Published:
Fort Worth's Trinity Bank Profits up 31%
16th Consecutive Quarter of Profit Improvement
Trinity Bank, N.A. (OTCBB: TYBT) today
announced financial results for the third quarter and for the nine months
ending September 30, 2008.
Results of Operations
Trinity Bank, N.A. announced Net Income After Taxes of $357,352 or $.31 per
diluted common share for the third quarter of 2008, compared to $270,688 or
$.23 per diluted common share for the third quarter of 2007, an increase of
31%.
For the first nine months of 2008, Net Income After Taxes amounted to
$1,022,678 or $.88 per diluted common share, compared to $732,077 or $.63
per diluted common share, an increase of 39%.
Jeffrey M. Harp, President, stated, "We are pleased with and thankful for
our bank's performance in light of the current economic conditions and the
precarious position of many financial institutions in the U.S. Loan
quality, asset growth, and expense control are the key drivers of this
consistent growth in net income. In a day when many banks are fighting for
their existence because of bad loan decisions, we are fortunate that we
have yet to have one loan loss or one non-performing loan since the opening
of our bank in May of 2003. These results are really a reflection of the
quality of our customer base, our philosophy of banking, and the efforts of
the Trinity Bank staff."
Average for Quarter Ending
(in 000's) 9-30-08 9-30-07 %
-------- ------- ----
Loans $ 64,946 $50,328 29.0%
Deposits $110,586 $96,942 14.1%
Actual for Quarter Ending
Net Interest Income $ 938 $ 917 2.3%
Non-Interest Income $ 87 $ 76 14.5%
Non-Interest Expense $ 539 $ 530 1.7%
Loan Loss Provision $ 45 $ 45 -
Pre Tax Income $ 441 $ 418 5.5%
Income Tax $ 84 $ 147 -42.9%
Net Income $ 357 $ 271 31.7%
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 click on "About Us" and then click on "Investor
Information." Financial information in 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 Nine Months Ended
September 30 % September 30 %
EARNINGS SUMMARY 2008 2007 Change 2008 2007 Change
Interest income 1,464 1,721 -14.9% 4,475 4,802 -6.8%
Interest expense 526 804 -34.6% 1,727 2,273 -24.0%
Net Interest Income 938 917 2.3% 2,748 2,529 8.7%
Provision for Loan Losses 45 45 0.0% 135 135 0.0%
Service charges on
deposits 23 25 -8.0% 72 77 -6.5%
Other income 64 51 25.5% 244 176 38.6%
Total Non Interest Income 87 76 14.5% 316 253 24.9%
Salaries and benefits
expense 301 278 8.3% 870 783 11.1%
Occupancy and equipment
expense 86 91 -5.5% 259 262 -1.1%
Other expense 152 161 -5.6% 497 483 2.9%
Total Non Interest
Expense 539 530 1.7% 1,626 1,528 6.4%
Earnings before
income taxes 441 418 5.5% 1,304 1,119 16.5%
Provision for income
taxes 84 147 -42.9% 281 387 -27.4%
Net Earnings 357 271 31.7% 1,023 732 39.8%
Basic earnings per
share 0.32 0.24 31.7% 0.92 0.66 39.8%
Basic weighted average
shares outstanding 1,109 1,109 1,109 1,109
Diluted earnings per
share 0.31 0.23 31.1% 0.88 0.63 39.0%
Diluted weighted average
shares outstanding 1,166 1,160 1,166 1,160
Average for Average for
Quarter Ending Nine Months Ending
September 30 % September 30 %
BALANCE SHEET SUMMARY 2008 2007 Change 2008 2007 Change
Total loans $ 64,946 $ 50,328 29.0% $ 57,405 $ 46,654 23.0%
Total short term
investments 17,627 22,927 -23.1% 22,463 22,378 0.4%
Total investment
securities 37,060 30,778 20.4% 38,222 29,627 29.0%
