Trinity Bank "Streak" Continues: Every Year Since Inception (May 2003) Is Better Than Previous Year
/EINPresswire.com/ -- FORT WORTH, TX -- (Marketwired) -- 01/21/16 -- Trinity Bank N.A. (OTC: TYBT)
- 2015 Earnings Per Share increased 14.6% over 2014 results
- Strong Equity to Assets ratio of 12.3%
- Return on Assets (1.79%) and Return on Equity (14.69%) reach all time high
Trinity Bank N.A. (OTC: TYBT) today announced financial and operating results for the fourth quarter and for the twelve months ended December 31, 2015.
Trinity Bank, N.A. reported Net Income after Taxes for the fourth quarter of 2015 of $977,000 or $.86 per diluted common share, compared to $856,000 or $.76 per diluted common share for the fourth quarter of 2014, an increase of 13.2%.
For the year 2015, Net Income After Taxes amounted to $3,733,000, or $3.30 per diluted common share, compared to $3,266,000, or $2.88 per diluted common share for 2014, an increase of 14.6%.
Jeffrey M. Harp, President, stated, "Operating results for 2015 represent our 12th consecutive year of improved performance. We continue to produce growth in earnings and assets. We have been able to maintain excellent asset quality and exceptional efficiency. The level of economic activity in our market area remains above average. The ongoing weakness in the oil and gas industry remains a concern. However, there are opportunities to be found in tough economic conditions, and we are committed to make progress throughout the business cycle."
For Year Ending
----------------------------------------------
2015 2014 2013 2012 2011 2010
------ ------ ------ ------ ------ ------
Return on Assets
1.79% 1.68% 1.58% 1.51% 1.46% 1.30%
Return on Equity
(excluding unrealized gain
on securities) 14.69% 14.29% 13.83% 13.21% 13.22% 12.57%
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)
Twelve Months
Quarter Ended Ending
December 31 % December 31 %
EARNINGS SUMMARY 2015 2014 Change 2015 2014 Change
Interest income $ 2,070 $ 1,853 11.7% $ 7,890 $ 7,127 10.7%
Interest expense 107 105 1.9% 398 394 1.0%
Net Interest
Income 1,963 1,748 12.3% 7,492 6,733 11.3%
Service charges
on deposits 50 41 22.0% 186 158 17.7%
Other income 87 86 1.2% 340 335 1.5%
Total Non
Interest Income 137 127 7.9% 526 493 6.7%
Salaries and
benefits
expense 627 613 2.3% 2,024 1,749 15.7%
Occupancy and
equipment
expense 68 64 6.3% 264 273 -3.3%
Other expense 149 102 46.1% 1,013 1,004 0.9%
Total Non
Interest
Expense 844 779 8.3% 3,301 3,026 9.1%
Pretax pre-
provision
income 1,256 1,096 14.6% 4,717 4,200 12.3%
Gain on sale of
securities 18 0 N/M 61 258 -76.4%
Gain on sale of
foreclosed
assets 0 0 N/M 70 47 48.9%
Gain on sale of
assets 21 0 21 0
Provision for
Loan Losses 76 28 N/M 76 205 N/M
Earnings before
income taxes 1,219 1,068 14.1% 4,793 4,300 11.5%
Provision for
income taxes 242 212 14.2% 1,060 1,034 2.5%
Net Earnings $ 977 $ 856 14.1% $ 3,733 $ 3,266 14.3%
Basic earnings
per share 0.87 0.76 14.5% 3.33 2.91 14.4%
Basic weighted
average shares 1,121 1,121 1,121 1,124
outstanding
