SOURCE: Trinity Bank

February 11, 2010 19:03 ET

Trinity Bank 2009 Profits up 17.6%

Sixth Consecutive Year of Improved Profitability

FORT WORTH, TX--(Marketwire - February 11, 2010) - Trinity Bank, N.A. (OTCBB: TYBT) today announced financial and operating results for the fourth quarter and for the twelve months ended December 31, 2009.

Results of Operations

Trinity Bank, N.A. reported Net Income After Taxes for the fourth quarter of $442,291, or $.38 per diluted common share, compared to $370,411, or $.32 per diluted common share for the fourth quarter of 2008, an increase of 18.8%.

For the year 2009, Net Income After Taxes amounted to $1,636,286, or $1.40 per diluted common share, compared to $1,393,163, or $1.19 per diluted common share for 2008, an increase of 17.6%.

Jeffrey M. Harp, President, stated, "Operating results for the fourth quarter of 2009 represent our 21st consecutive quarter of increased profit. We continue to improve the return on the bank's assets and the return on the shareholders' investment."

                                        For Year Ending
                                   2009       2008       2007
                                  -----      -----      -----
Return on Assets                   1.12%      1.11%      0.96%

Return on Equity (excluding
 unrealized gain on securities)   11.33%     10.80%      8.88%

"While the Return on Assets and the Return on Equity are not where we would like for them to be on an absolute basis, they compare very favorably to national, state and local bank peer groups," concluded Mr. Harp.

Average for Quarter Ending

(in 000's)                           12-31-09        12-31-08         %
                                    ---------       ---------       -----

Loans                               $  66,816       $  65,398         2.2%
Deposits                            $ 136,363       $ 114,310        19.3%




Average for Quarter Ending

(in 000's)                           12-31-09        12-31-08         %
                                    ---------       ---------       -----

Net Interest Income                 $   1,107       $     978        13.2%
Non-Interest Income                 $     177       $      64       176.6%
Non-Interest Expense                $     660       $     537        22.9%
Loan Loss Provision                 $      45       $      45         0.0%

Pre Tax Income                      $     579       $     460        25.9%

Income Tax                          $     137       $      90        52.2%

Net Income                          $     442       $     370        19.5%

Average for Year Ending

Loans                               $  64,707       $  59,415         8.9%
Deposits                            $ 127,927       $ 110,641        15.6%

Actual for Year Ending

Net Interest Income                 $   4,246       $   3,726        14.0%
Non-Interest Income                 $     575       $     382        50.5%
Non-Interest Expense                $   2,541       $   2,163        17.5%
Loan Loss Provision                 $     180       $     180           -
Pre Tax Income                      $   2,100       $   1,765        19.0%

Income Tax                          $     464       $     372        24.7%

Net Income                          $   1,636       $   1,393        17.4%

Trinity Bank, N.A. is a commercial bank that began operations May 28, 2003 with the largest initial capital ever raised by a Tarrant County bank. For a full financial statement, visit Trinity Bank's website: www.trinitybk.com click on "About Us" and then click on "Investor Information." Financial information in 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           Twelve Months Ended
                         December 31       %        December 31       %
EARNINGS SUMMARY        2009     2008   Change     2009     2008   Change

Interest income          1,488    1,456     2.2%    5,856    5,931    -1.3%
Interest expense           381      478   -20.3%    1,610    2,205   -27.0%
Net Interest Income      1,107      978    13.2%    4,246    3,726    14.0%

Provision for Loan
 Losses                     45       45     0.0%      180      180     0.0%

Service charges on
 deposits                   34       24    41.7%      124       95    30.5%
Net gain on
 securities available
 for sale                   88        0     N/A       175       45   288.9%
Other income                55       40    37.5%      276      242    14.0%
Total Non Interest
 Income                    177       64   176.6%      575      382    50.5%

