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Trinity Bank Reports: Return On Assets 1.54% Return on Equity 14.91%

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FORT WORTH, TEXAS / ACCESSWIRE / August 1, 2022 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the three months ending June 30, 2022 and YTD results for the six months ending June 30, 2022.

Results of Operations

Trinity Bank, N.A. reported Net Income after Taxes of $1,680,000 or $1.47 per diluted common share for the first quarter of 2022, compared to $1,426,000 or $1.26 per diluted common share for the second quarter of 2021, an increase of 16.7%.

For the first six months of 2022, Net Income after Taxes amounted to $3,290,000, an increase of 19.5% over the first half of 2021 results of $2,754,000. Earnings per diluted common share for the first half of 2022 were $2.90, an increase of 18.9% over the first half of 2021 results of $2.44 per diluted common share

Jeffrey M. Harp, Chairman, stated, "We are pleased to announce that 2Q 2022 performance produced the best quarterly profit for Trinity Bank since inception in 2003. Loans and Deposits continue to grow. Return on Assets and Return on Equity remain well above both national and local peer groups. Our borrowers continue to perform well in an unsettled economic environment."

"After many years of maintaining artificially low interest rates, the Federal Reserve has embarked on a program to rapidly raise interest rates to combat the inflation that we all see on a daily basis. We have had four prime rate increases in four months (from 3.25% to 5.50%). While this helps our interest income, we also must increase deposit rates in line with our philosophy to pay as much as we can instead of as little as we can get by with. For example, we are offering one-year CD's at a 2.40% rate - well above the local market."

"In my 51 years in this business in this market, I can only say that we are in unprecedented times. Our goal remains to ADAPT, IMPROVISE, and OVERCOME. We strive to provide exceptional service to existing customers and attract new relationships with quality people. We intend to continue to maintain a strong capital base with above-average profitability and efficiency as we prepare for whatever the future holds."

Trinity Bank N.A. , Monday, August 1, 2022, Press release picture
Trinity Bank N.A. , Monday, August 1, 2022, Press release picture
Trinity Bank N.A. , Monday, August 1, 2022, Press release picture
Trinity Bank N.A. , Monday, August 1, 2022, Press release picture
Trinity Bank N.A. , Monday, August 1, 2022, Press release picture
Trinity Bank N.A. , Monday, August 1, 2022, Press release picture