Diluted earnings
per share 0.86 0.76 13.2% 3.30 2.88 14.6%
Diluted weighted
average shares
outstanding 1,132 1,132 1,132 1,135
Average for Twelve
Average for Quarter Months
December 31 % December 31 %
BALANCE SHEET
SUMMARY 2015 2014 Change 2015 2014 Change
Total loans $ 124,316 $ 109,401 13.6% $ 117,821 $ 107,490 9.6%
Total short term
investments 16,894 35,421 -52.3% 15,502 20,903 -25.8%
Total investment
securities 71,663 65,080 10.1% 71,068 61,075 16.4%
Earning assets 212,873 209,902 1.4% 204,391 189,468 7.9%
Total assets 217,961 214,976 1.4% 209,627 194,442 7.8%
Noninterest
bearing
deposits 67,719 60,788 11.4% 60,101 52,060 15.4%
Interest bearing
deposits 120,853 128,918 -6.3% 121,879 118,294 3.0%
Total deposits 188,572 189,706 -0.6% 181,980 170,354 6.8%
Fed Funds
Purchased and
Repurchase
Agreements 361 430 -16.0% 412 432 -4.6%
Shareholders'
equity $ 27,733 $ 24,077 15.2% $ 26,315 $ 23,145 13.7%
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
Average for Quarter Ending
Dec 31, Sept. 30, June 30, March 31, Dec 31,
BALANCE SHEET SUMMARY 2015 2015 2015 2015 2014
Total loans $124,316 $ 119,107 $ 116,614 $ 111,088 $ 109,401
Total short term
investments 16,894 13,055 11,618 20,885 35,421
Total investment securities 71,663 70,557 72,378 70,779 65,080
Earning assets 212,873 202,719 200,610 202,752 209,902
Total assets 217,961 207,560 205,394 207,502 214,976
Noninterest bearing
deposits 67,719 60,995 57,617 58,296 60,788
Interest bearing deposits 120,853 118,640 120,879 122,866 128,918
Total deposits 188,572 179,635 178,496 181,162 189,706
Fed Funds Purchased and
Repurchase Agreements 361 429 429 429 430
Shareholders' equity $ 27,733 $ 26,653 $ 25,638 $ 25,203 $ 24,077
Quarter Ended
Dec 31, Sept. 30, June 30, March 31, Dec 31,
HISTORICAL EARNINGS SUMMARY 2015 2015 2015 2015 2014
Interest income $ 2,070 $ 2,007 $ 1,953 $ 1,862 $ 1,853
Interest expense 107 97 96 98 105
Net Interest Income 1,963 1,910 1,857 1,764 1,748
Service charges on deposits 50 48 46 42 47
Other income 87 82 83 88 80
Total Non Interest Income 137 130 129 130 127
Salaries and benefits
expense 627 514 454 429 613
Occupancy and equipment
expense 68 69 65 61 64
Other expense 149 256 286 323 101
Total Non Interest Expense 844 839 805 813 778
Pretax pre-provision income 1,256 1,201 1,181 1,081 1,097
Gain on sale of securities 18 31 12 0 0
Gain on sale of foreclosed
assets 0 0 0 70 0
Gain on sale of other
assets 21 0 0 0 0
Provision for Loan Losses 76 0 0 0 28
Earnings before income
taxes 1,219 1,232 1,193 1,151 1,069
Provision for income taxes 242 283 271 265 212
Net Earnings $ 977 $ 949 $ 922 $ 886 $ 857
Diluted earnings per share $ 0.86 $ 0.84 $ 0.81 $ 0.78 $ 0.76
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
Ending Balance
Dec 31, Sept. 30, June 30, March 31, Dec 31,
HISTORICAL BALANCE
SHEET 2015 2015 2015 2015 2014
Total loans $ 127,871 $ 118,146 $ 120,706 $ 112,689 $ 115,156
Total short term
investments 20,095 18,533 8,158 20,562 26,587
Total investment
securities 72,616 70,542 70,523 71,606 68,132
