Trinity Bank Reports Record Earnings
44th Consecutive Quarter of Profit Improvement
/EINPresswire.com/ -- FORT WORTH, TX -- (Marketwired) -- 10/29/15 -- Trinity Bank, N.A. (OTC: TYBT) today announced operating results for the third quarter and the nine months ending September 30, 2015. The financial summary is attached for your review.
Results of Operations
For the third quarter of 2015, Trinity Bank, N.A. reported Net Income after Taxes of $949,000, an increase of 14.1% over third quarter 2014 earnings of $832,000. Earnings per diluted common share for the third quarter 2015 amounted to $.84, an increase of 15.1% over third quarter 2014 results of $.73 per diluted common share.
For the first nine months of 2015, Net Income after Taxes was $2,756,000, an increase of 14.4% over the nine month 2014 results of $2,410,000. Earnings per diluted common share for the first nine months of 2015 were $2.44, an increase of 15.1% over 2014 nine months results of $2.12 per diluted common share.
Jeffrey M. Harp, President, stated, "Operating results for the quarter ending September 30, 2015 were good. Return on Assets of 1.83% and Return on Equity of 14.24%, remain well above all local, state and national peer groups. The primary factors contributing to this performance are:
1) a 9.8% increase in average loans over 3rd Q 2014,
2) increase in Net Interest Margin - from 3.87% to 4.15%, and
3) excellent operating expense control - Efficiency Ratio of 37.0%
As previously announced, Trinity Bank will pay its eighth cash dividend October 30th to shareholders of record as of October 15th. This dividend of $.42 per share represents a 10.5% increase over the $.38 dividend that was paid in April, 2015. The Board of Directors will continue to review dividend policy on a semi-annual basis."
Average for Quarter Ending 9/30/2015 9/30/2014 %
--------- --------- ------
(in 000's)
Loans $ 119,107 $ 108,469 9.8%
Deposits $ 179,635 $ 173,614 3.5%
Actual for Quarter Ending 9/30/2015 9/30/2014 %
--------- --------- ------
(in 000's)
Net Interest Income $ 1,910 $ 1,708 11.8%
Non-Interest Income 130 127 2.4%
Non-Interest Expense (839) (732) 14.6%
Pretax Preprovision Income $ 1,201 $ 1,103 8.9%
Gain on Sale of Securities and Foreclosed
Assets 31 $ 23 34.8%
Loan Loss Provision 0 (28) N/M
Pre Tax Income 1,232 1,098 12.2%
Income Tax (283) (266) 6.4%
Net Income $ 949 $ 832 14.1%
Diluted Weighted Average Shares 1,133 1,135
Earnings per Share 0.84 0.73 15.1%
Return on Assets 1.83% 1.68%
Return on Equity 14.24% 14.12%
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.
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)
Nine Months
Quarter Ended Ending
September 30 % September 30 %
EARNINGS SUMMARY 2015 2014 Change 2015 2014 Change
Interest income $ 2,007 $ 1,806 11.1% $ 5,821 $ 5,274 10.4%
Interest expense 97 98 -1.0% 291 290 0.3%
Net Interest Income 1,910 1,708 11.8% 5,530 4,984 11.0%
Service charges on
deposits 48 48 0.0% 136 136 0.0%
Other income 82 79 3.8% 253 230 10.0%
Total Non Interest
Income 130 127 2.4% 389 366 6.3%
Salaries and benefits
expense 514 381 34.9% 1,397 1,135 23.1%
Occupancy and equipment
expense 69 68 1.5% 195 209 -6.7%
Other expense 256 283 -9.5% 866 902 -4.0%
Total Non Interest
