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TRINITY BANK REPORTS: Return on Assets 1.42%, Return on Equity 13.56% - CORRECTION RELEASE

This press release reflects a change in Trinity Bank's previous press release, published on April 27, 2021, in which the "Allowance for loan losses net of PPP Loans" for March 31, 2021 was incorrectly notated.

FORT WORTH, TX / ACCESSWIRE / April 27, 2021 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the three months ending March 31, 2021.

Results of Operations
Trinity Bank, N.A. reported Net Income after Taxes of $1,328,000 or $1.18 per diluted common share for the first quarter of 2021, compared to $1,124,000 or $.99 per diluted common share for the first quarter of 2020, an increase of 19.2%.

Matt R. Opitz, Chief Executive Officer, stated, "First quarter results represent Trinity Bank's most profitable single quarter since inception. In spite of continued economic uncertainty, we experienced above average loan growth in our core loan portfolio as well as continued deposit growth. Our staff has continued to process 1st round PPP forgiveness applications as well as 2nd round PPP loan applications which represents a continued success story for Trinity Bank."

"Thus far, we have not seen any undue stress in the loan portfolio. However, we are continuing to aggressively add to our Loan Loss Reserve in light of continued economic uncertainty and the strong loan growth we have experienced since August of last year."

Mr. Opitz further stated, "I am pleased to announce the 19th consecutive increase in our semiannual dividend. The April 2021 dividend of $.69 represents a 3.00% increase over the prior dividend of $.67 paid in October 2020."

 
 
 
 
Profitability
3/31/2021
3/31/2020
 
Return on Assets
1.42 %
1.55 %
 
Return on Equity
13.56 %
12.36 %
 
 
 
 
 
Average for Quarter Ending
 
 
%
(in 000's)
 
 
 
Loans
$ 262,840
$ 169,367
55.2
Deposits
$ 332,588
$ 250,677
32.7
 
 
 
 

Page 2 - Trinity Bank First Quarter 2021

Actual for Quarter Ending
(in 000's)
 
3/31/2021
 
3/31/2020
 
%
 
 
 
 
 
 
 
Net Interest Income
 
$ 3,525
 
2,541
 
38.7
Non-Interest Income
 
147
 
128
 
14.8
Non-Interest Expense
 
(1,588)
 
(1,370)
 
15.9
Pretax Pre-provision Income
 
$ 2,084
 
$ 1,299
 
60.4
 
 
 
 
 
 
 
Gain on Sale of Securities and Assets
 
0
 
(0)
 
N/M
Loan Loss Provision
 
(550)
 
(0)
 
N/M
Pre Tax Income
 
1,534
 
1,299
 
18.1
Income Tax
 
(206)
 
(175)
 
N/M
 
 
 
 
 
 
 
Net Income
 
$ 1,328
 
$ 1,124
 
18.1
 
 
 
 
 
 
 
Diluted Weighted Average Shares
 
1,129
 
1,135
 
 
 
 
 
 
 
 
 
Earnings per Share
 
$ 1.18
 
$ .99
 
19.2
             

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
 
EARNINGS SUMMARY
March 31, 2021
March 31, 2020
%
Change
 
 
 
 
Interest income
$3,656
$2,922
25.1%
Interest expense
131
381
-65.6%
Net Interest Income
3,525
2,541
38.7%
 
 
 
 
Service charges on deposits
56
50
12.0%
Other income
91
78
16.7%
Total Non Interest Income
147
128
14.8%
 
 
 
 
Salaries and benefits expense
959
856
12.0%
Occupancy and equipment expense
124
114
8.8%
Other expense
505
400
26.3%
Total Non Interest Expense
1,588
1,370
15.9%
 
 
 
 
Pretax pre-provision income
2,084
1,299
60.4%
 
 
 
 
Gain on sale of securities
0
0
N/M
Gain on sale of foreclosed assets
0
0
N/M
Gain on sale of assets
0
0
N/M
 
 
 
 
Provision for Loan Losses
550
0
N/M
 
 
 
 
Earnings before income taxes
1,534
1,299
18.1%
Provision for income taxes
206
175
N/M
 
 
 
 
Net Earnings
$1,328
$1,124
18.1%
 
 
 
 
Basic earnings per share
1.23
1.03
19.4%
Basic weighted average shares
1,083
1,088
 
outstanding
 
 
 
 
 
 
 
Diluted earnings per share - estimate
1.18
0.99
19.2%
Diluted weighted average shares outstanding
1,129
1,135
 
 
 
 
 
 
Average for Quarter
 
BALANCE SHEET SUMMARY
March 31, 2021
March 31, 2020
%
Change
 
 
 
