SOURCE: Trinity Bank

January 28, 2015 13:04 ET

Trinity Bank "Streak" Continues

Every Year Since Inception (May 2003) Is Better Than Previous Year

FORT WORTH, TX--(Marketwired - Jan 28, 2015) - Trinity Bank N.A. (OTCBB: TYBT)

  • 2014 Earnings Per Share increased 15.2% over 2013 results
  • Strong Equity to Assets ratio of 11.2%
  • Return on Assets (1.68%) and Return on Equity (14.29%) reach all time high

Trinity Bank N.A. (OTCBB: TYBT) today announced financial and operating results for the fourth quarter and for the twelve months ended December 31, 2014.

Trinity Bank, N.A. reported Net Income after Taxes for the fourth quarter of 2014 of $855,866, or $.76 per diluted common share, compared to $756,415, or $.66 per diluted common share for the fourth quarter of 2013, an increase of 15.2%.

For the year 2014, Net Income After Taxes amounted to $3,266,379, or $2.88 per diluted common share, compared to $2,861,649, or $2.51 per diluted common share for 2013, an increase of 14.7%.

Jeffrey M. Harp, President, stated, "Operating results for 2014 represent our 11th 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 has improved as has the competition for good business from established competitors and new entrants to the market. The recent drop in oil prices is a concern to everyone in Texas, but management has been through this cycle before and remains committed to positioning Trinity Bank to make progress in all economic conditions."

   
    For Year Ending  
                                     
    2014     2013     2012     2011     2010     2009  
                                     
Return on Assets   1.68 %   1.58 %   1.51 %   1.46 %   1.30 %   1.12 %
                                     
Return on Equity (excluding unrealized gain on securities)   14.29 %   13.83 %   13.21 %   13.22 %   12.57 %   11.33 %
                                     
                                     

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         Twelve Months Ended      
    December 31   %     December 31   %  
EARNINGS SUMMARY   2014   2013   Change     2014   2013   Change  
                                     
Interest income   $ 1,853   $ 1,677   10.5 %   $ 7,127   $ 6,412   11.2 %
Interest expense     105     100   5.0 %     394     404   -2.5 %
Net Interest Income     1,748     1,577   10.8 %     6,733     6,008   12.1 %
                                     
Service charges on deposits     41     43   -4.7 %     158     165   -4.2 %
Other income     86     66   30.3 %     335     276   21.4 %
Total Non Interest Income     127     109   16.5 %     493     441   11.8 %
                                     
Salaries and benefits expense     613     478   28.2 %     1,749     1,600   9.3 %
Occupancy and equipment expense     64     73   -12.3 %     273     306   -10.8 %
Other expense     102     135   -24.4 %     1,004     870   15.4 %
Total Non Interest Expense     779     686   13.6 %     3,026     2,776   9.0 %
                                     
Pretax pre-provision income     1,096     1,000   9.6 %     4,200     3,673   14.3 %
                                     
Gain on sale of securities     0     51   N/M       258     410   -37.1 %
Gain on sale of foreclosed assets     0     0   N/M       47     52   -9.6 %
Gain on sale of assets     0     18   N/M       0     18   N/M  
                                     
Provision for Loan Losses     28     50   -44.0 %     205     242   -15.3 %
                                     
Earnings before income taxes     1,068     1,019   4.8 %     4,300     3,911   9.9 %
Provision for income taxes     212     263   -19.4 %     1,034     1,049   -1.4 %
Net Earnings   $ 856   $ 756   13.2 %   $ 3,266   $ 2,862   14.1 %
                                     
Basic earnings per share     0.76     0.67   13.4 %     2.91     2.53   15.0 %
Basic weighted average shares outstanding     1,121     1,132           1,124     1,131      
                                     
Diluted earnings per share     0.76     0.66   15.2 %     2.88     2.51   14.7 %
Diluted weighted average shares outstanding     1,132     1,143           1,135     1,142      
                                     
                                     
                                     
    Average for Quarter         Average for Twelve Months      
    December 31   %     December 31   %  
BALANCE SHEET SUMMARY   2014   2013   Change     2014   2013   Change  
                                     
