FORT WORTH, TX -- (Marketwire) -- 10/31/12 -- Trinity Bank, N.A. (OTCBB: TYBT) today announced operating results for the third quarter and the nine months ending September 30, 2012.
Results of Operations
For the third quarter of 2012, Trinity Bank, N.A. reported Net Income after Taxes of $651,000, an increase of 12.2% over third quarter 2011 earnings of $580,000. Earnings per diluted common share for the third quarter 2012 amounted to $.57, an increase of 11.8% over third quarter 2011 results of $.51 per diluted common share.
For the first nine months of 2012, Net Income after Taxes was $1,915,000, an increase of 14.2% over the nine month 2011 results of $1,677,000. Earnings per diluted common share for the first nine months of 2012 were $1.69, an increase of 14.2% over 2011 nine months results of $1.48 per diluted common share.
Jeffrey M. Harp, President, stated, "Third quarter results were good. Return on Assets and Return on Equity both remain well above national and local peer group results. During the third quarter of 2012, Trinity incurred its first loan losses -- 3 loans charged off totaling $495,000. We do not feel that this is the beginning of a trend or an indication that our credit underwriting standards need to be strengthened. It is highly unusual for any bank to go more than 9 years without a single loss. On a positive note, we had accumulated enough reserves to take the losses without significantly affecting current income."
Also from a positive perspective, on October 9th, Trinity Bank declared a $.20 regular dividend and a $1.00 special dividend payable November 15, 2012 to shareholders of record on October 31, 2012.
Harp reported, "We are pleased to provide a tangible return to our shareholders at a time when tax rates are probably at an all-time low. After the dividend, our Capital ratio remains strong, and we are in a position to take advantage of any opportunities that become available to increase shareholder value."
Actual for Quarter Ending(in 000's except for Earnings per Share) 3 Months 3 Months 9-30-12 9-30-11 % --------- --------- ----Net Income $ 651 $ 580 12.2%Diluted Weighted Average Shares 1,137 1,131Earnings per Share $ 0.57 $ 0.51 11.8%Return on Assets 1.47% 1.50%Return on Equity 13.35% 13.26%Actual for Nine Months Ending 9 Months 9 Months 9-30-12 9-30-11 --------- ---------Net Income $ 1,915 $ 1,677 14.2%Diluted Weighted Average Shares 1,132 1,131Earnings per Share $ 1.69 $ 1.48 14.2%
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.