updated 2/8/2011 10:16:17 AM ET 2011-02-08T15:16:17

FORT WORTH, Texas, Feb. 8, 2011 (GLOBE NEWSWIRE) -- Trinity Bank N.A. (OTCBB:TYBT) today announced financial and operating results for the fourth quarter and for the twelve months ended December 31, 2010.

Results of Operations

Trinity Bank, N.A. reported Net Income After Taxes for the fourth quarter of $525,279, or $.46 per diluted common share, compared to $442,291, or $.38 per diluted common share for the fourth quarter of 2009, an increase of 21.1%.

For the year 2010, Net Income After Taxes amounted to $2,004,875, or $1.74 per diluted common share, compared to $1,636,286, or $1.40 per diluted common share for 2009, an increase of 24.3%.

Jeffrey M. Harp, President, stated, "Operating results for the fourth quarter of 2010 represent our 25th consecutive quarter of increased profit. We continue to improve the return on the bank's assets and the return on the shareholder's investment. We look forward to facing the challenge of 2011 and maintaining our record of improving Trinity Bank's performance each year."

   For Year Ending 
   
  2010 2009 2008 2007
Return on Assets 1.30% 1.12% 1.11% 0.96%
         
Return on Equity (excluding unrealized gain on securities) 12.57% 11.33% 10.80% 8.88%
Average for Year Ending      
       
  12-31-10 12-31-09  
       
Loans $72,786 $64,707 12.5%
Deposits $133,850 127,927 4.6%
       
Actual for Year Ending      
       
Net Interest Income $4,891 $4,246 15.2%
Non-Interest Income $585 $575 1.7%
Non-Interest Expense $2,522 $2,541 (0.7%)
Loan Loss Provision  $285 $180 58.3%
Pre Tax Income $2,669 $2,100 27.1%
       
Income Tax $664 $464 43.1%
       
Net Income $2,005 $1,636 22.6%

Trinity Bank, N.A. is a commercial bank that began operations May 28, 2003 with the largest initial capital ever raised by a Tarrant County bank. For a full financial statement, visit Trinity Bank's website: www.trinitybk.com click on "About Us" and then click on "Investor Information". Financial information in 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 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 Twelve Months Ended
  December 31  % December 31 %
EARNINGS SUMMARY 2010 2009 Change 2010 2009 Change
             
Interest income 1,516 1,488 1.9% 6,081 5,856 3.8%
Interest expense 270 381 -29.1% 1,190 1,610 -26.1%
Net Interest Income 1,246 1,107 12.6% 4,891 4,246 15.2%
             
Provision for Loan Losses 150 45 233.3% 285 180 58.3%
             
Service charges on deposits 34 34 0.0% 145 124 16.9%
Net gain on securities available for sale 153 88 73.9% 198 175 13.1%
Other income 55 55 0.0% 242 276 -12.3%
Total Non Interest Income 242 177 36.7% 585 575 1.7%
             
Salaries and benefits expense  437 403 8.4% 1,384 1,271 8.9%
Occupancy and equipment expense  75 108 -30.6% 308 369 -16.5%
FDIC expense 45 44 2.3% 174 273 -36.3%
Other expense  91 105 -13.3% 656 628 4.5%
Total Non Interest Expense 648 660 -1.8% 2,522 2,541 -0.7%
             
Earnings before income taxes  690 579 19.2% 2,669 2,100 27.1%
Provision for income taxes  165 137 20.4% 664 464 43.1%
Net Earnings  525 442 18.8% 2,005 1,636 22.6%
             
Basic earnings per share  0.49 0.40 22.5% 1.83 1.47 24.5%
Basic weighted average shares outstanding 1,079 1,115   1,098 1,115  
             
Diluted earnings per share  0.46 0.38 21.1% 1.74 1.40 24.3%
Diluted weighted average shares outstanding 1,135 1,171   1,154 1,171  
             
             
  Average for Quarter Average for Twelve Months
  Ending December 31  % Ending December 31 %
BALANCE SHEET SUMMARY  2010 2009 Change 2010 2009 Change
             
Total loans  $72,047 $66,816 7.8% $72,786 $64,707 12.5%
Total short term investments 23,496 29,268 -19.7% 22,244 23,653 -6.0%
Total investment securities  53,988 51,363 5.1% 50,802 52,535 -3.3%
             
Earning assets  149,531 147,447 1.4% 145,832 140,895 3.5%
             
Total assets  155,868 154,425 0.9% 152,957 146,043 4.7%
             
Noninterest bearing deposits  24,267 22,985 5.6% 23,217 23,252 -0.2%
Interest bearing deposits  112,540 113,378 -0.7% 110,633 104,675 5.7%
             
