Trinity Bank Reports 2021 3rd Quarter Net Income Of $1,476,000

·14 min read

3RD QUARTER RETURN ON ASSETS 1.49%
3RD QUARTER RETURN ON EQUITY 14.15%

FORT WORTH, TX / ACCESSWIRE / October 27 2021 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the third quarter and the nine months ending September 30, 2021.

Results of Operation

For the third quarter 2021, Trinity Bank, N.A. reported Net Income after Taxes of $1,476,000, an increase of 21.4% over third quarter 2020 earnings of $1,216,000. Earnings per diluted common share for the third quarter 2021 amounted to $1.30, an increase of 20.4% over third quarter 2020 results of $1.08 per diluted common share.

For the first nine months of 2021, Net Income after Taxes was $4,230,000, an increase of 21.9% over the first nine months of 2020 results of $3,470,000. Earnings per diluted common share for the first nine months of 2021 were $3.75, an increase of 22.1% over the first nine months of 2020 results of $3.07 per diluted common share.

Chairman Jeff Harp stated, "Trinity Bank and its customers have continued to make progress in 2021 in spite of price increases, supply chain issues, and political gridlock. We are cautiously optimistic that the headwinds from the pandemic are diminishing."

President Barney C. Wiley reported, "We continue to see increased activity in the local economy and increased opportunity for organic growth - both from our existing customers as well as prospective customers. The artificial low interest rate environment is a hindrance, but Trinity continues to produce above-peer performance in terms of Return on Assets, Return on Equity, Efficiency, and Capital Strength. In addition, on October 29, Trinity will pay its 20th consecutive increased semiannual dividend. Total dividends for 2021 will be $1.42 representing an 8.4% increase over 2020 dividends of $1.31."

