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Trinity Bank Reports 4Q and FYE 2018 Results

FORT WORTH, TX / ACCESSWIRE / January 22, 2019 / Trinity Bank N.A. (OTC PINK: TYBT) today announced financial and operating results for the fourth quarter and for the twelve months ended December 31, 2018.


4Q 2018
Net Income (in 000's)$1,200$4,677
Return on Average Assets1.88%1.84%
Return on Average Equity15.02%14.77%

Trinity Bank, N.A. reported Net Income after Taxes for the fourth quarter of 2018 of $1,200,000 or $1.08 per diluted common share, compared to $642,000 or $.57 per diluted common share for the fourth quarter of 2017, an increase of 87.9%.

For the year 2018, Net Income After Taxes amounted to $4,677,000, or $4.19 per diluted common share, compared to $3,068,000, or $2.74 per diluted common share for 2017, an increase of 53.0%.

Jeffrey M. Harp, President, stated, "2018 results reflect Trinity Bank's return to its historical level of performance (see below). Superior results are indicative of an outstanding staff providing exceptional customer service."

Trinity Bank

2018Peer Group(9-30-18)2017201620152014
Return on Assets1.84%1.24%1.23%1.79%1.79%1.68%
Return on Equity14.77%11.66%10.22%14.32%14.69%14.29%

Executive Vice-President Matt Opitz remarked, "Over the last two years, Trinity has made a substantial investment in our physical facility and in additional staff. These investments are already generating a positive return to shareholders. In 2019, we plan on adding staff, both revenue producers and support staff, in order to achieve our goal for continual organic growth. While focusing on internal growth, we continue to be open to expanding geographically in the North Texas market or acquiring another institution if the right opportunity presents itself."

Page 2 - Trinity Bank fourth quarter 2018

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.

For information contact:

Richard Burt
Executive Vice President
Trinity Bank
817-763-9966

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 EndedTwelve Months Ending
December 31 % December 31 %
EARNINGS SUMMARY 2018 2017 Change 2018 2017 Change
Interest income$2,785$2,40715.7%$10,520$9,14115.1%
Interest expense35819286.5%1,11865670.4%
Net Interest Income2,427 2,215 9.6% 9,402 8,485 10.8%
Service charges on deposits3135-11.4%148149-0.7%
Other income1019111.0%3993669.0%
Total Non Interest Income132 126 4.8% 547 515 6.2%
Salaries and benefits expense75757531.7%2,8232,10234.3%
Occupancy and equipment expense1201127.1%4664327.9%
Other expense289290-0.3%1,2451,11611.6%
Total Non Interest Expense1,166 977 19.3% 4,534 3,650 24.2%
Pretax pre-provision income1,393 1,364 2.1% 5,415 5,350 1.2%
Gain on sale of securities32N/M144N/M
Gain on sale of assets00N/M00N/M
Provision for Loan Losses30 507N/M90 1,627N/M
Earnings before income taxes1,36685959.0%5,3393,72743.3%
Provision for income taxes166217-23.5%6626590.5%
Net Earnings$1,200 $642 86.9% $4,677 $3,068 52.4%
Basic earnings per share1.090.5887.9%4.242.7753.0%
Basic weighted average shares1,1001,1061,1021,106
outstanding
Diluted earnings per share1.080.5787.9%4.192.7453.0%
Diluted weighted average shares outstanding1,1151,1211,1171,121

Average for Quarter Average for Twelve Months
December 31 % December 31 %
BALANCE SHEET SUMMARY 2018 2017 Change 2018 2017 Change
Total loans$144,801$130,70810.8%$143,869$131,1269.7%
Total short term investments23,17533,929-31.7%18,85424,136-21.9%
Total investment securities79,70092,935-14.2%84,42787,396-3.4%
Earning assets247,676 257,572 -3.8% 247,150 242,658 1.9%
Total assets255,113 264,668 -3.6% 254,343 249,390 2.0%
Noninterest bearing deposits81,18781,387-0.2%81,78375,4348.4%
Interest bearing deposits141,081150,771-6.4%139,807142,423-1.8%
Total deposits222,268 232,158 -4.3% 221,590 217,857 1.7%
Fed Funds Purchased and Repurchase Agreements000.0%39079393.7%
Shareholders' equity$31,948 $31,546 1.3% $31,664 $30,682 3.2%

TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)



Average for Quarter Ending
Dec 31, Sept. 30, June 30, March 31, Dec 31,
BALANCE SHEET SUMMARY 2018 2018 2018 2018 2017
Total loans$144,801$145,280$147,227$137,942$130,708
Total short term investments23,17518,36810,84323,03533,929
Total investment securities79,70080,50984,98192,92692,935
Earning assets 247,676 244,157 243,051 253,903 257,572
Total assets 255,113 251,839 250,070 260,399 264,668
Noninterest bearing deposits81,18783,15180,63782,62281,387
Interest bearing deposits141,081135,815135,940146,206150,771
Total deposits 222,268 218,966 216,577 228,828 232,158
Fed Funds Purchased and Repurchase Agreements001,56600
Shareholders' equity $31,948 $32,151 $31,236 $31,308 $31,546

Quarter Ended
Dec 31, Sept. 30, June 30, March 31, Dec 31,
HISTORICAL EARNINGS SUMMARY 2018 2018 2018 2018 2017
Interest income$2,785$2,658$2,591$2,486$2,407
Interest expense358309241209192
Net Interest Income 2,427 2,349 2,350 2,277 2,215
Service charges on deposits3138374235
Other income1011111008791
Total Non Interest Income 132 149 137 129 126
Salaries and benefits expense757707731628575
Occupancy and equipment expense120119106121112
Other expense289272302382290
Total Non Interest Expense 1,166 1,098 1,139 1,131 977
Pretax pre-provision income 1,393 1,400 1,348 1,275 1,364
Gain on sale of securities34702
Gain on sale of other assets00000
Provision for Loan Losses 30 30 30 0 507
Earnings before income taxes1,3661,3741,3251,275859
Provision for income taxes166184166146217
Net Earnings $1,200 $1,190 $1,159 $1,129 $642
Diluted earnings per share$1.08$0.94$1.03$1.00$0.57

TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)


Ending Balance
Dec 31, Sept. 30, June 30, March 31, Dec 31,
HISTORICAL BALANCE SHEET 2018 2018 2018 2018 2017
Total loans$154,184$143,846$150,833$142,848$139,818
Total short term investments13,12723,0807,45420,76619,027
Total investment securities81,89679,23478,84093,03493,518
Total earning assets 249,207 246,160 237,127 256,648 252,363
Allowance for loan losses(1,671)(1,664)(1,634)(1,604)(1,600)
Premises and equipment2,6272,6522,7292,7252,731
Other Assets7,0185,8927,5825,0465,817
Total assets 257,181 253,040 245,804 262,815 259,311
Noninterest bearing deposits85,66881,85679,67886,90384,445
Interest bearing deposits137,979137,926133,922143,929143,638
Total deposits 223,647 219,782 213,600 230,832 228,083
Fed Funds Purchased and Repurchase Agreements00000
Other Liabilities7011,3116101,143352
Total liabilities 224,348 221,093 214,210 231,975 228,435
Shareholders' Equity Actual34,051 32,772 32,244 31,497 30,993
Unrealized Gain - AFS(1,218) (825) (650) (657) (117)
Total Equity$32,833 $31,947 $31,594 $30,840 $30,876

Quarter Ending
Dec 31, Sept. 30, June 30, March 31, Dec 31,
NONPERFORMING ASSETS 2018 2018 2018 2018 2017
Nonaccrual loans$60$137$179$224$394
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 $60 $137 $179 $224 $394
Accruing loans past due 30-89 days$0$456$458$0$0
Total nonperforming assets as a percentage
of loans and foreclosed assets0.04%0.10%0.12%0.16%0.28%

TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)


Quarter Ending
ALLOWANCE FOR Dec 31, Sept. 30, June 30, March 31, Dec 31,
LOAN LOSSES 2018 2018 2018 2018 2017
Balance at beginning of period $1,664 $1,634 $1,604 $1,600 $1,493
Loans charged off23000400
Loan recoveries00040
Net (charge-offs) recoveries(23)004(400)
Provision for loan losses3030300507
Balance at end of period $1,671 $1,664 $1,634 $1,604 $1,600
Allowance for loan losses
as a percentage of total loans1.08%1.10%1.08%1.12%1.14%
Allowance for loan losses
as a percentage of nonperforming assets2785%930%913%716%406%
Net charge-offs (recoveries) as a
percentage of average loans0.02%0.00%0.00%-0.01%0.31%
Provision for loan losses
as a percentage of average loans0.02%0.02%0.02%0.00%0.39%

