Trinity Bank Reports Results for 2023 - Net Income Up 10.3% to $ 8,015,000

RETURN ON ASSETS 1.75%

RETURN ON EQUITY 15.82%

FORT WORTH, TX / ACCESSWIRE / January 30, 2024 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the fourth quarter and the twelve months ending December 31, 2023.

Results of Operation

For the fourth quarter 2023, Trinity Bank, N.A. reported Net Income after Taxes of $2,135,000, an increase of 1.0% over fourth quarter 2022 earnings of $2,113,00. Earnings per diluted common share for the fourth quarter 2023 amounted to $1.88, an increase of 1.1% over fourth quarter 2022 results of $1.86 per diluted common share.

For 2023, Net Income after Taxes was $8,015,000, an increase of 10.3% over 2022 results of $7,269,000. Earnings per diluted common share for 2023 were $7.06, an increase of 10.5% over 2022 results of $6.39 per diluted common share.

CEO Matt R. Opitz stated, "We are pleased with both our fourth quarter and full year 2023 results. The fourth quarter was the most profitable quarter and 2023 was the most profitable year in history for Trinity Bank."

"Loan demand remained strong in the fourth quarter which lead to 5.5% year-over-year loan growth. Our customers remain cautiously optimistic, and backlogs remain robust. We also took advantage of the opportunity to add several new, quality relationships in 2023 as many other banks were forced to drastically reduce lending efforts due to a lack of liquidity."

"Despite the bank failures we saw in March which led depositors throughout the US to pay much closer attention to where they were keeping their money, Trinity Bank was able to report 7.9% deposit growth in 2023. This is a testament to our conservative management practices."

Page 2 - Trinity Bank fourth quarter 2023 earnings

Mr. Opitz Further stated, "2023 was an outstanding year for Trinity Bank. These above average results are attributable to our dedicated staff, quality customer base and exceptional shareholders. Trinity Bank is prepared for what lies ahead and will continue to look for growth opportunities in the coming year with strong capital, great liquidity and a commitment to do the right thing for the right reasons."

Page 4 - Trinity Bank fourth quarter 2023 earnings

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									Twelve Months Ending
		December 31						%			December 31						%
EARNINGS SUMMARY		2023			2022			Change			2023			2022			Change
Interest income		$	6,818		$	5,173			31.8	%	$	24,060		$	17,124			40.5	%
Interest expense			2,738			1,022			167.9	%		8,611			2,043			321.5	%
Net Interest Income			4,080			4,151			-1.7	%		15,449			15,081			2.4	%
Service charges on deposits			55			59			-6.8	%		247			239			3.3	%
Other income			117			113			3.5	%		471			457			3.1	%
Total Non Interest Income			172			172			0.0	%		718			696			3.2	%
Salaries and benefits expense			1,314			1,141			15.2	%		4,699			4,525			3.8	%
Occupancy and equipment expense			109			106			2.8	%		454			490			-7.3	%
Other expense			509			399			27.6	%		1,887			2,031			-7.1	%
Total Non Interest Expense			1,932			1,646			17.4	%		7,040			7,046			-0.1	%
Pretax pre-provision income			2,320			2,677			-13.3	%		9,127			8,731			4.5	%
Gain on sale of securities			(36	)		(164	)		N/M			(40	)		(182	)		N/M
Gain on sale of assets			58			0			N/M			58			0			N/M
Provision for Loan Losses			0			0			N/M			0			0			N/M
Earnings before income taxes			2,342			2,513			-6.8	%		9,145			8,549			7.0	%
Provision for income taxes			207			400			-48.3	%		1,130			1,280			-11.7	%
Net Earnings		$	2,135		$	2,113			1.0	%	$	8,015		$	7,269			10.3	%
Basic earnings per share			1.96			1.93			1.4	%		7.36			6.66			10.6	%
Basic weighted average shares			1,088			1,092						1,089			1,092
outstanding
Diluted earnings per share - estimate			1.88			1.86			1.4	%		7.06			6.39			10.6	%
Diluted weighted average shares outstanding			1,134			1,138						1,135			1,138
		Average for Quarter									Average for Twelve Months
		December 31						%			December 31						%
BALANCE SHEET SUMMARY			2023			2022		Change				2023			2022		Change
Total loans		$	297,994		$	268,801			10.9	%	$	287,127		$	258,005			11.3	%
Total short term investments			43,172			39,759			8.6	%		26,075			37,686			-30.8	%
Total investment securities			132,516			137,624			-3.7	%		134,211			141,597			-5.2	%
Earning assets			473,682			446,184			6.2	%		447,413			438,043			2.1	%
Total assets			481,952			455,683			5.8	%		455,520			445,739			2.2	%
Noninterest bearing deposits			138,527			167,630			-17.4	%		140,837			166,329			-15.3	%
Interest bearing deposits			297,030			246,989			20.3	%		267,392			236,254			13.2	%
Total deposits			435,557			414,618			5.1	%		408,229			402,583			1.4	%
Fed Funds Purchased and Repurchase Agreements			261			0			N/M			351			0			N/M
Shareholders' equity		$	52,263		$	47,713			9.5	%	$	50,653		$	45,846			10.5	%

