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Trinity Bank Reports 2018 1st Quarter Net Income of $1,129,000

FORT WORTH, TX / ACCESSWIRE / April 23, 2018 / Trinity Bank N.A. (OTC PINK: TYBT) today announced operating results for the three months ending March 30, 2018.

Results of Operations

Trinity Bank, N.A. reported Net Income After Taxes of $1,129,000 or $1.00 per diluted common share for the first quarter of 2018, compared to $357,000 or $.32 per diluted common share for the first quarter of 2017, an increase of 216.8%.

President Jeffrey M. Harp stated, "First Quarter 2018 results reflect a recovery to our historical levels of Return on Assets and Return on Equity. Trinity Bank experienced better than the expected loan and deposit growth in 1Q along with our usual exceptional operating efficiency."

"I am extremely pleased to announce that Matt Opitz has joined our management team as Executive Vice president. Matt has a proven track record in the Fort Worth market as a business generator and relationship manager as well as a developer of young lenders. His addition is a major part of the succession plan put in place to ensure continued success for Trinity Bank."

"As previously announced, Trinity Bank will pay its thirteenth semiannual dividend, $.54 per share, on April 30, 2018. This dividend amount represents a 5.9% increase over the prior dividend of $.51 per share paid in October 2017."

Profitability3/30/20183/31/2017
Return on Assets1.73%0.61%
Return on Equity14.34%4.85%


Average for Quarter Ending%
(in 000's)
Loans$137,942$130,9775.3
Deposits$228,828$203,60012.4


Actual for Quarter Ending
(in 000's)3/30/20183/31/2017%
Net Interest Income$2,277$2,00613.5
Non-Interest Income129130(.8)
Non-Interest Expense(1,131)(881)28.4
Pretax Preprovision Income$1,275$1,2551.6
Gain on Sale of Securities and Assets0$(1)N/M
Loan Loss Provision01,000N/M
Pre Tax Income1,275254402.0
Income Tax146(103)N/M
Net Income$1,129$357216.2
Diluted Weighted Average Shares1,1251,127
Earnings per Share$1.00$0.32216.8

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.

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 Ended
March 31 %
EARNINGS SUMMARY 2018 2017 Change
Interest income$2,486$2,14515.9%
Interest expense20913950.4%
Net Interest Income 2,2772,00613.5%
Service charges on deposits42420.0%
Other income8788-1.1%
Total Non Interest Income 129130-0.8%
Salaries and benefits expense62850823.6%
Occupancy and equipment expense12110416.3%
Other expense38226942.0%
Total Non Interest Expense 1,131881 28.4 %
Pretax pre-provision income1,2751,2551.6%
Gain on sale of securities0(1)N/M
Gain on sale of foreclosed assets00N/M
Gain on sale of assets00N/M
Provision for Loan Losses01,000N/M
Earnings before income taxes1,275254402.0%
Provision for income taxes146(103)N/M
Net Earnings$1,129$357216.2%
Basic earnings per share1.020.32216.8%
Basic weighted average shares1,1061,108
outstanding
Diluted earnings per share - estimate1.000.32216.8%
Diluted weighted average shares outstanding1,1251,127


Average for Quarter
March 31 %
BALANCE SHEET SUMMARY 2018 2017 Change
Total loans$137,942$130,9775.3%
Total short term investments23,03514,08963.5%
Total investment securities92,92682,29412.9%
Earning assets253,903227,36011.7%
Total assets 260,399234,05811.3 %
Noninterest bearing deposits82,62270,65416.9%
Interest bearing deposits146,206132,94610.0%
Total deposits 228,828203,60012.4%
Fed Funds Purchased and Repurchase Agreements0320-100.0%
Shareholders' equity $31,308$29,7015.4 %


