Trinity Bank Reports 2023 3rd Quarter Net Income of $1,968,000

3RD QUARTER RETURN ON ASSETS 1.72%

3RD QUARTER RETURN ON EQUITY 15.29%

FORT WORTH, TX / ACCESSWIRE / October 30, 2023 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the third quarter and the nine months ending September 30, 2023.

Results of Operation

For the third quarter 2023, Trinity Bank, N.A. reported Net Income after Taxes of $1,968,000, an increase of 5.5% over third quarter 2022 earnings of $1,866,000. Earnings per diluted common share for the third quarter 2023 amounted to $1.73, an increase of 5.5% over third quarter 2022 results of $1.64 per diluted common share.

For the first nine months of 2023, Net Income after Taxes was $5,879,000, an increase of 14.0% over the first nine months of 2022 results of $5,156,000. Earnings per diluted common share for the first nine months of 2023 were $5.17, an increase of 14.1% over the first nine months of 2022 results of $4.53 per diluted common share.

CEO Matt R. Opitz stated, "We are pleased with the results of the third quarter. In spite of the rapid increase in interest expense this year, Trinity has managed to generate an increase in Net Income for the quarter and year-to-date. We remain encouraged by the level of economic activity in our market which led to an increase in customer deposits and new loan opportunities during the quarter. With strong liquidity and capital levels, Trinity Bank continues to grow and support our customers."

"We are seeing an increase in banks in our market that are struggling to maintain the liquidity levels needed to serve their loan customers. This has resulted in increased opportunities to add quality, new relationships at favorable terms."

"We remain focused on prudent and effective management of our balance sheet, interest rate risk and credit quality. Trinity Bank was built for times like these and is ready for what lies ahead."

Page 3 - Trinity Bank third quarter 2023 earnings

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.

###

For information contact:

Richard Burt
Executive Vice President
Trinity Bank
817-763-9966

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 Nine Months Ending
September 30 % September 30 %
EARNINGS SUMMARY
2023 2022 Change 2023 2022 Change
Interest income
$ 6,258 $ 4,588 36.4 % $ 17,240 $ 11,951 44.3 %
Interest expense
2,370 607 290.4 % 5,874 1,021 475.3 %
Net Interest Income
3,888 3,981 -2.3 % 11,366 10,930 4.0 %
Service charges on deposits
69 58 19.0 % 192 182 5.5 %
Other income
114 114 0.0 % 352 342 2.9 %
Total Non Interest Income
183 172 6.4 % 544 524 3.8 %
Salaries and benefits expense
1,171 1,290 -9.2 % 3,385 3,385 0.0 %
Occupancy and equipment expense
118 163 -27.6 % 345 383 -9.9 %
Other expense
500 495 1.0 % 1,374 1,631 -15.8 %
Total Non Interest Expense
1,789 1,948 -8.2 % 5,104 5,399 -5.5 %
Pretax pre-provision income
2,282 2,205 3.5 % 6,806 6,055 12.4 %
Gain on sale of securities
(1) (19) N/M (4) (19) N/M
Provision for Loan Losses
0 0 N/M 0 0 N/M
Earnings before income taxes
2,281 2,186 4.3 % 6,802 6,036 12.7 %
Provision for income taxes
313 320 -2.2 % 923 880 4.9 %
Net Earnings
$ 1,968 $ 1,866 5.5 % $ 5,879 $ 5,156 14.0 %
Basic earnings per share
1.80 1.71 5.5 % 5.40 4.72 14.3 %
Basic weighted average shares
1,088 1,094 1,089 1,092
outstanding
Diluted earnings per share - estimate
1.73 1.64 5.5 % 5.17 4.53 14.1 %
Diluted weighted average shares outstanding
1,137 1,140 1,138 1,138
Average for Quarter Average for Nine Months
September 30 % September 30 %
BALANCE SHEET SUMMARY
2023 2022 Change 2023 2022 Change
Total loans
$ 294,238 $ 266,041 10.6 % $ 283,465 $ 255,376 11.0 %
Total short term investments
22,128 50,091 -55.8 % 20,314 36,569 -44.5 %
Total investment securities
133,687 143,746 -7.0 % 134,782 142,937 -5.7 %
Earning assets
450,053 459,878 -2.1 % 438,561 434,882 0.8 %
Total assets
458,461 467,859 -2.0 % 446,613 442,387 1.0 %
Noninterest bearing deposits
137,385 177,293 -22.5 % 141,614 165,891 -14.6 %
Interest bearing deposits
271,946 246,907 10.1 % 257,406 232,636 10.6 %
Total deposits
409,331 424,200 -3.5 % 399,020 398,527 0.1 %
Fed Funds Purchased and Repurchase Agreements
1,076 0 N/M 381 0 N/M
Shareholders' equity
$ 51,234 $ 46,676 9.8 % $ 50,110 $ 45,217 10.8 %