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

Nine Months Ending


September 30

%

September 30

%

EARNINGS SUMMARY

2021

2020

Change

2021

2020

Change








Interest income

$

3,692

$

2,949

25.2

%

$

11,153

$

8,913

25.1

%

Interest expense

150

158

-5.1

%

426

727

-41.4

%

Net Interest Income

3,542

2,791

26.9

%

10,727

8,186

31.0

%


Service charges on deposits

56

56

0.0

%

169

145

16.6

%

Other income

111

86

29.1

%

309

243

27.2

%

Total Non Interest Income

167

142

17.6

%

478

388

23.2

%


Salaries and benefits expense

1,127

915

23.2

%

3,166

2,807

12.8

%

Occupancy and equipment expense

121

94

28.7

%

359

348

3.2

%

Other expense

430

364

18.1

%

1,340

1,150

16.5

%

Total Non Interest Expense

1,678

1,373

22.2

%

4,865

4,305

13.0

%


Pretax pre-provision income

2,031

1,560

30.2

%

6,340

4,269

48.5

%


Gain on sale of securities

0

0

N/M

0

0

N/M

Gain on sale of foreclosed assets

0

18

N/M

0

18

N/M

Gain on sale of assets

0

0

N/M

0

0

N/M


Provision for Loan Losses

290

200

45.0

%

1,390

325

327.7

%


Earnings before income taxes

1,741

1,378

26.3

%

4,950

3,962

24.9

%

Provision for income taxes

265

162

N/M

720

492

46.3

%


Net Earnings

$

1,476

$

1,216

21.4

%

$

4,230

$

3,470

21.9

%


Basic earnings per share

1.36

1.12

21.3

%

3.91

3.20

22.1

%

Basic weighted average shares

1,086

1,084

1,083

1,085

outstanding


Diluted earnings per share - estimate

1.30

1.08

20.4

%

3.75

3.07

22.1

%

Diluted weighted average shares outstanding

1,132

1,131

1,129

1,132


Average for Quarter

Average for Nine Months

September 30

September 30

BALANCE SHEET SUMMARY

2021

2020

%
Change

2021

2020

%
Change


Total loans

$

222,400

$

165,073

34.7

%

$

214,470

$

168,203

27.5

%

Total PPP loans

$

27,071

$

51,381

-47.3

%

$

43,325

$

31,142

39.1

%

Total short term investments

26,122

32,176

-18.8

%

22,017

37,152

-40.7

%

Total investment securities

113,914

92,272

23.5

%

101,540

82,889

22.5

%


Earning assets

389,507

340,902

14.3

%

381,352

319,386

19.4

%


Total assets

395,762

342,058

15.7

%

387,645

326,806

18.6

%


Noninterest bearing deposits

143,056

117,655

21.6

%

140,044

111,353

25.8

%

Interest bearing deposits

207,369

189,053

9.7

%

203,647

175,504

16.0

%


Total deposits

350,425

306,708

14.3

%

343,691

286,857

19.8

%


Fed Funds Purchased and Repurchase Agreements

0

0

N/M

81

0

N/M


Shareholders' equity

$

41,723

$

37,602

11.0

%

$

40,390

$

36,866

9.6

%

TRINITY BANK N.A.

(Unaudited)

(Dollars in thousands, except per share data)





Average for Quarter Ending

Sept. 30,

June 30,

March 31,

Dec 31,

Sept. 30,

BALANCE SHEET SUMMARY

2021

2021

2021

2020

2020







Total loans

$

222,400

$

214,501

$

206,386

$

188,361

165,073

Total PPP loans

27,071

$

46,772

$

56,454

$

51,079

51,381

Total short term investments

26,122

28,242

11,131

23,960

32,176

Total investment securities

113,914

96,153

94,737

93,094

92,272


Earning assets

389,507

385,668

368,708

356,494

340,902

Total assets

395,762

391,571

375,295

363,558

342,058

Noninterest bearing deposits

143,056

136,853

133,541

130,114

117,655

Interest bearing deposits

207,369

211,012

199,047

191,654

189,053


Total deposits

350,425

347,865

332,588

321,768

306,708


Fed Funds Purchased and Repurchase Agreements

0

0

244

0

0


Shareholders' equity

$

41,723

$

40,236

$

39,352

$

38,084

$

37,602


Quarter Ended


Sept. 30,

June 30,

March 31,

Dec 31,

Sept. 30,

HISTORICAL EARNINGS SUMMARY

2021

2021

2021

2020

2020













Interest income

$

3,692

$

3,806

$

3,656

$

3,177

$

2,949

Interest expense

150

144

131

129

158

Net Interest Income

3,542

3,662

3,525

3,048

2,791


Service charges on deposits

56

58

56

61

56

Other income

111

104

91

90

86

Total Non Interest Income

167

162

147

151

142


Salaries and benefits expense

1,127

1,080

959

977

915

Occupancy and equipment expense

121

114

124

119

94

Other expense

430

405

505

362

364

Total Non Interest Expense

1,678

1,599

1,588

1,458

1,373


Pretax pre-provision income

2,031

2,225

2,084

1,741

1,560


Gain on sale of securities

0

0

0

(1

)

0

Gain on sale of foreclosed assets

0

0

0

0

18

Gain on sale of other assets

0

0

0

0

0

Provision for Loan Losses

290

550

550

315

200


Earnings before income taxes

1,741

1,675

1,534

1,425

1,378

Provision for income taxes

265

249

206

179

162


Net Earnings

$

1,476

$

1,426

$

1,328

$

1,246

$

1,216

Diluted earnings per share

$

1.30

$

1.26

$

1.18

$

1.10

$

1.08

TRINITY BANK N.A.