Quarter Ending
Dec 31, Sept. 30, June 30, March 31, Dec 31,
SELECTED RATIOS 2018 2018 2018 2018 2017
Return on average assets (annualized)1.88%1.89%1.85%1.73%0.97%
Return on average equity (annualized)15.02%14.81%14.84%14.42%8.14%
Return on average equity (excluding unrealized gain on investments)15.57%14.53%14.51%14.34%8.44%
Average shareholders' equity to average assets12.52%12.77%12.49%12.02%11.92%
Yield on earning assets (tax equivalent)4.75%4.59%4.53%4.19%4.17%
Effective Cost of Funds0.58%0.51%0.40%0.33%0.29%
Net interest margin (tax equivalent)4.17%4.08%4.13%3.86%3.88%
Efficiency ratio (tax equivalent)37.9%41.5%43.0%43.9%37.2%
End of period book value per common share$29.85$29.07$28.13$27.88$27.92
End of period book value (excluding unrealized gain on investments)$30.96$29.82$29.31$28.48$28.02
End of period common shares outstanding (in 000's)1,1001,0991,1001,1061,106

TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)


Twelve Months Ending
December 31, 2018 December 31, 2017
TaxTax
AverageEquivalentAverageEquivalent
YIELD ANALYSISBalanceInterestYieldYieldBalanceInterestYieldYield
Interest Earning Assets:
Short term investment$18,4783782.05%2.05%$23,7633111.31%1.31%
FRB Stock367236.00%6.00%373236.00%6.00%
Tax Free securities84,4272,3872.83%3.58%87,3962,3612.70%3.89%
Loans143,8697,7325.37%5.37%131,1266,4464.92%4.92%
Total Interest Earning Assets 247,141 10,520 4.26% 4.51% 242,658 9,141 3.77% 4.19%
Noninterest Earning Assets:
Cash and due from banks4,4114,404
Other assets4,4274,539
Allowance for loan losses(1,636)(2,211)
Total Noninterest Earning Assets 7,202 6,732
Total Assets $254,343 $249,390
Interest Bearing Liabilities:
Transaction and Money Market accounts115,2717970.69%0.69%114,3153960.35%0.35%
Certificates and other time deposits24,5363111.27%1.27%28,1082590.92%0.92%
Other borrowings390102.56%2.56%7910.25%0.25%
Total Interest Bearing Liabilities 140,197 1,118 0.80% 0.80% 142,502 656 0.46% 0.46%
Noninterest Bearing Liabilities:
Demand deposits81,78375,434
Other liabilities699772
Shareholders' Equity31,66430,682
Total Liabilities and Shareholders Equity $254,343 $249,390
Net Interest Income and Spread 9,402 3.46% 3.71% 8,485 3.31% 3.73%
Net Interest Margin 3.50% 4.06% 3.50% 3.93%

TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)


December 31 December 31
2018 % 2017 %
LOAN PORTFOLIO
Commercial and industrial$87,53756.77%$80,22657.38%
Real estate:
Commercial24,41315.83%18,67213.35%
Residential19,14712.42%24,33517.40%
Construction and development22,03414.29%15,88511.36%
Consumer1,0540.68%7000.50%
Total loans (gross) 154,185 100.00% 139,818 100.00%
Unearned discounts00.00%00.00%
Total loans (net) $154,185 100.00% $139,818 100.00%

December 31 December 31
2018 2017
REGULATORY CAPITAL DATA
Tier 1 Capital$34,051$30,993
Total Capital (Tier 1 + Tier 2)$35,722$32,593
Total Risk-Adjusted Assets$171,326$158,248
Tier 1 Risk-Based Capital Ratio19.88%19.59%
Total Risk-Based Capital Ratio20.85%20.60%
Tier 1 Leverage Ratio13.35%11.71%
OTHER DATA
Full Time Equivalent
Employees (FTE's)2017
Stock Price Range
(For the Three Months Ended):
High$67.00$60.30
Low$59.05$57.25
Close$65.50$59.83

SOURCE: Trinity Bank N.A.



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