Trinity Bank Reports First Quarter Earnings

First Quarter Earnings Up 5.9% to $1.80 Per Share
Return on Assets 1.65% And Return on Equity 15.04%

FORT WORTH, TX / ACCESSWIRE / April 29, 2024 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the three months ending March 31, 2024.

Results of Operations

Trinity Bank, N.A. reported Net Income after Taxes of $2,028,000 or $1.80 per diluted common share for the first quarter of 2024, compared to $1,938,000 or $1.70 per diluted common share for the first quarter of 2023, an increase of 5.9%.

"We are pleased with our 1st Quarter results, and the overall outlook for 2024. We have been blessed with steady loan production, contrary to others in the industry suffering from a lack of demand," stated President Barney Wiley. This a testament to our current customers and shareholders financial strength, and for this, we are thankful.

Although our results have remained solid, we are aware of the economic volatility in this election year. According to President Wiley," We remain focused on asset quality, liquidity, and following our core values and prudent underwriting practices."

"We are excited to announce technology upgrades to our website and on-line banking platform in the coming months which will further help our loyal customers. This rollout is a testament to our hardworking and dedicated employees, and our dedication to quality products and services."

Trinity announced its 25th consecutive increase in its semiannual dividend. The dividend was paid this last week to shareholders. The April 2024 of $ .88 per share represents an increase of 8.6% over the April 2023 dividend of $ .81 per share."

Trinity Bank, N.A. is a commercial bank that began operations May 28, 2003. For a full financial statement or for monthly updates on deposit rates and liquidity position 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
March 31 %
EARNINGS SUMMARY
2024 2023 Change
Interest income
$ 6,934 $ 5,264 31.7 %
Interest expense
2,832 1,572 80.2 %
Net Interest Income
4,102 3,692 11.1 %

Service charges on deposits
53 61 -13.1 %
Other income
121 115 5.2 %
Total Non Interest Income
174 176 -1.1 %

Salaries and benefits expense
1,223 1,068 14.5 %
Occupancy and equipment expense
122 108 13.0 %
Other expense
620 433 43.2 %
Total Non Interest Expense
1,965 1,609 22.1 %

Pretax pre-provision income
2,311 2,259 2.3 %

Gain on sale of Securities
0 (1 ) N/M
Gain on sale of Assets
17
Provision for Loan Losses
0 0 N/M

Earnings before income taxes
2,328 2,258 3.1 %
Provision for income taxes
300 320 -6.3 %

Net Earnings
$ 2,028 $ 1,938 4.6 %

Basic earnings per share
1.88 1.78 5.6 %
Basic weighted average shares
1,079 1,090
outstanding

Diluted earnings per share - estimate
1.80 1.70 5.9 %
Diluted weighted average shares outstanding
1,129 1,139



Average for Quarter
March 31
BALANCE SHEET SUMMARY 2024 2023 Change
Total loans
$ 302,296 $ 272,089 11.1 %
Total short term investments
37,649 22,733 65.6 %
Total investment securities
143,056 136,288 5.0 %

Earning assets
483,001 431,110 12.0 %

Total assets
490,262 439,725 11.5 %

Noninterest bearing deposits
127,766 146,896 -13.0 %
Interest bearing deposits
309,030 246,298 25.5 %

Total deposits
436,796 393,194 11.1 %

Fed Funds Purchased and Repurchase Agreements
0 0 N/M

Shareholders' equity
$ 53,923 $ 48,537 11.1 %

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
2024 2023 2023 2023 2023
Total loans
$ 302,296 $ 297,994 $ 294,238 $ 283,827 $ 272,089
Total short term investments
37,649 43,172 22,128 16,087 22,733
Total investment securities
143,056 132,516 133,687 134,403 136,288

Earning assets
483,001 473,682 450,053 434,317 431,110

Total assets
490,262 481,952 458,461 441,447 439,725

Noninterest bearing deposits
127,766 138,527 137,385 140,734 146,909
Interest bearing deposits
309,030 297,030 271,946 253,624 246,285

Total deposits
436,796 435,557 409,331 394,358 393,194

Fed Funds Purchased and Repurchase Agreements
0 261 1,076 55 0

Shareholders' equity
$ 53,923 $ 52,263 $ 51,234 $ 49,444 $ 48,537

Quarter Ended
March 31, Dec. 31 Sept. 30 June 30, March 31,
HISTORICAL EARNINGS SUMMARY
2024 2023 2023 2023 2023
Interest income
$ 6,934 $ 6,818 $ 6,258 $ 5,719 $ 5,264
Interest expense
2,832 2,738 2,370 1,934 1,572
Net Interest Income
4,102 4,080 3,888 3,785 3,692