(Unaudited)

(Dollars in thousands, except per share data)




Ending Balance

Sept. 30,

June 30,

March 31,

Dec 31,

Sept. 30,

HISTORICAL BALANCE SHEET

2021

2021

2021

2020

2020







Total loans

$

228,976

$

215,085

$

213,644

$

205,355

$

177,091

Total PPP loans

$

20,911

$

34,305

$

56,975

$

46,852

$

51,382

Total short term investments

34,818

31,247

10,941

24,993

16,429

Total investment securities

117,844

100,499

93,615

95,244

90,606


Total earning assets

402,549

381,136

375,175

372,444

335,508


Allowance for loan losses

(4,306)

(4,016)

(3,466)

(2,915)

(2,598)

Premises and equipment

2,179

2,218

2,221

2,340

2,400

Other Assets

6,803

10,507

7,645

6,237

6,748


Total assets

407,225

389,845

381,575

378,106

342,058


Noninterest bearing deposits

148,238

149,049

135,920

134,692

114,284

Interest bearing deposits

214,162

196,355

202,205

201,120

186,096


Total deposits

362,400

345,404

338,125

335,812

300,380


Fed Funds Purchased and Repurchase Agreements

0

0

0

0

0

Other Liabilities

1,834

1,539

2,181

1,270

2,029


Total liabilities

364,234

346,943

340,306

337,082

302,409


Shareholders' Equity Actual

41,465

40,957

39,352

38,778

37,463

Unrealized Gain - AFS

1,526

1,945

1,917

2,246

2,186

Total Equity

$

42,991

$

42,902

$

41,269

$

41,024

$

39,649



Quarter Ending

Sept. 30,

June 30,

March 31,

Dec 31,

Sept. 30,

NONPERFORMING ASSETS

2021

2021

2021

2020

2020


Nonaccrual loans

$

279

$

297

$

321

$

249

$

266

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

$

279

$

297

$

321

$

249

$

266


Accruing loans past due 30-89 days

$

600

$

0

$

0

$

0

$

0


Total nonperforming assets as a percentage

of loans and foreclosed assets

0.12

%

0.12

%

0.13

%

0.10

%

0.12

%

TRINITY BANK N.A.

(Unaudited)

(Dollars in thousands, except per share data)






Quarter Ending

ALLOWANCE FOR

Sept. 30,

June 30,

March 31,

Dec 31,

Sept. 30,

LOAN LOSSES

2021

2021

2021

2020

2020







Balance at beginning of period

$

4,016

$

3,466

$

2,915

$

2,598

$

2,396

Loans charged off

0

0

0

0

0

Loan recoveries

0

0

1

2

2

Net (charge-offs) recoveries

0

0

1

2

2

Provision for loan losses

290

550

550

315

200

Balance at end of period

$

4,306

$

4,016

$

3,466

$

2,915

$

2,598


Allowance for loan losses

1.88

%

1.61

%

1.28

%

1.16

%

1.14

%

as a percentage of total loans

Allowance for loan losses net of PPP Loans

1.94

%

1.86

%

1.62

%

1.46

%

1.48

%

as a percentage of total loans

Allowance for loan losses

1543

%

1352

%

1080

%

1171

%

977

%

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

0.13

%

0.21

%

0.21

%

0.13

%

0.09

%

as a percentage of average loans

Quarter Ending

Sept. 30,

June 30,

March 31,

Dec 31,

Sept. 30,

SELECTED RATIOS

2021

2021

2021

2020

2020


Return on average assets (annualized)

1.49

%

1.46

%

1.42

%

1.37

%

1.42

%

Return on average equity (annualized)

13.50

%

13.51

%

12.88

%

12.15

%

12.19

%

Return on average equity (excluding unrealized gain on investments)

14.15

%

14.18

%

13.56

%

12.85

%

12.94

%

Average shareholders' equity to average assets

10.54

%

10.28

%

10.49

%

10.48

%

10.99

%

Yield on earning assets (tax equivalent)

3.97

%

4.11

%

4.14

%

3.88

%

3.65

%

Effective Cost of Funds

0.16

%

0.14

%

0.15

%

0.28

%

0.19

%

Net interest margin (tax equivalent)

3.81

%

3.97

%

3.99

%

3.60

%

3.46

%


Efficiency ratio (tax equivalent)

43.3

%

40.5

%

41.4

%

44.8

%

50.4

%


End of period book value per common share

$

39.66

$

39.47

$

38.11

$

37.88

$

36.61


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

$

38.25

$

37.68

$

36.34

$

35.81

$

34.59


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

1,084

1,087

1,083

1,083

1,083

TRINITY BANK N.A.

