Trinity Bank Reports 2013 First Quarter Net Income up 10.1%

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News Desk 2018

Apr 28, 2013 at 10:15 PM

FORT WORTH, TX--(Marketwired - Apr 26, 2013) - Trinity Bank N.A. ( OTCBB : TYBT ) today announced operating results for the three months ending March 31, 2013.

Results of Operations

Trinity Bank, N.A. reported Net Income After Taxes of $684,000, or $.60 per diluted common share for the first quarter of 2013, compared to $621,000 or $.55 per diluted common share for the first quarter of 2012, an increase of 9.1%.

President Jeffrey M. Harp stated, "Net Income increased 10.1%. That's the good news. The bad news is that too much of the increase came from one-time items instead of core earnings. Continued economic uncertainty and the Federal Reserve induced low interest rate environment are difficult challenges to overcome. In spite of these factors, Trinity Bank produced a Return on Assets of 1.48% and a Return on Equity of 13.70% for the first quarter of 2013. Both measures continue to compare very favorably to local, state and national peer groups."

"As previously announced, Trinity will distribute its third cash dividend ($.25 per share) to shareholders on April 30, 2013."


Average for Quarter Ending	03/31/2013			03/31/2012			%
(in 000's)

Loans	$	88,373		$	81,136		8.9	%
Deposits	$	163,074		$	143,067		14.0	%



Actual for Quarter Ending		03/31/2013			03/31/2012		%
(in 000's)

Net Interest Income	$	1,431		$	1,353		5.8	%
Non-Interest Income		108			96		12.5	%
Non-Interest Expense		(708	)		(642	)	10.3	%
Pretax Preprovision Income	$	831		$	807		3.0	%

Gain on Sale of Securities and Foreclosed Assets	$	278		$	17		N/M
Loan Loss Provision		(172	)		-		N/M
Pre Tax Income		937			824		13.7	%
Income Tax		(253	)	$	(203	)	24.6	%
Net Income	$	684		$	621		10.1	%

Diluted Weighted Average Shares		1,141			1,119		1.9	%

Earnings per Share	$	0.60		$	0.55		9.1	%

Return on Assets		1.48	%		1.52	%
Return on Equity		13.70	%		13.56	%

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
		March 31				%
EARNINGS SUMMARY		2013		2012		Change

Interest income			1,537		1,514	1.5	%
Interest expense			106		161	-34.2	%
Net Interest Income			1,431		1,353	5.8	%

Service charges on deposits			39		37	5.4	%
Other income			69		59	16.9	%
Total Non Interest Income			108		96	12.5	%

Salaries and benefits expense			373		331	12.7	%
Occupancy and equipment expense			81		74	9.5	%
Other expense			254		237	7.2	%
Total Non Interest Expense			708		642	10.3	%

Pretax pre-provision income			831		807	3.0	%

Gain on sale of securities			226		17	N/M
Gain on sale of foreclosed assets			52		0	N/M

Provision for Loan Losses			172		0	N/M

Earnings before income taxes			937		824	13.7	%
Provision for income taxes			253		203	24.6	%
Net Earnings			684		621	10.1	%

Basic earnings per share			0.61		0.59	3.4	%
Basic weighted average shares			1,130		1,056
	outstanding

Diluted earnings per share			0.60		0.55	9.1	%
Diluted weighted average shares outstanding			1,141		1,119



			Average for Quarter
			Ending March 31			%
BALANCE SHEET SUMMARY			2013		2012	Change

Total loans		$	88,373	$	81,136	8.9	%
Total short term investments			25,315		18,495	36.9	%
Total investment securities			64,969		57,451	13.1	%

Earning assets			178,657		157,082	13.7	%

Total assets			185,352		163,755	13.2	%

Noninterest bearing deposits			36,699		29,804	23.1	%
Interest bearing deposits			126,375		113,263	11.6	%

Total deposits			163,074		143,067	14.0	%

Fed Funds Purchased and Repurchase Agreements			545		450	21.1	%

Shareholders' equity			20,988		19,416	8.1	%




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


	Average for Quarter Ending
	March 31,		Dec 31,		Sept. 30,		June 30,		March 31,
BALANCE SHEET SUMMARY	2013		2012		2012		2012		2012

Total loans	$	88,373	$	85,853	$	83,792	$	83,133	$	81,136
Total short term investments		25,315		25,057		27,327		16,955		18,495
Total investment securities		64,969		59,626		58,929		58,031		57,451