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

Average for Quarter Ending
Sept. 30, June 30, March 31, Dec 31, Sept. 30,
BALANCE SHEET SUMMARY
2023 2023 2023 2022 2022
Total loans
$ 294,238 $ 283,827 $ 272,089 $ 268,908 $ 266,041
Total short term investments
22,128 16,087 22,733 39,334 50,091
Total investment securities
133,687 134,403 136,288 138,049 144,170
Earning assets
450,053 434,317 431,110 446,291 460,302
Total assets
458,461 441,447 439,725 455,683 467,859
Noninterest bearing deposits
137,385 140,734 146,909 167,630 177,293
Interest bearing deposits
271,946 253,624 246,285 246,989 246,907
Total deposits
409,331 394,358 393,194 414,618 424,200
Fed Funds Purchased and Repurchase Agreements
1,076 55 0 0 0
Shareholders' equity
$ 51,234 $ 49,444 $ 48,537 $ 47,713 $ 46,676
Quarter Ended
Sept. 30, June 30, March 31, Dec 31, Sept. 30,
HISTORICAL EARNINGS SUMMARY
2023 2023 2023 2022 2022
Interest income
$ 6,258 $ 5,719 $ 5,264 $ 5,173 $ 4,588
Interest expense
2,370 1,934 1,572 1,022 607
Net Interest Income
3,888 3,785 3,692 4,151 3,981
Service charges on deposits
69 64 61 59 58
Other income
114 120 115 113 114
Total Non Interest Income
183 184 176 172 172
Salaries and benefits expense
1,171 1,146 1,068 1,141 1,290
Occupancy and equipment expense
118 116 108 106 163
Other expense
500 441 433 399 495
Total Non Interest Expense
1,789 1,703 1,609 1,646 1,948
Pretax pre-provision income
2,282 2,266 2,259 2,677 2,205
Gain on sale of securities
(1) (3) (1) (164) (19)
Provision for Loan Losses
0 0 0 0 0
Earnings before income taxes
2,281 2,263 2,258 2,513 2,186
Provision for income taxes
313 290 320 400 320
Net Earnings
$ 1,968 $ 1,973 $ 1,938 $ 2,113 $ 1,866
Diluted earnings per share
$ 1.73 $ 1.73 $ 1.70 $ 1.86 $ 1.64

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

Ending Balance
Sept. 30, June 30, March 31, Dec 31, Sept. 30,
HISTORICAL BALANCE SHEET
2023 2023 2023 2022 2022
Total loans
$ 298,506 $ 292,591 $ 270,530 $ 281,857 $ 265,811
Total short term investments
26,168 18,313 37,656 19,893 58,084
Total investment securities
127,035 130,603 136,407 134,628 136,114
Total earning assets
451,709 441,507 444,593 436,378 460,009
Allowance for loan losses
(5,222) (5,344) (5,344) (4,323) (4,314)
Premises and equipment
2,389 2,378 2,337 2,196 1,976
Other Assets
10,137 10,044 9,381 11,030 11,957
Total assets
459,013 448,585 450,967 445,281 469,628
Noninterest bearing deposits
135,016 141,613 151,010 159,568 181,436
Interest bearing deposits
279,319 259,401 252,164 240,883 248,475
Total deposits
414,335 401,014 403,174 400,451 429,911
Fed Funds Purchased and Repurchase Agreements
0 0 0 0 0
Other Liabilities
3,164 2,239 2,936 1,779 2,794
Total liabilities
417,499 403,253 406,110 402,230 432,705
Shareholders' Equity Actual
51,470 50,427 48,537 48,871 46,712
Unrealized Gain/Loss - AFS
(9,956) (5,096) (3,680) (5,820) (9,789)
Total Equity
$ 41,514 $ 45,331 $ 44,857 $ 43,051 $ 36,923
Quarter Ending
Sept. 30, June 30, March 31, Dec 31, Sept. 30,
NONPERFORMING ASSETS
2023 2023 2023 2022 2022
Nonaccrual loans
$ 115 $ 143 $ 159 $ 171 $ 195
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
$ 115 $ 143 $ 159 $ 171 $ 195
Accruing loans past due 30-89 days
$ 2 $ 2 $ 407 $ 3 $ 0
Total nonperforming assets as a percentage
of loans and foreclosed assets
0.04 % 0.05 % 0.06 % 0.06 % 0.07