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		2023			2023			2023			2023			2022
Total loans		$	297,994		$	294,238		$	283,827		$	272,089		$	268,908
Total short term investments			43,172			22,128			16,087			22,733			39,334
Total investment securities			132,516			133,687			134,403			136,288			138,049
Earning assets			473,682			450,053			434,317			431,110			446,291
Total assets			481,952			458,461			441,447			439,725			455,683
Noninterest bearing deposits			138,527			137,385			140,734			146,909			167,630
Interest bearing deposits			297,030			271,946			253,624			246,285			246,989
Total deposits			435,557			409,331			394,358			393,194			414,618
Fed Funds Purchased and Repurchase Agreements			261			1,076			55			0			0
Shareholders' equity		$	52,263		$	51,234		$	49,444		$	48,537		$	47,713
		Quarter Ended
		Dec 31,			Sept. 30,			June 30,			March 31,			Dec 31,
HISTORICAL EARNINGS SUMMARY		2023			2023			2023			2023			2022
Interest income		$	6,818		$	6,258		$	5,719		$	5,264		$	5,173
Interest expense			2,738			2,370			1,934			1,572			1,022
Net Interest Income			4,080			3,888			3,785			3,692			4,151
Service charges on deposits			55			69			64			61			59
Other income			117			114			120			115			113
Total Non Interest Income			172			183			184			176			172
Salaries and benefits expense			1,314			1,171			1,146			1,068			1,141
Occupancy and equipment expense			109			118			116			108			106
Other expense			509			500			441			433			399
Total Non Interest Expense			1,932			1,789			1,703			1,609			1,646
Pretax pre-provision income			2,320			2,282			2,266			2,259			2,677
Gain on sale of securities			(36	)		(1	)		(3	)		(1	)		(164	)
Gain on sale of other assets			58			0			0			0			0
Provision for Loan Losses			0			0			0			0			0
Earnings before income taxes			2,342			2,281			2,263			2,258			2,513
Provision for income taxes			207			313			290			320			400
Net Earnings		$	2,135		$	1,968		$	1,973		$	1,938		$	2,113
Diluted earnings per share		$	1.88		$	1.73		$	1.73		$	1.70		$	1.86

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		2023			2023			2023			2023			2022
Total loans		$	297,423		$	298,506		$	292,591		$	270,530		$	281,857
Total short term investments			40,334			26,168			18,313			37,656			19,893
Total investment securities			140,403			127,035			130,603			136,407			134,628
Total earning assets			478,160			451,709			441,507			444,593			436,378
Allowance for loan losses			(5,224	)		(5,222	)		(5,344	)		(5,344	)		(4,323	)
Premises and equipment			2,387			2,389			2,378			2,337			2,196
Other Assets			10,291			10,137			10,044			9,381			11,030
Total assets			485,614			459,013			448,585			450,967			445,281
Noninterest bearing deposits			130,601			135,016			141,613			151,010			159,568
Interest bearing deposits			301,603			279,319			259,401			252,164			240,883
Total deposits			432,204			414,335			401,014			403,174			400,451
Fed Funds Purchased and Repurchase Agreements			0			0			0			0			0
Other Liabilities			2,663			3,164			2,239			2,936			1,779
Total liabilities			434,867			417,499			403,253			406,110			402,230
Shareholders' Equity Actual			53,465			51,470			50,427			48,537			48,871
Unrealized Gain/Loss - AFS			(2,718	)		(9,956	)		(5,096	)		(3,680	)		(5,820	)
Total Equity		$	50,747		$	41,514		$	45,331		$	44,857		$	43,051
		Quarter Ending
		Dec 31,			Sept. 30,			June 30,			March 31,			Dec 31,
NONPERFORMING ASSETS		2023			2023			2023			2023			2022
Nonaccrual loans		$	0		$	115		$	143		$	159		$	171
Restructured loans		$	658		$	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		$	658		$	115		$	143		$	159		$	171
Accruing loans past due 30-89 days		$	1		$	2		$	2		$	407		$	3
Total nonperforming assets as a percentage
of loans and foreclosed assets			0.22	%		0.04	%		0.05	%		0.06	%		0.06	%

