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Trinity Bank Reports 4Q and FYE 2018 Results

FORT WORTH, TX / ACCESSWIRE / January 22, 2019 / Trinity Bank N.A. (OTC PINK: TYBT) today announced financial and operating results for the fourth quarter and for the twelve months ended December 31, 2018.


4Q 2018
Net Income (in 000's)
$ 1,200 $ 4,677
Return on Average Assets
1.88 % 1.84 %
Return on Average Equity
15.02 % 14.77 %


Trinity Bank, N.A. reported Net Income after Taxes for the fourth quarter of 2018 of $1,200,000 or $1.08 per diluted common share, compared to $642,000 or $.57 per diluted common share for the fourth quarter of 2017, an increase of 87.9%.

For the year 2018, Net Income After Taxes amounted to $4,677,000, or $4.19 per diluted common share, compared to $3,068,000, or $2.74 per diluted common share for 2017, an increase of 53.0%.

Jeffrey M. Harp, President, stated, "2018 results reflect Trinity Bank's return to its historical level of performance (see below). Superior results are indicative of an outstanding staff providing exceptional customer service."

Trinity Bank

2018
Peer Group
(9-30-18)
2017
2016
2015
2014
Return on Assets
1.84 % 1.24 % 1.23 % 1.79 % 1.79 % 1.68 %
Return on Equity
14.77 % 11.66 % 10.22 % 14.32 % 14.69 % 14.29 %


Executive Vice-President Matt Opitz remarked, "Over the last two years, Trinity has made a substantial investment in our physical facility and in additional staff. These investments are already generating a positive return to shareholders. In 2019, we plan on adding staff, both revenue producers and support staff, in order to achieve our goal for continual organic growth. While focusing on internal growth, we continue to be open to expanding geographically in the North Texas market or acquiring another institution if the right opportunity presents itself."

Page 2 - Trinity Bank fourth quarter 2018

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
2018
2017
Change
2018
2017
Change
Interest income
$ 2,785 $ 2,407 15.7 % $ 10,520 $ 9,141 15.1 %
Interest expense
358 192 86.5 % 1,118 656 70.4 %
Net Interest Income
2,427 2,215 9.6 % 9,402 8,485 10.8 %
Service charges on deposits
31 35 -11.4 % 148 149 -0.7 %
Other income
101 91 11.0 % 399 366 9.0 %
Total Non Interest Income
132 126 4.8 % 547 515 6.2 %
Salaries and benefits expense
757 575 31.7 % 2,823 2,102 34.3 %
Occupancy and equipment expense
120 112 7.1 % 466 432 7.9 %
Other expense
289 290 -0.3 % 1,245 1,116 11.6 %
Total Non Interest Expense
1,166 977 19.3 % 4,534 3,650 24.2 %
Pretax pre-provision income
1,393 1,364 2.1 % 5,415 5,350 1.2 %
Gain on sale of securities
3 2 N/M 14 4 N/M
Gain on sale of assets
0 0 N/M 0 0 N/M
Provision for Loan Losses
30 507 N/M 90 1,627 N/M
Earnings before income taxes
1,366 859 59.0 % 5,339 3,727 43.3 %
Provision for income taxes
166 217 -23.5 % 662 659 0.5 %
Net Earnings
$ 1,200 $ 642 86.9 % $ 4,677 $ 3,068 52.4 %
Basic earnings per share
1.09 0.58 87.9 % 4.24 2.77 53.0 %
Basic weighted average shares
1,100 1,106 1,102 1,106
outstanding
Diluted earnings per share
1.08 0.57 87.9 % 4.19 2.74 53.0 %
Diluted weighted average shares outstanding
1,115 1,121 1,117 1,121