(Unaudited)

(Dollars in thousands, except per share data)



















Quarter Ending

September 30, 2021

September 30, 2020




Tax




Tax

Average



Equivalent

Average


Equivalent

YIELD ANALYSIS

Balance

Interest

Yield

Yield

Balance

Interest

Yield

Yield









Interest Earning Assets:









Short term investment

$

25,716

13

0.20

%

0.20

%

$

32,176

10

0.12

%

0.12

%

FRB Stock

406

6

6.00

%

6.00

%

395

6

6.00

%

6.00

%

Taxable securities

423

0

0.00

%

0.00

%

0

0

0.00

%

0.00

%

Tax Free securities

113,491

640

2.26

%

2.86

%

91,877

600

2.61

%

3.31

%

Loans

249,472

3,033

4.86

%

4.86

%

216,454

2,333

4.31

%

4.31

%

Total Interest Earning Assets

389,508

3,692

3.79

%

3.97

%

340,902

2,949

3.46

%

3.65

%

Noninterest Earning Assets:

Cash and due from banks

5,481

5,050

Other assets

4,915

4,518

Allowance for loan losses

(4,142)

(2,449)

Total Noninterest Earning Assets

6,254

7,119

Total Assets

$

395,762

$

348,021

Interest Bearing Liabilities:

Transaction and Money Market accounts

156,631

95

0.24

%

0.24

%

143,006

35

0.10

%

0.10

%

Certificates and other time deposits

40,738

42

0.41

%

0.41

%

46,047

123

1.07

%

1.07

%

Other borrowings

10,000

13

0.52

%

0.52

%

0

0

0.00

%

0.00

%


Total Interest Bearing Liabilities

207,369

150

0.29

%

0.29

%

189,053

158

0.33

%

0.33

%

Noninterest Bearing Liabilities:

Demand deposits

143,056

117,655

Other liabilities

1,607

1,411

Shareholders' Equity

43,730

39,902

Total Liabilities and Shareholders Equity

$

395,762

$

348,021

Net Interest Income and Spread

3,542

3.50

%

3.68

%

2,791

3.13

%

3.32

%

Net Interest Margin

3.64

%

3.81

%

3.27

%

3.46

%

TRINITY BANK N.A.

(Unaudited)

(Dollars in thousands, except per share data)





September 30


September 30


2021

%

2020

%

LOAN PORTFOLIO







Commercial and industrial

$

122,482

49.01

%

$

91,279

39.95

%

PPP Loans

$

20,427

8.17

%

$

50,100

21.93

%

Real estate:

Commercial

63,791

25.53

%

51,153

22.39

%

Residential

19,101

7.64

%

23,429

10.25

%

Construction and development

23,730

9.50

%

12,203

5.34

%

Consumer

356

0.14

%

309

0.14

%


Total loans (gross)

249,887

100.00

%

228,473

100.00

%


Unearned discounts

0

0.00

%

0

0.00

%


Total loans (net)

$

249,887

100.00

%

$

228,473

100.00

%

September 30

September 30

2021

2020

REGULATORY CAPITAL DATA

Tier 1 Capital

$

41,464

$

37,463

Total Capital (Tier 1 + Tier 2)

$

44,640

$

39,890

Total Risk-Adjusted Assets

$

252,968

$

194,025

Tier 1 Risk-Based Capital Ratio

16.39

%

19.31

%

Total Risk-Based Capital Ratio

17.65

%

20.56

%

Tier 1 Leverage Ratio

10.48

%

10.76

%

OTHER DATA

Full Time Equivalent

Employees (FTE's)

22

23

Stock Price Range

(For the Three Months Ended):

High

$

75.00

$

70.00

Low

$

73.50

$

57.50

Close

$

75.00

$

64.00

SOURCE: Trinity Bank N.A.



View source version on accesswire.com:
https://www.accesswire.com/669948/Trinity-Bank-Reports-2021-3rd-Quarter-Net-Income-Of-1476000

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