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		2023			2023			2023			2023			2022
Balance at beginning of period		$	5,222		$	5,344		$	5,344		$	4,324		$	4,314
Loans charged off			0			(127	)		0			0			0
Loan recoveries			2			5			0			0			10
Net (charge-offs) recoveries			2			(122	)		0			0			10
Provision for loan losses			0			0			0			1,020			0
Balance at end of period		$	5,224		$	5,222		$	5,344		$	5,344		$	4,324
Allowance for loan losses			1.76	%		1.75	%		1.83	%		1.98	%		1.53	%
as a percentage of total loans
Allowance for loan losses			794	%		4541	%		3737	%		3361	%		2528	%
as a percentage of nonperforming assets
Net charge-offs (recoveries) as a			0.00	%		0.04	%		0.00	%		0.00	%		0.00	%
percentage of average loans
Provision for loan losses			0.00	%		0.00	%		0.00	%		0.37	%		0.00	%
as a percentage of average loans
		Quarter Ending
		Dec 31,			Sept. 30,			June 30,			March 31,			Dec 31,
SELECTED RATIOS		2023			2023			2023			2023			2022
Return on average assets (annualized)			1.77	%		1.72	%		1.79	%		1.76	%		1.85	%
Return on average equity (annualized)			16.83	%		17.69	%		17.74	%		17.68	%		17.71	%
Return on average equity (excluding unrealized gain on investments)			16.34	%		15.29	%		15.96	%		15.97	%		17.71	%
Average shareholders' equity to average assets			10.84	%		11.18	%		11.20	%		11.04	%		10.47	%
Yield on earning assets (tax equivalent)			5.81	%		5.76	%		5.47	%		5.09	%		4.84	%
Effective Cost of Funds			2.16	%		2.11	%		1.78	%		1.46	%		0.92	%
Net interest margin (tax equivalent)			3.65	%		3.66	%		3.69	%		3.63	%		3.92	%
Efficiency ratio (tax equivalent)			42.9	%		41.6	%		42.9	%		39.4	%		36.2	%
End of period book value per common share		$	46.73		$	38.09		$	41.59		$	41.12		$	39.42
End of period book value (excluding unrealized gain on investments)		$	49.23		$	47.22		$	46.26		$	44.49		$	44.75
End of period common shares outstanding (in 000's)			1,086			1,090			1,090			1,091			1,092

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

		Twelve Months Ending
		December 31, 2023												December 31, 2022
											Tax												Tax
		Average									Equivalent			Average									Equivalent
YIELD ANALYSIS		Balance			Interest			Yield			Yield			Balance			Interest			Yield			Yield
Interest Earning Assets:
Short term investment		$	26,075			1,379			5.29	%		5.29	%	$	37,266			735			1.97	%		1.97	%
FRB Stock			429			26			6.00	%		6.00	%		420			25			6.00	%		6.00	%
Taxable securities			1,383			73			5.28	%		5.28	%		959			1			0.00	%		0.00	%
Tax Free securities			132,399			3,438			2.60	%		3.29	%		140,638			3,039			2.16	%		2.74	%
Loans			287,127			19,144			6.67	%		6.67	%		258,760			13,324			5.15	%		5.15	%
Total Interest Earning Assets			447,413			24,060			5.38	%		5.58	%		438,043			17,124			3.91	%		4.09	%
Noninterest Earning Assets:
Cash and due from banks			5,856												5,973
Other assets			7,306												6,036
Allowance for loan losses			(5,057	)											(4,313	)
Total Noninterest Earning Assets			8,105												7,696
Total Assets		$	455,518											$	445,739
Interest Bearing Liabilities:
Transaction and Money Market accounts			179,325			5,504			3.07	%		3.07	%		181,865			1,391			0.76	%		0.76	%
Certificates and other time deposits			78,092			3,034			3.89	%		3.89	%		37,701			465			1.23	%		1.23	%
Other borrowings			10,327			73			0.71	%		0.71	%		16,689			187			1.12	%		1.12	%
Total Interest Bearing Liabilities			267,744			8,611			3.22	%		3.22	%		236,255			2,043			0.86	%		0.86	%
Noninterest Bearing Liabilities:
Demand deposits			140,835												166,328
Other liabilities			2,573												1,703
Shareholders' Equity			44,366												41,453
Total Liabilities and Shareholders Equity		$	455,518											$	445,739
Net Interest Income and Spread						15,449			2.16	%		2.37	%					15,081			3.04	%		3.23	%
Net Interest Margin									3.45	%		3.66	%								3.44	%		3.63	%

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

		December 31						December 31
		2023			%			2022			%
LOAN PORTFOLIO
Commercial and industrial		$	163,017			54.72	%	$	161,254			57.13	%
Real estate:
Commercial			86,588			29.07	%		78,197			27.71	%
Residential			17,271			5.80	%		17,419			6.17	%
Construction and development			30,724			10.31	%		25,083			8.89	%
Consumer			306			0.10	%		283			0.10	%
Total loans (gross)			297,906			100.00	%		282,236			100.00	%
Unearned discounts			0			0.00	%		0			0.00	%
Total loans (net)		$	297,906			100.00	%	$	282,236			100.00	%
		December 31						December 31
		2023						2022
REGULATORY CAPITAL DATA
Tier 1 Capital		$	53,464					$	43,051
Total Capital (Tier 1 + Tier 2)		$	57,695					$	48,871
Total Risk-Adjusted Assets		$	337,534					$	315,529
Tier 1 Risk-Based Capital Ratio			15.84	%					15.49	%
Total Risk-Based Capital Ratio			17.10	%					16.74	%
Tier 1 Leverage Ratio			11.09	%					8.74	%
OTHER DATA
Full Time Equivalent
Employees (FTE's)			28						25
Stock Price Range
(For the Three Months Ended):
High		$	90.00					$	90.00
Low		$	79.25					$	76.00
Close		$	90.00					$	88.50

SOURCE: Trinity Bank N.A.

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