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 2018 2017 2017 2017 2017
Total loans$137,942$130,708$131,507$131,481$130,977
Total short term investments23,03533,92926,34921,56314,089
Total investment securities92,92692,93589,92284,65682,294
Earning assets253,903257,572247,778237,700227,360
Total assets 260,399264,668254,291244,153234,058
Noninterest bearing deposits82,62281,38775,57273,99970,654
Interest bearing deposits146,206150,771146,331139,407132,946
Total deposits 228,828232,158221,903213,406203,600
Fed Funds Purchased and Repurchase Agreements0000320
Shareholders' equity $31,308$31,546 $31,428$30,024$29,701


Quarter Ended
March 31, Dec 31, Sept. 30, June 30, March 31,
HISTORICAL EARNINGS SUMMARY 2018 2017 2017 2017 2017
Interest income$2,486$2,407$2,345$2,244$2,145
Interest expense209192175150139
Net Interest Income 2,2772,2152,1702,0942,006
Service charges on deposits4235353842
Other income8791949288
Total Non Interest Income 129126129130130
Salaries and benefits expense628575520499508
Occupancy and equipment expense121112110106104
Other expense382290276281269
Total Non Interest Expense 1,131977906886881
Pretax pre-provision income 1,2751,3641,3931,3381,255
Gain on sale of securities0203(1)
Gain on sale of foreclosed assets00000
Gain on sale of other assets00000
Provision for Loan Losses 050760601,000
Earnings before income taxes1,2758591,3331,281254
Provision for income taxes146217280265(103)
Net Earnings $1,129 $642$1,053$1,016$357
Diluted earnings per share$1.00$0.57$0.94$0.91$0.32


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 2018 2017 2017 2017 2017
Total loans$142,848$139,818$129,762$132,854$131,531
Total short term investments20,76619,02739,66220,09028,599
Total investment securities93,03493,51891,46788,90281,820
Total earning assets 256,648252,363260,891241,846241,950
Allowance for loan losses(1,604)(1,600)(1,493)(2,731)(2,662)
Premises and equipment2,7252,7312,7472,7802,698
Other Assets5,0465,8176,0506,4335,950
Total assets 262,815259,311268,195248,328247,936
Noninterest bearing deposits86,90384,44579,36675,86778,381
Interest bearing deposits143,929143,638155,790140,577139,409
Total deposits 230,832228,083235,156216,444217,790
Fed Funds Purchased and Repurchase Agreements00000
Other Liabilities1,1433521,548872923
Total liabilities231,975228,435236,704217,316218,713
Shareholders' Equity Actual31,49730,99330,31029,88629,015
Unrealized Gain - AFS(657)(117)1,1811,126208
Total Equity $30,840$30,876$31,491$31,012$29,223


Quarter Ending
March 31, Dec 31, Sept. 30, June 30, March 31,
NONPERFORMING ASSETS 2018 2017 2017 2017 2017
Nonaccrual loans$224$394$921$2,345$2,527
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 $224$394$921$2,345$2,527
Accruing loans past due 30-89 days$0$0$0$0$0
Total nonperforming assets as a percentage
of loans and foreclosed assets0.16%0.28%0.71%1.77%1.92%


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 2018 2017 2017 2017 2017
Balance at beginning of period $1,600$1,493$2,731 $2,662 $1,652
Loans charged off04001,30000
Loan recoveries402910
Net (charge-offs) recoveries4(400)(1,298)910
Provision for loan losses050760601,000
Balance at end of period $1,604$1,600$1,493$2,731$2,662
Allowance for loan losses
as a percentage of total loans1.12%1.14%1.15%2.06%2.02%
Allowance for loan losses
as a percentage of nonperforming assets716%406%162%116%105%
Net charge-offs (recoveries) as a
percentage of average loans-0.01%0.31%0.99%-0.01%-0.01%
Provision for loan losses
as a percentage of average loans0.00%0.39%0.05%0.05%0.76%