Total loans   $ 109,401   $ 100,220   9.2 %   $ 107,490   $ 93,605   14.8 %
Total short term investments     35,421     12,966   173.2 %     20,903     17,163   21.8 %
Total investment securities     65,080     63,937   1.8 %     61,075     65,815   -7.2 %
                                     
Earning assets     209,902     177,123   18.5 %     189,468     176,583   7.3 %
                                     
Total assets     214,976     181,884   18.2 %     194,442     181,501   7.1 %
                                     
Noninterest bearing deposits     60,788     43,454   39.9 %     52,060     40,160   29.6 %
Interest bearing deposits     128,918     116,510   10.6 %     118,294     119,517   -1.0 %
                                     
Total deposits     189,706     159,964   18.6 %     170,354     159,677   6.7 %
                                     
Fed Funds Purchased and Repurchase Agreements     430     267   61.0 %     432     317   36.3 %
                                     
Shareholders' equity   $ 24,077   $ 21,301   13.0 %   $ 23,145   $ 21,029   10.1 %
                                     
                                     
 
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   2014   2014   2014   2014   2013
                               
Total loans   $ 109,401   $ 108,469   $ 107,290   $ 104,737   $ 100,220
Total short term investments     35,421     24,627     12,010     10,122     12,966
Total investment securities     65,080     59,950     59,408     60,942     63,937
                               
Earning assets     209,902     193,046     178,708     175,801     177,123
                               
Total assets     214,976     198,164     183,720     180,487     181,884
                               
Noninterest bearing deposits     60,788     56,904     47,495     42,918     43,454
Interest bearing deposits     128,918     116,710     112,580     114,715     116,510
                               
Total deposits     189,706     173,614     160,075     157,633     159,964
                               
Fed Funds Purchased and Repurchase Agreements     430     429     429     442     267
                               
Shareholders' equity   $ 24,077   $ 23,578   $ 22,746   $ 22,154   $ 21,301
                               
                               
    Quarter Ended
    Dec 31,   Sept. 30,   June 30,   March 31,   Dec 31,
HISTORICAL EARNINGS SUMMARY   2014   2014   2014   2014   2013
                               
                               
Interest income   $ 1,853   $ 1,806   $ 1,758   $ 1,709   $ 1,677
Interest expense     105     98     95     96     100
Net Interest Income     1,748     1,708     1,663     1,613     1,577
                               
Service charges on deposits     41     42     39     42     43
Other income     86     85     82     76     66
Total Non Interest Income     127     127     121     118     109
                               
Salaries and benefits expense     613     381     377     377     478
Occupancy and equipment expense     64     68     69     72     73
Other expense     101     283     339     279     135
Total Non Interest Expense     778     732     785     728     686
                               
Pretax pre-provision income     1,097     1,103     999     1,003     1,000
                               
Gain on sale of securities     0     0     153     105     51
Gain on sale of foreclosed assets     0     23     0     24     0
Gain on sale of assets     0     0     0     0     18
                               
Provision for Loan Losses     28     28     75     75     50
                               
Earnings before income taxes     1,069     1,098     1,077     1,057     1,019
Provision for income taxes     212     266     270     286     263
                               
Net Earnings   $ 857   $ 832   $ 807   $ 771   $ 756
                               
Diluted earnings per share   $ 0.76   $ 0.73   $ 0.71   $ 0.68   $ 0.66
                               
                               
   
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   2014     2014     2014     2014     2013  
                                         
Total loans   $ 115,156     $ 110,778     $ 108,648     $ 103,762     $ 109,505  
Total short term investments     26,587       31,928       11,507       19,981       2,534  
Total investment securities     68,132       61,731       58,067       59,669       63,495  
                                         
Total earning assets     209,875       204,437       178,222       183,412       175,534  
                                         
Allowance for loan losses     (1,475 )     (1,447 )     (1,371 )     (1,396 )     (1,321 )
Premises and equipment     1,240       1,265       1,281       1,306       1,275  
Other Assets     5,834       4,740       6,446       5,590       6,444  
                                         
Total assets     215,474       208,995       184,578       188,912       181,932  
                                         
Noninterest bearing deposits     56,554       59,336       50,548       46,896       45,813  
Interest bearing deposits     133,289       124,676       110,131       118,861       113,839  
                                         
Total deposits     189,843       184,012       160,679       165,757       159,652  
                                         