Total earning assets 220,582 207,221 199,387 204,857 209,875
Allowance for loan
losses (1,613) (1,528) (1,518) (1,477) (1,475)
Premises and
equipment 1,397 1,304 1,286 1,223 1,240
Other Assets 8,008 5,381 4,700 4,941 5,834
Total assets 228,374 212,378 203,855 209,544 215,474
Noninterest bearing
deposits 73,078 60,749 59,449 61,777 56,554
Interest bearing
deposits 125,772 122,491 117,515 121,244 133,289
Total deposits 198,850 183,240 176,964 183,021 189,843
Fed Funds Purchased
and Repurchase
Agreements 355 429 429 429 430
Other Liabilities 1,095 1,582 604 1,051 663
Total liabilities 200,300 185,251 177,997 184,501 190,936
Shareholders' Equity
Actual 26,755 25,818 25,408 24,486 24,026
Unrealized Gain - AFS 1,319 1,309 450 557 512
Total Equity $ 28,074 $ 27,127 $ 25,858 $ 25,043 $ 24,538
Quarter Ending
Dec 31, Sept. 30, June 30, March 31, Dec 31,
NONPERFORMING ASSETS 2015 2015 2015 2015 2014
Nonaccrual loans $ 0 $ 0 $ 0 $ 0 $ 0
Restructured loans $ 0 $ 0 $ 0 $ 0 $ 0
Other real estate &
foreclosed assets $ 0 $ 0 $ 0 $ 0 $ 300
Accruing loans past
due 90 days or more $ 0 $ 0 $ 0 $ 0 $ 0
Total nonperforming
assets $ 0 $ 0 $ 0 $ 0 $ 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% 0.00% 0.27%
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
Quarter Ending
ALLOWANCE FOR Dec 31, Sept. 30, June 30, March 31, Dec 31,
LOAN LOSSES 2015 2015 2015 2015 2014
Balance at beginning of
period $ 1,528 $ 1,518 $ 1,477 $ 1,475 $ 1,447
Loans charged off 0 0 0 0 0
Loan recoveries 9 10 41 2 1
Net (charge-offs)
recoveries 9 10 41 2 1
Provision for loan
losses 76 0 0 0 27
Balance at end of period $ 1,613 $ 1,528 $ 1,518 $ 1,477 $ 1,475
Allowance for loan
losses
as a percentage of total
loans 1.26% 1.29% 1.26% 1.31% 1.28%
Allowance for loan
losses
as a percentage of
nonperforming assets N/A N/A N/A N/A 492%
Net charge-offs
(recoveries) as a
percentage of average
loans -0.01% -0.01% -0.04% N/A N/A
Provision for loan
losses
as a percentage of
average loans N/A N/A N/A N/A 0.02%
Quarter Ending
Dec 31, Sept. 30, June 30, March 31, Dec 31,
SELECTED RATIOS 2015 2015 2015 2015 2014
Return on average assets
(annualized) 1.79% 1.83% 1.80% 1.71% 1.59%
Return on average equity
(annualized) 14.09% 14.24% 14.38% 14.06% 14.22%
Return on average equity
(excluding unrealized
gain on investments) 14.84% 14.68% 14.77% 14.47% 14.51%
Average shareholders'
equity to average
assets 12.72% 12.84% 12.48% 12.15% 11.20%
Yield on earning assets
(tax equivalent) 4.23% 4.34% 4.28% 4.04% 4.07%
Effective Cost of Funds 0.20% 0.19% 0.19% 0.20% 0.21%
Net interest margin (tax
equivalent) 4.03% 4.15% 4.09% 3.84% 3.86%
Efficiency ratio (tax
equivalent) 36.2% 37.0% 36.8% 39.1% 37.7%
End of period book value
per common share $ 25.07 $ 24.18 $ 23.07 $ 22.34 $ 21.89
End of period book value
(excluding unrealized
gain on investments) $ 23.89 $ 23.01 $ 22.67 $ 21.84 $ 21.43
End of period common
shares outstanding (in
000's) 1,120 1,122 1,121 1,121 1,121
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
12 Months Ending
December 31, 2015
Tax