Average for Quarter
Average for Twelve Months
December 31
%
December 31
%
BALANCE SHEET SUMMARY
2018
2017
Change
2018
2017
Change
Total loans
$ 144,801 $ 130,708 10.8 % $ 143,869 $ 131,126 9.7 %
Total short term investments
23,175 33,929 -31.7 % 18,854 24,136 -21.9 %
Total investment securities
79,700 92,935 -14.2 % 84,427 87,396 -3.4 %
Earning assets
247,676 257,572 -3.8 % 247,150 242,658 1.9 %
Total assets
255,113 264,668 -3.6 % 254,343 249,390 2.0 %
Noninterest bearing deposits
81,187 81,387 -0.2 % 81,783 75,434 8.4 %
Interest bearing deposits
141,081 150,771 -6.4 % 139,807 142,423 -1.8 %
Total deposits
222,268 232,158 -4.3 % 221,590 217,857 1.7 %
Fed Funds Purchased and Repurchase Agreements
0 0 0.0 % 390 79 393.7 %
Shareholders' equity
$ 31,948 $ 31,546 1.3 % $ 31,664 $ 30,682 3.2 %


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
2018
2018
2018
2018
2017
Total loans
$ 144,801 $ 145,280 $ 147,227 $ 137,942 $ 130,708
Total short term investments
23,175 18,368 10,843 23,035 33,929
Total investment securities
79,700 80,509 84,981 92,926 92,935
Earning assets
247,676 244,157 243,051 253,903 257,572
Total assets
255,113 251,839 250,070 260,399 264,668
Noninterest bearing deposits
81,187 83,151 80,637 82,622 81,387
Interest bearing deposits
141,081 135,815 135,940 146,206 150,771
Total deposits
222,268 218,966 216,577 228,828 232,158
Fed Funds Purchased and Repurchase Agreements
0 0 1,566 0 0
Shareholders' equity
$ 31,948 $ 32,151 $ 31,236 $ 31,308 $ 31,546


Quarter Ended
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
HISTORICAL EARNINGS SUMMARY
2018
2018
2018
2018
2017
Interest income
$ 2,785 $ 2,658 $ 2,591 $ 2,486 $ 2,407
Interest expense
358 309 241 209 192
Net Interest Income
2,427 2,349 2,350 2,277 2,215
Service charges on deposits
31 38 37 42 35
Other income
101 111 100 87 91
Total Non Interest Income
132 149 137 129 126
Salaries and benefits expense
757 707 731 628 575
Occupancy and equipment expense
120 119 106 121 112
Other expense
289 272 302 382 290
Total Non Interest Expense
1,166 1,098 1,139 1,131 977
Pretax pre-provision income
1,393 1,400 1,348 1,275 1,364
Gain on sale of securities
3 4 7 0 2
Gain on sale of other assets
0 0 0 0 0
Provision for Loan Losses
30 30 30 0 507
Earnings before income taxes
1,366 1,374 1,325 1,275 859
Provision for income taxes
166 184 166 146 217
Net Earnings
$ 1,200 $ 1,190 $ 1,159 $ 1,129 $ 642
Diluted earnings per share
$ 1.08 $ 0.94 $ 1.03 $ 1.00 $ 0.57


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


null
Ending Balance
Dec 31,
Sept. 30,
June 30,
March 31,
Dec 31,
HISTORICAL BALANCE SHEET
2018
2018
2018
2018
2017
Total loans
$ 154,184 $ 143,846 $ 150,833 $ 142,848 $ 139,818
Total short term investments
13,127 23,080 7,454 20,766 19,027
Total investment securities
81,896 79,234 78,840 93,034 93,518
Total earning assets
249,207 246,160 237,127 256,648 252,363
Allowance for loan losses
(1,671 ) (1,664 ) (1,634 ) (1,604 ) (1,600 )
Premises and equipment
2,627 2,652 2,729 2,725 2,731
Other Assets
7,018 5,892 7,582 5,046 5,817
Total assets
257,181 253,040 245,804 262,815 259,311
Noninterest bearing deposits
85,668 81,856 79,678 86,903 84,445
Interest bearing deposits
137,979 137,926 133,922 143,929 143,638
Total deposits
223,647 219,782 213,600 230,832 228,083