Total deposits  136,807 136,363 0.3% 133,850 127,927 4.6%
             
Fed Funds Purchased and Repurchase Agreements 733 630 16.3% 880 1,972 -55.4%
             
Shareholders' equity  17,382 16,453 5.6% 17,225 15,402 11.8%
 
 
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  2010 2010 2010 2010 2009
           
Total loans  $72,047 $73,921 $74,671 $70,473 $66,816
Total short term investments 23,496 25,261 19,397 20,760 29,268
Total investment securities 53,988 50,517 48,896 49,764 51,363
           
Earning assets  149,531 149,699 142,964 140,997 147,447
           
Total assets  155,868 156,779 150,282 148,608 154,425
           
Noninterest bearing deposits 24,267 23,717 22,134 22,713 22,985
Interest bearing deposits 112,540 113,954 108,886 107,068 113,378
           
Total deposits  136,807 137,671 131,020 129,781 136,363
           
Fed Funds Purchased and Repurchase Agreements 733 874 924 991 630
           
Shareholders' equity  17,382 17,209 17,340  16,964 16,453
           
  Quarter Ended
  Dec 31, Sept. 30, June 30,  March 31, Dec 31,
HISTORICAL EARNINGS SUMMARY 2010 2010 2010 2010 2009
           
           
Interest income 1,516 1,542 1,536 1,488 1,488
Interest expense 270 307 302 311 381
Net Interest Income 1,246 1,235 1,234 1,177 1,107
           
Provision for Loan Losses 150 45 45 45 45
           
Service charges on deposits 34 37 37 37 34
Gain on Sale - AFS 153 25 7 13 88
Other income 55 64 59 64 55
Total Non Interest Income 242 126 103 114 177
           
Salaries and benefits expense  437 319 315 313 403
Occupancy and equipment expense  75 75 79 79 108
FDIC expense 45 45 45 39 44
Other expense  91 189 186 191 105
Total Non Interest Expense 648 628 625 622 660
           
Earnings before income taxes  690 688 667 624 579
Provision for income taxes  165 173 171 155 137
Net Earnings  525 515 496 469 442
 
 
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  2010 2010 2010 2010 2009
           
Total loans  $72,460 $73,003 $74,007 $73,432 $71,949
Total short term investments 17,886 27,750 20,614 17,634 19,006
Total investment securities 58,583 51,376 50,436 50,944 55,082
           
Total earning assets  148,929 152,129 145,057 142,010 146,037
           
Allowance for loan losses 1,371 1,221 1,176 1,131 1,086
Premises and equipment  1,442 1,479 1,513 1,544 1,543
Other Assets 4,949 6,757 6,967 5,972 4,733
           
Total assets  153,949 159,144 152,359 148,395 151,227
           
Noninterest bearing deposits 26,844 25,304 21,057 22,404 25,568
Interest bearing deposits 109,100 114,683 112,270 107,393 107,565
           
Total deposits  135,944 139,987 133,327 129,797 133,133
           
Fed Funds Purchased and Repurchase Agreements 538 702 511 590 454
Other Liabilities 646 1,050 965 875 876
           
Total liabilities  137,128 141,739 134,803 131,262 134,463
           
Shareholders' Equity Actual 16,176 16,081 16,316 15,835 15,354
Unrealized Gain - AFS 645 1,324 1,240 1,299 1,410
Total Equity 16,821 17,405 17,556 17,134 16,764
           
           
  Quarter Ending
  Dec 31, Sept. 30, June 30,  March 31, Dec 31,
NONPERFORMING ASSETS  2010 2010 2010 2010 2009
           
Nonaccrual loans  $831 $1,785 $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 $831 $1,785 $0 $0 $0
           
Accruing loans past due 30-89 days $0 $0 $0 $0 $0
           
Total nonperforming assets as a percentage of loans and foreclosed assets 1.15% 2.45% 0.00% 0.00% 0.00%
 
 
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  2010 2010 2010 2010 2009
           
Balance at beginning of period $1,221 $1,176 $1,131 $1,086 $1,041
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  150 45 45 45 45
Balance at end of period $1,371 $1,221 $1,176 $1,131 $1,086
           
Allowance for loan losses as a percentage of total loans 1.89% 1.67% 1.59% 1.54% 1.51%
Allowance for loan losses as a percentage of nonperforming loans 164.98% 68.40% 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 0.21% 0.06% 0.06% 0.06% 0.06%
           
           
  Quarter Ending
  Dec 31, Sept. 30, June 30,  March 31, Dec 31,
SELECTED RATIOS  2010 2010 2010 2010 2009
           