Average Equivalent
YIELD ANALYSIS Balance Interest Yield Yield
Interest Earning Assets:
Short term investment $ 15,502 96 0.62% 0.62
Investment securities 370 22 5.95% 5.95
Tax Free securities 71,068 1,740 2.45% 3.53
Loans 117,821 6,032 5.12% 5.12
Total Interest Earning Assets 204,761 7,890 3.85% 4.23
Noninterest Earning Assets:
Cash and due from banks 3,612
Other assets 2,757
Allowance for loan losses (1,503)
Total Noninterest Earning
Assets 4,866
Total Assets $ 209,627
Interest Bearing Liabilities:
Transaction and Money Market
accounts 99,705 273 0.27% 0.27
Certificates and other time
deposits 22,175 124 0.56% 0.56
Other borrowings 412 1 0.24% 0.24
Total Interest Bearing
Liabilities 122,292 398 0.33% 0.33
Noninterest Bearing
Liabilities
Demand deposits 60,101
Other liabilities 919
Shareholders' Equity 26,315
Total Liabilities and
Shareholders Equity $ 209,627
Net Interest Income and
Spread 7,492 3.53% 3.91
Net Interest Margin 3.66% 4.03
12 Months Ending
December 31, 2014
Tax
Average Equivalent
YIELD ANALYSIS Balance Interest Yield Yield
Interest Earning Assets:
Short term investment % $ 20,903 143 0.68% 0.68%
Investment securities % 5,420 170 3.14% 3.14%
Tax Free securities % 55,655 1,318 2.37% 3.41%
Loans % 107,490 5,496 5.11% 5.11%
Total Interest Earning Assets% 189,468 7,127 3.93% 4.07%
Noninterest Earning Assets:
Cash and due from banks 3,576
Other assets 2,790
Allowance for loan losses (1,392)
Total Noninterest Earning
Assets 4,974
Total Assets $ 194,442
Interest Bearing Liabilities:
Transaction and Money Market
accounts % 94,179 266 0.28% 0.28%
Certificates and other time
deposits % 24,115 128 0.53% 0.53%
Other borrowings % 432 0 0.25% 0.25%
Total Interest Bearing
Liabilities % 118,726 394 0.33% 0.33%
Noninterest Bearing
Liabilities
Demand deposits 52,060
Other liabilities 511
Shareholders' Equity 23,145
Total Liabilities and
Shareholders Equity $ 194,442
Net Interest Income and
Spread % 6,733 3.60% 3.74%
Net Interest Margin % 3.55% 3.86%
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
December 31 December 31
2015 % 2014 %
LOAN PORTFOLIO
Commercial and industrial $ 71,987 56.30% $ 65,168 56.59%
Real estate:
Commercial 21,548 16.85% 20,474 17.78%
Residential 21,183 16.57% 19,458 16.90%
Construction and development 11,338 8.87% 8,825 7.66%
Consumer 1,815 1.42% 1,231 1.07%
Total loans (gross) 127,871 100.00% 115,156 100.00%
Unearned discounts 0 0.00% 0 0.00%
Total loans (net) $ 127,871 100.00% $ 115,156 100.00%
December 31 December 31
2015 2014
REGULATORY CAPITAL DATA
Tier 1 Capital $ 26,755 $ 24,026
Total Capital (Tier 1 + Tier 2) $ 28,368 $ 25,501
Total Risk-Adjusted Assets $ 141,945 $ 128,591
Tier 1 Risk-Based Capital Ratio 18.85% 18.68%
Total Risk-Based Capital Ratio 19.99% 19.83%
Tier 1 Leverage Ratio 12.28% 11.18%
OTHER DATA
Full Time Equivalent
Employees (FTE's) 16 15
Stock Price Range
(For the Three Months Ended):
High $ 51.00 $ 42.40
Low $ 46.19 $ 40.00
Close $ 49.00 $ 42.40
For information contact:
Richard Burt
Executive Vice President
Trinity Bank
817-763-9966
