Trinity Bank "Streak" Continues: Every Year Since Inception

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Trinity Bank "Streak" Continues: Every Year Since Inception (May 2003) Is Better Than Previous Year

FORT WORTH, TX--(Marketwired - Jan 21, 2016) - 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 12 th 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)  
                             
                             
    Quarter Ended         Twelve Months 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 Quarter         Average for Twelve 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     December 31, 2014  
                                             
                    Tax                     Tax  
    Average               Equivalent     Average               Equivalent  
YIELD ANALYSIS   Balance     Interest   Yield     Yield     Balance     Interest   Yield     Yield  
                                                 
Interest Earning Assets:                                                
Short term investment   $ 15,502     96   0.62 %   0.62 %   $ 20,903     143   0.68 %   0.68 %
Investment securities     370     22   5.95 %   5.95 %     5,420     170   3.14 %   3.14 %
Tax Free securities     71,068     1,740   2.45 %   3.53 %     55,655     1,318   2.37 %   3.41 %
Loans     117,821     6,032   5.12 %   5.12 %     107,490     5,496   5.11 %   5.11 %
                                                 
Total Interest Earning Assets     204,761     7,890   3.85 %   4.23 %     189,468     7,127   3.93 %   4.07 %
                                                 
Noninterest Earning Assets:                                                
Cash and due from banks     3,612                       3,576                  
Other assets     2,757                       2,790                  
Allowance for loan losses     (1,503 )                     (1,392 )                
                                                 
Total Noninterest Earning Assets     4,866                       4,974                  
                                                 
Total Assets   $ 209,627                     $ 194,442                  
                                                 
Interest Bearing Liabilities:                                                
Transaction and Money Market accounts     99,705     273   0.27 %   0.27 %     94,179     266   0.28 %   0.28 %
Certificates and other time deposits     22,175     124   0.56 %   0.56 %     24,115     128   0.53 %   0.53 %
Other borrowings     412     1   0.24 %   0.24 %     432     0   0.25 %   0.25 %
                                                 
Total Interest Bearing Liabilities     122,292     398   0.33 %   0.33 %     118,726     394   0.33 %   0.33 %
                                                 
Noninterest Bearing Liabilities                                                
Demand deposits     60,101                       52,060                  
Other liabilities     919                       511                  
Shareholders' Equity     26,315                       23,145                  
                                                 
Total Liabilities and Shareholders Equity   $ 209,627                     $ 194,442                  
                                                 
Net Interest Income and Spread           7,492   3.53 %   3.91 %           6,733   3.60 %   3.74 %
                                                 
Net Interest Margin               3.66 %   4.03 %               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

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