Earning assets 119,633 104,033 15.0% 118,090 98,659 19.7%
Total assets 124,795 109,844 13.6% 123,386 104,312 18.3%
Noninterest bearing
deposits 21,199 21,396 -0.9% 20,857 20,032 4.1%
Interest bearing
deposits 89,387 75,546 18.3% 88,552 69,066 28.2%
Total deposits 110,586 96,942 14.1% 109,409 89,098 22.8%
Shareholders' equity 13,073 11,725 11.5% 12,796 11,477 11.5%
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 2008 2008 2008 2007 2007
Total loans $ 64,946 $ 57,309 $ 49,878 $ 50,053 $ 50,328
Total short term investments 17,627 23,073 26,740 27,011 22,927
Total investment securities 37,060 36,588 41,033 36,569 30,778
Earning assets 119,633 116,970 117,651 113,633 104,033
Total assets 124,795 122,227 123,192 119,646 109,844
Noninterest bearing deposits 21,199 20,553 20,814 23,620 21,396
Interest bearing deposits 89,387 87,699 88,562 82,504 75,546
Total deposits 110,586 108,252 109,376 106,124 96,942
Repurchase Agreements 766 620 806 849 663
Shareholders' equity 13,073 12,821 12,491 12,078 11,725
Quarter Ended
Sept. 30, June 30, March 31, Dec 31, Sept. 30,
HISTORICAL EARNINGS SUMMARY 2008 2008 2008 2007 2007
Interest income 1,464 1,430 1,581 1,745 1,721
Interest expense 526 521 680 803 804
Net Interest Income 938 909 901 942 917
Provision for Loan Losses 45 45 45 45 45
Service charges on deposits 23 24 25 28 25
Other income 64 82 98 39 51
Total Non Interest Income 87 106 123 67 76
Salaries and benefits expense 301 283 285 324 278
Occupancy and equipment
expense 86 87 87 91 91
Other expense 152 169 176 115 161
Total Non Interest Expense 539 539 548 530 530
Earnings before income taxes 441 431 431 434 418
Provision for income taxes 84 91 106 129 147
Net Earnings 357 340 325 305 271
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 2008 2008 2008 2007 2007
Total loans $ 65,595 $ 62,061 $ 51,866 $ 50,545 $ 50,936
Total short term
investments 23,291 15,415 27,818 25,654 24,235
Total investment
securities 34,523 39,803 37,740 43,561 31,685
Total earning assets 123,409 117,279 117,424 119,760 106,856
Allowance for loan losses 861 816 771 726 681
Premises and equipment 1,680 1,541 1,588 1,630 1,677
Other Assets 3,754 4,657 4,491 4,572 5,126
Total assets 127,982 122,661 122,732 125,236 112,978
Noninterest bearing
deposits 21,769 20,506 20,820 24,423 22,487
Interest bearing deposits 91,448 88,270 87,874 87,352 77,319
Total deposits 113,217 108,776 108,694 111,775 99,806
Repurchase Agreements 934 621 714 820 732
Other Liabilities 483 401 585 379 494
Total liabilities 114,634 109,798 109,993 112,974 101,032
Shareholders' equity 13,348 12,863 12,739 12,262 11,946
Quarter Ending
Sept. 30, June 30, March 31, Dec 31, Sept. 30,
NONPERFORMING ASSETS 2008 2008 2008 2007 2007
Nonaccrual loans $ 0 $ 0 $ 0 $ 0 $ 0
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 $ 0 $ 0 $ 0 $ 0 $ 0
Accruing loans past due
30-89 days $ 152 $ 5 $ 0 $ 0 $ 0
Total nonperforming
assets as a percentage
of loans and foreclosed
assets 0.00% 0.00% 0.00% 0.00% 0.00%
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 2008 2008 2008 2007 2007
Balance at beginning of
period $ 816 $ 771 $ 726 $ 681 $ 636
Loans charged off 0 0 0 0 0
Loan recoveries 0 0 0 0 0
Net (charge-offs) recoveries 0 0 0 0 0
Provision for loan losses 45 45 45 45 45
Balance at end of period $ 861 $ 816 $ 771 $ 726 $ 681
Allowance for loan losses
as a percentage of total loans 1.31% 1.31% 1.24% 1.40% 1.35%
Allowance for loan losses
