Trinity Bank Reports Profits Up 18% (Marketwire)
Fri, 22 May 2009 12:00:00 Etc/GM
Results of Operations
Trinity Bank, N.A. reported Net Income after Taxes of $386,000 or $.33 per diluted common share for the first quarter of 2009, compared to $325,000 or $.28 per diluted common share for the first quarter of 2008, an increase of 18%. This level of profit produced a Return on Assets of 1.14% and a Return on Equity of 10.74%. Both returns place Trinity Bank in the top 10% of all banks in the U.S.
Jeffrey M. Harp, President, stated, "We are fortunate to be able to produce good returns in a trying environment. Our focus on relationship banking continues to serve the organization well. Following the results of the widely publicized stress tests on the 19 largest banks in the U.S. which were announced on May 7th, public attention remains focused on loan quality. I am pleased to be able to report that Trinity Bank has not suffered a loan loss in its six years of existence. In addition, we still have no non-performing loans and no past due loans. We look forward to seeing benefits as customers become aware of banks that are struggling under today's economic conditions."
Average for Quarter Ending
(in 000's) 3-31-09 3-31-08 %
--------- --------- ---------
Loans $ 62,192 $ 49,878 24.7%
Deposits $ 115,609 $ 109,376 5.7%
Actual for Quarter Ending
(in 000's) 3-31-09 3-31-08 %
--------- --------- ---------
Net Interest Income $ 1,009 $ 901 12.0%
Non-Interest Income 104 123 (15.4%)
Non-Interest Expense 583 548 6.4%
Loan Loss Provision 45 45 -
Pre Tax Income $ 485 $ 431 12.5%
Income Tax $ 99 $ 106 (6.6%)
Net Income $ 386 $ 325 18.8%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 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 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 2009 2008 Change
Interest income 1,427 1,581 -9.7%
Interest expense 418 680 -38.5%
Net Interest Income 1,009 901 12.0%
Provision for Loan Losses 45 45 0.0%
Service charges on deposits 25 25 0.0%
Net gain on securities available for sale 3 0 na
Other income 76 98 -22.4%
Total Non Interest Income 104 123 -15.4%
Salaries and benefits expense 291 285 2.1%
Occupancy and equipment expense 85 87 -2.3%
Other expense 207 176 17.6%
Total Non Interest Expense 583 548 6.4%
Earnings before income taxes 485 431 12.5%
Provision for income taxes 99 106 -6.6%
Net Earnings 386 325 18.8%
Basic earnings per share 0.35 0.29 20.7%
Basic weighted average shares outstanding 1,109 1,109
Diluted earnings per share 0.33 0.28 17.9%
Diluted weighted average shares outstanding 1,166 1,157
Average for Quarter
Ending March 31 %
BALANCE SHEET SUMMARY 2009 2008 Change
Total loans $ 62,192 $ 49,878 24.7%
Total short term investments 20,209 26,740 -24.4%
Total investment securities 47,162 41,033 14.9%
Earning assets 129,563 117,651 10.1%
Total assets 135,756 123,192 10.2%
Noninterest bearing deposits 23,184 20,814 11.4%
Interest bearing deposits 92,425 88,562 4.4%
Total deposits 115,609 109,376 5.7%
Fed Funds Purchased and Repurchase Agreements 5,259 805 n/a
Shareholders' equity 14,376 12,491 15.1%
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
Average for Quarter Ending
March 31, Dec. 31, Sept. 30, June 30, March 31,
BALANCE SHEET SUMMARY 2009 2008 2008 2008 2008
Total loans $ 62,192 $ 65,398 $ 64,946 $ 57,309 $ 49,878
Total short term
investments 20,209 22,898 17,627 23,073 26,740
Total investment
securities 47,162 39,329 37,060 36,588 41,033
Earning assets 129,563 127,625 119,633 116,970 117,651
Total assets 135,756 133,175 124,795 122,227 123,192
Noninterest bearing
deposits 23,184 24,012 21,199 20,553 20,814
Interest bearing
deposits 92,425 90,298 89,387 87,699 88,562
Total deposits 115,609 114,310 110,586 108,252 109,376
Fed Funds Purchased and
Repurchase Agreements 5,259 4,934 798 620 806
Shareholders' equity 14,376 13,531 13,073 12,821 12,491
Quarter Ended
HISTORICAL EARNINGS March 31, Dec. 31, Sept. 30, June 30, March 31,
SUMMARY 2009 2008 2008 2008 2008
Interest income 1,427 1,456 1,464 1,430 1,581
Interest expense 418 478 526 521 680
Net Interest Income 1,009 978 938 909 901
Provision for Loan
Losses 45 45 45 45 45
Service charges on
deposits 25 24 23 24 25
Net gain on securities
available for sale 3 0 0 0 0
Other income 76 40 64 82 98
Total Non Interest
Income 104 64 87 106 123
Salaries and benefits
expense 291 342 301 283 285
Occupancy and equipment
expense 85 87 86 87 87
Other expense 207 108 152 169 176
Total Non Interest
Expense 583 537 539 539 548
Earnings before income
taxes 485 460 441 431 431
Provision for income
taxes 99 90 84 91 106
Net Earnings 386 370 357 340 325
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