Expense 839 732 14.6% 2,458 2,246 9.4%
Pretax pre-provision
income 1,201 1,103 8.9% 3,461 3,104 11.5%
Gain on sale of
securities 31 0 N/M 43 258 -83.3%
Gain on sale of
foreclosed assets 0 23 N/M 70 47 48.9%
Provision for Loan
Losses 0 28 N/M 0 177 N/M
Earnings before income
taxes 1,232 1,098 12.2% 3,574 3,232 10.6%
Provision for income
taxes 283 266 6.4% 818 822 -0.5%
Net Earnings $ 949 $ 832 14.1% $ 2,756 $ 2,410 14.4%
Basic earnings per
share 0.85 0.74 14.9% 2.46 2.14 15.0%
Basic weighted average
shares outstanding 1,122 1,124 1,121 1,125
Diluted earnings per
share 0.84 0.73 15.1% 2.44 2.12 15.1%
Diluted weighted
average shares
outstanding 1,133 1,135 1,132 1,136
Average for Average for Nine
Quarter Months
September 30 % September 30 %
BALANCE SHEET SUMMARY 2015 2014 Change 2015 2014 Change
Total loans $119,107 $108,469 9.8% $115,632 $106,846 8.2%
Total short term
investments 13,055 24,627 -47.0% 15,033 15,519 -3.1%
Total investment
securities 70,557 59,950 17.7% 70,992 60,217 17.9%
Earning assets 202,719 193,046 5.0% 201,657 182,582 10.4%
Total assets 207,560 198,164 4.7% 206,819 187,522 10.3%
Noninterest bearing
deposits 60,995 56,904 7.2% 58,971 49,125 20.0%
Interest bearing
deposits 118,640 116,710 1.7% 120,788 114,708 5.3%
Total deposits 179,635 173,614 3.5% 179,759 163,833 9.7%
Fed Funds Purchased and
Repurchase Agreements 429 429 0.0% 429 434 -1.2%
Shareholders' equity $ 26,653 $ 23,578 13.0% $ 25,837 $ 22,831 13.2%
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
Average for Quarter Ending
BALANCE SHEET SUMMARY Sept. 30, June 30, March 31, Dec 31, Sept. 30,
2015 2015 2015 2014 2014
Total loans $ 119,107 $ 116,614 $ 111,088 $ 109,401 $ 108,469
Total short term
investments 13,055 11,618 20,885 35,421 24,627
Total investment
securities 70,557 72,378 70,779 65,080 59,950
Earning assets 202,719 200,610 202,752 209,902 193,046
Total assets 207,560 205,394 207,502 214,976 198,164
Noninterest bearing
deposits 60,995 57,617 58,296 60,788 56,904
Interest bearing deposits 118,640 120,879 122,866 128,918 116,710
Total deposits 179,635 178,496 181,162 189,706 173,614
Fed Funds Purchased and
Repurchase Agreements 429 429 429 430 429
Shareholders' equity $ 26,653 $ 25,638 $ 25,203 $ 24,077 $ 23,578
Quarter Ended
HISTORICAL EARNINGS Sept. 30, June 30, March 31, Dec 31, Sept. 30,
SUMMARY 2015 2015 2015 2014 2014
Interest income $ 2,007 $ 1,953 $ 1,862 $ 1,853 $ 1,806
Interest expense 97 96 98 105 98
Net Interest Income 1,910 1,857 1,764 1,748 1,708
Service charges on
deposits 48 46 42 47 48
Other income 82 83 88 80 79
Total Non Interest Income 130 129 130 127 127
Salaries and benefits
expense 514 454 429 613 381
Occupancy and equipment
expense 69 65 61 64 68
Other expense 256 286 323 101 283
Total Non Interest Expense 839 805 813 778 732
Pretax pre-provision
income 1,201 1,181 1,081 1,097 1,103
Gain on sale of securities 31 12 0 0 0
Gain on sale of foreclosed
assets 0 0 70 0 23
Provision for Loan Losses 0 0 0 28 28
Earnings before income
taxes 1,232 1,193 1,151 1,069 1,098
Provision for income taxes 283 271 265 212 266
$ 949
Net Earnings $ 949 $ 922 $ 886 $ 857 $ 832
Diluted earnings per share $ 0.84 $ 0.81 $ 0.78 $ 0.76 $ 0.73
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
Ending Balance
