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.