Trinity Bank N.A. (OTCBB: TYBT) today announced operating results
for the second quarter and the six months ending June 30, 2013.
Results of Operations
For the second quarter of 2013, Trinity Bank, N.A. reported Net
Income after Taxes of $700,000, an increase of 8.7% over second
quarter 2012 earnings of $644,000. Earnings per diluted common
share for the second quarter 2013 amounted to $0.61, an increase of
7.0% over second quarter 2012 results of $.57 per diluted common
share.
For the first six months of 2013, Net Income after Taxes was
$1,384,000, an increase of 9.4% over the first half of 2012 results
of $1,265,000. Earnings per diluted common share for the first half
of 2013 were $1.21, an increase of 8.0% over the first half of 2012
results of $1.12 per diluted common share.
President Jeffrey M. Harp stated, "The 8.7% increase in Net
Income from the 2Q 2012 represents the first time we have not
produced a double digit increase. The culprit continues to be the
manipulated interest rate environment and its effect on our
investment portfolio."
"We have taken some gains on the sale of securities in the first
half of 2013. We have used these gains to bolster our loan loss
reserve, to accrue for some expenses we know we will incur over the
last half of the year, and to offset some of the decline in
investment income."
"On a more positive note, loans are up 9.7%, and the Net
Interest Margin increased from 3.41% in 1Q 2013 to 3.63% in 2Q
2013. This is the first significant margin increase in several
years. For 2Q 2013, Return on Assets of 1.56% and Return on Equity
of 13.76% continue to compare very favorably with local, state, and
national peer groups."
Actual for Quarter
3 Months 3 Months
(in 000's)
06/30/2013 06/30/2012 %
----------- ----------- ------
Net Interest Income $ 1,483 $ 1,403 5.7%
Non-Interest Income 113 100 13.0%
Non-Interest Expense (746) (637) 17.1%
Pretax Preprovision Income 850 866 (1.8%)
Gains on Sale of Securities and
Foreclosed Assets 113 0 N/M
Loan Loss Provision 0 0 N/M
Pretax Income 963 866 11.2%
Income Tax (263) (222) 18.5%
Net Income $ 700 $ 644 8.7%
Actual for 6 months
6 Months 6 Months
(in 000's)
06/30/2013 06/30/2012 %
----------- ----------- ------
Net Interest Income $ 2,913 $ 2,757 5.7%
Non-Interest Income 222 196 13.3%
Non-Interest Expense (1,453) (1,279) 13.6%
Pretax Preprovision Income 1,682 1,674 .5%
Gains on Sale of Securities and
Foreclosed Assets 338 17 N/M
Gains on Sale of Foreclosed Assets 52 0 N/M
Loan Loss Provision (172) 0 N/M
Pretax Income 1,900 1,691 12.4%
Income Tax (516) (426) 21.1%
Net Income $ 1,384 $ 1,265 9.4%
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 Six Months Ended
June 30 % June 30 %
EARNINGS SUMMARY 2013 2012 Change 2013 2012 Change
Interest income 1,583 1,554 1.9% 3,119 3,069 1.6%
Interest expense 100 151 -33.8% 206 312 -34.0%
Net Interest Income 1,483 1,403 5.7% 2,913 2,757 5.7%
Service charges on
deposits 41 28 46.4% 80 65 23.1%
Other income 72 72 0.0% 142 131 8.4%
Total Non Interest
Income 113 100 13.0% 222 196 13.3%
