 29,804 24,123 23.6%
Interest bearing deposits 113,263 109,154 3.8%

Total deposits 143,067 133,277 7.3%

Fed Funds Purchased and Repurchase Agreements 450 582 -22.7%

Shareholders' equity 19,416 16,972 14.4%



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

Average for Quarter Ending
March 31, Dec 31, Sept. 30, June 30, March 31,
BALANCE SHEET SUMMARY 2012 2011 2011 2011 2011

Total loans $ 81,136 $ 76,426 $ 74,941 $ 71,676 $ 71,103
Total short term
investments 18,495 26,760 21,204 21,929 17,742
Total investment
securities 57,451 56,751 51,908 50,714 56,684

Earning assets 157,082 159,937 148,053 144,319 145,529

Total assets 163,755 166,392 154,363 152,633 151,401

Noninterest bearing
deposits 29,804 32,552 27,706 25,176 24,123
Interest bearing
deposits 113,263 113,758 107,061 108,696 109,154

Total deposits 143,067 146,310 134,767 133,872 133,277

Fed Funds Purchased
and Repurchase
Agreements 450 584 411 438 582

Shareholders' equity 19,416 18,690 18,401 17,687 16,972


Quarter Ended
HISTORICAL EARNINGS March 31, Dec 31, Sept. 30, June 30, March 31,
SUMMARY 2012 2011 2011 2011 2011


Interest income 1,514 1,509 1,471 1,426 1,474
Interest expense 161 199 203 217 226
Net Interest Income 1,353 1,310 1,268 1,209 1,248

Provision for Loan
Losses 0 0 0 0 0

Service charges on
deposits 37 37 35 29 37
Net gain on
securities available
for sale 17 18 40 28 29
Other income 59 55 92 78 63
Total Non Interest
Income 113 110 167 135 129

Salaries and benefits
expense 331 450 317 312 340
Occupancy and
equipment expense 74 81 82 79 75
FDIC expense 14 45 45 45 45
Other expense 223 45 226 173 215
Total Non Interest
Expense 642 621 670 609 675

Earnings before
income taxes 824 799 765 735 702
Provision for income
taxes 203 194 185 177 163
Net Earnings 621 605 580 558 539



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

Ending Balance

HISTORICAL BALANCE March 31, Dec 31, Sept. 30, June 30, March 31,
SHEET 2012 2011 2011 2011 2011

Total loans $ 84,808 $ 81,272 $ 76,180 $ 74,822 $ 71,287
Total short term
investments 18,681 19,279 27,716 17,404 25,369
Total investment
securities 56,640 58,540 53,370 51,982 53,497

Total earning assets 160,129 159,091 157,266 144,208 150,153

Allowance for loan
losses (1,371) (1,371) (1,371) (1,371) (1,371)
Premises and
equipment 1,368 1,378 1,413 1,404 1,440
Other Assets 6,706 7,843 6,209 5,850 6,024

Total assets 166,832 166,941 163,517 150,091 156,246

Noninterest bearing
deposits 32,239 34,203 33,733 24,208 27,747
Interest bearing
deposits 114,268 112,163 109,722 106,761 110,161

Total deposits 146,507 146,366 143,455 130,969 137,908

Fed Funds Purchased
and Repurchase
Agreements 203 713 398 292 534
Other Liabilities 898 792 896 690 559

Total liabilities 147,608 147,871 144,749 131,951 139,001

Shareholders' Equity
Actual 18,368 18,025 17,667 17,306 16,715
Unrealized Gain -
AFS 856 1,045 1,100 834 530
Total Equity 19,224 19,070 18,767 18,140 17,245


Quarter Ending
March 31, Dec 31, Sept. 30, June 30, March 31,
NONPERFORMING ASSETS 2012 2011 2011 2011 2011

Nonaccrual loans $ 221 $ 653 $ 735 $ 850 $ 488
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 $ 221 $ 653 $ 735 $ 850 $ 488

Accruing loans past
due 30-89 days $ 0 $ 0 $ 0 $ 0 $ 0

Total nonperforming
assets as a
percentageof loans
and foreclosed
assets 0.26% 0.80% 0.96% 1.12% 0.68%



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

Quarter Ending
ALLOWANCE FOR LOAN March 31, Dec 31, Sept. 30, June 30, March 31,
LOSSES 2012 2011 2011 2011 2011

Balance at beginning
of period $ 1,371 $ 1,371 $ 1,371 $ 1,371 $ 1,371
Loans charged off 0 0 0 0 0
Loan recoveries 0 0 0 0 0
Net (charge-offs)
recoveries 0 0 0 0 0
Provision for loan
losses 0 0 0 0 0
Balance at end of
period $ 1,371 $ 1,371 $ 1,371 $ 1,371 $ 1,371