Return on average assets (annualized) 1.35% 1.31% 1.32% 1.26% 1.15%
           
Return on average equity (annualized) 12.08% 11.97% 11.44% 11.06% 10.75%
           
Return on average equity (excluding unrealized gain on investments) 12.91% 12.95% 12.35% 12.05% 11.71%
           
Average shareholders' equity to average assets 11.15% 10.98% 11.56% 11.42% 10.65%
           
Yield on earning assets (tax equivalent) 4.32% 4.34% 4.52% 4.45% 4.27%
           
Cost of interest bearing funds 0.96% 1.07% 1.10% 1.15% 1.34%
           
Net interest margin (tax equivalent) 3.49% 3.52% 3.67% 3.57% 3.23%
           
Efficiency ratio (tax equivalent) 45.18% 44.13% 44.04% 45.34% 51.52%
           
End of period book value per common share 15.76 16.04 15.73 15.35 15.03
           
End of period book value (excluding unrealized gain on investments) 15.16 14.82 14.62 14.19 13.77
           
End of period common shares outstanding 1,067 1,085 1,116 1,116 1,115
 
 
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
                 
  12 Months Ending
  December 31, 2010 December 31, 2009
                 
        Tax       Tax
  Average     Equivalent Average     Equivalent
YIELD ANALYSIS  Balance Interest  Yield Yield Balance Interest  Yield Yield
                 
Interest Earning Assets:                
Short term investment 22,244 259 1.16% 1.16% 23,653 415 1.75% 1.75%
Investment securities 25,694 1,116 4.34% 4.34% 27,072 1,124 4.15% 4.15%
Tax Free securities 25,108 788 3.14% 4.52% 25,463 814 3.20% 4.61%
Loans  72,786 3,918 5.38% 5.38% 64,707 3,511 5.43% 5.43%
                 
Total Interest Earning Assets 145,832 6,081 4.17% 4.42% 140,895 5,864 4.16% 4.42%
                 
Noninterest Earning Assets:                
Cash and due from banks  3,127       3,489      
Other assets  5,194       2,655      
Allowance for loan losses (1,196)       (996)      
                 
Total Noninterest Earning Assets 7,125       5,148      
                 
Total Assets  $152,957       $146,043      
                 
Interest Bearing Liabilities:                
Transaction and Money Market accounts 78,624 734 0.93% 0.93% 72,635 900 1.24% 1.24%
Certificates and other time deposits 32,009 450 1.41% 1.41% 32,040 699 2.18% 2.18%
Other borrowings  880 6 0.68% 0.68% 1,972 11 0.56% 0.56%
                 
Total Interest Bearing Liabilities 111,513 1,190 1.07% 1.07% 106,647 1,610 1.51% 1.51%
                 
Noninterest Bearing Liabilities                 
Demand deposits  23,217       23,252      
Other liabilities  1,002       742      
Shareholders' Equity  17,225       15,402      
                 
Total Liabilities and Shareholders Equity $152,957       $146,043      
                 
Net Interest Income and Spread   4,891 3.10% 3.35%   4,254 2.65% 2.91%
                 
Net Interest Margin     3.35% 3.60%     3.07% 3.33%
 
 
TRINITY BANK N.A.
(Unaudited)
(Dollars in thousands, except per share data)
         
  Dec 31   Dec 31  
  2010 % 2009 %
LOAN PORTFOLIO        
         
Commercial and Industrial  35,155 48.52% 35,062 48.73%
Real estate:        
Commercial  14,939 20.62% 12,970 18.03%
Residential  12,680 17.50% 9,470 13.16%
Construction and development  7,839 10.82% 11,376 15.81%
Consumer  1,847 2.55% 3,071 4.27%
         
Total loans (gross)  72,460 100.00% 71,949 100.00%
         
Unearned discounts  0 0.00% 0 0.00%
         
Total loans (net)  72,460 100.00% 71,949 100.00%
         
  Dec 31   Dec 31  
  2010   2009  
REGULATORY CAPITAL DATA         
Tier 1 Capital  $16,176   $15,354  
Total Capital (Tier 1 + Tier 2)  $17,443   $16,440  
Total Risk-Adjusted Assets  $101,272   $106,044  
Tier 1 Ratio  15.97%   14.48%  
Total Capital Ratio  17.22%   15.50%  
Tier 1 Leverage Ratio  10.40%   9.94%  
         
OTHER DATA         
Full Time Equivalent        
Employees (FTE's)  14   14  
         
Stock Price Range        
(For the Twelve Months Ended):        
High  $25.50   $29.75  
Low  $21.00   $19.00  
Close  $24.10   $24.25  
CONTACT: Richard Burt
         Executive Vice President
         Trinity Bank
         817-763-9966

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