SOURCE: Trinity Bank

January 30, 2012 19:31 ET

Trinity Bank 2011 Net Income up 13.8%

2011 Earnings per Share up 16.1%; Eighth Consecutive Year of Improved Profitability

FORT WORTH, TX--(Marketwire - Jan 30, 2012) - Trinity Bank, N.A. (OTCBB: TYBT) today announced financial and operating results for the fourth quarter and for the twelve months ended December 31, 2011.

Results of Operations

Trinity Bank, N.A. reported Net Income After Taxes for the fourth quarter of $605,157.56, or $.54 per diluted common share, compared to $525,279, or $.46 per diluted common share for the fourth quarter of 2010, an increase of 17.4%.

For the year 2011, Net Income After Taxes amounted to $2,282,024, or $2.02 per diluted common share, compared to $2,004,875, or $1.74 per diluted common share for 2010, an increase of 16.1%.

Jeffrey M. Harp, President, stated, "Operating results for the fourth quarter of 2011 represent our 29th consecutive quarter of increased profit. We continue to improve the return on the bank's assets and the return on the shareholder's investment. While 2011 was a challenging year, 2012 is shaping up to be equally demanding. However, we look forward to maintaining our record of improving Trinity Bank's performance each year."

For Year Ending
2011 2010 2009 2008 2007
Return on Assets 1.46 % 1.30 % 1.12 % 1.11 % 0.96 %
Return on Equity
(excluding unrealized gain 13.22 % 12.57 % 11.33 % 10.80 % 8.88 %
on securities)
Average for Year Ending
12-31-11 12-31-10
Loans $ 73,556 $ 72,786 1.1 %
Deposits $ 137,086 $ 133,850 2.4 %
Actual for Year Ending
Net Interest Income $ 5,034 $ 4,891 2.9 %
Non-Interest Income $ 540 $ 585 (7.7 %)
Non-Interest Expense $ 2,573 $ 2,522 2.0 %
Loan Loss Provision $ 0 $ 285 -
Pre Tax Income $ 3,001 $ 2,669 12.4 %
Income Tax $ 719 $ 664 8.3 %
Net Income $ 2,282 $ 2,005 13.8 %

