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Trinity Bank Reports 2022 3rd Quarter Return on Equity of 15.99%

3RD QUARTER RETURN ON ASSETS 1.60%

3RD QUARTER RETURN ON EQUITY 15.99%

FORT WORTH, TX / ACCESSWIRE / October 25, 2022 / Trinity Bank N.A. (OTCIQ PINK:TYBT) today announced operating results for the third quarter and the nine months ending September 30, 2022.

Results of Operation

For the third quarter 2022, Trinity Bank, N.A. reported Net Income after Taxes of $1,866,000, an increase of 26.4% over third quarter 2021 earnings of $1,476,000. Earnings per diluted common share for the third quarter 2022 amounted to $1.64, an increase of 26.2% over third quarter 2021 results of $1.30 per diluted common share.

For the first nine months of 2022, Net Income after Taxes was $5,156,000, an increase of 21.9% over the first nine months of 2021 results of $4,230,000. Earnings per diluted common share for the first nine months of 2022 were $4.53, an increase of 20.8% over the first nine months of 2021 results of $3.75 per diluted common share.

CEO Matt R. Opitz stated, "We are pleased with 3Q 2022 results which represent our most profitable quarter since inception in 2003. We are especially proud of our employees who continue to demonstrate their willingness to go above and beyond when it comes to meeting the needs of our customers."

While we continue to experience global economic uncertainty, a rapidly rising rate environment and a controversial upcoming mid-term election, we remain encouraged by the performance and resilience of the North Texas market. Despite the sense that a deeper economic slow-down is inevitable, we have yet to see any deterioration in our loan portfolio. Further, we continue to see good loan demand both from our existing customer base as well as new opportunities with quality prospects."

Matt R. Opitz further commented, "While the rising rate environment has certainly helped to increase our interest income, we remain committed to paying as much as we can for deposits instead of as little as we can get away with. Trinity Bank is currently offering a number of deposit products with rates well above most of our local competition."

"Trinity Bank is positioned to perform well in an unsettled economic time with a strong capital base as well as significantly above average profitability and efficiency."

Trinity Bank Third Quarter 2022 Earnings

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

Quarter Ended Nine Months Ending
September 30 % September 30 %
EARNINGS SUMMARY
2022 2021 Change 2022 2021 Change
Interest income
$ 4,588 $ 3,692 24.3 % $ 11,951 $ 11,153 7.2 %
Interest expense
607 150 304.7 % 1,021 426 139.7 %
Net Interest Income
3,981 3,542 12.4 % 10,930 10,727 1.9 %
Service charges on deposits
58 56 3.6 % 182 169 7.7 %
Other income
114 111 2.7 % 342 309 10.7 %
Total Non Interest Income
172 167 3.0 % 524 478 9.6 %
Salaries and benefits expense
1,290 1,127 14.5 % 3,385 3,166 6.9 %
Occupancy and equipment expense
163 121 34.7 % 383 359 6.7 %
Other expense
495 430 15.1 % 1,631 1,340 21.7 %
Total Non Interest Expense
1,948 1,678 16.1 % 5,399 4,865 11.0 %
Pretax pre-provision income
2,205 2,031 8.6 % 6,055 6,340 -4.5 %
Gain on sale of securities
(19 ) 0 N/M (19 ) 0 N/M
Provision for Loan Losses
0 290 -100.0 % 0 1,390 -100.0 %
Earnings before income taxes
2,186 1,741 25.6 % 6,036 4,950 21.9 %
Provision for income taxes
320 265 N/M 880 720 22.2 %
Net Earnings
$ 1,866 $ 1,476 26.4 % $ 5,156 $ 4,230 21.9 %
Basic earnings per share
1.71 1.36 25.5 % 4.72 3.91 20.9 %
Basic weighted average shares
1,094 1,086 1,092 1,083
outstanding
Diluted earnings per share - estimate
1.64 1.30 25.5 % 4.53 3.75 20.8 %
Diluted weighted average shares outstanding
1,140 1,132 1,138 1,129
Average for Quarter Average for Nine Months
September 30 % September 30
BALANCE SHEET SUMMARY
2022 2021 Change 2022 2021 Change
Total loans
$ 266,041 $ 249,471 6.6 % $ 255,376 $ 257,795 -0.9 %
Total short term investments
50,091 26,122 91.8 % 36,569 22,017 66.1 %
Total investment securities
143,746 113,914 26.2 % 142,937 101,540 40.8 %
Earning assets
459,878 389,507 18.1 % 434,882 381,352 14.0 %
Total assets
467,859 395,762 18.2 % 442,387 387,645 14.1 %
Noninterest bearing deposits
177,293 143,056 23.9 % 165,891 140,044 18.5 %
Interest bearing deposits
246,907 207,369 19.1 % 232,636 203,647 14.2 %
Total deposits
424,200 350,425 21.1 % 398,527 343,691 16.0 %
Fed Funds Purchased and Repurchase Agreements
0 0 N/M 0 81 N/M
Shareholders' equity
$ 46,676 $ 41,723 11.9 % $ 45,217 $ 40,390 12.0 %