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

Six Months Ending

June 30

%

June 30

%

EARNINGS SUMMARY

2022

2021

Change

2022

2021

Change

Interest income

$

3,763

$

3,806

-1.1

%

$

7,363

$

7,462

-1.3

%

Interest expense

248

144

72.2

%

414

276

50.0

%

Net Interest Income

3,515

3,662

-4.0

%

6,949

7,186

-3.3

%

Service charges on deposits

62

58

6.9

%

123

115

7.0

%

Other income

126

104

21.2

%

230

195

17.9

%

Total Non Interest Income

188

162

16.0

%

353

310

13.9

%

Salaries and benefits expense

1,096

1,080

1.5

%

2,095

2,039

2.7

%

Occupancy and equipment expense

111

114

-2.6

%

221

238

-7.1

%

Other expense

536

405

32.3

%

1,136

910

24.8

%

Total Non Interest Expense

1,743

1,599

9.0

%

3,452

3,187

8.3

%

Pretax pre-provision income

1,960

2,225

-11.9

%

3,850

4,309

-10.7

%

Gain on sale of securities

0

0

N/M

0

0

N/M

Gain on sale of foreclosed assets

0

0

N/M

0

0

N/M

Gain on sale of assets

0

0

N/M

0

0

N/M

Provision for Loan Losses

0

550

-100.0

%

0

1,100

-100.0

%

Earnings before income taxes

1,960

1,675

17.0

%

3,850

3,209

20.0

%

Provision for income taxes

280

249

N/M

560

455

23.1

%

Net Earnings

$

1,680

$

1,426

17.8

%

$

3,290

$

2,754

19.5

%

Basic earnings per share

1.54

1.32

16.8

%

3.02

2.55

18.5

%

Basic weighted average shares

1,093

1,084

1,090

1,081

outstanding

Diluted earnings per share - estimate

1.47

1.26

16.7

%

2.90

2.44

18.9

%

Diluted weighted average shares outstanding

1,139

1,130

1,136

1,127

Average for Quarter

Average for Six Months

June 30

%

June 30

%

BALANCE SHEET SUMMARY

2022

2021

Change

2022

2021

Change

Total loans

$

255,951

$

261,273

-2.0

%

$

249,955

$

262,025

-4.6

%

Total short term investments

30,993

28,242

9.7

%

29,696

19,931

49.0

%

Total investment securities

142,743

96,153

48.5

%

142,526

95,251

49.6

%

Earning assets

429,687

385,668

11.4

%

422,177

377,207

11.9

%

Total assets

437,237

391,571

11.7

%

429,441

383,478

12.0

%

Noninterest bearing deposits

164,965

136,853

20.5

%

159,530

142,334

12.1

%

Interest bearing deposits

229,986

211,012

9.0

%

225,947

197,935

14.2

%

Total deposits

394,951

347,865

13.5

%

385,477

340,269

13.3

%

Fed Funds Purchased and Repurchase Agreements

0

0

N/M

0

122

N/M

Shareholders' equity

$

45,059

$

40,236

12.0

%

$

44,475

$

39,713

12.0

%

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

Average for Quarter Ending

June 30,

March 31,

Dec 31,

Sept. 30,

June 30,

BALANCE SHEET SUMMARY

2022

2022

2021

2021

2021

Total loans

$

255,951

$

240,831

$

236,698

$

222,400

$

214,501

Total PPP loans

0

$

3,062

11,585

27,071

46,772

Total short term investments

30,993

28,809

33,497

26,122

28,242

Total investment securities

142,743

142,717

128,283

113,914

96,153

Earning assets

429,687

415,419

410,063

389,507

385,668


Total assets

437,237

421,711

416,766

395,762

391,571

Noninterest bearing deposits

164,965

154,029

170,822

143,056

136,853

Interest bearing deposits

229,986

221,868

215,287

207,369

211,012

Total deposits

394,951

375,897

386,109

350,425

347,865

Fed Funds Purchased and Repurchase Agreements

0

0

0

0

0

Shareholders' equity

$

45,059

$

44,456

$

43,113

$

41,723

$

40,236

Quarter Ended


June 30,

March 31,

Dec 31,

Sept. 30,

June 30,

HISTORICAL EARNINGS SUMMARY

2022

2022

2021

2021

2021

Interest income less PPP

$

3,763

$

3,321

$

3,302

$

3,162

$

3,021

PPP interest and fees

0

278

245

530

785

Interest expense

248

165

159

150

144

Net Interest Income

3,515

3,434

3,388

3,542

3,662

Service charges on deposits

62

59

58

56

58

Other income

126

106

108

111

104

Total Non Interest Income

188

165

166

167

162

Salaries and benefits expense

1,096

999

1,009

1,127

1,080

Occupancy and equipment expense

111

110

108

121

114

Other expense

536

600

540

430

405

Total Non Interest Expense

1,743

1,709

1,657

1,678

1,599

Pretax pre-provision income

1,960

1,890

1,897

2,031

2,225

Gain on sale of securities

0

0

0

0

0

Gain on sale of foreclosed assets

0

0

0

0

0

Gain on sale of other assets

0

0

0

0

0

Provision for Loan Losses

0

0

0

290

550

Earnings before income taxes

1,960

1,890

1,897

1,741

1,675

Provision for income taxes

280

280

305

265

249

Net Earnings

$

1,680

$

1,610

$

1,592

$

1,476

$

1,426

Diluted earnings per share

$

1.47

$

1.42

$

1.41

$

1.30

$

1.26

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

Ending Balance

June 30,

March 31,

Dec 31,

Sept. 30,

June 30,

HISTORICAL BALANCE SHEET

2022

2022

2021

2021

2021

Total loans

$

267,163

$

247,358

$

240,283

$

228,976

$

215,085

Total PPP loans

0

-

9,380

20,911

34,305

Total short term investments

19,635

39,776

41,153

34,818

31,247

Total investment securities

142,834

138,793

137,387

117,844

100,499

Total earning assets

429,632

425,927

428,203

402,549

381,136

Allowance for loan losses

(4,314

)