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 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 2011 2010 Change 2011 2010 Change
Interest income 1,509 1,516 -0.5 % 5,879 6,081 -3.3 %
Interest expense 199 270 -26.3 % 845 1,190 -29.0 %
Net Interest Income 1,310 1,246 5.1 % 5,034 4,891 2.9 %
Provision for Loan Losses 0 150 N/A 0 285 N/A
Service charges on deposits 37 34 8.8 % 147 145 1.4 %
Net gain on securities available for sale 18 153 -88.2 % 114 198 -42.4 %
Other income 55 55 0.0 % 279 242 15.3 %
Total Non Interest Income 110 242 -54.5 % 540 585 -7.7 %
Salaries and benefits expense 450 437 3.0 % 1,419 1,384 2.5 %
Occupancy and equipment expense 81 75 8.0 % 314 308 1.9 %
Other expense 90 136 -33.8 % 840 830 1.2 %
Total Non Interest Expense 621 648 -4.2 % 2,573 2,522 2.0 %
Earnings before income taxes 799 690 15.8 % 3,001 2,669 12.4 %
Provision for income taxes 194 165 17.6 % 719 664 8.3 %
Net Earnings 605 525 15.2 % 2,282 2,005 13.8 %
Basic earnings per share 0.57 0.49 16.3 % 2.15 1.83 17.3 %
Basic weighted average shares outstanding 1,059 1,079 1,063 1,098
Diluted earnings per share 0.54 0.46 17.4 % 2.02 1.74 16.1 %
Diluted weighted average shares outstanding 1,122 1,135 1,127 1,154
Average for Quarter Average for Twelve Months
Ending December 31 % Ending December 31 %
BALANCE SHEET SUMMARY 2011 2010 Change 2011 2010 Change
Total loans $ 76,426 $ 72,047 6.1 % $ 73,556 $ 72,786 1.1 %
Total short term investments 26,760 23,496 13.9 % 21,500 22,244 -3.3 %
Total investment securities 56,751 53,988 5.1 % 54,003 50,802 6.3 %
Earning assets 159,937 149,531 7.0 % 149,059 145,832 2.2 %
Total assets 166,392 155,868 6.8 % 156,233 152,957 2.1 %
Noninterest bearing deposits 32,552 24,267 34.1 % 28,743 23,217 23.8 %
Interest bearing deposits 113,758 112,540 1.1 % 108,343 110,633 -2.1 %
Total deposits 146,310 136,807 6.9 % 137,086 133,850 2.4 %
Fed Funds Purchased and Repurchase Agreements 584 733 -20.3 % 503 880 -42.8 %
Shareholders' equity 18,690 17,382 7.5 % 17,943 17,225 4.2 %
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 2011 2011 2011 2011 2010
Total loans $ 76,426 $ 74,941 $ 71,676 $ 71,103 $ 72,047
Total short term investments 26,760 21,204 21,929 17,742 23,496
Total investment securities 56,751 51,908 50,714 56,684 53,988
Earning assets 159,937 148,053 144,319 145,529 149,531
Total assets 166,392 154,363 152,633 151,401 155,868
Noninterest bearing deposits 32,552 27,706 25,176 24,123 24,267
Interest bearing deposits 113,758 107,061 108,696 109,154 112,540
Total deposits 146,310 134,767 133,872 133,277 136,807
Fed Funds Purchased and Repurchase Agreements 584 411 438 582 733
Shareholders' equity 18,690 18,401 17,687 16,972 17,382
Quarter Ended
Dec 31, Sept. 30, June 30, March 31, Dec 31,
HISTORICAL EARNINGS SUMMARY 2011 2011 2011 2011 2010
Interest income 1,509 1,471 1,426 1,474 1,516
Interest expense 199 203 217 226 270
Net Interest Income 1,310 1,268 1,209 1,248 1,246
Provision for Loan Losses 0 0 0 0 150
Service charges on deposits 37 35 29 37 34
Net gain on securities available for sale 18 40 28 29 153
Other income 55 92 78 63 55
Total Non Interest Income 110 167 135 129 242
Salaries and benefits expense 450 317 312 340 437
Occupancy and equipment expense 81 82 79 75 75
FDIC expense 45 45 45 45 45
Other expense 45 226 173 215 91
Total Non Interest Expense 621 670 609 675 648
Earnings before income taxes 799 765 735 702 690
Provision for income taxes 194 185 177 163 165
Net Earnings 605 580 558 539 525
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 2011 2011 2011 2011 2010
Total loans $ 81,272 $ 76,180 $ 74,822 $ 71,287 $ 72,460
Total short term investments 19,279 27,716 17,404 25,369 17,886
Total investment securities 58,540 53,370 51,982 53,497 58,583
Total earning assets 159,091 157,266 144,208 150,153 148,929
Allowance for loan losses (1,371 ) (1,371 ) (1,371 ) (1,371 ) (1,371 )
Premises and equipment 1,378 1,413 1,404 1,440 1,442
Other Assets 7,843 6,209 5,850 6,024 4,949
Total assets 166,941 163,517 150,091 156,246 153,949
Noninterest bearing deposits 34,203 33,733 24,208 27,747 26,844
Interest bearing deposits 112,163 109,722 106,761 110,161 109,100
Total deposits 146,366 143,455 130,969 137,908 135,944
Fed Funds Purchased and Repurchase Agreements 713 398 292 534 538
Other Liabilities 792 896 690 559 646
Total liabilities 147,871 144,749 131,951 139,001 137,128
Shareholders' Equity Actual 18,025 17,667 17,306 16,715 16,176
Unrealized Gain - AFS 1,045 1,100 834 530 645
Total Equity 19,070 18,767 18,140 17,245 16,821
Quarter Ending
Dec 31, Sept. 30, June 30, March 31, Dec 31,
NONPERFORMING ASSETS 2011 2011 2011 2011 2010
Nonaccrual loans $ 653 $ 735 $ 850 $ 488 $ 831
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 $ 653 $ 735 $ 850 $ 488 $ 831
Accruing loans past due 30-89 days $ 0 $ 0 $ 0 $ 0 $ 0
Total nonperforming assets as a percentage of loans and foreclosed assets 0.80 % 0.96 % 1.12 % 0.68 % 1.15 %
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 2011 2011 2011 2011 2010
Balance at beginning of period $ 1,371 $ 1,371 $ 1,371 $ 1,371 $ 1,221
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 0 150
Balance at end of period $ 1,371 $ 1,371 $ 1,371 $ 1,371 $ 1,371
Allowance for loan losses as a percentage of total loans 1.69 % 1.80 % 1.80 % 1.92 % 1.89 %
Allowance for loan losses as a percentage of nonperforming loans 209.95 % 186.53 % 186.53 % 280.94 % 164.98 %
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 N/A 0.21 %
Quarter Ending
Dec 31, Sept. 30, June 30, March 31, Dec 31,
SELECTED RATIOS 2011 2011 2011 2011 2010
Return on average assets (annualized) 1.45 % 1.50 % 1.46 % 1.42 % 1.35 %
Return on average equity (annualized) 12.95 % 12.61 % 12.62 % 12.70 % 12.08 %
Return on average equity (excluding unrealized gain on investments) 13.62 % 13.26 % 13.11 % 12.90 % 12.91 %
Average shareholders' equity to average assets 11.23 % 11.92 % 11.59 % 11.21 % 11.15 %
Yield on earning assets (tax equivalent) 4.05 % 4.26 % 4.24 % 4.27 % 4.32 %
Cost of interest bearing funds 0.70 % 0.76 % 0.80 % 0.82 % 0.96 %
Net interest margin (tax equivalent) 3.56 % 3.72 % 3.64 % 3.65 % 3.49 %
Efficiency ratio (tax equivalent) 40.55 43.42 42.29 45.45 45.18
End of period book value per common share 18.05 17.60 17.51 16.16 15.59
End of period book value (excluding unrealized gain on investments) 17.07 16.57 16.48 15.67 14.99
End of period common shares outstanding 1,056 1,066 1,072 1,067 1,079

TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
12 Months Ending
December 31, 2011 December 31, 2010
Tax Tax
Average Equivalent Average Equivalent
YIELD ANALYSIS Balance Interest Yield Yield Balance Interest Yield Yield
Interest Earning Assets:
Short term investment 21,500 130 0.60 % 0.60 % 22,244 259 1.16 % 1.16 %
Investment securities 18,758 828 4.41 % 4.41 % 25,694 1,116 4.34 % 4.34 %
Tax Free securities 35,245 981 2.78 % 4.01 % 25,108 788 3.14 % 4.52 %
Loans 73,556 3,940 5.36 % 5.36 % 72,786 3,918 5.38 % 5.38 %
Total Interest Earning Assets 149,059 5,879 3.94 % 4.23 % 145,832 6,081 4.17 % 4.42 %
Noninterest Earning Assets:
Cash and due from banks 4,344 3,127
Other assets 4,201 5,194
Allowance for loan losses (1,371 ) (1,196 )
Total Noninterest Earning Assets 7,174 7,125
Total Assets $ 156,233 $ 152,957
Interest Bearing Liabilities:
Transaction and Money Market accounts 79,916 549 0.69 % 0.69 % 78,624 734 0.93 % 0.93 %
Certificates and other time deposits 29,762 294 0.99 % 0.99 % 32,009 450 1.41 % 1.41 %
Other borrowings 503 2 0.40 % 0.40 % 880 6 0.68 % 0.68 %
Total Interest Bearing Liabilities 110,181 845 0.77 % 0.77 % 111,513 1,190 1.07 % 1.07 %
Noninterest Bearing Liabilities
Demand deposits 27,408 23,217
Other liabilities 701 1,002
Shareholders' Equity 17,943 17,225
Total Liabilities and Shareholders Equity $ 156,233 $ 152,957
Net Interest Income and Spread 5,034 3.18 % 3.47 % 4,891 3.10 % 3.35 %
Net Interest Margin 3.38 % 3.67 % 3.35 % 3.60 %
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
December 31 December 31
2011 % 2010 %
LOAN PORTFOLIO
Commercial and industrial 40,359 49.66 % 35,155 48.52 %
Real estate:
Commercial 13,112 16.13 % 14,939 20.62 %
Residential 16,400 20.18 % 12,680 17.50 %
Construction and development 8,947 11.01 % 7,839 10.82 %
Consumer 2,454 3.02 % 1,847 2.55 %
Total loans (gross) 81,272 100.00 % 72,460 100.00 %
Unearned discounts 0 0.00 % 0 0.00 %
Total loans (net) 81,272 100.00 % 72,460 100.00 %
December 31 December 31
2011 2010
REGULATORY CAPITAL DATA
Tier 1 Capital $ 18,025 $ 16,176
Total Capital (Tier 1 + Tier 2) $ 19,333 $ 17,443
Total Risk-Adjusted Assets $ 104,570 $ 101,272
Tier 1 Ratio 17.24 % 15.97 %
Total Capital Ratio 18.49 % 17.22 %
Tier 1 Leverage Ratio 10.86 % 10.40 %
OTHER DATA
Full Time Equivalent Employees (FTE's) 14 14
Stock Price Range
(For the Three Months Ended):
High $ 27.00 $ 25.50
Low $ 24.10 $ 21.00
Close $ 26.50 $ 24.10

Contact Information

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