Salaries and benefits
 expense                   403      342    17.8%    1,271    1,212     4.9%
Occupancy and
 equipment expense         108       87    24.1%      369      346     6.6%
FDIC expense                44       17   158.8%      273       66   313.6%
Other expense              105       91    15.4%      628      539    16.5%
Total Non Interest
 Expense                   660      537    22.9%    2,541    2,163    17.5%

Earnings before
 income taxes              579      460    25.9%    2,100    1,765    19.0%
Provision for income
 taxes                     137       90    52.2%      464      372    24.7%
Net Earnings               442      370    19.5%    1,636    1,393    17.4%

Basic earnings per
 share                    0.40     0.33    21.2%     1.47     1.26    16.7%
Basic weighted
 average shares          1,115    1,109             1,115    1,109
 outstanding

Diluted earnings per
 share                    0.38     0.32    18.8%     1.40     1.19    17.6%
Diluted weighted
 average shares
 outstanding             1,171    1,166             1,171    1,166


                         Average for Quarter     Average for Twelve Months
                             Ending                     Ending
                           December 31     %          December 31     %
BALANCE SHEET SUMMARY     2009     2008  Change      2009     2008  Change

Total loans           $ 66,816 $ 65,398     2.2% $ 64,707 $ 59,415     8.9%
Total short term
 investments            29,268   22,898    27.8%   23,653   22,570     4.8%
Total investment
 securities             51,363   39,329    30.6%   52,535   38,501    36.5%

Earning assets         147,447  127,625    15.5%  140,895  120,486    16.9%

Total assets           154,425  133,175    16.0%  146,043  125,846    16.0%

Noninterest bearing
 deposits               22,985   24,012    -4.3%   23,252   21,651     7.4%
Interest bearing
 deposits              113,378   90,298    25.6%  104,675   88,990    17.6%

Total deposits         136,363  114,310    19.3%  127,927  110,641    15.6%

Fed Funds Purchased
 and Repurchase
 Agreements                630    4,026   -84.4%    1,972    1,020    93.3%

Shareholders' equity    16,453   13,531    21.6%   15,402   12,980    18.7%






                            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        2009     2009       2009      2009       2008

Total loans               $  66,816 $  66,920 $  62,824 $  62,192 $  65,398
Total short term
 investments                 29,268    23,611    21,426    20,209    22,898
Total investment
 securities                  51,363    52,448    53,319    47,162    39,329

Earning assets              147,388   142,979   137,569   129,563   127,625

Total assets                154,425   149,782   143,961   135,756   133,175

Noninterest bearing
 deposits                    22,985    23,603    23,240    23,184    24,012
Interest bearing deposits   113,378   108,893   103,722    92,425    90,298

Total deposits              136,363   132,496   126,962   115,609   114,310

Fed Funds Purchased and
 Repurchase Agreements          630       743     1,323     5,259     4,934

Shareholders' equity         16,453    15,725    15,029    14,376    13,531


                                            Quarter Ended
HISTORICAL EARNINGS        Dec 31,  Sept. 30,  June 30,  March 31,  Dec 31,
 SUMMARY                     2009     2009       2009      2009       2008


Interest income               1,488     1,494     1,446     1,427     1,456
Interest expense                381       398       413       418       478
Net Interest Income           1,107     1,096     1,033     1,009       978

Provision for Loan Losses        45        45        45        45        45

Service charges on
 deposits                        34        36        30        25        24
Gain on Sale - AFS               88        78         6         3         0
Other income                     55        58        85        76        40
Total Non Interest Income       177       172       121       104        64

Salaries and benefits
 expense                        403       292       284       291       342
Occupancy and equipment
 expense                        108        89        87        85        87
FDIC expense                     44        44       168        17        17
Other expense                   105       258        75       190        91
Total Non Interest
 Expense                        660       683       614       583       537

Earnings before income
 taxes                          579       540       495       485       460
Provision for income
 taxes                          137       122       105        99        90
Net Earnings                    442       418       390       386       370