(4,314

)

(4,306

)

(4,306

)

(4,016

)

Premises and equipment

2,019

2,065

2,118

2,179

2,218

Other Assets

11,260

10,557

5,802

6,803

10,507

Total assets

438,597

434,235

431,817

407,225

389,845

Noninterest bearing deposits

170,661

158,072

167,497

148,238

149,049

Interest bearing deposits

226,141

233,142

218,611

214,162

196,355

Total deposits

396,802

391,214

386,108

362,400

345,404

Fed Funds Purchased and Repurchase Agreements

0

0

0

0

0

Other Liabilities

1,474

2,033

1,181

1,834

1,539

Total liabilities

398,276

393,247

387,289

364,234

346,943

Shareholders' Equity Actual

45,830

44,093

43,113

41,465

40,957

Unrealized Gain/Loss - AFS

(5,509

)

(3,105

)

1,415

1,526

1,945

Total Equity

$

40,321

$

40,988

$

44,528

$

42,991

$

42,902

Quarter Ending

June 30,

March 31,

Dec 31,

Sept. 30,

June 30,

NONPERFORMING ASSETS

2022

2022

2021

2021

2021

Nonaccrual loans

$

211

$

239

$

259

$

279

$

297

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

$

211

$

239

$

259

$

279

$

297

Accruing loans past due 30-89 days

$

0

$

0

$

0

$

600

$

0

Total nonperforming assets as a percentage

of loans and foreclosed assets

0.08

%

0.10

%

0.11

%

0.12

%

0.12

%

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

Quarter Ending

ALLOWANCE FOR

June 30,

March 31,

Dec 31,

Sept. 30,

June 30,

LOAN LOSSES

2022

2022

2021

2021

2021

Balance at beginning of period

$

4,314

$

4,306

$

4,306

$

4,016

$

3,466

Loans charged off

0

0

0

0

0

Loan recoveries

0

8

0

0

0

Net (charge-offs) recoveries

0

8

0

0

0

Provision for loan losses

0

0

0

290

550

Balance at end of period

$

4,314

$

4,314

$

4,306

$

4,306

$

4,016

Allowance for loan losses

1.61

%

1.74

%

1.72

%

1.88

%

1.61

%

as a percentage of total loans

Allowance for loan losses net of PPP Loans

1.61

%

1.74

%

1.79

%

1.94

%

1.86

%

as a percentage of total loans

Allowance for loan losses

2045

%

1805

%

1663

%

1543

%

1352

%

as a percentage of nonperforming assets

Net charge-offs (recoveries) as a

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%

percentage of average loans

Provision for loan losses

0.00

%

0.00

%

0.00

%

0.13

%

0.21

%

as a percentage of average loans

Quarter Ending

June 30,

March 31,

Dec 31,

Sept. 30,

June 30,

SELECTED RATIOS

2022

2022

2021

2021

2021

Return on average assets (annualized)

1.54

%

1.53

%

1.53

%

1.49

%

1.46

%

Return on average equity (annualized)

15.92

%

15.71

%

14.60

%

13.50

%

13.51

%

Return on average equity (excluding unrealized gain on investments)

14.91

%

14.61

%

15.06

%

14.15

%

14.18

%

Average shareholders' equity to average assets

10.31

%

10.54

%

10.34

%

10.54

%

10.28

%

Yield on earning assets (tax equivalent)

3.68

%

3.64

%

3.95

%

3.97

%

4.11

%

Effective Cost of Funds

0.23

%

0.16

%

0.15

%

0.16

%

0.14

%

Net interest margin (tax equivalent)

3.45

%

3.48

%

3.80

%

3.81

%

3.97

%

Efficiency ratio (tax equivalent)