 
Total loans
$262,840
$169,367
55.2%
Total short term investments
11,131
38,126
-70.8%
Total investment securities
94,737
74,406
27.3%
 
 
 
 
Earning assets
368,708
281,899
30.8%
 
 
 
 
Total assets
375,295
289,795
29.5%
 
 
 
 
Noninterest bearing deposits
133,541
89,277
49.6%
Interest bearing deposits
199,047
161,400
23.3%
 
 
 
 
Total deposits
332,588
250,677
32.7%
 
 
 
 
Fed Funds Purchased and Repurchase Agreements
244
0
N/M
 
 
 
 
Shareholders' equity
$39,352
$36,379
8.2%
 
 
 
 
 
 
 
 
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
2021
2020
2020
2020
2020
 
 
 
 
 
 
Total loans
$262,840
$239,440
$216,454
$212,337
$169,367
Total short term investments
11,131
23,960
32,176
41,211
38,126
Total investment securities
94,737
93,094
92,272
81,496
74,406
 
 
 
 
 
 
Earning assets
368,708
356,494
340,902
335,044
281,899
 
 
 
 
 
 
Total assets
375,295
363,558
342,058
342,369
289,795
 
 
 
 
 
 
Noninterest bearing deposits
133,541
130,114
117,655
122,409
89,277
Interest bearing deposits
199,047
191,654
189,053
180,558
161,400
 
 
 
 
 
 
Total deposits
332,588
321,768
306,708
302,967
250,677
 
 
 
 
 
 
Fed Funds Purchased and Repurchase Agreements
244
0
0
0
0
 
 
 
 
 
 
Shareholders' equity
$39,352
$38,084
$37,602
$36,611
$36,379
 
 
 
 
 
 
 
Quarter Ended
 
March 31,
Dec 31,
Sept. 30,
June 30,
March 31,
HISTORICAL EARNINGS SUMMARY
2021
2020
2020
2020
2020
 
 
 
 
 
 
Interest income
$3,656
$3,177
$2,949
$3,042
$2,922
Interest expense
131
129
158
188
381
Net Interest Income
3,525
3,048
2,791
2,854
2,541
 
 
 
 
 
 
Service charges on deposits
56
61
56
39
50
Other income
91
90
86
79
78
Total Non Interest Income
147
151
142
118
128
 
 
 
 
 
 
Salaries and benefits expense
959
977
915
1,037
856
Occupancy and equipment expense
124
119
94
113
114
Other expense
505
362
364
412
400
Total Non Interest Expense
1,588
1,458
1,373
1,562
1,370
 
 
 
 
 
 
Pretax pre-provision income
2,084
1,741
1,560
1,410
1,299
 
 
 
 
 
 
Gain on sale of securities
0
(1)
0
0
0
Gain on sale of foreclosed assets
0
0
18
0
0
Gain on sale of other assets
0
0
0
0
0
 
 
 
 
 
 
Provision for Loan Losses
550
315
200
125
0
 
 
 
 
 
 
Earnings before income taxes
1,534
1,425
1,378
1,285
1,299
Provision for income taxes
206
179
162
155
175
 
 
 
 
 
 
Net Earnings
$1,328
$1,246
$1,216
$1,130
$1,124
 
 
 
 
 
 
Diluted earnings per share
$ 1.18
$ 1.10
$ 1.08
$ 1.00
$ 0.99
 
 
 
 
 
 
 
 
 
 
 
 
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
 
Ending Balance
 
March 31,
Dec 31,
Sept. 30,
June 30,
March 31,
HISTORICAL BALANCE SHEET
2021
2020
2020
2020
2020
 
 
 
 
 
 
Total loans
$270,619
$252,207
$228,473
$216,848
$173,992
Total short term investments
10,941
24,993
16,429
38,648
37,566
Total investment securities
93,615
95,244
90,606
90,658
73,287
 
 
 
 
 
 
Total earning assets
375,175
372,444
335,508
346,154
284,845
 
 
 
 
 
 
Allowance for loan losses
(3,466)
(2,915)
(2,598)
(2,396)
(2,269)
Premises and equipment
2,221
2,340
2,400
2,455
2,522
Other Assets
7,645
6,237
6,748
5,673
6,567
 
 
 
 
 
 
Total assets
381,575
378,106
342,058
351,886
291,665
 
 
 
 
 
 
Noninterest bearing deposits
135,920
134,692
114,284
118,933
89,581
Interest bearing deposits
202,205
201,120
186,096
192,159
162,726
 
 
 
 
 
 
Total deposits
338,125
335,812
300,380
311,092
252,307
 
 
 
 
 
 
Fed Funds Purchased and Repurchase Agreements
0
0
0
0
0
Other Liabilities
2,181
1,270
2,029
1,501
1,779
 
