Trinity Bank, N.A.: Positive Performance Continues in 2008 First Quarter (Marketwire)
Wed, 30 Apr 2008 13:41:00 Etc/GM
Results of Operations
Trinity Bank, N.A. reported Net Income After Taxes of $325,311 or $.28 per diluted common share for the first quarter of 2008, compared to $217,522 or $.19 per diluted common share for the first quarter of 2007, an increase of 50%.
Jeffrey M. Harp, President, stated, "Operating results for the first quarter of 2008 represent our fourteenth consecutive quarter of profit improvement. Loan volume increased 16% in spite of the payoff of two large loans (representing 7% of our total loans) in the first quarter. Deposits were up 37%, some of which was due to seasonal increases as customers accumulate funds for tax payments. We are pleased to report both Net Interest Income (up 18.1%) and Non-Interest Income (up 26.8%) continue to grow at a faster rate than our expenses (up 12.5%)."
Average for Quarter Ending
(in 000's) 3-31-08 3-31-07 %
--------- --------- -----
Loans $ 49,878 $ 42,976 16.1%
Deposits $ 109,376 $ 79,819 37.0%
Actual for Quarter Ending
Net Interest Income $ 901 $ 763 18.1%
Non-Interest Income 123 97 26.8%
Non-Interest Expense 548 487 12.5%
Loan Loss Provision 45 45 --
Pre Tax Income $ 431 $ 328 31.4%
Income Tax $ 106 $ 111 (4.5%)
Net Income $ 325 $ 217 49.8%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 to loan losses and the estimations of values of collateral and various financial assets and liabilities, that the cost 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 hold 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 obligations 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 2008 2007 Change
Interest income 1,581 1,479 6.9%
Interest expense 680 716 -5.0%
Net Interest Income 901 763 18.1%
Provision for Loan Losses 45 45 0.0%
Service charges on deposits 25 24 4.2%
Other income 98 73 34.2%
Total Non Interest Income 123 97 26.8%
Salaries and benefits expense 285 257 10.9%
Occupancy and equipment expense 87 83 4.8%
Other expense 176 147 19.7%
Total Non Interest Expense 548 487 12.5%
Earnings before income taxes 431 328 31.4%
Provision for income taxes 106 111 0.0%
Net Earnings 325 217 49.8%
Basic earnings per share 0.29 0.20 49.8%
Basic weighted average shares outstanding 1,109 1,109
Diluted earnings per share 0.28 0.19 50.2%
Diluted weighted average shares outstanding 1,157 1,160
Average for Quarter
Ending March 31, %
BALANCE SHEET SUMMARY 2008 2007 Change
Total loans $ 49,878 $ 42,976 16.1%
Total short term investments 26,740 19,493 37.2%
Total investment securities 41,033 31,151 31.7%
Earning assets 117,651 93,620 25.7%
Total assets 123,192 99,017 24.4%
Noninterest bearing deposits 20,814 18,258 14.0%
Interest bearing deposits 88,562 61,561 43.9%
Total deposits 109,376 79,819 37.0%
Shareholders' equity 12,491 11,215 11.4%
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
Average for Quarter Ending
BALANCE SHEET
SUMMARY March 31, Dec. 31, Sept. 30, June 30, March 31,
2008 2007 2007 2007 2007
Total loans $ 49,878 $ 50,053 $ 50,328 $ 46,530 $ 42,976
Total short term
investments 26,740 27,011 22,927 24,676 19,493
Total investment
securities 41,033 36,569 30,778 26,955 31,151
Earning assets 117,651 113,633 104,033 98,161 93,620
Total assets 123,192 119,646 109,844 103,889 99,017
Noninterest bearing
deposits 20,814 23,620 21,396 20,411 18,258
Interest bearing
deposits 88,562 82,504 75,546 69,933 61,561
Total deposits 109,376 106,124 96,942 90,344 79,819
Repurchase
Agreements 806 849 663 1,519 7,511
Shareholders' equity 12,491 12,078 11,725 11,486 11,215
Quarter Ended
HISTORICAL EARNINGS
SUMMARY March 31, Dec. 31, Sept. 30, June 30, March 31,
2008 2007 2007 2007 2007
Interest income 1,581 1,745 1,721 1,602 1,479
Interest expense 680 803 804 752 716
Net Interest Income 901 942 917 850 763
Provision for Loan
Losses 45 45 45 45 45
Service charges on
deposits 25 28 25 28 24
Other income 98 39 51 52 73
Total Non Interest
Income 123 67 76 80 97
Salaries and
benefits expense 285 324 278 248 257
Occupancy and
equipment expense 87 91 91 87 83
Other expense 176 115 161 178 147
Total Non Interest
Expense 548 530 530 513 487
Earnings before
income taxes 431 434 418 372 328
Provision for income
taxes 106 129 147 128 111
Net Earnings 325 305 271 244 217
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
Ending Balance
March 31, Dec. 31., Sept. 30, June 30, March 31,