Salaries and benefits
expense 365 309 18.1% 738 640 15.3%
Occupancy and equipment
expense 77 76 1.3% 158 150 5.3%
Other expense 304 252 20.6% 557 489 13.9%
Total Non Interest
Expense 746 637 17.1% 1,453 1,279 13.6%
Pretax pre-provision
income 850 866 -1.8% 1,682 1,674 0.5%
Gain on sale of
securities 113 0 N/M 338 17 N/M
Gain on sale of
foreclosed assets 0 0 N/M 52 0 N/M
Provision for Loan
Losses 0 0 N/M 172 0 N/M
Earnings before income
taxes 963 866 11.2% 1,900 1,691 12.4%
Provision for income
taxes 263 222 18.5% 516 426 21.1%
Net Earnings 700 644 8.7% 1,384 1,265 9.4%
Basic earnings per share 0.62 0.59 5.1% 1.22 1.19 2.5%
Basic weighted average 1,132 1,078 1,131 1,067
shares outstanding
Diluted earnings per
share 0.61 0.57 7.0% 1.21 1.12 8.0%
Diluted weighted average
shares outstanding 1,143 1,136 1,142 1,125
Average for Quarter Average for Six Months
Ending June 30 % Ending June 30 %
BALANCE SHEET SUMMARY 2013 2012 Change 2013 2012 Change
Total loans $ 91,227 $ 83,133 9.7% $ 89,808 $ 82,134 9.3%
Total short term
investments 15,843 16,955 -6.6% 20,553 17,725 16.0%
Total investment
securities 66,379 58,031 14.4% 65,677 57,740 13.7%
Earning assets 173,449 158,119 9.7% 176,038 157,599 11.7%
Total assets 179,392 164,933 8.8% 182,273 164,343 10.9%
Noninterest bearing
deposits 38,087 31,337 21.5% 37,400 30,567 22.4%
Interest bearing
deposits 119,269 112,538 6.0% 122,799 112,904 8.8%
Total deposits 157,356 143,875 9.4% 160,199 143,471 11.7%
Fed Funds Purchased and
Repurchase Agreements 229 251 -8.8% 386 351 10.0%
Shareholders' equity 21,281 19,962 6.6% 21,135 19,689 7.3%
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
Average for Quarter Ending
June 30, March 31, Dec 31, Sept. 30, June 30,
BALANCE SHEET SUMMARY 2013 2013 2012 2012 2012
Total loans $ 91,227 $ 88,373 $ 85,853 $ 83,792 $ 83,133
Total short term
investments 15,843 25,315 25,057 27,327 16,955
Total investment
securities 66,379 64,969 59,626 58,929 58,031
Earning assets 173,449 178,657 170,536 170,048 158,119
Total assets 179,392 185,352 177,855 176,847 164,933
Noninterest bearing
deposits 38,087 36,699 38,481 35,755 31,337
Interest bearing
deposits 119,269 126,375 116,937 119,186 112,538
Total deposits 157,356 163,074 155,418 154,941 143,875
Fed Funds Purchased
and Repurchase
Agreements 229 545 451 395 251
Shareholders' equity 21,281 20,988 20,529 20,621 19,962
Quarter Ended
HISTORICAL EARNINGS June 30, March 31, Dec 31, Sept. 30, June 30,
SUMMARY 2013 2013 2012 2012 2012
Interest income 1,583 1,537 1,542 1,526 1,554
Interest expense 100 106 110 134 151
Net Interest Income 1,483 1,431 1,432 1,392 1,403
Service charges on
deposits 41 39 41 37 28
Other income 72 69 64 56 72
Total Non Interest
Income 113 108 105 93 100
Salaries and benefits
expense 365 373 512 342 309
Occupancy and
equipment expense 77 81 84 74 76
Other expense 304 254 122 190 252
Total Non Interest
Expense 746 708 718 606 637
Pretax pre-provision
income 850 831 819 879 866
Gain on sale of
securities 113 226 116 153 0
Gain on sale of
foreclosed assets 0 52 0 0 0
