Trinity Bank 2016 2nd Quarter Net Income Up 4.8%; 2nd

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Trinity Bank 2016 2nd Quarter Net Income Up 4.8%; 2nd Quarter Earnings per Share Up 6.2%

FORT WORTH, TX--(Marketwired - Jul 26, 2016) - Trinity Bank N.A. ( OTC : TYBT ) today announced operating results for the second quarter and the six months ending June 30, 2016.

Results of Operation

For the second quarter 2016, Trinity Bank, N.A. reported Net Income after Taxes of $966,000, an increase of 4.8% over second quarter 2015 earnings of $922,000. Earnings per diluted common share for the second quarter 2016 amounted to $0.86, an increase of 6.2% over second quarter 2015 results of $0.81 per diluted common share.

For the first six months of 2016, Net Income after Taxes was $1,918,000, an increase of 6.1% over the first half of 2015 results of $1,807,000. Earnings per diluted common share for the first half of 2016 were $1.70, an increase of 6.2% over the first half of 2015 results of $1.60 per diluted common share.

President Jeffrey M. Harp stated, "Second quarter results for Trinity Bank represent the second best quarter (4Q 2015 was slightly better) since inception. However, the percentage increase (+4.8%) in Net Income over the 2Q 2015 results is below our previous history of double digit increases. This is due to:

1. Average loan volume dropped about 5% from 4Q 2015 to the current quarter. We haven't lost any major relationships. A number of customers have reduced their debt to the bank. 

2. Interest expense has increased substantially as we have raised deposit rates since October 2015. Our philosophy is to pay as much as we can instead of as little as we can get by with.

3. Personnel expense is up as we add staff in preparation to move into our newly expanded facility.

In spite of these headwinds, Trinity Bank is still performing at a very high level.

    Trinity     Peer  
Return on Assets   1.76 %   .91 %
Return on Equity   13.97 %   8.03 %

The remainder of 2016 as well as 2017 will be challenging as the Texas economy adjusts to the current level of oil and gas prices, but we remain committed to producing exceptional results.

                   
Actual for Quarter                  
                   
(in 000's)   3 Months     3 Months        
    06/30/2016     06/30/2015     %  
                       
Net Interest Income   $ 1,882     $ 1,857     1.3 %
Non-Interest Income     124       129     (3.9 %)
Non-Interest Expense     (863 )     (805 )   7.2 %
Pretax Preprovision Income     1,143       1,181     (3.2 %)
                       
Gains on Sale of Securities and Other Assets     86       12     N/M  
Loan Loss Provision     -       -     N/M  
Pretax Income     1,229       1,193     3.0 %
Income Tax     (263 )     (271 )   (3.0 %)
Net Income   $ 966     $ 922     4.8 %
Diluted Weighted Average Shares     1,129       1,132        
Earnings Per Share     .86       .81     6.2 %
                   
                   
Actual for 6 months                  
                   
(in 000's)   6 Months     6 Months        
    06/30/2016     06/30/2015     %  
                       
Net Interest Income   $ 3,800     $ 3,620     5.0 %
Non-Interest Income     269       259     3.9 %
Non-Interest Expense     (1,750 )     (1,619 )   8.1 %
Pretax Preprovision Income     2,319       2,260     2.6 %
                       
Gains on Sale of Securities and Other Assets     134       12     N/M  
Gains on Sale of Foreclosed Assets     0       70     N/M  
Loan Loss Provision     0       0     N/M  
Pretax Income     2,453       2,342     4.7 %
Income Tax     (535 )     (535 )      
Net Income   $ 1,918     $ 1,807     6.1 %
Diluted Weighted Average Shares     1,131       1,132        
Earnings Per Share     1.70       1.60     6.2 %
                       

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         Six Months Ending      
    June 30   %     June 30   %  
EARNINGS SUMMARY   2016   2015   Change     2016   2015   Change  
                                     
Interest income   $ 2,016   $ 1,953   3.2 %   $ 4,060   $ 3,814   6.4 %
Interest expense     134     96   39.6 %   $ 260   $ 194   34.0 %
Net Interest Income     1,882     1,857   1.3 %     3,800     3,620   5.0 %
                                     
Service charges on deposits     37     40   -7.5 %   $ 76   $ 82   -7.3 %
Other income     87     89   -2.2 %   $ 193   $ 177   9.0 %
Total Non Interest Income     124     129   -3.9 %     269     259   3.9 %
                                     
Salaries and benefits expense     520     454   14.5 %   $ 1,029   $ 883   16.5 %
Occupancy and equipment expense     76     65   16.9 %   $ 153   $ 126   21.4 %
Other expense     267     286   -6.6 %   $ 568   $ 610   -6.9 %
Total Non Interest Expense     863     805   7.2 %     1,750     1,619   8.1 %
                                     