Fed Funds Purchased and Repurchase Agreements     430       430       429       429       429  
Other Liabilities     663       970       403       587       670  
                                         
Total liabilities     190,936       185,412       161,511       166,773       160,751  
                                         
Shareholders' Equity Actual     24,026       23,162       22,835       22,054       21,844  
Unrealized Gain - AFS     512       421       231       85       (233 )
  Total Equity   $ 24,538     $ 23,583     $ 23,066     $ 22,139     $ 21,611  
                                         
                                         
    Quarter Ending  
    Dec 31,     Sept. 30,     June 30,     March 31,     Dec 31,  
NONPERFORMING ASSETS   2014     2014     2014     2014     2013  
                                         
Nonaccrual loans   $ 0     $ 0     $ 0     $ 402     $ 402  
Restructured loans   $ 0     $ 0     $ 0     $ 0     $ 0  
Other real estate & foreclosed assets   $ 300     $ 300     $ 300     $ 0     $ 0  
Accruing loans past due 90 days or more   $ 0     $ 0     $ 0     $ 0     $ 0  
Total nonperforming assets   $ 300     $ 300     $ 300     $ 402     $ 402  
                                         
Accruing loans past due 30-89 days   $ 0     $ 0     $ 0     $ 0     $ 0  
                                         
Total nonperforming assets as a percentageof loans and foreclosed assets    
0.26
%    
0.27
%    
0.28
%    
0.39
%    
0.37
%
                                         
                                         
   
TRINITY BANK N.A.  
(Unaudited)  
(Dollars in thousands, except per share data)  
                               
    Quarter Ending  
ALLOWANCE FOR LOAN LOSSES   Dec 31,
2014
    Sept. 30,
2014
    June 30,
2014
    March 31,
2014
    Dec 31,
2013
 
                                         
Balance at beginning of period   $ 1,447     $ 1,371     $ 1,396     $ 1,321     $ 1,271  
Loans charged off     0       0       102       0       0  
Loan recoveries     1       48       2       0       0  
  Net (charge-offs) recoveries     1       48       (100 )     0       0  
Provision for loan losses     27       28       75       75       50  
Balance at end of period   $ 1,475     $ 1,447     $ 1,371     $ 1,396     $ 1,321  
                                         
Allowance for loan losses as a percentage of total loans    
1.28
%    
1.31
%    
1.26
%    
1.35
%    
1.27
%
Allowance for loan losses as a percentage of nonperforming assets    
492
%    
482
%    
457
%    
347
%    
329
%
Net charge-offs (recoveries) as a percentage of average loans    
N/A
     
(0.04
%)    
0.09
%    
N/A
     
N/A
 
Provision for loan losses as a percentage of average loans    
0.02
%    
0.03
%    
0.07
%    
0.07
%    
0.05
%
                                         
                                         
                                         
    Quarter Ending  
    Dec 31,     Sept. 30,     June 30,     March 31,     Dec 31,  
SELECTED RATIOS   2014     2014     2014     2014     2013  
                                         
Return on average assets (annualized)     1.59 %     1.68 %     1.76 %     1.71 %     1.66 %
                                         
Return on average equity (annualized)     14.22 %     14.12 %     14.19 %     13.92 %     14.20 %
                                         
Return on average equity (excluding unrealized gain on investments)     14.51 %     14.34 %     14.36 %     13.95 %     14.10 %
                                         
Average shareholders' equity to average assets     11.20 %     11.90 %     12.38 %     12.27 %     11.71 %
                                         
Yield on earning assets (tax equivalent)     4.07 %     4.07 %     4.26 %     4.14 %     4.00 %
                                         
Cost of interest bearing funds     0.33 %     0.34 %     0.34 %     0.33 %     0.34 %
                                         
Net interest margin (tax equivalent)     3.86 %     3.87 %     4.05 %     3.92 %     3.78 %
                                         
Efficiency ratio (tax equivalent)     37.7 %     36.7 %     40.7 %     39.5 %     38.5 %
                                         
End of period book value per common share   $ 21.89     $ 21.02     $ 20.50     $ 19.68     $ 19.09  
                                         
End of period book value (excluding unrealized gain on investments)   $ 21.43     $ 20.64     $ 20.30     $ 19.60     $ 19.30  
                                         