Service charges on deposits
53 55 69 64 61
Other income
121 117 114 120 115
Total Non Interest Income
174 172 183 184 176

Salaries and benefits expense
1,223 1,314 1,171 1,146 1,068
Occupancy and equipment expense
122 109 118 116 108
Other expense
620 509 500 441 433
Total Non Interest Expense
1,965 1,932 1,789 1,703 1,609

Pretax pre-provision income
2,311 2,320 2,282 2,266 2,259

Gain on sale of securities
0 (36 ) (1 ) (3 ) (1 )
Gain on sale of Other Assets
17 58 0 0 0
Provision for Loan Losses
0 0 0 0 0

Earnings before income taxes
2,328 2,342 2,281 2,263 2,258
Provision for income taxes
300 207 313 290 320

Net Earnings
$ 2,028 $ 2,135 $ 1,968 $ 1,973 $ 1,938

Diluted earnings per share
$ 1.80 $ 1.88 $ 1.73 $ 1.73 $ 1.70

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

Ending Balance
March 31, Dec. 31 Sept. 30, June 30, March 31,
HISTORICAL BALANCE SHEET
2024 2023 2023 2023 2023
Total loans
$ 312,372 $ 297,423 $ 298,506 $ 292,591 $ 270,530
Total short term investments
$ 38,009 $ 40,334 26,168 18,313 37,656
Total investment securities
$ 139,598 $ 140,403 127,035 130,603 136,407

Total earning assets
489,979 478,160 451,709 441,507 444,593

Allowance for loan losses
(5,225 ) (5,224 ) (5,222 ) (5,344 ) (5,344 )
Premises and equipment
2,375 2,387 2,389 2,378 2,337
Other Assets
8,149 10,291 10,137 10,044 9,381

Total assets
495,278 485,614 459,013 448,585 450,967

Noninterest bearing deposits
130,876 130,601 135,016 141,613 151,010
Interest bearing deposits
310,889 301,603 279,319 259,401 252,164

Total deposits
441,765 432,204 414,335 401,014 403,174

Fed Funds Purchased and Repurchase Agreements
0 0 0 0 0
Other Liabilities
2,618 2,663 3,164 2,239 2,936

Total liabilities
444,383 434,867 417,499 403,253 406,110

Shareholders' Equity Actual
50,894 53,465 51,470 50,427 48,537
Unrealized Gain/Loss - AFS
(3,883 ) (2,718 ) (9,956 ) (5,096 ) (3,680 )
Total Equity
$ 47,011 $ 50,747 $ 41,514 $ 45,331 $ 44,857


Quarter Ending
March 31, Dec. 31 Sept. 30, June 30, March 31,
NONPERFORMING ASSETS
2024 2023 2023 2023 2023
Nonaccrual loans
$ 0 $ 0 $ 115 $ 143 $ 159
Restructured loans
$ 598 $ 658 $ 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
$ 598 $ 658 $ 115 $ 143 $ 159

Accruing loans past due 30-89 days
$ 0 $ 1 $ 2 $ 2 $ 407

Total nonperforming assets as a percentage
of loans and foreclosed assets
0.19 % 0.22 % 0.04 % 0.05 % 0.06 %

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
2024 2023 2023 2023 2023
Balance at beginning of period
$ 5,224 $ 5,222 $ 5,344 $ 5,344 $ 4,324
Loans charged off
0 0 (127 ) 0 0
Loan recoveries
0 2 5 0 0
Net (charge-offs) recoveries
0 2 (122 ) 0 0
Provision for loan losses (One time CECL adjustment)
0 0 0 0 1,020
Balance at end of period
$ 5,224 $ 5,224 $ 5,222 $ 5,344 $ 5,344
Allowance for loan losses
as a percentage of total loans
1.67 % 1.76 % 1.75 % 1.83 % 1.98 %
Allowance for loan losses
as a percentage of nonperforming assets
874 % 794 % 4541 % 3737 % 3361 %
Net charge-offs (recoveries) as a
percentage of average loans
0.00 % 0.00 % 0.04 % 0.00 % 0.00 %
Provision for loan losses
as a percentage of average loans
0.00 % 0.00 % 0.00 % 0.00 % 0.37 %

Quarter Ending
March 31, Dec. 31 Sept. 30, June 30, March 31,
SELECTED RATIOS
2024 2023 2023 2023 2023
Return on average assets (annualized)
1.65 % 1.77 % 1.72 % 1.79 % 1.76 %
Return on average equity (annualized)
16.03 % 19.87 % 17.69 % 17.74 % 17.68 %

