Trinitybk: Trinity Bank Reports Results for 2024 Net Income Up 5.5% to $8,458,000 Return on Assets 1.70%

In This Article: FORT WORTH, TX / ACCESS Newswire / February 5, 2025 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the fourth quarter and the twelve months ending December 31, 2024. Results of Operation For the fourth quarter 2024, Trinity Bank, N.A. reported Net Income after Taxes of $2,178,000, an increase of 2.0% over fourth quarter 2023 earnings of $2,135,00. Earnings per diluted common share for the fourth quarter 2024 amounted to $1.92, an increase of 2.1% over fourth quarter 2023 results of $1.88 per diluted common share. For 2024, Net Income after Taxes was $8,458,000, an increase of 5.5% over 2023 results of $8,015,000. Earnings per diluted common share for 2024 were $7.48, an increase of 5.9% over 2023 results of $7.06 per diluted common share. Co-Chairman and CEO Matt R. Opitz stated, "We are pleased with both our fourth quarter and full year 2024 results. The fourth quarter was the most profitable quarter and 2024 was the most profitable year in history for Trinity Bank. We finished the year with strong growth in net income, loans and deposits." "We have seen significant improvements in loan demand since the election in November. Further, corporate confidence throughout the State of Texas continues to increase, post-election, which is very encouraging as we embark on the new year." "As we move into 2025, we remain focused on our commitment to remain true to the same sound banking principles and management practices that have made Trinity Bank successful over its 22-year history. We will also continue to invest in our people, facilities, technology and processes to ensure we have the proper infrastructure to remain positioned to take advantage of opportunities for continued growth not only in 2025 but for years to come." "As always, thank you to our dedicated staff. Without them and their commitment to remaining focused on providing exceptional customer experiences, results like these would not be achievable." Page 2 - Trinity Bank fourth quarter 2024 earnings Page 3 - Trinity Bank fourth quarter 2024 earnings TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data) TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data) Average for Quarter Ending Dec 31, Sep 30, June 30, March 31, Dec. 31 BALANCE SHEET SUMMARY 2024 2024 2024 2024 2023 Total loans $ 297,595 $ 300,487 $ 306,551 $ 302,296 $ 297,994 Total short term investments 84,667 38,112 25,626 37,649 43,172 FRB Stock 438 437 435 433 430 Total investment securities 139,200 137,751 137,088 142,623 132,086 Earning assets 521,900 476,787 469,700 483,001 473,682 Total assets 529,766 485,034 477,700 490,262 481,952 Noninterest bearing deposits 140,237 131,659 131,609 127,766 138,527 Interest bearing deposits 331,293 297,480 293,548 309,030 297,030 Total deposits 471,529 429,139 425,157 436,796 435,557 Fed Funds Purchased and Repurchase Agreements 0 0 0 0 261 Shareholders' equity $ 58,388 $ 56,857 $ 54,951 $ 53,923 $ 52,263 Quarter Ended Dec 31, Sep 30, June 30, March 31, Dec. 31 HISTORICAL EARNINGS SUMMARY 2024 2024 2024 2024 2023 Interest income $ 7,426 $ 7,112 $ 7,107 $ 6,934 $ 6,818 Interest expense 2,681 2,749 2,713 