Earning assets		178,657		170,536		170,048		158,119		157,082

Total assets		185,352		177,855		176,847		164,933		163,755

Noninterest bearing deposits		36,699		38,481		35,755		31,337		29,804
Interest bearing deposits		126,375		116,937		119,186		112,538		113,263

Total deposits		163,074		155,418		154,941		143,875		143,067

Fed Funds Purchased and Repurchase Agreements		545		451		395		251		450

Shareholders' equity		20,988		20,529		20,621		19,962		19,416


	Quarter Ended
HISTORICAL EARNINGS SUMMARY	March 31, 2013		Dec 31, 2012		Sept. 30, 2012		June 30, 2012		March 31, 2012


Interest income		1,537		1,542		1,526		1,554		1,514
Interest expense		106		110		134		151		161
Net Interest Income		1,431		1,432		1,392		1,403		1,353

Service charges on deposits		39		41		37		28		37
Other income		69		64		56		72		59
Total Non Interest Income		108		105		93		100		96

Salaries and benefits expense		373		512		342		309		331
Occupancy and equipment expense		81		84		74		76		74
Other expense		254		122		190		252		237
Total Non Interest Expense		708		718		606		637		642

Pretax pre-provision income		831		819		879		866		807

Gain on sale of securities		226		116		153		0		17
Gain on sale of foreclosed assets		52		0		0		0		0

Provision for Loan Losses		172		45		150		0		0

Earnings before income taxes		937		890		882		866		824
Provision for income taxes		253		225		231		222		203
Net Earnings		684		665		651		644		621




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



	Ending Balance
HISTORICAL BALANCE SHEET	March 31, 2013			Dec 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012

Total loans	$	87,926		$	93,523		$	84,625		$	83,510		$	84,808
Total short term investments		32,274			34,511			30,196			16,923			18,681
Total investment securities		62,908			65,031			58,166			61,625			56,640

Total earning assets		183,108			193,065			172,987			162,058			160,129

Allowance for loan losses		(1,245	)		(1,073	)		(1,026	)		(1,371	)		(1,371	)
Premises and equipment		1,250			1,287			1,322			1,340			1,368
Other Assets		6,002			6,474			6,040			6,469			6,706

Total assets		189,115			199,753			179,323			168,496			166,832

Noninterest bearing deposits		38,673			49,403			36,826			33,721			32,239
Interest bearing deposits		128,345			128,491			120,298			113,377			114,268

Total deposits		167,018			177,894			157,124			147,098			146,507

Fed Funds Purchased and Repurchase Agreements		228			559			409			294			203
Other Liabilities		965			725			910			809			898

Total liabilities		168,211			179,178			158,443			148,201			147,608

Shareholders' Equity Actual		19,996			19,546			19,775			19,244			18,368
Unrealized Gain - AFS		908			1,029			1,105			1,051			856
Total Equity		20,904			20,575			20,880			20,295			19,224


	Quarter Ending
NONPERFORMING ASSETS	March 31, 2013			Dec 31, 2012			Sept. 30, 2012			June 30, 2012			March 31, 2012

Nonaccrual loans	$	0		$	0		$	0		$	528		$	221
Restructured loans	$	0		$	0		$	0		$	0		$	0
Other real estate & foreclosed assets	$	0		$	35		$	72		$	0		$	0
Accruing loans past due 90 days or more	$	0		$	0		$	0		$	0		$	0
Total nonperforming assets	$	0		$	35		$	72		$	528		$	221

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	%		0.04	%		0.09	%		0.63	%		0.26	%




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



		Quarter Ending
ALLOWANCE FOR		March 31,			Dec 31,			Sept. 30,			June 30,			March 31,
LOAN LOSSES		2013			2012			2012			2012			2012

Balance at beginning of period		$	1,073		$	1,026		$	1,371		$	1,371		$	1,371
Loans charged off			0			0			(499	)		0			0
Loan recoveries			0			2			4			0			0
	Net (charge-offs) recoveries		0			2			(495	)		0			0
Provision for loan losses			172			45			150			0			0
Balance at end of period		$	1,245		$	1,073		$	1,026		$	1,371		$	1,371

Allowance for loan losses as a percentage of total loans			1.42	%		1.15	%		1.21	%		1.62	%		1.62	%
Allowance for loan losses as a percentage of nonperforming loans			N/A			3066	%		1425	%		1904	%		620	%
Net charge-offs (recoveries) as a percentage of average loans			N/A			0.00	%		0.59	%		N/A			N/A
Provision for loan losses as a percentage of average loans			0.19	%		0.05	%		0.18	%		N/A			N/A
Provision for loan losses as a percentage of average loans			0.19	%		0.05	%		0.18	%		N/A			N/A