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

                                         Ending Balance
HISTORICAL BALANCE    Dec 31,   Sept. 30,  June 30,   March 31,   Dec 31,
 SHEET                 2009       2009       2009       2009       2008

Total loans          $  71,949  $  67,661  $  64,339  $  60,086  $  66,715
Total short term
 investments            19,006     20,968     18,739     17,301     20,502
Total investment
 securities             55,082     56,209     53,282     50,553     44,980

Total earning assets   146,037    144,838    136,360    127,940    132,197

Allowance for loan
 losses                  1,086      1,041        996        951        906
Premises and
 equipment               1,543      1,610      1,665      1,700      1,719
Other Assets             4,733      6,589      6,491      4,926      5,347

Total assets           151,227    151,996    143,520    133,615    138,357

Noninterest bearing
 deposits               25,568     22,235     22,562     21,511     28,665
Interest bearing
 deposits              107,565    111,965    104,498     96,283     87,552

Total deposits         133,133    134,200    127,060    117,794    116,217

Fed Funds Purchased
 and Repurchase
 Agreements                  0        535        524        508      7,771
Other Liabilities        1,330      1,023        640        612        441

Total liabilities      134,463    135,758    128,224    118,914    124,429

Shareholders' Equity
 Actual                 15,354     14,862     14,443     14,043     13,658
Unrealized Gain -
 AFS                     1,410      1,376        853        658        270
Total Equity            16,764     16,238     15,296     14,701     13,928


                                        Quarter Ending
                      Dec 31,   Sept. 30,  June 30,   March 31,   Dec 31,
NONPERFORMING ASSETS   2009       2009       2009       2009       2008

Nonaccrual loans     $       0  $       0  $       0  $       0  $       0
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              $       0  $       0  $       0  $       0  $       0

Accruing loans past
 due 30-89 days      $       0  $       0  $       0  $       0  $     152

Total nonperforming
 assets as a
 percentage
 of loans and
 foreclosed assets        0.00%      0.00%      0.00%      0.00%      0.00%






                            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              2009       2009       2009       2009       2008

Balance at beginning
 of period             $   1,041  $     996  $     951  $     906  $   861
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                       45         45         45         45       45
Balance at end of
 period                $   1,086  $   1,041  $     996  $     951  $   906

Allowance for loan
 losses as a
 percentage of
 total loans                1.51%      1.54%      1.55%      1.58%    1.36%
Allowance for loan
 losses as a
 percentage of
 nonperforming loans         N/A        N/A        N/A        N/A      N/A
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           0.07%      0.07%      0.07%      0.07%    0.07%



                                         Quarter Ending
                        Dec 31,   Sept. 30,  June 30,   March 31,  Dec 31,
SELECTED RATIOS          2009       2009       2009       2009     2008

Return on average
 assets (annualized)        1.15%      1.12%      1.08%      1.14%    1.11%

Return on average
 equity (annualized)       10.75%     10.63%     10.38%     10.74%   10.94%

Return on average
 equity (excluding
 unrealized gain on
 investments)              11.71%     11.44%     10.97%     11.18%   11.02%

Average shareholders'
 equity to average
 assets                    10.65%     10.50%     10.44%     10.59%   10.16%

Yield on earning
 assets (tax
 equivalent)                4.27%      4.43%      4.47%      4.71%    5.20%

Cost of interest
 bearing funds              1.34%      1.45%      1.60%      1.71%    2.43%

Net interest margin
 (tax equivalent)           3.23%      3.32%      3.27%      3.40%    3.37%

Efficiency ratio (tax
 equivalent)               51.52%     50.37%     49.32%     48.30%   47.18%

End of period book
 value per common
 share                     15.03      14.63      13.78      13.26    12.56

End of period book
 value (excluding
 unrealized gain on
 investments)              13.77      13.39      13.01      12.66    12.31