2,832 2,738 Net Interest Income 4,745 4,363 4,394 4,102 4,080 Service charges on deposits 70 65 64 53 55 Other income 112 109 121 121 117 Total Non Interest Income 182 174 185 174 172 Salaries and benefits expense 1,343 1,368 1,319 1,223 1,314 Occupancy and equipment expense 117 133 122 122 109 Other expense 575 601 657 620 509 Total Non Interest Expense 2,035 2,102 2,098 1,965 1,932 Pretax pre-provision income 2,892 2,435 2,481 2,311 2,320 Gain on sale of securities 1 4 (4 ) 0 (36 ) Gain on sale of Other Assets 0 0 36 17 58 Provision for Loan Losses 350 0 0 0 0 Earnings before income taxes 2,543 2,439 2,514 2,328 2,342 Provision for income taxes 365 340 360 300 207 Net Earnings $ 2,178 $ 2,099 $ 2,154 $ 2,028 $ 2,135 Diluted earnings per share $ 1.92 $ 1.86 $ 1.91 $ 1.80 $ 1.88 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 2024 2024 2024 2024 2023 Total loans $ 305,864 $ 296,906 $ 304,810 $ 312,372 $ 297,423 FRB Stock 439 438 435 435 430 Total short term investments 69,746 59,576 10,003 38,009 40,334 Total investment securities 138,306 137,510 136,331 139,598 140,403 Total earning assets 514,355 494,430 451,579 490,414 478,590 Allowance for loan losses (5,583 ) (5,230 ) (5,227 ) (5,225 ) (5,224 ) Premises and equipment 4,123 2,393 2,397 2,375 2,387 Other Assets 9,339 9,739 14,711 8,149 10,291 Total assets 522,234 501,332 463,460 495,713 486,044 Noninterest bearing deposits 146,834 137,594 128,318 130,876 130,601 Interest bearing deposits 318,206 305,010 280,945 310,889 301,603 Total deposits 465,040 442,604 409,263 441,765 432,204 Fed Funds Purchased and Repurchase Agreements 0 0 0 0 0 Other Liabilities 2,711 2,901 2,804 2,618 2,663 Total liabilities 467,751 445,505 412,067 444,383 434,867 Shareholders' Equity Actual 59,758 57,976 55,915 54,777 53,465 Unrealized Gain/Loss - AFS (5,275 ) (2,149 ) (4,957 ) (3,883 ) (2,718 ) Total Equity $ 54,483 $ 55,827 $ 50,958 $ 50,894 $ 50,747 Quarter Ending Dec. 31, Sept. 30, June 30, March 31, Dec. 31 NONPERFORMING ASSETS 2024 2024 2024 2024 2023 Nonaccrual loans $ 1,047 $ 0 $ 0 $ 0 $ 0 Restructured loans 0 505 552 598 658 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 $ 1,047 $ 505 $ 552 $ 598 $ 658 Accruing loans past due 30-89 days $ 0 $ 39 $ 1,274 $ 0 $ 1 Total nonperforming assets as a percentage of loans and foreclosed assets 0.34 % 0.17 % 0.18 % 0.19 % 0.22 % 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 2024 2024 2024 2024 2023 Balance at beginning of period $ 5,230 $ 5,227 $ 5,224 $ 5,224 $ 5,222 Loans charged off 0 0 0 0 0 Loan recoveries 3 3 3 0 2 Net (charge-offs) recoveries 3 3 3 0 2 Provision for loan losses 350 0 0 0 0 Balance at end of period $ 5,583 $ 5,230 $ 5,227 $ 5,224 $ 5,224 Allowance for loan losses as a percentage of total loans 1.83 % 1.76 % 1.71 % 1.67 % 1.76 % Allowance for loan losses as a percentage of nonperforming assets 533 % 1036 % 947 % 874 % 794 % Net charge-offs (recoveries) as a percentage of average loans 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Provision for loan losses as a percentage of average loans 0.11 % 0.00 % 0.00 % 0.00 % 0.00 % Quarter Ending Dec. 31, Sept. 30, June 30, March 31, Dec. 31 SELECTED RATIOS 2024 2024 2024 2024 2023 Return on average assets (annualized) 1.64 % 1.73 % 1.80 % 1.65 % 1.77 % Return on average equity (annualized) 15.85 % 15.91 % 17.42 % 16.03 % 19.87 % Return on average equity (excluding unrealized gain on investments) 14.92 % 14.77 % 15.68 % 15.04 % 16.34 % Average shareholders' equity to average assets 11.02 % 11.72 % 11.50 % 11.00 % 10.84 % Yield on earning assets (tax equivalent) 5.92 % 6.20 % 6.28 % 5.97 % 5.81 % Effective Cost of Funds 2.06 % 2.31 % 2.31 % 2.34 % 2.16 % Net interest margin (tax equivalent) 3.86 % 3.89 % 3.97 % 3.63 % 3.65 % Efficiency ratio (tax equivalent) 39.0 % 43.7 % 43.2 % 43.1 % 42.4 % End of period book value per common share $ 50.21 $ 51.79 $ 47.23 $ 47.17 $ 46.73 End of period book value (excluding unrealized gain/loss on investments) $ 55.08 $ 53.78 $ 51.82 $ 50.77 $ 49.23 End of period common shares outstanding (in 000's) 1,085 1,078 1,079 1,079 1,086 TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data) Twelve Months Ending December 31, 2024 December 31, 2023 Tax Tax Average Equivalent Average Equivalent YIELD ANALYSIS Balance Interest Yield Yield Balance Interest Yield Yield Interest Earning Assets: Short term investment $ 46,595 $ 2,417 5.19 % 5.19 % $ 26,075 1,379 5.29 % 5.29 % FRB Stock 436 26 6.00 % 6.00 % 429 26 6.00 % 6.00 % Taxable securities 0 0 0.00 % 0.00 % 1,383 73 5.28 % 5.28 % Tax Free securities 139,161 4,486 3.22 % 3.44 % 132,399 3,438 2.60 % 3.29 % Loans 301,718 21,651 7.18 % 7.18 % 287,127 19,144 6.67 % 6.67 % Total Interest Earning Assets 487,910 28,580 5.86 % 5.92 % 447,413 24,060 5.38 % 5.58 % Noninterest Earning Assets: Cash and due from banks 5,712 5,856 Other assets 7,363 7,306 Allowance for loan losses (5,230 ) (5,057 ) Total Noninterest Earning Assets 7,845 8,105 Total Assets $ 495,755 $ 455,518 Interest Bearing Liabilities: Transaction and Money Market accounts $ 200,832 $ 6,125 3.05 % 3.05 % 179,325 5,504 3.07 % 3.07 % Certificates and other time deposits 107,041 4,846 4.53 % 4.53 % 78,092 3,034 3.89 % 3.89 % Other borrowings 0 0 0.00 % 0.00 % 10,327 73 0.0071 0.71 % Total Interest Bearing Liabilities 307,873 10,971 3.56 % 3.56 % 267,744 8,611 3.22 % 3.22 % Noninterest Bearing Liabilities: Demand deposits 132,835 140,835 Other liabilities 3,074 2,573 Shareholders' Equity 51,974 44,366 Total Liabilities and Shareholders Equity $ 495,755 $ 455,518 Net Interest Income and Spread $ 180,037 $ 17,609 2.29 % 2.35 % 179,669 15,449 2.16 % 2.37 % Net Interest Margin 3.61 % 3.67 % 3.45 % 3.66 % TRINITY BANK N.A. (Unaudited) (Dollars in thousands, except per share data) December 31 December 31 2024 % 2023 % LOAN PORTFOLIO Commercial and industrial $ 168,145 54.97 % $ 162,907 54.77 % Real estate: Commercial 96,441 31.53 % 86,215 28.99 % Residential 11,209 3.66 % 17,271 5.81 % Construction and development 29,933 9.79 % 30,724 10.33 % Consumer 136 0.04 % 306 0.10 % Total loans $ 305,864 100.00 % 297,423 100.00 % December 31 December 31 2024 2023 REGULATORY CAPITAL DATA Tier 1 Capital $ 59,758 $ 53,464 Total Capital (Tier 1 + Tier 2) $ 64,147 $ 57,695 Total Risk-Adjusted Assets $ 349,667 $ 337,534 Tier 1 Risk-Based Capital Ratio 17.09 % 15.84 % Total Risk-Based Capital Ratio 18.34 % 17.10 % Tier 1 Leverage Ratio 11.28 % 11.09 % OTHER DATA Full Time Equivalent Employees (FTE's) 28 28 Stock Price