End of period common shares outstanding (in 000's)     1,121       1,122       1,125       1,125       1,132  
                                         
                                         
                   
    TRINITY BANK N.A.              
    (Unaudited)              
    (Dollars in thousands, except per share data)              
                                   
    12 Months Ending  
    December 31, 2014   December 31, 2013  
                                   


YIELD ANALYSIS
 
Average
Balance
 

Interest
 

Yield
  Tax
Equivalent
Yield
 
Average
Balance
 

Interest
 

Yield
  Tax
Equivalent
Yield
 
                                       
Interest Earning Assets:                                      
Short term investment   $ 20,903   143   0.68 % 0.68 % $ 17,163   85   0.50 % 0.50 %
Investment securities     5,420   170   3.14 % 3.14 %   23,628   743   3.14 % 3.14 %
Tax Free securities     55,655   1,318   2.37 % 3.41 %   42,187   849   2.01 % 2.90 %
Loans     107,490   5,496   5.11 % 5.11 %   93,605   4,735   5.06 % 5.06 %
                                       
Total Interest Earning Assets     189,468   7,127   3.93 % 4.07 %   176,583   6,412   3.63 % 3.94 %
                                       
Noninterest Earning Assets:                                      
Cash and due from banks     3,576                 3,502              
Other assets     2,790                 2,662              
Allowance for loan losses     (1,392 )               (1,246 )            
                                       
Total Noninterest Earning Assets     4,974                 4,918              
                                       
Total Assets   $ 194,442               $ 181,501              
                                       
Interest Bearing Liabilities:                                      
Transaction and Money Market accounts     94,179   266   0.28 % 0.28 %   94,464   267   0.28 % 0.28 %
Certificates and other time deposits     24,115   128   0.53 % 0.53 %   25,053   137   0.55 % 0.55 %
Other borrowings     432   0   0.25 % 0.25 %   317   0   0.04 % 0.04 %
                                       
Total Interest Bearing Liabilities     118,726   394   0.33 % 0.33 %   119,834   404   0.34 % 0.34 %
                                       
Noninterest Bearing Liabilities                                      
Demand deposits     52,060                 40,160              
Other liabilities     511                 478              
Shareholders' Equity     23,145                 21,029              
                                       
Total Liabilities and Shareholders Equity   $ 194,442               $ 181,501              
                                       
Net Interest Income and Spread         6,733   3.60 % 3.74 %       6,008   3.29 % 3.51 %
                                       
Net Interest Margin             3.55 % 3.86 %           3.40 % 3.61 %
                                       
                                       
   
TRINITY BANK N.A.  
(Unaudited)  
(Dollars in thousands, except per share data)  
                         
    December 31           December 31        
    2014     %     2013     %  
LOAN PORTFOLIO                            
                             
Commercial and industrial   $ 65,168     56.59 %   $ 63,364     57.86 %
Real estate:                            
  Commercial     20,474     17.78 %     17,701     16.16 %
  Residential     19,458     16.90 %     19,037     17.38 %
  Construction and development     8,825     7.66 %     7,085     6.47 %
Consumer     1,231     1.07 %     2,318     2.12 %
                             
Total loans (gross)     115,156     100.00 %     109,505     100.00 %
                             
Unearned discounts     0     0.00 %     0     0.00 %
                             
Total loans (net)   $ 115,156     100.00 %   $ 109,505     100.00 %
                             
                             
    December 31           December 31        
    2014           2013        
REGULATORY CAPITAL DATA                            
Tier 1 Capital   $ 24,026           $ 21,845        
Total Capital (Tier 1 + Tier 2)   $ 25,501           $ 23,166        
Total Risk-Adjusted Assets   $ 128,591           $ 134,220        
Tier 1 Risk-Based Capital Ratio     18.68 %           16.28 %      
Total Risk-Based Capital Ratio     19.83 %           17.26 %      
Tier 1 Leverage Ratio     11.18 %           12.01 %      
                             
OTHER DATA                            
Full Time Equivalent                            
Employees (FTE's)     15             14        
                             
Stock Price Range                            
(For the Three Months Ended):                            
  High   $ 42.40           $ 37.00        
  Low   $ 40.00           $ 34.75        
  Close   $ 42.40           $ 37.00        
                             
                             

Contact Information

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