Pretax pre-provision income     1,143     1,181   -3.2 %     2,319     2,260   2.6 %
                                     
Gain on sale of securities     67     12   N/M     $ 93   $ 12   N/M  
Gain on sale of foreclosed assets     0     0   N/M     $ 0   $ 70   N/M  
Gain on sale of other assets     19     0   N/M     $ 41   $ 0   N/M  
                                     
Provision for Loan Losses     0     0   N/M       0     0   N/M  
                                     
Earnings before income taxes     1,229     1,193   3.0 %     2,453     2,342   4.7 %
Provision for income taxes     263     271   -3.0 %   $ 535   $ 535   0.0 %
Net Earnings   $ 966   $ 922   4.8 %   $ 1,918   $ 1,807   6.1 %
                                     
Basic earnings per share     0.86     0.82   4.9 %     1.71     1.61   6.2 %
Basic weighted average shares     1,118     1,121           1,120     1,121      
outstanding                                    
                                     
Diluted earnings per share     0.86     0.81   6.2 %     1.70     1.60   6.2 %
Diluted weighted average shares outstanding     1,129     1,132           1,131     1,132      
                                     
                                     
                                     
    Average for Quarter         Average for Six Months      
    June 30   %     June 30   %  
BALANCE SHEET SUMMARY   2016   2015   Change     2016   2015   Change  
                                     
Total loans   $ 118,028   $ 116,614   1.2 %   $ 120,049   $ 113,866   5.4 %
Total short term investments     16,766     11,618   44.3 %     16,742     16,226   3.2 %
Total investment securities     80,062     72,378   10.6 %     78,055     71,584   9.0 %
                                     
Earning assets     214,856     200,610   7.1 %     214,846     201,676   6.5 %
                                     
Total assets     219,895     205,394   7.1 %     220,078     206,442   6.6 %
                                     
Noninterest bearing deposits     58,456     58,601   -0.2 %     62,967     58,451   7.7 %
Interest bearing deposits     130,204     119,895   8.6 %     126,368     121,371   4.1 %
                                     
Total deposits     188,660     178,496   5.7 %     189,335     179,822   5.3 %
                                     
Fed Funds Purchased and Repurchase Agreements     358     429   -16.6 %     357     429   -16.8 %
                                     
Shareholders' equity   $ 29,460   $ 25,638   14.9 %   $ 29,109   $ 25,422   14.5 %
                                     
                                     
 
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
                     
                     
    Average for Quarter Ending
    June 30,   March 31,   Dec 31,   Sept. 30,   June 30,
BALANCE SHEET SUMMARY   2016   2016   2015   2015   2015
                               
Total loans   $ 118,028   $ 122,069   $ 124,316   $ 119,107   $ 116,614
Total short term investments     16,766     16,414     16,894     13,055     11,618
Total investment securities     80,062     76,418     71,663     70,557     72,378
                               
Earning assets     214,856     214,901     212,873     202,719     200,610
                               
Total assets     219,895     220,262     217,961     207,560     205,394
                               
Noninterest bearing deposits     58,456     63,433     67,719     60,995     57,617
Interest bearing deposits     130,204     126,587     120,853     118,640     120,879
                               
Total deposits     188,660     190,020     188,572     179,635     178,496
                               
Fed Funds Purchased and Repurchase Agreements     358     355     361     429     429
                               
Shareholders' equity   $ 29,460   $ 28,758   $ 27,733   $ 26,653   $ 25,638
                               
                               
    Quarter Ended
    June 30,   March 31,   Dec 31,   Sept. 30,   June 30,
HISTORICAL EARNINGS SUMMARY   2016   2016   2015   2015   2015
                               
Interest income   $ 2,016   $ 2,043   $ 2,070   $ 2,007   $ 1,953
Interest expense     134     126     107     97     96
Net Interest Income     1,882     1,917     1,963     1,910     1,857
                               
Service charges on deposits     37     39     50     48     46
Other income     87     104     87     82     83
Total Non Interest Income     124     143     137     130     129
                               
Salaries and benefits expense     520     509     627     514     454
Occupancy and equipment expense     76     78     68     69     65
Other expense     267     298     149     256     286
Total Non Interest Expense     863     885     844     839     805
                               
Pretax pre-provision income     1,143     1,175     1,256     1,201     1,181
                               
Gain on sale of securities     67     27     18     31     12
Gain on sale of foreclosed assets     0     0     0     0     0
Gain on sale of other assets     19     22     21     0     0
                               
Provision for Loan Losses     0     0     76     0     0
                               
Earnings before income taxes     1,229     1,224     1,219     1,232     1,193
Provision for income taxes     263     272     242     283     271
                               
