Trinity Bank 2011 Nine Month Profits up 13.3%
Nine Month Earnings per Share up 16.5%; 28th Consecutive Quarter of Profit Improvement
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E-mailFORT WORTH, TX -- (MARKET WIRE) -- 10/24/11 -- Trinity Bank, N.A. (OTCBB: TYBT) today announced operating results for the third quarter and the nine months ending September 30, 2011.
Results of Operations
For the third quarter of 2011, Trinity Bank, N.A. reported Net Income after Taxes of $580,000, an increase of 12.6% over third quarter 2010 earnings of $515,000. Earnings per diluted common share for the third quarter 2011 amounted to $.51, an increase of 13.3% over third quarter 2010 results of $.45 per diluted common share.
For the first nine months of 2011, Net Income after Taxes was $1,677,000, an increase of 13.3% over the nine month 2010 results of $1,480,000. Earnings per diluted common share for the first nine months of 2011 were $1.48, an increase of 16.5% over the first nine months results of $1.27 per diluted common share.
Jeffrey M. Harp, President, stated, "Third quarter results are indicative of Trinity Bank's long-term focus on increasing shareholder value. Since opening in 2003, Trinity Bank has improved its operating performance each quarter.
"However, the local economic environment, while not deteriorating, certainly hasn't improved substantially. Loan demand from quality borrowers remains soft. Rate competition for good loans is fierce. Investment securities continue to mature and we are unable to reinvest at comparable yields in this low rate environment.
"In spite of the challenges, our goal remains the same -- improve performance consistently while focusing on creating sustainable enterprise value."
Actual for Quarter Ending
3 Months 3 Months
(in 000's) 9-30-11 9-30-10 %
--------- --------- --------
Net Income $ 580 $ 515 12.6%
Diluted Weighted Average Shares 1,131 1,144
Earnings per Share $ 0.51 $ 0.45 13.3%
Return on Assets 1.50% 1.31%
Return on Equity 13.26% 12.95%
Actual for Nine Months Ending
9 Months 9 Months
(in 000's) 9-30-11 9-30-10
--------- ---------
Net Income $ 1,677 $ 1,480 13.3%
Diluted Weighted Average Shares 1,131 1,162
Earnings per Share $ 1.48 $ 1.27 16.5%
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)
Quarter Ended Nine Months Ended
September 30 % September 30 %
EARNINGS SUMMARY 2011 2010 Change 2011 2010 Change
Interest income 1,471 1,542 -4.6% 4,371 4,566 -4.3%
Interest expense 203 307 -33.9% 646 920 -29.8%
Net Interest Income 1,268 1,235 2.7% 3,725 3,646 2.2%
Provision for Loan
Losses 0 45 N/A 0 135 N/A
Service charges on
deposits 35 37 -5.4% 101 111 -9.0%
Net gain on securities
available for sale 40 25 60.0% 97 45 115.6%
Other income 92 64 43.8% 232 187 24.1%
Total Non Interest
Income 167 126 32.5% 430 343 25.4%
Salaries and benefits
expense 317 319 -0.6% 969 947 2.3%
Occupancy and equipment
expense 82 75 9.3% 236 233 1.3%
Other expense 271 234 15.8% 749 695 7.8%
Total Non Interest
Expense 670 628 6.7% 1,954 1,875 4.2%
Earnings before income
taxes 765 688 11.2% 2,201 1,979 11.2%
Provision for income
taxes 185 173 6.9% 524 499 5.0%
Net Earnings 580 515 12.6% 1,677 1,480 13.3%
Basic earnings per share 0.54 0.47 14.9% 1.57 1.34 17.2%
Basic weighted average
shares outstanding 1,070 1,089 1,070 1,107
Diluted earnings per
share 0.51 0.45 13.3% 1.48 1.27 16.5%
Diluted weighted average
shares outstanding 1,131 1,144 1,131 1,162
Average for Quarter Average for Nine Months
Ending September Ending September
30 % 30 %
BALANCE SHEET SUMMARY 2011 2010 Change 2011 2010 Change
Total loans $ 74,941 $ 73,921 1.4% $ 72,588 $ 73,035 -0.6%
Total short term
investments 21,204 25,261 -16.1% 19,727 21,823 -9.6%
Total investment
securities 51,908 50,517 2.8% 53,076 49,729 6.7%
Earning assets 148,053 149,699 -1.1% 145,391 144,587 0.6%
Total assets 154,363 156,779 -1.5% 152,810 151,976 0.5%
Noninterest bearing
deposits 27,706 23,717 16.8% 26,076 22,858 14.1%