Allowance for loan
losses as a
percentage of total
loans 1.62% 1.69% 1.80% 1.80% 1.92%
Allowance for loan
losses as a
percentage of
nonperforming loans 620.36% 209.95% 186.53% 186.53% 280.94%
Net charge-offs
(recoveries) as
apercentage of
average loans N/A N/A N/A N/A N/A
Provision for loan
lossesas a
percentage of
average loans N/A N/A N/A N/A N/A


Quarter Ending
March 31, Dec 31, Sept. 30, June 30, March 31,
SELECTED RATIOS 2012 2011 2011 2011 2011

Return on average
assets (annualized) 1.52% 1.45% 1.50% 1.46% 1.42%

Return on average
equity (annualized) 12.79% 12.95% 12.61% 12.62% 12.70%

Return on average
equity (excluding
unrealized gain on
investments) 13.56% 13.62% 13.26% 13.11% 12.90%

Average
shareholders'
equity to average
assets 11.86% 11.23% 11.92% 11.59% 11.21%

Yield on earning
assets (tax
equivalent) 4.14% 4.05% 4.26% 4.24% 4.27%

Cost of interest
bearing funds 0.57% 0.70% 0.76% 0.80% 0.82%

Net interest margin
(tax equivalent) 3.73% 3.56% 3.72% 3.64% 3.65%

Efficiency ratio
(tax equivalent) 40.71 40.55 43.42 42.29 45.45

End of period book
value per common
share 18.20 18.05 17.60 17.51 16.16

End of period book
value (excluding
unrealized gain on
investments) 17.39 17.07 16.57 16.48 15.67

End of period common
shares outstanding 1,056 1,056 1,066 1,072 1,067



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

3 Months Ending
March 31, 2012 March 31, 2011

Tax Tax
Equiva- Equiva-
Average Inter- lent Average Inter- lent
YIELD ANALYSIS Balance est Yield Yield Balance est Yield Yield

Interest Earning
Assets:
Short term
investment 18,495 23 0.50% 0.50% 17,742 36 0.81% 0.81%
Investment
securities 16,116 175 4.34% 4.34% 22,938 246 4.29% 4.29%
Tax Free
securities 41,335 252 2.44% 3.51% 33,746 245 2.90% 4.18%
Loans 81,136 1,064 5.25% 5.25% 71,103 947 5.33% 5.33%

Total Interest
Earning Assets 157,082 1,514 3.86% 4.14% 145,529 1,474 4.05% 4.27%

Noninterest
Earning Assets:
Cash and due
from banks 3,439 3,260
Other assets 4,605 3,983
Allowance for
loan losses (1,371) (1,371)

Total
Noninterest
Earning Assets 6,673 5,872

Total Assets $163,755 $151,401

Interest Bearing
Liabilities:
Transaction and
Money Market
accounts 84,343 108 0.51% 0.51% 78,422 142 0.72% 0.72%
Certificates and
other time
deposits 28,920 52 0.72% 0.72% 30,732 83 1.08% 1.08%
Other borrowings 450 1 0.89% 0.89% 582 1 0.69% 0.69%

Total Interest
Bearing
Liabilities 113,713 161 0.57% 0.57% 109,736 226 0.82% 0.82%

Noninterest
Bearing
Liabilities
Demand deposits 29,804 24,123
Other
liabilities 822 570
Shareholders'
Equity 19,416 16,972

Total
Liabilities and
Shareholders
Equity $163,755 $151,401

Net Interest
Income and
Spread 1,353 3.29% 3.57% 1,248 3.23% 3.45%

Net Interest
Margin 3.44% 3.73% 3.43% 3.65%



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

March 31 March 31
2012 % 2011 %
LOAN PORTFOLIO

Commercial and industrial 42,633 50.27% 32,364 45.40%
Real estate:
Commercial 15,786 18.61% 13,547 19.00%
Residential 16,584 19.55% 13,328 18.70%
Construction and development 7,712 9.09% 10,431 14.63%
Consumer 2,093 2.47% 1,617 2.27%

Total loans (gross) 84,808 100.00% 71,287 100.00%

Unearned discounts 0 0.00% 0 0.00%

Total loans (net) 84,808 100.00% 71,287 100.00%


March 31 March 31
2012 2011
REGULATORY CAPITAL DATA
Tier 1 Capital $ 18,369 $ 16,716
Total Capital (Tier 1 + Tier 2) $ 19,722 $ 17,953
Total Risk-Adjusted Assets $ 108,247 $ 98,788
Tier 1 Ratio 16.97% 16.92%
Total Capital Ratio 18.22% 18.17%
Tier 1 Leverage Ratio 11.24% 11.06%

OTHER DATA
Full Time Equivalent
Employees (FTE's) 14 14

Stock Price Range
(For the Three Months Ended):
High $ 27.25 $ 25.50
Low $ 25.50 $ 24.10
Close $ 27.25 $ 25.50


Contact:
For information contact:
Richard Burt
Executive Vice President
Trinity Bank
817-763-9966

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