 
 
 
 
 
Total liabilities
340,306
337,082
302,409
312,593
254,086
 
 
 
 
 
 
Shareholders' Equity Actual
39,352
38,778
37,463
37,089
36,069
Unrealized Gain - AFS
1,917
2,246
2,186
2,203
1,510
Total Equity
$41,269
$41,024
$39,649
$39,292
$37,579
 
 
 
 
 
 
 
Quarter Ending
 
March 31,
Dec 31,
Sept. 30,
June 30,
March 31,
NONPERFORMING ASSETS
2021
2020
2020
2020
2020
 
 
 
 
 
 
Nonaccrual loans
$321
$249
$266
$388
$408
Restructured loans
$0
$0
$0
$0
$0
Other real estate & foreclosed assets
$0
$0
$0
$320
$320
Accruing loans past due 90 days or more
$0
$0
$0
$0
$0
Total nonperforming assets
$321
$249
$266
$708
$728
 
 
 
 
 
 
Accruing loans past due 30-89 days
$0
$0
$0
$0
$248
 
 
 
 
 
 
Total nonperforming assets as a percentage
 
 
 
 
 
of loans and foreclosed assets
0.12%
0.10%
0.12%
0.33%
0.42%
 
 
 
 
 
 
 
 
 
 
 
 
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
 
Quarter Ending
ALLOWANCE FOR
March 31,
Dec 31,
Sept. 30,
June 30,
March 31,
LOAN LOSSES
2021
2020
2020
2020
2020
 
 
 
 
 
 
Balance at beginning of period
$2,915
$2,598
$2,396
$2,269
$2,262
Loans charged off
0
0
0
0
0
Loan recoveries
1
2
2
2
7
Net (charge-offs) recoveries
1
2
2
2
7
Provision for loan losses
550
315
200
125
0
Balance at end of period
$3,466
$2,915
$2,598
$2,396
$2,269
 
 
 
 
 
 
Allowance for loan losses
1.28%
1.16%
1.14%
1.10%
1.30%
as a percentage of total loans
 
 
 
 
 
Allowance for loan losses net of PPP Loans
1.62%
1.46%
1.48%
1.36%
1.30%
as a percentage of total loans
 
 
 
 
 
Allowance for loan losses
1080%
1171%
977%
338%
312%
as a percentage of nonperforming assets
 
 
 
 
 
Net charge-offs (recoveries) as a
0.00%
0.00%
0.00%
0.00%
-0.01%
percentage of average loans
 
 
 
 
 
Provision for loan losses
0.21%
0.13%
0.09%
0.06%
0.00%
as a percentage of average loans
 
 
 
 
 
 
Quarter Ending
 
March 31,
Dec 31,
Sept. 30,
June 30,
March 31,
SELECTED RATIOS
2021
2020
2020
2020
2020
 
 
 
 
 
 
Return on average assets (annualized)
1.42%
1.37%
1.42%
1.32%
1.55%
 
 
 
 
 
 
Return on average equity (annualized)
12.88%
12.15%
12.19%
11.88%
11.80%
 
 
 
 
 
 
Return on average equity (excluding unrealized gain on investments)
13.56%
12.85%
12.94%
12.34%
12.36%
 
 
 
 
 
 
Average shareholders' equity to average assets
10.49%
10.48%
10.99%
10.69%
12.55%
 
 
 
 
 
 
Yield on earning assets (tax equivalent)
4.46%
3.88%
3.65%
3.81%
4.33%
 
 
 
 
 
 
Effective Cost of Funds
0.47%
0.28%
0.19%
0.22%
0.54%
 
 
 
 
 
 
Net interest margin (tax equivalent)
3.99%
3.60%
3.46%
3.59%
3.79%
 
 
 
 
 
 
Efficiency ratio (tax equivalent)
41.4%
44.8%
50.4%
51.6%
48.9%
 
 
 
 
 
 
End of period book value per common share
$38.11
$37.88
$36.61
$36.18
$34.54
 
 
 
 
 
 
End of period book value (excluding unrealized gain on investments)
$36.34
$35.81
$34.59
$34.15
$33.15
 
 
 
 
 
 
End of period common shares outstanding (in 000's)
1,083
1,083
1,083
1,086
1,088
 
 
 
 
 
 
 
 
 
 
 
 
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
 
3 Months Ending
 
March 31, 2021
 
March 31, 2020
 
 
 
 
Tax
 
 
 
 
Tax
 
Average
 
 
Equivalent
 
Average
 
 
Equivalent
YIELD ANALYSIS
Balance
Interest
Yield
Yield
 
Balance
Interest
Yield
Yield
 
 
 