Interest bearing
deposits 107,061 113,954 -6.0% 107,902 109,995 -1.9%
Total deposits 134,767 137,671 -2.1% 133,978 132,853 0.8%
Fed Funds Purchased and
Repurchase Agreements 411 874 -53.0% 476 930 -48.8%
Shareholders' equity 18,401 17,209 6.9% 17,692 17,172 3.0%
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 2011 2011 2011 2010 2010
Total loans $ 74,941 $ 71,676 $ 71,103 $ 72,047 $ 73,921
Total short term
investments 21,204 21,929 17,742 23,496 25,261
Total investment
securities 51,908 50,714 56,684 53,988 50,517
Earning assets 148,053 144,319 145,529 149,531 149,699
Total assets 154,363 152,633 151,401 155,868 156,779
Noninterest bearing
deposits 27,706 25,176 24,123 24,267 23,717
Interest bearing
deposits 107,061 108,696 109,154 112,540 113,954
Total deposits 134,767 133,872 133,277 136,807 137,671
Fed Funds Purchased
and Repurchase
Agreements 411 438 582 733 874
Shareholders' equity 18,401 17,687 16,972 17,382 17,209
Quarter Ended
Sept. 30, June 30, March 31, Dec. 31, Sept. 30,
HISTORICAL EARNINGS
SUMMARY 2011 2011 2011 2010 2010
Interest income 1,471 1,426 1,474 1,516 1,542
Interest expense 203 217 226 270 307
Net Interest Income 1,268 1,209 1,248 1,246 1,235
Provision for Loan
Losses 0 0 0 150 45
Service charges on
deposits 35 29 37 34 37
Net gain on
securities available
for sale 40 28 29 153 25
Other income 92 78 63 55 64
Total Non Interest
Income 167 135 129 242 126
Salaries and benefits
expense 317 312 340 437 319
Occupancy and
equipment expense 82 79 75 75 75
FDIC expense 45 45 45 45 45
Other expense 226 173 215 91 189
Total Non Interest
Expense 670 609 675 648 628
Earnings before
income taxes 765 735 702 690 688
Provision for income
taxes 185 177 163 165 173
Net Earnings 580 558 539 525 515
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 2011 2011 2011 2010 2010
Total loans $ 76,180 $ 74,822 $ 71,287 $ 72,460 $ 73,003
Total short term
investments 27,716 17,404 25,369 17,886 27,750
Total investment
securities 53,370 51,982 53,497 58,583 51,376
Total earning assets 157,266 144,208 150,153 148,929 152,129
Allowance for loan
losses (1,371) (1,371) (1,371) (1,371) (1,221)
Premises and
equipment 1,413 1,404 1,440 1,442 1,479
Other Assets 6,209 5,850 6,024 4,949 6,757
Total assets 163,517 150,091 156,246 153,949 159,144
Noninterest bearing
deposits 33,733 24,208 27,747 26,844 25,304
Interest bearing
deposits 109,722 106,761 110,161 109,100 114,683
Total deposits 143,455 130,969 137,908 135,944 139,987
Fed Funds Purchased
and Repurchase
Agreements 398 292 534 538 702
Other Liabilities 896 690 559 646 1,050
Total liabilities 144,749 131,951 139,001 137,128 141,739
Shareholders' Equity
Actual 17,667 17,306 16,715 16,176 16,081
Unrealized Gain - AFS 1,100 834 530 645 1,324
Total Equity 18,767 18,140 17,245 16,821 17,405
Quarter Ending
Sept. March Sept.
30, June 30, 31, Dec. 31, 30,
NONPERFORMING ASSETS 2011 2011 2011 2010 2010
Nonaccrual loans $ 735 $ 850 $ 488 $ 831 $ 1,785
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 $ 735 $ 850 $ 488 $ 831 $ 1,785
Accruing loans past
due 30-89 days $ 0 $ 0 $ 0 $ 0 $ 0
Total nonperforming
assets as a
percentage of loans
and foreclosed
assets 0.96% 1.14% 0.68% 1.15% 2.45%
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 2011 2011 2011 2010 2010
Balance at beginning
of period $ 1,371 $ 1,371 $ 1,371 $ 1,221 $ 1,176
Loans charged off 0 0 0 0 0
Loan recoveries 0 0 0 0 0
Net (charge-offs)
recoveries 0 0 0 0 0
Provision for loan
losses 0 0 0 150 45
Balance at end of
period $ 1,371 $ 1,371 $ 1,371 $ 1,371 $ 1,221
Allowance for loan
losses as a
percentage of total
loans 1.80% 1.83% 1.92% 1.89% 1.67%
Allowance for loan
losses as a
percentage of
nonperforming loans 186.53% 161.29% 280.94% 164.98% 68.40%
Net charge-offs
(recoveries) as a
percentage of
average loans N/A N/A N/A N/A N/A
Provision for loan
losses as a
percentage of
average loans N/A N/A N/A 0.21% 0.06%
Quarter Ending
Sept. March Sept.
