16th Consecutive Quarter of Profit Improvement
FORT WORTH, TX -- (Marketwire) -- 11/21/08 -- Trinity Bank, N.A. (OTCBB: TYBT) today
announced financial results for the third quarter and for the nine months
ending September 30, 2008.
Results of Operations
Trinity Bank, N.A. announced Net Income After Taxes of $357,352 or $.31 per
diluted common share for the third quarter of 2008, compared to $270,688 or
$.23 per diluted common share for the third quarter of 2007, an increase of
31%.
For the first nine months of 2008, Net Income After Taxes amounted to
$1,022,678 or $.88 per diluted common share, compared to $732,077 or $.63
per diluted common share, an increase of 39%.
Jeffrey M. Harp, President, stated, "We are pleased with and thankful for
our bank's performance in light of the current economic conditions and the
precarious position of many financial institutions in the U.S. Loan
quality, asset growth, and expense control are the key drivers of this
consistent growth in net income. In a day when many banks are fighting for
their existence because of bad loan decisions, we are fortunate that we
have yet to have one loan loss or one non-performing loan since the opening
of our bank in May of 2003. These results are really a reflection of the
quality of our customer base, our philosophy of banking, and the efforts of
the Trinity Bank staff."
Average for Quarter Ending
(in 000's) 9-30-08 9-30-07 %
-------- ------- ----
Loans $ 64,946 $50,328 29.0%
Deposits $110,586 $96,942 14.1%
Actual for Quarter Ending
Net Interest Income $ 938 $ 917 2.3%
Non-Interest Income $ 87 $ 76 14.5%
Non-Interest Expense $ 539 $ 530 1.7%
Loan Loss Provision $ 45 $ 45 -
Pre Tax Income $ 441 $ 418 5.5%
Income Tax $ 84 $ 147 -42.9%
Net Income $ 357 $ 271 31.7%
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 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.