Return on average equity (excluding unrealized gain on investments)
15.04 % 16.34 % 15.29 % 15.96 % 15.97 %
Average shareholders' equity to average assets
11.00 % 10.84 % 11.18 % 11.20 % 11.04 %

Yield on earning assets (tax equivalent)
2.08 % 5.81 % 5.76 % 5.47 % 5.09 %

Effective Cost of Funds
2.31 % 2.16 % 2.11 % 1.78 % 1.46 %
Net interest margin (tax equivalent)
3.63 % 3.65 % 3.66 % 3.69 % 3.63 %
Efficiency ratio (tax equivalent)
42.8 % 42.4 % 41.6 % 42.9 % 39.4 %

End of period book value per common share
$ 47.17 $ 46.73 $ 38.09 $ 41.59 $ 41.12

End of period book value (excluding unrealized gain/loss on investments)
$ 43.57 $ 49.23 $ 47.22 $ 46.26 $ 44.49
End of period common shares outstanding (in 000's)
1,079 1,086 1,090 1,090 1,091

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

Quarter Ending
March 31, 2024 March 31, 2023
Tax Tax
Average Equivalent Average Equivalent
YIELD ANALYSIS
Balance Interest Yield Yield Balance Interest Yield Yield
Interest Earning Assets:
Short term investment
$ 37,649 517 5.49 % 5.49 % $ 22,733 271 4.77 % 4.77 %
FRB Stock
433 6 6.00 % 6.00 % 428 6 6.00 % 6.00 %
Taxable securities
2,472 32 5.18 % 5.18 % 444 7 6.31 % 6.31 %
Tax Free securities
140,151 1,047 2.99 % 3.78 % 135,416 827 2.44 % 3.09 %
Loans
302,296 5,331 7.05 % 7.05 % 272,089 4,153 6.11 % 6.11 %

Total Interest Earning Assets
483,001 6,933 5.74 % 5.97 % 431,110 5,264 4.88 % 5.09 %

Noninterest Earning Assets:
Cash and due from banks
5,427 6,233
Other assets
7,059 6,729
Allowance for loan losses
(5,225 ) (4,347 )

Total Noninterest Earning Assets
7,261 8,615
Total Assets
$ 490,262 $ 439,725

Interest Bearing Liabilities:
Transaction and Money Market accounts
204,700 1,141 2.23 % 2.23 % 173,071 1,067 2.47 % 2.47 %
Certificates and other time deposits
95,663 1,678 7.02 % 7.02 % 73,213 505 2.76 % 2.76 %
Other borrowings
8,667 13 0.60 % 0.60 % 0 0 0.00 % 0.00 %

Total Interest Bearing Liabilities
309,030 2,832 3.67 % 3.67 % 246,284 1,572 2.55 % 2.55 %
Noninterest Bearing Liabilities:
Demand deposits
127,766 146,909
Other liabilities
2,856 1,875
Shareholders' Equity
50,610 44,657

Total Liabilities and Shareholders Equity
$ 490,262 $ 439,725
Net Interest Income and Spread
173,971 4,101 2.08 % 2.31 % 3,692 2.33 % 2.53 %

Net Interest Margin
3.40 % 3.63 % 3.43 % 3.63 %

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

March 31 March 31
2024 % 2023 %
LOAN PORTFOLIO
Commercial and industrial
$ 171,452 54.80 % $ 147,968 54.62 %
Real estate:
Commercial
96,269 30.77 % 78,122 28.84 %
Residential
15,877 5.08 % 16,574 6.12 %
Construction and development
28,974 9.26 % 27,921 10.31 %
Consumer
272 0.09 % 337 0.12 %

Total loans
312,844 100.00 % 270,922 100.00 %




March 31 March 31
2024 2023
REGULATORY CAPITAL DATA
Tier 1 Capital
$ 54,777 $ 44,859
Total Capital (Tier 1 + Tier 2)
$ 59,197 $ 48,539
Total Risk-Adjusted Assets
$ 352,550 $ 302,197
Tier 1 Risk-Based Capital Ratio
15.54 % 16.06 %
Total Risk-Based Capital Ratio
16.79 % 17.32 %
Tier 1 Leverage Ratio
11.17 % 11.04 %

OTHER DATA
Full Time Equivalent
Employees (FTE's)
28 25

Stock Price Range
(For the Three Months Ended):
High
$ 95.00 $ 88.50
Low
$ 89.00 $ 87.75
Close
$ 94.00 $ 87.75

SOURCE: Trinity Bank N.A.



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