Ending Balance
HISTORICAL BALANCE March 31, Dec. 31, Sept. 30, June 30, March 31,
SHEET 2009 2008 2008 2008 2008
Total loans $ 60,086 $ 66,715 $ 65,595 $ 62,061 $ 51,866
Total short term
investments 17,301 20,502 23,291 15,415 27,818
Total investment
securities 50,553 44,980 34,523 39,803 37,740
Total earning assets 127,940 132,197 123,409 117,279 117,424
Allowance for loan
losses 951 906 861 816 771
Premises and
equipment 1,700 1,719 1,680 1,541 1,588
Other Assets 4,926 5,347 3,754 4,657 4,491
Total assets 133,615 138,357 127,982 122,661 122,732
Noninterest bearing
deposits 21,511 28,665 21,769 20,506 20,820
Interest bearing
deposits 96,283 87,552 91,448 88,270 87,874
Total deposits 117,794 116,217 113,217 108,776 108,694
Fed Funds Purchased
and Repurchase
Agreements 508 7,771 934 621 714
Other Liabilities 612 441 483 401 585
Total liabilities 118,914 124,429 114,634 109,798 109,993
Shareholders' equity 14,701 13,928 13,348 12,863 12,739
Quarter Ending
NONPERFORMING March 31, Dec. 31, Sept. 30, June 30, March 31,
ASSETS 2009 2008 2008 2008 2008
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 $ 0 $ 0 $ 152 $ 5 $ 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 2009 2008 2008 2008 2008
Balance at beginning
of period $ 906 $ 861 $ 816 $ 771 $ 726
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 $ 951 $ 906 $ 861 $ 816 $ 771
Allowance for loan
losses as a percentage
of total loans 1.58% 1.36% 1.31% 1.31% 1.49%
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% 0.07% 0.07% 0.08% 0.08%
Quarter Ending
March 31, Dec. 31, Sept. 30, June 30, March 31,
SELECTED RATIOS 2009 2008 2008 2008 2008
Return on average
assets (annualized) 1.14% 1.11% 1.14% 1.11% 1.06%
Return on average
equity (annualized) 10.74% 10.94% 10.92% 10.61% 10.41%
Average shareholders'
equity to average
assets 10.59% 10.16% 10.48% 10.49% 10.14%
Yield on earning assets
(tax equivalent) 4.71% 5.20% 5.21% 5.17% 5.58%
Cost of interest
bearing funds 1.71% 2.43% 2.33% 2.37% 3.04%
Net interest margin
(tax equivalent) 3.40% 3.37% 3.45% 3.39% 3.26%
Efficiency ratio
(tax equivalent) 48.30% 47.18% 48.13% 49.27% 50.70%
End of period book
value per common share 12.96 12.56 12.04 11.60 11.49
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, 2009 March 31, 2008
Tax Tax
Equiv- Equiv-
YIELD Average alent Average alent
ANALYSIS Balance Interest Yield Yield Balance Interest Yield Yield
Interest
Earning
Assets:
Short term
investment 20,209 129 2.55% 2.55% 26,740 268 4.01% 4.01%
Investment
securities 20,439 231 4.52% 4.52% 25,847 284 4.40% 4.40%
Tax Free
securities 26,723 214 3.20% 4.62% 15,186 128 3.37% 4.86%
Loans 62,192 853 5.49% 5.49% 49,878 901 7.23% 7.23%
Total
Interest
Earning
Assets 129,563 1,427 4.41% 4.71% 117,651 1,581 5.38% 5.57%
Noninterest
Earning
Assets:
Cash and
due from
banks 3,566 3,805
Other
assets 3,555 2,479
Allowance
for loan
losses (928) (743)
Total
Noninterest
Earning
Assets 6,193 5,541
Total
Assets $135,756 $123,192
Interest
Bearing
Liabilities:
Transaction
and Money
Market
accounts 61,230 217 1.42% 1.42% 62,228 405 2.60% 2.60%
Certificates
and
other time
deposits 31,195 195 2.50% 2.50% 26,334 271 4.12% 4.12%
Other
borrowings 5,259 6 0.46% 0.46% 806 4 1.99% 1.99%
Total
Interest
Bearing
Liabilities 97,684 418 1.71% 1.71% 89,368 680 3.05% 3.05%
Noninterest
Bearing
Liabilities
Demand
deposits 23,184 20,814
Other
liabilities 512 519
Shareholders'
Equity 14,376 12,491
Total
Liabilities
and
Share-
holders'
Equity $135,756 $123,192
Net
Interest
Income and
Spread 1,009 2.69% 3.00% 901 2.33% 2.52%
Net
Interest
Margin 3.12% 3.41% 3.06% 3.25%
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
March 31 March 31
2009 % 2008 %
LOAN PORTFOLIO
Commercial and industrial 29,872 49.72% 28,602 55.15%
Real estate:
Commercial 10,828 18.02% 8,158 15.73%
Residential 9,661 16.08% 6,872 13.25%
Construction and development 6,742 11.22% 6,260 12.07%
Consumer 2,983 4.96% 1,974 3.81%
Total loans (gross) 60,086 100.00% 51,866 100.00%
Unearned discounts 0 0.00% 0 0.00%
Total loans (net) 60,086 100.00% 51,866 100.00%
March 31 March 31
2009 2008
REGULATORY CAPITAL DATA
Tier 1 Capital $ 14,043 $ 12,584
Total Capital (Tier 1 + Tier 2) $ 14,994 $ 13,355
Total Risk-Adjusted Assets $ 73,504 $ 65,643
Tier 1 Ratio 16.09% 19.20%
Total Capital Ratio 17.18% 20.30%
Tier 1 Leverage Ratio 10.34% 10.20%
OTHER DATA
Full Time Equivalent
Employees (FTE's) 14 15
Stock Price Range
(For the Twelve Months Ended):
High $ 20.00 $ 20.00
Low $ 20.00 $ 20.00
Close $ 20.00 $ 20.00
Contact:
For Information contact:
Richard Burt
Executive Vice President
Trinity Bank
817-763-9966
source: http://biz.yahoo.com/iw/090522/0503948.html