as a percentage of
nonperforming loans N/A N/A N/A N/A N/A
Net charge-offs (recoveries)
as a percentage of average
loans N/A N/A N/A N/A N/A
Provision for loan losses
as a percentage of average
loans 0.07% 0.08% 0.08% 0.09% 0.09%
Quarter Ending
Sept. 30, June 30, March 31, Dec 31, Sept. 30,
SELECTED RATIOS 2008 2008 2008 2007 2007
Return on average assets
(annualized) 1.14% 1.11% 1.06% 1.02% 0.99%
Return on average equity
(annualized) 10.92% 10.61% 10.41% 10.10% 9.25%
Average shareholders' equity
to average assets 10.48% 10.49% 10.14% 10.09% 10.67%
Yield on earning assets (tax
equivalent) 5.21% 5.17% 5.58% 6.30% 6.64%
Cost of interest bearing funds 2.33% 2.37% 3.04% 3.85% 4.22%
Net interest margin (tax
equivalent) 3.45% 3.39% 3.26% 3.44% 3.56%
Efficiency ratio (tax
equivalent) 48.13% 49.27% 50.70% 52.53% 53.37%
End of period book value per
common share 11.79 11.60 11.49 11.06 10.77
End of period common shares
outstanding 1,109 1,109 1,109 1,109 1,109
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
3 Months Ending
September 30, 2008 September 30, 2007
Tax Tax
Equiv- Equiv-
YIELD Average alent Average alent
ANALYSIS Balance Interest Yield Yield Balance Interest Yield Yield
Interest Earning
Assets:
Short term
investment 17,627 149 3.38% 3.38% 22,927 310 5.41% 5.41%
Investment
securities 10,298 91 3.53% 3.53% 28,871 335 4.64% 4.64%
Tax Free
securities 26,762 214 3.20% 4.60% 1,907 17 3.57% 5.13%
Loans 64,893 1,010 6.23% 6.23% 50,328 1,059 8.42% 8.42%
Total Interest
Earning
Assets 119,580 1,464 4.90% 5.21% 104,033 1,721 6.62% 6.65%
Noninterest
Earning
Assets:
Cash and due
from banks 3,477 3,796
Other assets 2,705 2,667
Allowance for
loan losses (838) (652)
Total
Noninterest
Earning
Assets 5,344 5,811
Total
Assets $124,924 $109,844
Interest
Bearing
Liabilities:
Transaction
and Money
Market
accounts 65,746 315 1.92% 1.92% 53,645 531 3.96% 3.96%
Certificates
and other
time
deposits 23,640 208 3.52% 3.52% 21,901 267 4.88% 4.88%
Other
borrowings 799 3 1.50% 1.50% 663 6 3.62% 3.62%
Total Interest
Bearing
Liabilities 90,185 526 2.33% 2.33% 76,209 804 4.22% 4.22%
Noninterest
Bearing
Liabilities
Demand
deposits 21,200 21,396
Other
liabilities 466 514
Shareholders'
Equity 13,073 11,725
Total
Liabilities
and
Shareholders
Equity $124,924 $109,844
Net Interest
Income and
Spread 938 2.56% 2.88% 917 2.40% 2.43%
Net Interest
Margin
(includes
non-interest
bearing
accounts) 3.14% 3.45% 3.53% 3.56%
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
Sept. 30 Sept. 30
LOAN PORTFOLIO 2008 % 2007 %
Commercial and industrial 36,253 55.27% 29,382 57.68%
Real estate:
Commercial 10,571 16.12% 7,292 14.32%
Residential 9,909 15.11% 6,815 13.38%
Construction and development 5,404 8.24% 5,637 11.07%
Consumer 3,458 5.27% 1,810 3.55%
Total loans (gross) 65,595 100.00% 50,936 100.00%
Unearned discounts 0 0.00% 0 0.00%
Total loans (net) 65,595 100.00% 50,936 100.00%
Sept.30 Sept.30
2008 2007
REGULATORY CAPITAL DATA
Tier 1 Capital $ 13,287 $ 11,954
Total Capital (Tier 1 + Tier 2) $ 14,148 $ 12,635
Total Risk-Adjusted Assets $ 61,146 $ 63,456
Tier 1 Ratio 17.36% 18.84%
Total Capital Ratio 18.49% 19.91%
Tier 1 Leverage Ratio 10.65% 10.89%
OTHER DATA
Full Time Equivalent
Employees (FTE's) 14 15
Stock Price Range
(For the Nine Months Ended):
High $ 20.00 $ 22.00
Low $ 20.00 $ 17.00
Close $ 20.00 $ 18.00
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