Quarter Ending
March 31, Dec 31, Sept. 30, June 30, March 31,
SELECTED RATIOS 2018 2017 2017 2017 2017
Return on average assets (annualized)1.73%0.97%1.66%1.66%0.61%
Return on average equity (annualized)14.42%8.14%13.40%13.54%4.81%
Return on average equity (excluding unrealized gain on investments)14.34%8.44%13.90%13.78%4.85%
Average shareholders' equity to average assets12.02%11.92%12.36%12.30%12.69%
Yield on earning assets (tax equivalent)4.19%4.17%4.22%4.19%4.20%
Effective Cost of Funds0.33%0.29%0.28%0.25%0.25%
Net interest margin (tax equivalent)3.86%3.88%3.94%3.94%3.95%
Efficiency ratio (tax equivalent)43.9%37.2%35.3%35.8%37.0%
End of period book value per common share$27.88$27.92$28.47$28.04$26.37
End of period book value (excluding unrealized gain on investments)$28.48$28.02$27.41$27.02$26.19
End of period common shares outstanding (in 000's)1,1061,1061,1061,1061,108

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



3 Months Ending
March 31, 2018 March 31, 2017
TaxTax
AverageEquivalentAverageEquivalent
YIELD ANALYSISBalanceInterestYieldYieldBalanceInterestYieldYield
Interest Earning Assets:
Short term investment$22,661891.57%1.57%$14,089340.97%0.97%
FRB Stock37466.00%6.00%37266.00%6.00%
Taxable securities000.00%0.00%44610.90%0.90%
Tax Free securities92,9266492.79%3.53%81,4755452.68%3.86%
Loans137,9421,7425.05%5.05%130,9771,5594.76%4.76%
Total Interest Earning Assets 253,9032,4863.92%4.19%227,3592,1453.77%4.20%
Noninterest Earning Assets:
Cash and due from banks3,7674,444
Other assets4,3334,178
Allowance for loan losses(1,604)(1,923)
Total Noninterest Earning Assets 6,4966,699
Total Assets $260,399$234,058
Interest Bearing Liabilities:
Transaction and Money Market accounts120,5611460.48%0.48%105,954790.30%0.30%
Certificates and other time deposits25,461630.99%0.99%26,993600.89%0.89%
Other borrowings000.30%0.30%32100.30%0.30%
Total Interest Bearing Liabilities146,0222090.57%0.57%133,268139 0.42%0.42%
Noninterest Bearing Liabilities:
Demand deposits82,62270,654
Other liabilities447435
Shareholders' Equity31,30829,701
Total Liabilities and Shareholders Equity $260,399$234,058
Net Interest Income and Spread2,2773.34%3.62 %2,0063.36%3.78%
Net Interest Margin 3.58%3.86%3.53%3.95%

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



March 31 March 31
2018 % 2017 %
LOAN PORTFOLIO
Commercial and industrial$78,42354.86%$76,44254.52%
Real estate:
Commercial20,66414.46%20,30318.79%
Residential24,76617.33%20,89716.31%
Construction and development18,55212.98%13,0659.04%
Consumer5390.38%8241.34%
Total loans (gross)142,944100.00% 131,531 100.00 %
Unearned discounts00.00%00.00%
Total loans (net) $142,944100.00 %$ 131,531 100.00 %
March 31 March 31
2018 2017
REGULATORY CAPITAL DATA
Tier 1 Capital$31,497$29,014
Total Capital (Tier 1 + Tier 2)$33,101$30,912
Total Risk-Adjusted Assets$160,648$151,085
Tier 1 Risk-Based Capital Ratio19.61%19.20%
Total Risk-Based Capital Ratio20.60%20.46%
Tier 1 Leverage Ratio12.10%12.40%
OTHER DATA
Full Time Equivalent
Employees (FTE's)1917
Stock Price Range
(For the Three Months Ended):
High$59.83$63.00
Low$58.50$53.50
Close$59.05$63.00

SOURCE: Trinity Bank NA

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