HISTORICAL BALANCE Sept. 30, June 30, March 31, Dec 31, Sept. 30,
SHEET 2015 2015 2015 2014 2014
Total loans $ 118,146 $120,706 $ 112,689 $115,156 $ 110,778
Total short term
investments 18,533 8,158 20,562 26,587 31,928
Total investment
securities 70,542 70,523 71,606 68,132 61,731
Total earning assets 207,221 199,387 204,857 209,875 204,437
Allowance for loan
losses (1,528) (1,518) (1,477) (1,475) (1,447)
Premises and equipment 1,304 1,286 1,223 1,240 1,265
Other Assets 5,381 4,700 4,941 5,834 4,740
Total assets 212,378 203,855 209,544 215,474 208,995
Noninterest bearing
deposits 60,749 59,449 61,777 56,554 59,336
Interest bearing
deposits 122,491 117,515 121,244 133,289 124,676
Total deposits 183,240 176,964 183,021 189,843 184,012
Fed Funds Purchased and
Repurchase Agreements 429 429 429 430 430
Other Liabilities 1,582 604 1,051 663 970
Total liabilities 185,251 177,997 184,501 190,936 185,412
Shareholders' Equity
Actual 25,818 25,408 24,486 24,026 23,162
Unrealized Gain - AFS 1,309 450 557 512 421
Total Equity $ 27,127 $ 25,858 $ 25,043 $ 24,538 $ 23,583
Quarter Ending
NONPERFORMING ASSETS Sept. 30, June 30, March 31, Dec 31, Sept. 30,
2015 2015 2015 2014 2014
Nonaccrual loans $ 0 $ 0 $ 0 $ 0 $ 0
Restructured loans $ 0 $ 0 $ 0 $ 0 $ 0
Other real estate &
foreclosed assets $ 0 $ 0 $ 0 $ 300 $ 300
Accruing loans past due
90 days or more $ 0 $ 0 $ 0 $ 0 $ 0
Total nonperforming
assets $ 0 $ 0 $ 0 $ 300 $ 300
Accruing loans past due
30-89 days $ 0 $ 0 $ 0 $ 0 $ 0
Total nonperforming
assets as a percentage
of loans and
foreclosed assets 0.00% 0.00% 0.00% 0.26% 0.27%
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
Quarter Ending
ALLOWANCE FOR LOAN Sept. 30, June 30, March 31, Dec 31, Sept. 30,
LOSSES 2015 2015 2015 2014 2014
Balance at beginning of
period $ 1,518 $ 1,477 $ 1,475 $ 1,447 $ 1,371
Loans charged off 0 0 0 0 0
Loan recoveries 10 41 2 1 48
Net (charge-offs)
recoveries 10 41 2 1 48
Provision for loan
losses 0 0 0 27 28
Balance at end of
period $ 1,528 $ 1,518 $ 1,477 $ 1,475 $ 1,447
Allowance for loan
losses
as a percentage of
total loans 1.29% 1.26% 1.31% 1.28% 1.31%
Allowance for loan
losses
as a percentage of
nonperforming assets N/A N/A N/A 492% 482%
Net charge-offs
(recoveries) as a
percentage of average
loans -0.01% -0.04% N/A N/A -0.04%
Provision for loan
losses
as a percentage of
average loans N/A N/A N/A 0.02% 0.03%
Quarter Ending
SELECTED RATIOS Sept. 30, June 30, March 31, Dec 31, Sept. 30,
2015 2015 2015 2014 2014
Return on average
assets (annualized) 1.83% 1.80% 1.71% 1.59% 1.68%
Return on average
equity (annualized) 14.24% 14.38% 14.06% 14.22% 14.12%
Return on average
equity (excluding
unrealized gain on
investments) 14.68% 14.77% 14.47% 14.51% 14.34%
Average shareholders'
equity to average
assets 12.84% 12.48% 12.15% 11.20% 11.90%
Yield on earning assets
(tax equivalent) 4.34% 4.28% 4.04% 4.07% 4.07%
Effective Cost of Funds 0.19% 0.19% 0.20% 0.21% 0.20%
Net interest margin
(tax equivalent) 4.15% 4.09% 3.84% 3.86% 3.87%
Efficiency ratio (tax
equivalent) 37.0% 36.8% 39.1% 37.7% 36.7%
End of period book
value per common share $ 24.18 $ 23.07 $ 22.34 $ 21.89 $ 21.02
End of period book
value (excluding
unrealized gain on
investments) $ 23.01 $ 22.67 $ 21.84 $ 21.43 $ 20.64