Provision for Loan
Losses 0 172 45 150 0
Earnings before
income taxes 963 937 890 882 866
Provision for income
taxes 263 253 225 231 222
Net Earnings 700 684 665 651 644
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
Ending Balance
HISTORICAL BALANCE June 30, March 31, Dec 31, Sept. 30, June 30,
SHEET 2013 2013 2012 2012 2012
Total loans $ 94,432 $ 87,926 $ 93,523 $ 84,625 $ 83,510
Total short term
investments 7,895 32,274 34,511 30,196 16,923
Total investment
securities 67,506 62,908 65,031 58,166 61,625
Total earning assets 169,833 183,108 193,065 172,987 162,058
Allowance for loan
losses (1,249) (1,245) (1,073) (1,026) (1,371)
Premises and
equipment 1,264 1,250 1,287 1,322 1,340
Other Assets 4,885 6,002 6,474 6,040 6,469
Total assets 174,733 189,115 199,753 179,323 168,496
Noninterest bearing
deposits 37,823 38,673 49,403 36,826 33,721
Interest bearing
deposits 115,922 128,345 128,491 120,298 113,377
Total deposits 153,745 167,018 177,894 157,124 147,098
Fed Funds Purchased
and Repurchase
Agreements 229 228 559 409 294
Other Liabilities 277 965 725 910 809
Total liabilities 154,251 168,211 179,178 158,443 148,201
Shareholders' Equity
Actual 20,656 19,996 19,546 19,775 19,244
Unrealized Gain - AFS (174) 908 1,029 1,105 1,051
Total Equity 20,482 20,904 20,575 20,880 20,295
Quarter Ending
June 30, March 31, Dec 31, Sept. 30, June 30,
NONPERFORMING ASSETS 2013 2013 2012 2012 2012
Nonaccrual loans $ 429 $ 0 $ 0 $ 0 $ 528
Restructured loans $ 0 $ 0 $ 0 $ 0 $ 0
Other real estate &
foreclosed assets $ 0 $ 0 $ 35 $ 72 $ 0
Accruing loans past
due 90 days or more $ 0 $ 0 $ 0 $ 0 $ 0
Total nonperforming
assets $ 429 $ 0 $ 35 $ 72 $ 528
Accruing loans past
due 30-89 days $ 1,097 $ 0 $ 0 $ 0 $ 0
Total nonperforming
assets as a
percentage of loans
and foreclosed
assets 0.45% 0.00% 0.04% 0.09% 0.63%
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
Quarter Ending
ALLOWANCE FOR LOAN June 30, March 31, Dec 31, Sept. 30, June 30,
LOSSES 2013 2013 2012 2012 2012
Balance at beginning
of period $ 1,245 $ 1,073 $ 1,026 $ 1,371 $ 1,371
Loans charged off 0 0 0 (499) 0
Loan recoveries 4 0 2 4 0
Net (charge-offs)
recoveries 0 0 2 (495) 0
Provision for loan
losses 0 172 45 150 0
Balance at end of
period $ 1,249 $ 1,245 $ 1,073 $ 1,026 $ 1,371
Allowance for loan
losses as a
percentage of total
loans 1.32% 1.42% 1.15% 1.21% 1.62%
Allowance for loan
losses as a
percentage of
nonperforming loans N/A N/A 3066% 1425% 1904%
Net charge-offs
(recoveries) as a
percentage of
average loans N/A N/A 0.00% 0.59% N/A
Provision for loan
losses as a
percentage of
average loans N/A 0.19% 0.05% 0.18% N/A
Quarter Ending
June 30, March 31, Dec 31, Sept. 30, June 30,
SELECTED RATIOS 2013 2013 2012 2012 2012
Return on average
assets (annualized) 1.56% 1.48% 1.50% 1.47% 1.56%
Return on average
equity (annualized) 13.16% 13.04% 12.96% 12.63% 12.90%
Return on average
equity (excluding
unrealized gain on
investments) 13.76% 13.70% 13.79% 13.35% 13.61%
Average shareholders'
equity to average
assets 11.86% 11.32% 11.54% 11.66% 12.10%