End of period common
 shares outstanding        1,115      1,110      1,110      1,109    1,109




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

                                   12 Months Ending
                  December 31, 2009               December 31, 2008
                                      Tax                            Tax
                                     Equiv-                          Equiv-
YIELD       Average                  alent  Average                  alent
 ANALYSIS   Balance Interest  Yield  Yield  Balance Interest  Yield  Yield

Interest
 Earning
 Assets:
Short term
 investment  23,653      415   1.75%  1.75%  22,570      787   3.49%  3.49%
Investment
 securities  27,072    1,124   4.15%  4.15%  15,627      634   4.06%  4.06%
Tax Free
 securities  25,463      814   3.20%  4.61%  22,874      739   3.23%  4.66%
Loans        64,707    3,511   5.43%  5.43%  59,360    3,771   6.35%  6.35%

Total
 Interest
 Earning
 Assets     140,895    5,864   4.16%  4.42% 120,431    5,931   4.92%  5.20%

Noninterest
 Earning
 Assets:
Cash and
 due from
 banks        3,489                           3,641
Other
 assets       2,655                           2,589
Allowance
 for loan
 losses        (996)                           (815)

Total
 Noninterest
 Earning
 Assets       5,148                           5,415

Total
 Assets   $ 146,043                       $ 125,846

Interest
 Bearing
 Liabilities:
Transaction
 and Money
 Market
 accounts    72,635      900   1.24%  1.24%  63,529    1,259   1.98%  1.98%
Certificates
 and other
 time
 deposits    32,040      699   2.18%  2.18%  25,461      925   3.63%  3.63%
Other
 borrowings   1,972       11   0.56%  0.56%   1,795       21   1.17%  1.17%

Total
 Interest
 Bearing
 Liabil-
 ities      106,647    1,610   1.51%  1.51%  90,785    2,205   2.43%  2.43%

Noninterest
 Bearing
 Liabilities
Demand
 deposits    23,252                          21,651
Other
 liabilities    742                             429
Shareholders'
 Equity      15,402                          12,981

Total
 Liabilities
 and
 Shareholders
 Equity   $ 146,043                       $ 125,846

Net
 Interest
 Income and
 Spread                4,254   2.65%  2.91%            3,726   2.50%  2.77%

Net
 Interest
 Margin                        3.07%  3.33%                    3.09%  3.37%



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

                                  Dec 31                Dec 31
                                   2009          %       2008          %
LOAN PORTFOLIO

Commercial and Industrial          35,062      48.73%    36,280      54.38%
Real estate:
  Commercial                       12,970      18.03%    10,883      16.31%
  Residential                       9,470      13.16%     9,886      14.82%
  Construction and development     11,376      15.81%     5,993       8.98%
Consumer                            3,071       4.27%     3,673       5.51%

Total loans (gross)                71,949     100.00%    66,715     100.00%

Unearned discounts                      0       0.00%         0       0.00%

Total loans (net)                  71,949     100.00%    66,715     100.00%


                                  Dec 31                Dec 31
                                   2009                  2008
REGULATORY CAPITAL DATA
Tier 1 Capital                  $  15,354             $  13,658
Total Capital (Tier 1 + Tier 2) $  16,440             $  14,564
Total Risk-Adjusted Assets      $ 106,044             $  84,896
Tier 1 Ratio                        14.48%                16.09%
Total Capital Ratio                 15.50%                17.16%
Tier 1 Leverage Ratio                9.94%                10.26%

OTHER DATA
Full Time Equivalent
 Employees (FTE's)                     14                    14

Stock Price Range
(For the Twelve Months Ended):
  High                          $   29.75             $   20.00
  Low                           $   19.00             $   20.00
  Close                         $   24.25             $   20.00


Contact Information

  • For information contact:
    Richard Burt
    Executive Vice President
    Trinity Bank
    817-763-9966