			Quarter Ending
			March 31,			Dec 31,			Sept. 30,			June 30,			March 31,
SELECTED RATIOS			2013			2012			2012			2012			2012

Return on average assets (annualized)			1.48	%		1.50	%		1.47	%		1.56	%		1.52	%

Return on average equity (annualized)			13.04	%		12.96	%		12.63	%		12.90	%		12.79	%

Return on average equity (excluding unrealized gain on investments)			13.70	%		13.79	%		13.35	%		13.61	%		13.56	%

Average shareholders' equity to average assets			11.32	%		11.54	%		11.66	%		12.10	%		11.86	%

Yield on earning assets (tax equivalent)			3.65	%		3.84	%		3.82	%		4.19	%		4.14	%

Cost of interest bearing funds			0.33	%		0.37	%		0.45	%		0.54	%		0.57	%

Net interest margin (tax equivalent)			3.41	%		3.58	%		3.50	%		3.81	%		3.73	%

Efficiency ratio (tax equivalent)			42.04			43.97			38.20			39.59			40.71

End of period book value per common share			18.47			18.26			19.23			18.79			18.20

End of period book value (excluding unrealized gain on investments)			17.66			17.34			18.21			17.82			17.39

End of period common shares outstanding			1,132			1,127			1,086			1,080			1,056




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


	3 Months Ending
	March 31, 2013					March 31, 2012

					Tax					Tax
	Average				Equivalent	Average				Equivalent
YIELD ANALYSIS	Balance		Interest	Yield	Yield	Balance		Interest	Yield	Yield

Interest Earning Assets:
Short term investment		25,315	28	0.44%	0.44%		18,495	23	0.50%	0.50%
Investment securities		23,059	191	3.31%	3.31%		16,116	175	4.34%	4.34%
Tax Free securities		41,910	211	2.01%	2.90%		41,335	252	2.44%	3.51%
Loans		88,373	1,107	5.01%	5.01%		81,136	1,064	5.25%	5.25%

Total Interest Earning Assets		178,657	1,537	3.44%	3.65%		157,082	1,514	3.86%	4.14%

Noninterest Earning Assets:
Cash and due from banks		3,644					3,439
Other assets		4,222					4,605
Allowance for loan losses		(1,171)					(1,371)

Total Noninterest Earning Assets		6,695					6,673

Total Assets	$	185,352				$	163,755

Interest Bearing Liabilities:
Transaction and Money Market accounts		101,715	72	0.28%	0.28%		84,343	108	0.51%	0.51%
Certificates and other time deposits		24,660	34	0.55%	0.55%		28,920	52	0.72%	0.72%
Other borrowings		545	0	0.22%	0.22%		450	1	0.89%	0.89%

Total Interest Bearing Liabilities		126,920	106	0.33%	0.33%		113,713	161	0.57%	0.57%

Noninterest Bearing Liabilities
Demand deposits		36,699					29,804
Other liabilities		745					822
Shareholders' Equity		20,988					19,416

Total Liabilities and Shareholders Equity	$	185,352				$	163,755

Net Interest Income and Spread			1,431	3.11%	3.32%			1,353	3.29%	3.57%

Net Interest Margin				3.20%	3.41%				3.44%	3.73%



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


		March 31					March 31
		2013			%		2012			%
LOAN PORTFOLIO

Commercial and industrial			47,803		54.37	%		42,633		50.27	%
Real estate:
	Commercial		15,239		17.33	%		15,786		18.61	%
	Residential		13,686		15.57	%		16,584		19.55	%
	Construction and development		8,875		10.09	%		7,712		9.09	%
Consumer			2,323		2.64	%		2,093		2.47	%

Total loans (gross)			87,926		100.00	%		84,808		100.00	%

Unearned discounts			0		0.00	%		0		0.00	%

Total loans (net)			87,926		100.00	%		84,808		100.00	%


			March 31					March 31
			2013					2012
REGULATORY CAPITAL DATA
Tier 1 Capital		$	19,996				$	18,369
Total Capital (Tier 1 + Tier 2)		$	21,241				$	19,722
Total Risk-Adjusted Assets		$	118,815				$	108,247
Tier 1 Risk-Based Capital Ratio			16.83	%				16.92	%
Total Risk-Based Capital Ratio			17.88	%				18.22	%
Tier 1 Leverage Ratio			10.80	%				11.24	%

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

Stock Price Range
(For the Three Months Ended):
	High	$	36.00				$	27.25
	Low	$	33.00				$	25.50
	Close	$	36.00				$	27.25