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

Quarter Ending
ALLOWANCE FOR
Sept. 30, June 30, March 31, Dec 31, Sept. 30,
LOAN LOSSES
2023 2023 2023 2022 2022
Balance at beginning of period
$ 5,344 $ 5,344 $ 4,324 $ 4,314 $ 4,314
Loans charged off
(127) 0 0 0 0
Loan recoveries
5 0 0 10 0
Net (charge-offs) recoveries
(122) 0 0 10 0
Provision for loan losses (One time CECL adjustment)
0 0 1,020 0 0
Balance at end of period
$ 5,222 $ 5,344 $ 5,344 $ 4,324 $ 4,314
Allowance for loan losses
as a percentage of total loans
1.75 % 1.83 % 1.98 % 1.53 % 1.62 %
Allowance for loan losses
as a percentage of nonperforming assets
4541 % 3737 % 3361 % 2528 % 2212 %
Net charge-offs (recoveries) as a
percentage of average loans
0.04 % 0.00 % 0.00 % 0.00 % 0.00 %
Provision for loan losses
as a percentage of average loans
0.00 % 0.00 % 0.37 % 0.00 % 0.00 %
Quarter Ending
Sept. 30, June 30, March 31, Dec 31, Sept. 30,
SELECTED RATIOS
2023 2023 2023 2022 2022
Return on average assets (annualized)
1.72 % 1.79 % 1.76 % 1.85 % 1.60 %
Return on average equity (annualized)
17.69 % 17.74 % 17.68 % 17.71 % 17.68 %
Return on average equity (excluding unrealized gain on investments)
15.29 % 15.96 % 15.97 % 17.71 % 15.99 %
Average shareholders' equity to average assets
11.18 % 11.20 % 11.04 % 10.47 % 9.98 %
Yield on earning assets (tax equivalent)
5.76 % 5.47 % 5.09 % 4.84 % 4.17 %
Effective Cost of Funds
2.11 % 1.78 % 1.46 % 0.92 % 0.53 %
Net interest margin (tax equivalent)
3.66 % 3.69 % 3.63 % 3.92 % 3.64 %
Efficiency ratio (tax equivalent)
41.6 % 42.9 % 39.4 % 36.2 % 44.7 %
End of period book value per common share
$ 38.09 $ 41.59 $ 41.12 $ 39.42 $ 33.78
End of period book value (excluding unrealized gain/loss on investments)
$ 47.22 $ 46.26 $ 44.49 $ 44.75 $ 42.74
End of period common shares outstanding (in 000's)
1,090 1,090 1,091 1,092 1,093

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

Quarter Ending
September 30,2023 September 30, 2022
Tax Tax
Average Equivalent Average Equivalent
YIELD ANALYSIS
Balance Interest Yield Yield Balance Interest Yield Yield
Interest Earning Assets:
Short term investment
$ 22,128 301 5.44 % 5.44 % $ 50,091 297 2.37 % 2.37 %
FRB Stock
430 6 6.00 % 6.00 % 425 6 6.00 % 6.00 %
Taxable securities
2,337 31 5.31 % 5.31 % 0 0 0.00 % 0.00 %
Tax Free securities
130,920 847 2.59 % 3.28 % 143,746 781 2.17 % 2.75 %
Loans
294,238 5,073 6.90 % 6.90 % 266,041 3,504 5.27 % 5.27 %
Total Interest Earning Assets
450,053 6,258 5.56 % 5.76 % 460,303 4,588 3.99 % 4.17 %
Noninterest Earning Assets:
Cash and due from banks
6,197 5,446
Other assets
7,433 6,423
Allowance for loan losses
(5,222) (4,314)
Total Noninterest Earning Assets
8,408 7,555
Total Assets
$ 458,461 $ 467,858
Interest Bearing Liabilities:
Transaction and Money Market accounts
178,729 1,494 3.34 % 3.34 % 184,600 418 0.91 % 0.91 %
Certificates and other time deposits
93,217 861 3.69 % 3.69 % 38,057 105 1.10 % 1.10 %
Other borrowings
1,076 15 5.58 % 5.58 % 24,209 84 1.39 % 1.39 %
Total Interest Bearing Liabilities
273,022 2,370 3.47 % 3.47 % 246,866 607 0.98 % 0.98 %
Noninterest Bearing Liabilities:
Demand deposits
137,385 177,334
Other liabilities
2,703 1,733
Shareholders' Equity
45,351 41,925
Total Liabilities and Shareholders Equity
$ 458,461 $ 467,858
Net Interest Income and Spread
3,888 2.09 % 2.29 % 3,981 3.00 % 3.18 %
Net Interest Margin
3.46 % 3.66 % 3.46 % 3.64 %

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

September 30 September 30
2023 % 2022 %
LOAN PORTFOLIO
Commercial and industrial
$ 167,000 55.86 % $ 151,265 56.83 %
Real estate:
Commercial
84,197 28.16 % 74,212 27.88 %
Residential
21,044 7.04 % 18,006 6.76 %
Construction and development
26,470 8.85 % 22,211 8.34 %
Consumer
243 0.08 % 489 0.18 %
Total loans
298,954 100.00 % 266,183 100.00 %
September 30 September 30
2023 2022
REGULATORY CAPITAL DATA
Tier 1 Capital
$ 51,470 $ 46,711
Total Capital (Tier 1 + Tier 2)
$ 55,671 $ 50,426
Total Risk-Adjusted Assets
$ 334,784 $ 296,615
Tier 1 Risk-Based Capital Ratio
15.37 % 15.75 %
Total Risk-Based Capital Ratio
16.63 % 17.00 %
Tier 1 Leverage Ratio
11.23 % 9.98 %
OTHER DATA
Full Time Equivalent
Employees (FTE's)
27 25
Stock Price Range
(For the Three Months Ended):
High
$ 85.00 $ 90.00
Low
$ 84.00 $ 85.00
Close
$ 85.00 $ 87.00

SOURCE: Trinity Bank N.A.



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