Net Earnings   $ 966   $ 952   $ 977   $ 949   $ 922
                               
Diluted earnings per share   $ 0.86   $ 0.84   $ 0.86   $ 0.84   $ 0.81
                               
                               
   
TRINITY BANK N.A.  
(Unaudited)  
(Dollars in thousands, except per share data)  
                               
                               
                               
    Ending Balance  
    June 30,     March 31,     Dec 31,     Sept. 30,     June 30,  
HISTORICAL BALANCE SHEET   2016     2016     2015     2015     2015  
                                         
Total loans   $ 117,616     $ 120,214     $ 127,871     $ 118,146     $ 120,706  
Total short term investments     13,269       21,082       20,095       18,533       8,158  
Total investment securities     79,974       78,737       72,616       70,542       70,523  
                                         
Total earning assets     210,859       220,033       220,582       207,221       199,387  
                                         
Allowance for loan losses     (1,633 )     (1,624 )     (1,613 )     (1,528 )     (1,518 )
Premises and equipment     1,425       1,444       1,397       1,304       1,286  
Other Assets     5,353       5,189       8,008       5,381       4,700  
                                         
Total assets     216,004       225,042       228,374       212,378       203,855  
                                         
Noninterest bearing deposits     59,753       63,151       73,078       60,749       59,449  
Interest bearing deposits     124,839       130,828       125,772       122,491       117,515  
                                         
Total deposits     184,592       193,979       198,850       183,240       176,964  
                                         
Fed Funds Purchased and Repurchase Agreements     361       355       355       429       429  
Other Liabilities     1,235       1,842       1,095       1,582       604  
                                         
Total liabilities     186,188       196,176       200,300       185,251       177,997  
                                         
Shareholders' Equity Actual     28,097       27,180       26,755       25,818       25,408  
Unrealized Gain - AFS     1,719       1,686       1,319       1,309       450  
Total Equity   $ 29,816     $ 28,866     $ 28,074     $ 27,127     $ 25,858  
                                         
                                         
    Quarter Ending  
    June 30,     March 31,     Dec 31,     Sept. 30,     June 30,  
NONPERFORMING ASSETS   2016     2016     2015     2015     2015  
                                         
Nonaccrual loans   $ 1,349     $ 1,383     $ 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   $ 1,349     $ 1,383     $ 0     $ 0     $ 0  
                                         
Accruing loans past due 30-89 days   $ 0     $ 0     $ 0     $ 0     $ 0  
                                         
Total nonperforming assets as a percentage of loans and foreclosed assets     1.15 %     1.15 %     0.00 %     0.00 %     0.00 %
                                         
                                         
   
TRINITY BANK N.A.  
(Unaudited)  
(Dollars in thousands, except per share data)  
                               
                               
                               
    Quarter Ending  
ALLOWANCE FOR   June 30,     March 31,     Dec 31,     Sept. 30,     June 30,  
LOAN LOSSES   2016     2016     2015     2015     2015  
                                         
Balance at beginning of period   $ 1,624     $ 1,613     $ 1,528     $ 1,518     $ 1,477  
Loans charged off     0       0       0       0       0  
Loan recoveries     9       11       9       10       41  
Net (charge-offs) recoveries     9       11       9       10       41  
Provision for loan losses     0       0       76       0       0  
Balance at end of period   $ 1,633     $ 1,624     $ 1,613     $ 1,528     $ 1,518  
                                         
Allowance for loan losses as a percentage of total loans     1.39 %     1.35 %     1.26 %     1.29 %     1.26 %
Allowance for loan losses as a percentage of nonperforming assets     121 %     117 %     N/A       N/A       N/A  
Net charge-offs (recoveries) as a percentage of average loans     -0.01 %     -0.01 %     -0.01 %     -0.01 %     -0.04 %
Provision for loan losses as a percentage of average loans     N/A       N/A       0.06 %     N/A       N/A  
                                         
                                         
                                         
    Quarter Ending  
    June 30,     March 31,     Dec 31,     Sept. 30,     June 30,  
SELECTED RATIOS   2016     2016     2015     2015     2015  
                                         
Return on average assets (annualized)     1.76 %     1.73 %     1.79 %     1.83 %     1.80 %
                                         
Return on average equity (annualized)     13.12 %     13.19 %     14.09 %     14.24 %     14.38 %
                                         
Return on average equity (excluding unrealized gain on investments)     13.97 %     14.01 %     14.84 %     14.68 %     14.77 %
                                         
Average shareholders' equity to average assets     13.40 %     13.06 %     12.72 %     12.84 %     12.48 %
                                         
Yield on earning assets (tax equivalent)     4.16 %     4.32 %     4.23 %     4.34 %     4.28 %
                                         