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
2022 2022 2022 2021 2021
Total loans
$ 266,041 $ 255,951 $ 240,831 $ 236,698 $ 222,400
Total PPP loans
0 $ 0 3,062 11,585 27,071
Total short term investments
50,091 30,993 28,809 33,497 26,122
Total investment securities
143,746 142,743 142,717 128,283 113,914
Earning assets
459,878 429,687 415,419 410,063 389,507
Total assets
467,859 437,237 421,711 416,766 395,762
Noninterest bearing deposits
177,293 164,965 154,029 170,822 143,056
Interest bearing deposits
246,907 229,986 221,868 215,287 207,369
Total deposits
424,200 394,951 375,897 386,109 350,425
Fed Funds Purchased and Repurchase Agreements
0 0 0 0 0
Shareholders' equity
$ 46,676 $ 45,059 $ 44,456 $ 43,113 $ 41,723
Quarter Ended
Sept. 30, June 30, March 31, Dec 31, Sept. 30,
HISTORICAL EARNINGS SUMMARY
2022 2022 2022 2021 2021
Interest income less PPP
$ 4,588 $ 3,763 $ 3,321 $ 3,302 $ 3,162
PPP interest and fees
0 0 278 245 530
Interest expense
607 248 165 159 150
Net Interest Income
3,981 3,515 3,434 3,388 3,542
Service charges on deposits
58 62 59 58 56
Other income
114 126 106 108 111
Total Non Interest Income
172 188 165 166 167
Salaries and benefits expense
1,290 1,096 999 1,009 1,127
Occupancy and equipment expense
163 111 110 108 121
Other expense
495 536 600 540 430
Total Non Interest Expense
1,948 1,743 1,709 1,657 1,678
Pretax pre-provision income
2,205 1,960 1,890 1,897 2,031
Gain on sale of securities
(19 ) 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 0 290
Earnings before income taxes
2,186 1,960 1,890 1,897 1,741
Provision for income taxes
320 280 280 305 265
Net Earnings
$ 1,866 $ 1,680 $ 1,610 $ 1,592 $ 1,476
Diluted earnings per share
$ 1.64 $ 1.47 $ 1.42 $ 1.41 $ 1.30

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
2022 2022 2022 2021 2021
Total loans
$ 265,811 $ 267,163 $ 247,358 $ 240,283 $ 228,976
Total PPP loans
0 - - 9,380 20,911
Total short term investments
58,084 19,635 39,776 41,153 34,818
Total investment securities
136,114 142,834 138,793 137,387 117,844
Total earning assets
460,009 429,632 425,927 428,203 402,549
Allowance for loan losses
(4,314 ) (4,314 ) (4,314 ) (4,306 ) (4,306 )
Premises and equipment
1,976 2,019 2,065 2,118 2,179
Other Assets
11,957 11,260 10,557 5,802 6,803
Total assets
469,628 438,597 434,235 431,817 407,225
Noninterest bearing deposits
181,436 170,661 158,072 167,497 148,238
Interest bearing deposits
248,475 226,141 233,142 218,611 214,162
Total deposits
429,911 396,802 391,214 386,108 362,400
Fed Funds Purchased and Repurchase Agreements
0 0 0 0 0
Other Liabilities
2,794 1,474 2,033 1,181 1,834
Total liabilities
432,705 398,276 393,247 387,289 364,234
Shareholders' Equity Actual
46,712 45,830 44,093 43,113 41,465
Unrealized Gain/Loss - AFS
(9,789 ) (5,509 ) (3,105 ) 1,415 1,526
Total Equity
$ 36,923 $ 40,321 $ 40,988 $ 44,528 $ 42,991
Quarter Ending
Sept. 30, June 30, March 31, Dec 31, Sept. 30,
NONPERFORMING ASSETS
2022 2022 2022 2021 2021
Nonaccrual loans
$ 195 $ 211 $ 239 $ 259 $ 279
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
$ 195 $ 211 $ 239 $ 259 $ 279
Accruing loans past due 30-89 days
$ 0 $ 0 $ 0 $ 0 $ 600
Total nonperforming assets as a percentage
of loans and foreclosed assets
0.07 % 0.08 % 0.10 % 0.11 % 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
2022 2022 2022 2021 2021
Balance at beginning of period
$ 4,314 $ 4,314 $ 4,306 $ 4,306 $ 4,016
Loans charged off
0 0 0 0 0
Loan recoveries
0 0 8 0 0
Net (charge-offs) recoveries
0 0 8 0 0
Provision for loan losses
0 0 0 0 290
Balance at end of period
$ 4,314 $ 4,314 $ 4,314 $ 4,306 $ 4,306
Allowance for loan losses
1.62 % 1.61 % 1.74 % 1.72 % 1.88 %
as a percentage of total loans
Allowance for loan losses net of PPP Loans
1.62 % 1.61 % 1.74 % 1.79 % 1.94 %
as a percentage of total loans
Allowance for loan losses
2212 % 2045 % 1805 % 1663 % 1543 %
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 % 0.00 % 0.13 %
as a percentage of average loans
Quarter Ending
Sept. 30, June 30, March 31, Dec 31, Sept. 30,
SELECTED RATIOS
2022 2022 2022 2021 2021
Return on average assets (annualized)
1.60 % 1.54 % 1.53 % 1.53 % 1.49 %
Return on average equity (annualized)
17.68 % 15.92 % 15.71 % 14.60 % 13.50 %
Return on average equity (excluding unrealized gain on investments)
15.99 % 14.91 % 14.61 % 15.06 % 14.15 %
Average shareholders' equity to average assets
9.98 % 10.31 % 10.54 % 10.34 % 10.54 %
Yield on earning assets (tax equivalent)
4.17 % 3.68 % 3.64 % 3.95 % 3.97 %
Effective Cost of Funds
0.53 % 0.23 % 0.16 % 0.15 % 0.16 %
Net interest margin (tax equivalent)
3.64 % 3.45 % 3.48 % 3.80 % 3.81 %
Efficiency ratio (tax equivalent)
44.7 % 44.9 % 45.2 % 44.5 % 43.3 %
End of period book value per common share
$ 33.78 $ 36.89 $ 37.50 $ 41.12 $ 39.66
End of period book value (excluding unrealized gain on investments)
$ 42.74 $ 41.93 $ 40.34 $ 39.81 $ 38.25
End of period common shares outstanding (in 000's)
1,093 1,093 1,093 1,083 1,084