44.9

%

45.2

%

44.5

%

43.3

%

40.5

%

End of period book value per common share

$

36.89

$

37.50

$

41.12

$

39.66

$

39.47

End of period book value (excluding unrealized gain on investments)

$

41.93

$

40.34

$

39.81

$

38.25

$

37.68

End of period common shares outstanding (in 000's)

1,093

1,093

1,083

1,084

1,087

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


Quarter Ending

June 30,2022

June 30,2021


Average



Tax
Equivalent

Average



Tax
Equivalent

YIELD ANALYSIS

Balance

Interest

Yield

Yield

Balance

Interest

Yield

Yield

Interest Earning Assets:







Short term investment

$

30,574

58

0.76

%

0.76

%

$

27,838

11

0.16

%

0.16

%

FRB Stock

419

6

6.00

%

6.00

%

404

6

6.00

%

6.00

%

Taxable securities

1,297

0

0.00

%

0.00

%

2,198

0

0.00

%

0.00

%

Tax Free securities

141,446

734

2.08

%

2.63

%

93,955

605

2.58

%

3.26

%

Loans

255,951

2,965

4.63

%

4.63

%

261,273

3,184

4.87

%

4.87

%


Total Interest Earning Assets

429,687

3,763

3.50

%

3.68

%

385,668

3,806

3.95

%

4.11

%

Noninterest Earning Assets:

Cash and due from banks

6,061

5,510

Other assets

5,803

4,095

Allowance for loan losses

(4,314

)

(3,702

)

Total Noninterest Earning Assets

7,550

5,903

Total Assets

$

437,237

$

391,571

Interest Bearing Liabilities:

Transaction and Money Market accounts

185,133

186

0.40

%

0.40

%

159,448

90

0.23

%

0.23

%

Certificates and other time deposits

32,091

41

0.51

%

0.51

%

41,564

41

0.39

%

0.39

%

Other borrowings

12,762

21

0.66

%

0.66

%

10,000

13

0.52

%

0.52

%


Total Interest Bearing Liabilities

229,986

248

0.43

%

0.43

%

211,012

144

0.27

%

0.27

%

Noninterest Bearing Liabilities:

Demand deposits

164,965

136,853

Other liabilities

1,607

1,484

Shareholders' Equity

40,679

42,222

Total Liabilities and Shareholders Equity

$

437,237

$

391,571

Net Interest Income and Spread

3,515

3.07

%

3.25

%

3,662

3.67

%

3.84

%

Net Interest Margin

3.27

%

3.45

%

3.80

%

3.97

%

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


June 30


June 30


2022

%

2021

%

LOAN PORTFOLIO

Commercial and industrial

$

158,935

59.49

%

$

147,373

59.09

%

Real estate:

Commercial

64,560

24.17

%

61,051

24.48

%

Residential

18,396

6.89

%

17,149

6.88

%

Construction and development

25,001

9.36

%

23,476

9.41

%

Consumer

271

0.10

%

341

0.14

%


Total loans (gross)

267,163

100.00

%

249,390

100.00

%


Unearned discounts

0

0.00

%

0

0.00

%

Total loans (net)

$

267,163

100.00

%

$

249,390

100.00

%

June 30

June 30

2022

2021

REGULATORY CAPITAL DATA

Tier 1 Capital

$

45,830

$

40,955

Total Capital (Tier 1 + Tier 2)

$

49,565

$

42,900

Total Risk-Adjusted Assets

$

298,259

$

236,963

Tier 1 Risk-Based Capital Ratio

15.37

%

17.28

%

Total Risk-Based Capital Ratio

16.62

%

18.54

%

Tier 1 Leverage Ratio

10.48

%

10.54

%

OTHER DATA

Full Time Equivalent

Employees (FTE's)

24

23


Stock Price Range

(For the Three Months Ended):

High

$

88.75

$

75.00

Low

$

80.01

$

61.31

Close

$

88.75

$

75.00

SOURCE: Trinity Bank N.A.



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