Effective Cost of Funds     0.24 %     0.24 %     0.20 %     0.19 %     0.19 %
                                         
Net interest margin (tax equivalent)     3.92 %     4.08 %     4.03 %     4.15 %     4.09 %
                                         
Efficiency ratio (tax equivalent)     38.8 %     38.4 %     36.2 %     37.0 %     36.8 %
                                         
End of period book value per common share   $ 26.67     $ 25.77     $ 25.07     $ 24.18     $ 23.07  
                                         
End of period book value (excluding unrealized gain on investments)   $ 25.13     $ 24.27     $ 23.89     $ 23.01     $ 22.67  
                                         
End of period common shares outstanding (in 000's)     1,118       1,120       1,120       1,122       1,121  
                                         
                                         
   
TRINITY BANK N.A.  
(Unaudited)  
(Dollars in thousands, except per share data)  
   
   
    Quarter Ending  
    June 30, 2016     June 30, 2015  
YIELD ANALYSIS   Average Balance   Interest   Yield   Tax Equivalent Yield     Average Balance   Interest   Yield   Tax Equivalent Yield  
                                         
Interest Earning Assets:                                        
Short term investment   $ 16,394   32   0.78 % 0.78 %   $ 11,618   17   0.59 % 0.59 %
Investment securities     372   6   6.00 % 6.00 %     370   6   6.00 % 6.00 %
Tax Free securities     80,062   501   2.50 % 3.61 %     72,008   443   2.46 % 3.55 %
Loans     118,028   1,477   5.01 % 5.01 %     116,614   1,487   5.10 % 5.10 %
                                         
Total Interest Earning Assets     214,856   2,016   3.75 % 4.16 %     200,610   1,953   3.89 % 4.28 %
                                         
Noninterest Earning Assets:                                        
Cash and due from banks     3,822                   3,445              
Other assets     2,845                   2,819              
Allowance for loan losses     (1,628 )                 (1,480 )            
                                         
Total Noninterest Earning Assets     5,039                   4,784              
                                         
Total Assets   $ 219,895                 $ 205,394              
                                         
Interest Bearing Liabilities:                                        
Transaction and Money Market accounts     105,624   87   0.33 % 0.33 %     98,955   66   0.27 % 0.27 %
Certificates and other time deposits     24,580   47   0.76 % 0.76 %     21,924   30   0.55 % 0.55 %
Other borrowings     358   0   0.30 % 0.30 %     429   0   0.25 % 0.25 %
                                         
Total Interest Bearing Liabilities     130,562   134   0.41 % 0.41 %     121,308   96   0.32 % 0.32 %
                                         
Noninterest Bearing Liabilities                                        
Demand deposits     58,456                   57,617              
Other liabilities     1,417                   831              
Shareholders' Equity     29,460                   25,638              
                                         
Total Liabilities and Shareholders Equity   $ 219,895                 $ 205,394              
                                         
Net Interest Income and Spread         1,882   3.34 % 3.75 %         1,857   3.58 % 3.97 %
                                         
Net Interest Margin             3.50 % 3.92 %             3.70 % 4.09 %
                                         
                                         
   
TRINITY BANK N.A.  
(Unaudited)  
(Dollars in thousands, except per share data)  
                         
                         
    June 30           June 30        
    2016     %     2015     %  
LOAN PORTFOLIO                            
                             
Commercial and industrial   $ 61,818     52.56 %   $ 64,360     53.32 %
Real estate:                            
  Commercial     22,880     19.45 %     22,427     18.58 %
  Residential     19,278     16.39 %     19,936     16.52 %
  Construction and development     12,105     10.29 %     12,737     10.55 %
Consumer     1,535     1.31 %     1,246     1.03 %
                             
Total loans (gross)     117,616     100.00 %     120,706     100.00 %
                             
Unearned discounts     0     0.00 %     0     0.00 %
                             
Total loans (net)   $ 117,616     100.00 %   $ 120,706     100.00 %
                             
                         
    June 30           June 30        
    2016           2015        
REGULATORY CAPITAL DATA                            
Tier 1 Capital   $ 28,098           $ 25,413        
Total Capital (Tier 1 + Tier 2)   $ 29,731           $ 26,931        
Total Risk-Adjusted Assets   $ 133,311           $ 131,732        
Tier 1 Risk-Based Capital Ratio     21.08 %           19.29 %      
Total Risk-Based Capital Ratio     22.03 %           20.44 %      
Tier 1 Leverage Ratio     12.78 %           12.37 %      
                             
OTHER DATA                            
Full Time Equivalent                            
Employees (FTE's)     16             16        
                             
Stock Price Range                            
(For the Three Months Ended):                            
  High   $ 50.00           $ 70.00        
  Low   $ 45.06           $ 47.00        
  Close   $ 49.50           $ 61.00        
                             

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

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