Trinity Bank Reports Record Q4, Full-Year Net Income Jumps 5.5% to $8.45M

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

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Trinity Bank N.A. (TYBT) reported strong financial results for Q4 and full-year 2024. Net Income after Taxes reached $8,458,000 in 2024, a 5.5% increase from $8,015,000 in 2023. Earnings per diluted share grew to $7.48, up 5.9% from $7.06 in 2023.

Q4 2024 was the most profitable quarter in the bank's history, with Net Income of $2,178,000, up 2.0% from Q4 2023. Key metrics include:

Interest income increased 18.8% to $28,579,000
Net Interest Income grew 14.0% to $17,607,000
Total deposits increased 8.0% to $440,708,000
Return on average assets was 1.70%

The bank reported strong growth in loans and deposits, with improved loan demand noted after the November election. Management remains focused on sound banking principles while investing in infrastructure, people, and technology for future growth.

Positive

Record-breaking Q4 and full-year 2024 net income
Net Income increased 5.5% to $8,458,000 in 2024
Interest income grew 18.8% to $28,579,000
Net Interest Income up 14.0% to $17,607,000
Total deposits increased 8.0% to $440,708,000
Strong return on assets at 1.70%

Negative

Interest expense increased 27.4% to $10,972,000
Non-interest expenses up 16.5% to $8,204,000
Nonperforming assets increased to $1,047,000 in Q4 2024 from $658,000 in Q4 2023

02/05/2025 - 10:00 AM

FORT WORTH, TX / / 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)

	Quarter Ended								Twelve Months Ending
	December 31					%			December 31					%
EARNINGS SUMMARY	2024		2023			Change			2024		2023			Change

Interest income	$	7,426	$	6,818			8.9	%	$	28,579	$	24,060			18.8	%
Interest expense		2,681		2,738			-2.1	%		10,972		8,611			27.4	%
Net Interest Income		4,745		4,080			16.3	%		17,607		15,449			14.0	%

Service charges on deposits		70		55			27.3	%		256		247			3.6	%
Other income		112		117			-4.3	%		459		471			-2.5	%
Total Non Interest Income		182		172			5.8	%		715		718			-0.4	%


Salaries and benefits expense		1,343		1,314			2.2	%		5,254		4,699			11.8	%
Occupancy and equipment expense		117		109			7.3	%		495		454			9.0	%
Other expense		575		509			13.0	%		2,455		1,887			30.1	%
Total Non Interest Expense		2,035		1,932			5.3	%		8,204		7,040			16.5	%

Pretax pre-provision income		2,892		2,320			24.7	%		10,118		9,127			10.9	%

Gain on sale of Securities		1		(36	)		N/M			2		(40	)		N/M
Gain on sale of Assets		0		58			N/M			53		58			N/M
Provision for Loan Losses		350		0			N/M			350		0			N/M

Earnings before income taxes		2,543		2,342			8.6	%		9,823		9,145			7.4	%
Provision for income taxes		365		207			76.3	%		1,365		1,130			20.8	%

Net Earnings	$	2,178	$	2,135			2.0	%	$	8,458	$	8,015			5.5	%

Basic earnings per share		2.01		1.96			2.5	%		7.83		7.36			6.4	%
Basic weighted average shares		1,085		1,088						1,080		1,089
outstanding

Diluted earnings per share - estimate		1.92		1.88			2.1	%		7.48		7.06			5.9	%
Diluted weighted average shares outstanding		1,135		1,134						1,130		1,135

	Average for Quarter							Average for Twelve Months
	December 31				%			December 31				%
BALANCE SHEET SUMMARY	2024		2023		Change			2024		2023		Change

Total loans	$	297,595	$	297,994		-0.1	%	$	301,718	$	287,127		5.1	%
Total short term investments		84,667		43,172		96.1	%		46,595		26,075		78.7	%
FRB Stock		438		430		1.9	%		436		429		1.6	%
Total investment securities		139,200		132,086		5.4	%		139,161		134,211		3.7	%

Earning assets		521,900		473,252		10.3	%		487,910		447,842		8.9	%

Total assets		529,766		481,952		9.9	%		495,755		455,520		8.8	%

Noninterest bearing deposits		140,237		138,527		1.2	%		132,835		140,837		-5.7	%
Interest bearing deposits		331,293		297,030		11.5	%		307,873		267,392		15.1	%

Total deposits		471,529		435,557		8.3	%		440,708		408,229		8.0	%

Fed Funds Purchased and Repurchase Agreements		0		261		N/M			0		351		N/M

Shareholders' equity	$	58,388	$	52,263		11.7	%	$	56,039	$	50,653		10.6	%

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	%
AG真人官方 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 Range
(For the Three Months Ended):
High		$	91.00					$	90.00
Low		$	80.00					$	79.25
Close		$	91.00					$	90.00

Trinity Bank, N.A. is a commercial bank that began operations May 28, 2003. For a full financial statement, visit Trinity Bank's website: Regulatory reporting format is also available at

###

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鈥�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鈥憀ooking 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鈥憀ooking statements, whether as a result of new information, future events or otherwise, unless the securities laws require the Bank to do so.

SOURCE: Trinity Bank, NA (Fort Worth, Texas)

View the original on ACCESS Newswire

FAQ

What was Trinity Bank's (TYBT) net income growth in 2024?

Trinity Bank's net income grew by 5.5% to $8,458,000 in 2024, compared to $8,015,000 in 2023.

How much did TYBT's earnings per share increase in 2024?

TYBT's diluted earnings per share increased by 5.9% to $7.48 in 2024, up from $7.06 in 2023.

What was Trinity Bank's (TYBT) deposit growth in 2024?

Trinity Bank's total deposits grew by 8.0% to $440,708,000 in 2024.

What was TYBT's return on assets for 2024?

Trinity Bank maintained a strong return on assets of 1.70% for 2024.

How did TYBT's interest income perform in 2024?

Trinity Bank's interest income increased by 18.8% to $28,579,000 in 2024.

AG真人官方

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

FAQ

What was Trinity Bank's (TYBT) net income growth in 2024?

How much did TYBT's earnings per share increase in 2024?

What was Trinity Bank's (TYBT) deposit growth in 2024?

What was TYBT's return on assets for 2024?

How did TYBT's interest income perform in 2024?

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

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What was Trinity Bank's (TYBT) net income growth in 2024?

How much did TYBT's earnings per share increase in 2024?

What was Trinity Bank's (TYBT) deposit growth in 2024?

What was TYBT's return on assets for 2024?

How did TYBT's interest income perform in 2024?

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