News Column

Trinity Bank Reports 2013 First Quarter Net Income up 10.1%

Apr 26 2013 12:00AM

Marketwire

Tracker

FORT WORTH, TX -- (Marketwired) -- 04/26/13 -- 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/MLoan Loss Provision (172) - N/MPre 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 ChangeInterest 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/MGain on sale of foreclosed assets 52 0 N/MProvision for Loan Losses 172 0 N/MEarnings 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 outstandingDiluted 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 ChangeTotal 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 2012Total loans $ 88,373 $ 85,853 $ 83,792 $ 83,133 $ 81,136Total short term investments 25,315 25,057 27,327 16,955 18,495Total investment securities 64,969 59,626 58,929 58,031 57,451Earning assets 178,657 170,536 170,048 158,119 157,082Total assets 185,352 177,855 176,847 164,933 163,755Noninterest bearing deposits 36,699 38,481 35,755 31,337 29,804Interest bearing deposits 126,375 116,937 119,186 112,538 113,263Total deposits 163,074 155,418 154,941 143,875 143,067Fed Funds Purchased and Repurchase Agreements 545 451 395 251 450Shareholders' equity 20,988 20,529 20,621 19,962 19,416 Quarter EndedHISTORICAL EARNINGS March 31, Dec 31, Sept. 30, June 30, March 31, SUMMARY 2013 2012 2012 2012 2012Interest income 1,537 1,542 1,526 1,554 1,514Interest expense 106 110 134 151 161Net Interest Income 1,431 1,432 1,392 1,403 1,353Service charges on deposits 39 41 37 28 37Other income 69 64 56 72 59Total Non Interest Income 108 105 93 100 96Salaries and benefits expense 373 512 342 309 331Occupancy and equipment expense 81 84 74 76 74Other expense 254 122 190 252 237Total Non Interest Expense 708 718 606 637 642Pretax pre-provision income 831 819 879 866 807Gain on sale of securities 226 116 153 0 17Gain on sale of foreclosed assets 52 0 0 0 0Provision for Loan Losses 172 45 150 0 0Earnings before income taxes 937 890 882 866 824Provision for income taxes 253 225 231 222 203Net Earnings 684 665 651 644 621








TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data) Ending BalanceHISTORICAL BALANCE March 31, Dec 31, Sept. 30, June 30, March 31, SHEET 2013 2012 2012 2012 2012Total loans $ 87,926 $ 93,523 $ 84,625 $ 83,510 $ 84,808Total short term investments 32,274 34,511 30,196 16,923 18,681Total investment securities 62,908 65,031 58,166 61,625 56,640Total earning assets 183,108 193,065 172,987 162,058 160,129Allowance for loan losses (1,245) (1,073) (1,026) (1,371) (1,371)Premises and equipment 1,250 1,287 1,322 1,340 1,368Other Assets 6,002 6,474 6,040 6,469 6,706Total assets 189,115 199,753 179,323 168,496 166,832Noninterest bearing deposits 38,673 49,403 36,826 33,721 32,239Interest bearing deposits 128,345 128,491 120,298 113,377 114,268Total deposits 167,018 177,894 157,124 147,098 146,507Fed Funds Purchased and Repurchase Agreements 228 559 409 294 203Other Liabilities 965 725 910 809 898Total liabilities 168,211 179,178 158,443 148,201 147,608Shareholders' Equity Actual 19,996 19,546 19,775 19,244 18,368Unrealized Gain - AFS 908 1,029 1,105 1,051 856Total Equity 20,904 20,575 20,880 20,295 19,224 Quarter EndingNONPERFORMING March 31, Dec 31, Sept. 30, June 30, March 31, ASSETS 2013 2012 2012 2012 2012Nonaccrual loans $ 0 $ 0 $ 0 $ 528 $ 221Restructured loans $ 0 $ 0 $ 0 $ 0 $ 0Other real estate & foreclosed assets $ 0 $ 35 $ 72 $ 0 $ 0Accruing loans past due 90 days or more $ 0 $ 0 $ 0 $ 0 $ 0Total nonperforming assets $ 0 $ 35 $ 72 $ 528 $ 221Accruing loans past due 30-89 days $ 0 $ 0 $ 0 $ 0 $ 0Total 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 EndingALLOWANCE FOR March 31, Dec 31, Sept. 30, June 30, March 31,LOAN LOSSES 2013 2012 2012 2012 2012Balance at beginning of period $ 1,073 $ 1,026 $ 1,371 $ 1,371 $ 1,371Loans charged off 0 0 (499) 0 0Loan recoveries 0 2 4 0 0 Net (charge- offs) recoveries 0 2 (495) 0 0Provision for loan losses 172 45 150 0 0Balance at end of period $ 1,245 $ 1,073 $ 1,026 $ 1,371 $ 1,371Allowance 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/AProvision 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 2012Return 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 40.71End of period book value per common share 18.47 18.26 19.23 18.79 18.20End of period book value (excluding unrealized gain on investments) 17.66 17.34 18.21 17.82 17.39End 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 Equiva- Equiva- Average lent Average lentYIELD ANALYSIS Balance Interest Yield Yield Balance Interst Yield YieldInterest 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 3,439Other assets 4,222 4,605Allowance for loan losses (1,171) (1,371)Total Noninterest Earning Assets 6,695 6,673Total Assets $185,352 $163,755Interest 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 LiabilitiesDemand deposits 36,699 29,804Other liabilities 745 822Shareholders' Equity 20,988 19,416Total Liabilities and Shareholders Equity $185,352 $163,755Net 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 PORTFOLIOCommercial 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 2012REGULATORY CAPITAL DATATier 1 Capital $ 19,996 $ 18,369Total Capital (Tier 1 + Tier 2) $ 21,241 $ 19,722Total Risk-Adjusted Assets $ 118,815 $ 108,247Tier 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 DATAFull Time EquivalentEmployees (FTE's) 14 14Stock Price Range(For the Three Months Ended): High $ 36.00 $ 27.25 Low $ 33.00 $ 25.50 Close $ 36.00 $ 27.25





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





Source: Marketwire


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