HISTORICAL BALANCE SHEET 2008 2007 2007 2007 2007
Total loans $ 51,866 $ 50,545 $ 50,936 $ 48,392 $ 46,189
Total short term
investments 27,818 25,654 24,235 24,256 18,417
Total investment
securities 37,740 43,561 31,685 27,907 32,817
Total earning assets 117,424 119,760 106,856 100,555 97,423
Allowance for loan losses 771 726 681 636 591
Premises and equipment 1,588 1,630 1,677 1,723 1,767
Other Assets 4,491 4,572 5,126 4,780 3,776
Total assets 122,732 125,236 112,978 106,422 102,375
Noninterest bearing
deposits 20,820 24,423 22,487 19,963 19,028
Interest bearing deposits 87,874 87,352 77,319 73,738 63,807
Total deposits 108,694 111,775 99,806 93,701 82,835
Repurchase Agreements 714 820 732 756 7,595
Other Liabilities 585 379 494 388 543
Total liabilities 109,993 112,974 101,032 94,845 90,973
Shareholders' equity 12,739 12,262 11,946 11,577 11,402
Quarter Ending
March 31, Dec. 31, Sept. 30, June 30, March 31,
NONPERFORMING ASSETS 2008 2007 2007 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
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 March 31, Dec. 31, Sept. 30, June 30, March 31,
LOAN LOSSES 2008 2007 2007 2007 2007
Balance at beginning of
period $ 726 $ 681 $ 636 $ 591 $ 546
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 $ 771 $ 726 $ 681 $ 636 $ 591
Allowance for loan losses
as a percentage of total
loans 1.49% 1.44% 1.34% 1.31% 1.28%
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 0.09% 0.09% 0.09% 0.09% 0.09%
Quarter Ending
March 31, Dec. 31, Sept. 30, June 30, March 31,
SELECTED RATIOS 2008 2007 2007 2007 2007
Return on average assets
(annualized) 1.06% 1.02% 0.99% 0.94% 0.88%
Return on average equity
(annualized) 10.41% 10.10% 9.25% 8.50% 7.74%
Average shareholders' equity
to average assets 10.14% 10.09% 10.67% 11.06% 11.33%
Yield on earning assets (tax
equivalent) 5.58% 6.30% 6.64% 6.53% 6.32%
Cost of interest bearing
funds 3.04% 3.85% 4.22% 4.21% 4.15%
Net interest margin (tax
equivalent) 3.26% 3.44% 3.56% 3.46% 3.26%
Efficiency ratio 50.70% 52.53% 53.37% 55.16% 56.63%
End of period book value per
common share 11.49 11.06 10.77 10.44 10.28
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
March 31, 2008 March 31, 2007
Tax Tax
Equiva- Equiva-
Average lent Average lent
YIELD ANALYSIS Balance Yield Yield Balance Yield Yield
Interest Earning
Assets:
Short term investment 26,740 4.01% 4.01% 19,493 5.31% 5.31%
Investment securities 25,847 4.40% 4.40% 31,151 4.46% 4.46%
Tax Free securities 15,186 3.37% 4.86% 0 0.00% 0.00%
Loans 49,878 7.23% 7.23% 42,976 8.13% 8.13%
Total Interest Earning
Assets 117,651 5.38% 5.57% 93,620 6.32% 6.32%
Noninterest Earning
Assets:
Cash and due from banks 3,805 3,392
Other assets 2,479 2,565
Allowance for loan
losses (743) (560)
Total Noninterest
Earning Assets 5,541 5,397
Total Assets $ 123,192 $ 99,017
Interest Bearing
Liabilities:
Transaction and Money
Market accounts 62,228 2.60% 2.60% 42,748 3.88% 3.88%
Savings deposits 0 0.00% 0.00% 0 0.00% 0.00%
Certificates and other
time deposits 26,334 4.15% 4.15% 18,813 4.61% 4.61%
Other borrowings 806 1.99% 1.99% 7,511 4.47% 4.47%
Total Interest Bearing
Liabilities 89,368 3.05% 3.05% 69,072 4.15% 4.15%
Noninterest Bearing
Liabilities
Demand deposits 20,814 18,258
Other liabilities 519 472
Shareholders' Equity 12,491 11,215
Total Liabilities and
Shareholders Equity $ 123,192 $ 99,017
Net Interest Income and
Spread 2.33% 2.52% 2.17% 2.17%
Net Interest Margin
(includes non-interest
bearing accounts) 3.06% 3.25% 3.26% 3.26%
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
March 31, March 31,
2008 % 2007 %
LOAN PORTFOLIO
Commercial and industrial 28,602 55.15% 26,481 57.33%
Real estate:
Commercial 8,158 15.73% 7,893 17.09%
Residential 6,872 13.25% 6,712 14.53%
Construction and development 6,260 12.07% 3,372 7.30%
Consumer 1,974 3.81% 1,731 3.75%
Total loans (gross) 51,866 100.00% 46,189 100.00%
Unearned discounts 0 0.00% 0 0.00%
Total loans (net) 51,866 100.00% 46,189 100.00%
March 31, March 31,
2007 2007
REGULATORY CAPITAL DATA
Tier 1 Capital $ 12,584 $ 11,440
Total Capital (Tier 1 + Tier 2) $ 13,355 $ 12,031
Total Risk-Adjusted Assets $ 65,643 $ 57,351
Tier 1 Ratio 19.20% 19.95%
Total Capital Ratio 20.30% 20.98%
Tier 1 Leverage Ratio 10.20% 11.55%
OTHER DATA
Full Time Equivalent
Employees (FTE's) 15 13
Stock Price Range
(For the Quarter Ended):
High $ 20.00 $ 22.00
Low $ 20.00 $ 18.00
Close $ 20.00 $ 18.00source: http://biz.yahoo.com/iw/080430/0392005.html