30, June 30, 31, Dec. 31, 30,
SELECTED RATIOS 2011 2011 2011 2010 2010
Return on average
assets (annualized) 1.50% 1.46% 1.42% 1.35% 1.31%
Return on average
equity (annualized) 12.61% 12.62% 12.70% 12.08% 11.97%
Return on average
equity (excluding
unrealized gain on
investments) 13.26% 13.11% 12.90% 12.91% 12.95%
Average shareholders'
equity to average
assets 11.92% 11.59% 11.21% 11.15% 10.98%
Yield on earning
assets (tax
equivalent) 4.26% 4.24% 4.27% 4.32% 4.34%
Cost of interest
bearing funds 0.76% 0.80% 0.82% 0.96% 1.07%
Net interest margin
(tax equivalent) 3.72% 3.64% 3.65% 3.49% 3.52%
Efficiency ratio (tax
equivalent) 43.42 42.29 45.45 45.18 44.13
End of period book
value per common
share 17.54 16.92 16.16 15.59 16.04
End of period book
value (excluding
unrealized gain on
investments) 16.51 16.14 15.67 14.99 14.82
End of period common
shares outstanding 1,070 1,072 1,067 1,079 1,085
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share
data)
Third Quarter Average
September 30, 2011 September 30, 2010
Tax Tax
Equiv Equiv
Average alent Average alent
YIELD ANALYSIS Balance Interest Yield Yield Balance Interest Yield Yield
Interest
Earning
Assets:
Short term
investment 21,204 29 0.55% 0.55% 25,261 70 1.11% 1.11%
Investment
securities 16,973 184 4.34% 4.34% 25,538 281 4.40% 4.40%
Tax Free
securities 34,935 245 2.81% 4.04% 24,979 197 3.15% 4.55%
Loans 74,941 1,013 5.41% 5.41% 73,921 994 5.38% 5.38%
Total Interest
Earning
Assets 148,053 1,471 3.97% 4.26% 149,699 1,542 4.12% 4.34%
Noninterest
Earning
Assets:
Cash and due
from banks 3,332 2,925
Other assets 4,349 5,354
Allowance for
loan losses (1,371) (1,199)
Total
Noninterest
Earning
Assets 6,310 7,080
Total Assets $ 154,363 $ 156,779
Interest
Bearing
Liabilities:
Transaction
and Money
Market
accounts 78,162 135 0.69% 0.69% 80,902 195 0.96% 0.96%
Certificates
and other
time deposits 28,899 68 0.94% 0.94% 33,052 111 1.34% 1.34%
Other
borrowings 411 1 0.49% 0.49% 874 1 0.46% 0.46%
Total Interest
Bearing
Liabilities 107,472 203 0.76% 0.76% 114,828 307 1.07% 1.07%
Noninterest
Bearing
Liabilities
Demand
deposits 27,706 23,717
Other
liabilities 784 1,025
Shareholders'
Equity 18,401 17,209
Total
Liabilities
and
Shareholders
Equity $ 154,363 $ 156,779
Net Interest
Income and
Spread 1,268 3.22% 3.50% 1,235 3.05% 3.27%
Net Interest
Margin 3.43% 3.72% 3.30% 3.52%
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
September 30 September 30
2011 % 2010 %
LOAN PORTFOLIO
Commercial and industrial 35,539 46.65% 34,367 47.08%
Real estate:
Commercial 12,729 16.71% 15,946 21.84%
Residential 16,231 21.31% 12,981 17.78%
Construction and development 9,858 12.94% 7,881 10.80%
Consumer 1,823 2.39% 1,828 2.50%
Total loans (gross) 76,180 100.00% 73,003 100.00%
Unearned discounts 0 0.00% 0 0.00%
Total loans (net) 76,180 100.00% 73,003 100.00%
September 30 September 30
2011 2010
REGULATORY CAPITAL DATA
Tier 1 Capital $ 17,667 $ 16,081
Total Capital (Tier 1 + Tier
2) $ 18,921 $ 17,302
Total Risk-Adjusted Assets $ 100,262 $ 105,896
Tier 1 Ratio 17.62% 15.19%
Total Capital Ratio 18.87% 16.34%
Tier 1 Leverage Ratio 11.47% 10.28%
OTHER DATA
Full Time Equivalent
Employees (FTE's) 14 14
Stock Price Range
(For the Three Months Ended):
High $ 27.00 $ 25.50
Low $ 25.00 $ 23.00
Close $ 26.05 $ 25.50
For information contact: Richard Burt Executive Vice President Trinity Bank 817-763-9966
Source: Trinity Bank
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