 
 
 
 
 
 
 
Interest Earning Assets:
 
 
 
 
 
 
 
 
 
Short term investment
$ 11,131
4
0.14%
0.14%
 
$ 38,126
122
1.28%
1.28%
FRB Stock
397
6
6.00%
6.00%
 
390
6
6.00%
6.00%
Taxable securities
378
0
0.00%
0.00%
 
2,033
8
1.57%
1.57%
Tax Free securities
93,962
610
2.60%
3.28%
 
72,373
510
2.82%
3.57%
Loans
262,840
3,036
4.62%
4.62%
 
169,273
2,275
5.38%
5.38%
 
 
 
 
 
 
 
 
 
 
Total Interest Earning Assets
368,708
3,656
3.97%
4.46%
 
282,195
2,921
4.14%
4.33%
 
 
 
 
 
 
 
 
 
 
Noninterest Earning Assets:
 
 
 
 
 
 
 
 
 
Cash and due from banks
5,092
 
 
 
 
5,071
 
 
 
Other assets
4,574
 
 
 
 
4,795
 
 
 
Allowance for loan losses
(3,079)
 
 
 
 
(2,266)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Noninterest Earning Assets
6,587
 
 
 
 
7,600
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets
$375,295
 
 
 
 
$289,795
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Bearing Liabilities:
 
 
 
 
 
 
 
 
 
Transaction and Money Market accounts
154,117
70
0.18%
0.18%
 
120,731
201
0.67%
0.67%
Certificates and other time deposits
44,930
61
0.54%
0.54%
 
40,669
179
1.76%
1.76%
Other borrowings
244
0
0.00%
0.00%
 
0
0
0.00%
0.00%
 
 
 
 
 
 
 
 
 
 
Total Interest Bearing Liabilities
199,291
131
0.26%
0.26%
 
161,400
380
0.94%
0.94%
 
 
 
 
 
 
 
 
 
 
Noninterest Bearing Liabilities:
 
 
 
 
 
 
 
 
 
Demand deposits
133,541
 
 
 
 
89,277
 
 
 
Other liabilities
3,111
 
 
 
 
1,027
 
 
 
Shareholders' Equity
39,352
 
 
 
 
38,091
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Liabilities and Shareholders Equity
$375,295
 
 
 
 
$289,795
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Interest Income and Spread
 
3,525
3.70%
4.20%
 
 
2,541
3.20%
3.39%
 
 
 
 
 
 
 
 
 
 
Net Interest Margin
 
 
3.82%
3.99%
 
 
 
3.60%
3.79%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
 
 
March 31
 
March 31
 
 
 
2021
%
2020
%
 
LOAN PORTFOLIO
 
 
 
 
 
Commercial and industrial
$171,801
63.48%
$100,403
57.66%
 
Real estate:
 
 
 
 
 
Commercial
59,542
22.00%
26,930
15.47%
 
Residential
19,948
7.37%
23,285
13.37%
 
Construction and development
18,956
7.00%
22,934
13.17%
 
Consumer
372
0.14%
583
0.33%
 
 
 
 
 
 
 
Total loans (gross)
270,619
100.00%
174,135
100.00%
 
 
 
 
 
 
 
Unearned discounts
0
0.00%
0
0.00%
 
 
 
 
 
 
 
Total loans (net)
$270,619
100.00%
$174,135
100.00%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31
 
March 31
 
 
 
2021
 
2020
 
 
REGULATORY CAPITAL DATA
 
 
 
 
 
Tier 1 Capital
$39,352
 
$36,069
 
 
Total Capital (Tier 1 + Tier 2)
$42,247
 
$38,338
 
 
Total Risk-Adjusted Assets
$231,615
 
$187,527
 
 
Tier 1 Risk-Based Capital Ratio
17.03%
 
19.23%
 
 
Total Risk-Based Capital Ratio
18.29%
 
20.44%
 
 
Tier 1 Leverage Ratio
10.49%
 
12.44%
 
 
 
 
 
 
 
 
OTHER DATA
 
 
 
 
 
Full Time Equivalent
 
 
 
 
 
Employees (FTE's)
24
 
23
 
 
 
 
 
 
 
 
Stock Price Range
 
 
 
 
 
(For the Three Months Ended):
 
 
 
 
 
High
$66.00
 
$65.00
 
 
Low
$54.00
 
$57.50
 
 
Close
$66.00
 
$59.19
 
 
 
 
 
 
 
 

SOURCE: Trinity Bank N.A.



View source version on accesswire.com:
https://www.accesswire.com/643107/TRINITY-BANK-REPORTS-Return-on-Assets-142-Return-on-Equity-1356--CORRECTION-RELEASE

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