TRINITY BANK REPORTS 2019 2nd QUARTER NET INCOME OF $374,000
YTD RETURN ON ASSETS 1.23%
YTD RETURN ON EQUITY 9.14%
FORT WORTH, TX / ACCESSWIRE / July 18, 2019 / Trinity Bank N.A. (OTC Pink: TYBT) today announced operating results for the second quarter and the six months ending June 30, 2019.
Results of Operation
For the second quarter 2019, Trinity Bank, N.A. reported Net Income after Taxes of $374,000, a decrease of 67.7% over second quarter 2018 earnings of $1,159,000. Earnings per diluted common share for the second quarter 2019 amounted to $0.33, a decrease of 67.60% over second quarter 2018 results of $1.03 per diluted common share.
For the first six months of 2019, Net Income after Taxes were $1,576,000, a decrease of 31.1% over the first half of 2018 results of $2,287,000. Earnings per diluted common share for the first half of 2019 were $1.41, a decrease of 30.7% over the first half of 2018 results of $2.03 per diluted common share.
President Jeff Harp stated, "For the second time in our 16 year history, we have identified a large borrower in financial difficulty. The borrower has deeded some property back to the bank in lieu of foreclosure, and the $1,000,000 loan loss provision we made in 2Q covers 100% of the remaining exposure. We have aggressive collection efforts underway. In spite of this, we are on pace to have our second best earnings year since inception. The returns generated this year will still be well above the performance of our bank peer group."
"One of the positive aspects of maintaining a strong Capital base (13.05% as of June 30, 2019 - substantially in excess of our peer bank group) is that one problem loan does not impact our growth plans or our dividend policy."
Richard Burt, Executive Vice President, stated, "Since 2015, we have added staff to build a base for doubling the size of the Bank and to implement a management succession plan for some of our founding employees. I am pleased to announce that we are adding a senior operations person this month that will complete our staff for the foreseeable future. We, as a management team, feel we have the right team in place and the necessary infrastructure to once again begin growing our operating revenue faster than our expenses."
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 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. 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:
Executive Vice President
TRINITY BANK N.A.