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

Quarter Ending
September 30, 2022 September 30, 2021
YIELD ANALYSIS
Average
Balance
Interest Yield Tax
Equivalent
Yield
Average
Balance
Interest Yield Tax
Equivalent
Yield
Interest Earning Assets:
Short term investment
$ 50,091 297 2.37 % 2.37 % $ 25,716 13 0.20 % 0.20 %
FRB Stock
425 6 6.00 % 6.00 % 406 6 6.00 % 6.00 %
Taxable securities
0 0 0.00 % 0.00 % 423 0 0.00 % 0.00 %
Tax Free securities
143,746 781 2.17 % 2.75 % 113,491 640 2.26 % 2.86 %
Loans
266,041 3,504 5.27 % 5.27 % 249,472 3,033 4.86 % 4.86 %
Total Interest Earning Assets
460,303 4,588 3.99 % 4.17 % 389,508 3,692 3.79 % 3.97 %
Noninterest Earning Assets:
Cash and due from banks
5,446 5,481
Other assets
6,423 4,915
Allowance for loan losses
(4,314 ) (4,142 )
Total Noninterest Earning Assets
7,555 6,254
Total Assets
$ 467,858 $ 395,762
Interest Bearing Liabilities:
Transaction and Money Market accounts
184,600 418 0.91 % 0.91 % 156,631 95 0.24 % 0.24 %
Certificates and other time deposits
38,057 105 1.10 % 1.10 % 40,738 42 0.41 % 0.41 %
Other borrowings
24,209 84 1.39 % 1.39 % 10,000 13 0.52 % 0.52 %
Total Interest Bearing Liabilities
246,866 607 0.98 % 0.98 % 207,369 150 0.29 % 0.29 %
Noninterest Bearing Liabilities:
Demand deposits
177,334 143,056
Other liabilities
1,733 1,607
Shareholders' Equity
41,925 43,730
Total Liabilities and Shareholders Equity
$ 467,858 $ 395,762
Net Interest Income and Spread
3,981 3.00 % 3.18 % 3,542 3.50 % 3.68 %
Net Interest Margin
3.46 % 3.64 % 3.64 % 3.81 %

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

September 30 September 30
2022 % 2021 %
LOAN PORTFOLIO
Commercial and industrial
$ 151,265 56.83 % $ 142,909 57.19 %
Real estate:
Commercial
74,212 27.88 % 63,791 25.53 %
Residential
18,006 6.76 % 19,101 7.64 %
Construction and development
22,211 8.34 % 23,730 9.50 %
Consumer
489 0.18 % 356 0.14 %
Total loans (gross)
266,183 100.00 % 249,887 100.00 %
Unearned discounts
0 0.00 % 0 0.00 %
Total loans (net)
$ 266,183 100.00 % $ 249,887 100.00 %
September 30 September 30
2022 2021
REGULATORY CAPITAL DATA
Tier 1 Capital
$ 46,711 $ 41,464
Total Capital (Tier 1 + Tier 2)
$ 50,426 $ 44,640
Total Risk-Adjusted Assets
$ 296,615 $ 252,968
Tier 1 Risk-Based Capital Ratio
15.75 % 16.39 %
Total Risk-Based Capital Ratio
17.00 % 17.65 %
Tier 1 Leverage Ratio
9.98 % 10.48 %
OTHER DATA
Full Time Equivalent
Employees (FTE's)
25 22
Stock Price Range
(For the Three Months Ended):
High
$ 90.00 $ 75.00
Low
$ 85.00 $ 73.50
Close
$ 87.00 $ 75.00

Trinity Bank third quarter 2022 earnings

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.

SOURCE: Trinity Bank N.A.



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