End of period common
shares outstanding (in
000's) 1,122 1,121 1,121 1,121 1,122
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
Quarter Ending
September 30,2015
Tax
Average Equivalent
YIELD ANALYSIS Balance Interest Yield Yield
Interest Earning Assets:
Short term investment $ 12,685 21 0.66% 0.66%
Investment securities 370 6 6.00% 6.00%
Tax Free securities 70,557 440 2.49% 3.59%
Loans 119,107 1,540 5.17% 5.17%
Total Interest Earning Assets 202,719 2,007 3.96% 4.34%
Noninterest Earning Assets:
Cash and due from banks 4,112
Other assets 2,257
Allowance for loan losses (1,528)
Total Noninterest Earning Assets 4,841
Total Assets $ 207,560
Interest Bearing Liabilities:
Transaction and Money Market
accounts 96,860 67 0.28% 0.28%
Certificates and other time deposits 21,780 30 0.55% 0.55%
Other borrowings 429 0 0.25% 0.25%
Total Interest Bearing Liabilities 119,069 97 0.33% 0.33%
Noninterest Bearing Liabilities
Demand deposits 60,995
Other liabilities 843
Shareholders' Equity 26,653
Total Liabilities and Shareholders
Equity $ 207,560
Net Interest Income and Spread 1,910 3.63% 4.02%
Net Interest Margin 3.77% 4.15%
Quarter Ending
September 30,2014
Tax
Average Equivalent
YIELD ANALYSIS Balance Interest Yield Yield
Interest Earning Assets:
Short term investment $ 24,627 40 0.65% 0.65%
Investment securities 543 5 3.68% 3.68%
Tax Free securities 59,407 359 2.42% 3.48%
Loans 108,469 1,402 5.17% 5.17%
Total Interest Earning Assets 193,046 1,806 3.93% 4.07%
Noninterest Earning Assets:
Cash and due from banks 3,683
Other assets 2,845
Allowance for loan losses (1,410)
Total Noninterest Earning Assets 5,118
Total Assets $ 198,164
Interest Bearing Liabilities:
Transaction and Money Market
accounts 93,134 65 0.28% 0.28%
Certificates and other time deposits 23,666 33 0.56% 0.56%
Other borrowings 430 0 0.25% 0.25%
Total Interest Bearing Liabilities 117,230 98 0.34% 0.34%
Noninterest Bearing Liabilities
Demand deposits 56,815
Other liabilities 541
Shareholders' Equity 23,578
Total Liabilities and Shareholders
Equity $ 198,164
Net Interest Income and Spread 1,708 3.59% 3.73%
Net Interest Margin 3.54% 3.87%
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
September 30 September 30
2015 % 2014 %
LOAN PORTFOLIO
Commercial and industrial $ 60,904 51.55% $ 61,624 55.63%
Real estate:
Commercial 22,523 19.06% 18,705 16.89%
Residential 19,677 16.65% 20,496 18.50%
Construction and development 13,237 11.20% 8,610 7.77%
Consumer 1,805 1.53% 1,343 1.21%
Total loans (gross) 118,146 100.00% 110,778 100.00%
Unearned discounts 0 0.00% 0 0.00%
Total loans (net) $ 118,146 100.00% $ 110,778 100.00%
September 30 September 30
2015 2014
REGULATORY CAPITAL DATA
Tier 1 Capital $ 25,818 $ 23,162
Total Capital (Tier 1 + Tier
2) $ 27,346 $ 24,609
Total Risk-Adjusted Assets $ 131,608 $ 122,851
Tier 1 Risk-Based Capital
Ratio 19.62% 18.85%
Total Risk-Based Capital Ratio 20.78% 20.03%
Tier 1 Leverage Ratio 12.44% 11.69%
OTHER DATA
Full Time Equivalent
Employees (FTE's) 16 15
Stock Price Range
(For the Three Months
Ended):
High $ 61.00 $ 41.00
Low $ 51.00 $ 38.00
Close $ 51.00 $ 40.00
For information contact:
Richard Burt
Executive Vice President
Trinity Bank
817-763-9966
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