FORT WORTH, TX — (Marketwire) — 07/25/11 — Trinity Bank N.A. (OTCBB: TYBT) today announced operating results for the second quarter and the six months ending June 30, 2011.
Results of Operations
For the second quarter of 2011, Trinity Bank, N.A. reported Net Income after Taxes of $558,000, an increase of 12.5% over second quarter 2010 earnings of $496,000. Earnings per diluted common share for the second quarter 2011 amounted to $.49, an increase of 16.7% over second quarter 2010 results of $.42 per diluted common share.
For the first six months of 2011, Net Income after Taxes was $1,097,000, an increase of 13.8% over the first half of 2010 results of $964,000. Earnings per diluted common share for the first half of 2011 were $.97, an increase of 18.3% over the first half of 2010 results of $.82 per diluted common share.
Jeffrey M. Harp, President, stated, “The increase in Earnings Per Share (16.7%) is greater than the increase in Net Income (12.5%) because of the share repurchase program put in place in June 2010. We continue to believe that repurchasing shares at appropriate prices produces shareholder value.”
Mr. Harp also reported, “The shareholders of Trinity Bank approved a new stock repurchase program at the 2011 annual meeting. Subsequently, our primary regulator, the Office of the Comptroller of the Currency, approved our application to repurchase up to 3% of the outstanding common stock of Trinity Bank through open-market purchases during the next 12 months.”
“In spite of the uncertainty in Washington and, as a result, the economy in general, Trinity Bank generated a Return on Assets of 1.46% and a Return on Equity (excluding unrealized gain on investments) of 13.11% for the second quarter of 2011. These returns compare very favorably to other banks, regionally and nationally.”
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 .
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.
Richard Burt
Executive Vice President
Trinity Bank
817-763-9966