Yield on earning
assets (tax
equivalent) 3.87% 3.65% 3.84% 3.82% 4.19%
Cost of interest
bearing funds 0.34% 0.33% 0.37% 0.45% 0.54%
Net interest margin
(tax equivalent) 3.63% 3.41% 3.58% 3.50% 3.81%
Efficiency ratio (tax
equivalent) 44.14 42.04 43.97 38.20 39.59
End of period book
value per common
share 18.09 18.47 18.26 19.23 18.79
End of period book
value (excluding
unrealized gain on
investments) 18.09 17.66 17.34 18.21 17.82
End of period common
shares outstanding 1,132 1,132 1,127 1,086 1,080
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
3 Months Ending
June 30, 2013 June 30, 2012
Tax Tax
Equiv- Equiv-
Average alent Average alent
YIELD ANALYSIS Balance Interest Yield Yield Balance Interest Yield Yield
Interest Earning
Assets:
Short term
investment 15,843 21 0.53% 0.53% 16,955 22 0.52% 0.52%
Investment
securities 24,115 193 3.20% 3.20% 18,645 178 3.82% 3.82%
Tax Free
securities 42,264 209 1.98% 2.85% 39,386 235 2.39% 3.44%
Loans 91,227 1,160 5.09% 5.09% 83,133 1,119 5.38% 5.38%
Total Interest
Earning Assets 173,449 1,583 3.65% 3.86% 158,119 1,554 3.93% 4.19%
Noninterest
Earning Assets:
Cash and due
from banks 3,358 3,794
Other assets 3,883 4,391
Allowance for
loan losses (1,247) (1,371)
Total
Noninterest
Earning Assets 5,994 6,814
Total Assets $179,443 $164,933
Interest Bearing
Liabilities:
Transaction and
Money Market
accounts 94,633 66 0.28% 0.28% 83,870 96 0.46% 0.46%
Certificates and
other time
deposits 24,636 34 0.55% 0.55% 28,668 54 0.75% 0.75%
Other borrowings 229 0 0.25% 0.25% 251 1 1.59% 1.59%
Total Interest
Bearing
Liabilities 119,498 100 0.34% 0.34% 112,789 151 0.54% 0.54%
Noninterest
Bearing
Liabilities
Demand deposits 38,087 31,337
Other
liabilities 526 845
Shareholders'
Equity 21,281 19,962
Total
Liabilities and
Shareholders
Equity $179,392 $164,933
Net Interest
Income and
Spread 1,483 3.32% 3.53% 1,403 3.40% 3.66%
Net Interest
Margin 3.42% 3.63% 3.55% 3.81%
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
June 30 June 30
2013 % 2012 %
LOAN PORTFOLIO
Commercial and industrial 51,813 54.87% 41,715 49.95%
Real estate:
Commercial 15,562 16.48% 16,982 20.34%
Residential 17,096 18.11% 15,769 18.88%
Construction and development 7,487 7.93% 6,661 7.98%
Consumer 2,466 2.61% 2,383 2.85%
Total loans (gross) 94,424 100.00% 83,510 100.00%
Unearned discounts 0 0.00% 0 0.00%
Total loans (net) 94,424 100.00% 83,510 100.00%
June 30 June 30
2013 2012
REGULATORY CAPITAL DATA
Tier 1 Capital $ 20,656 $ 19,244
Total Capital (Tier 1 + Tier
2) $ 21,905 $ 20,615
Total Risk-Adjusted Assets $ 123,388 $ 111,063
Tier 1 Risk-Based Capital
Ratio 16.74% 17.33%
Total Risk-Based Capital Ratio 17.75% 18.56%
Tier 1 Leverage Ratio 11.51% 11.69%
OTHER DATA
Full Time Equivalent Employees
(FTE's) 14 13
Stock Price Range (For the
Three Months Ended):
High $ 36.50 $ 30.00
Low $ 32.50 $ 25.13
Close $ 32.50 $ 30.00
For information contact: Richard Burt Executive Vice
President Trinity Bank 817-763-9966
Trinity Bank NA (PK) (USOTC:TYBT)
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