Business
Trinity Bank Reports Results for 2022 Net Income up 24.9% to $7,269,000 Earnings per Share up 24.0% to $6.39 Return on Assets 1.64% Return on Equity 15.86%
Trinity Bank Reports Results for 2022 Net Income up 24.9% to $7,269,000 Earnings per Share up 24.0% to $6.39 Return on Assets 1.64% Return on Equity 15.86%.
About this update from Trinity Bank, N.a
[{"type":"text","content":"FORT WORTH, TX / ACCESSWIRE / January 31, 2023 / Trinity Bank N.A. (OTC PINK:TYBT) today announced operating results for the fourth quarter and the twelve months ending December 31, 2022.Results of OperationFor the fourth quarter 2022, Trinity Bank, N.A. reported Net Income after Taxes of $2,113,000, an increase of 32.7% over fourth quarter 2021 earnings of $1,592,00. Earnings per diluted common share for the fourth quarter 2022 amounted to $1.86, an increase of 31.7% over fourth quarter 2021 results of $1.41 per diluted common share.For 2022, Net Income after Taxes was $7,269,000, an increase of 24.9% over 2021 results of $5,822,000. Earnings per diluted common share for 2022 were $6.39, an increase of 24.0% over 2021 results of $5.15 per diluted common share.2022 saw the Federal Reserve raise the Fed Funds Rate seven times starting in March of 2022 to combat inflation. The rates went from basically zero to 4.5% in December. These rate changes in turn have impacted a variety of interest rates, including savings rates, bond rates, and lending rates (both short and long-term). Everyone has been affected."For banks in particular, these rate hikes have created tightened margins and liquidity pressures. Trinity's management is cognizant of these pressures and has been pro-active in both our account rates and lending rates, as well as our bond strategy. We are fortunate and confident in our asset mix between cash, bonds, and loans, especially with regards to our ratio between fixed and floating rate loans," said President Barney Wiley.In spite of the historical rise in rates experienced in 2022, and the unknowns of 2023, below are some positive results experienced from 2021 to 2022. As Chairman Jeff Harp has quipped in jest on multiple occasions, "I have been in banking in the same town for 52 years and the events of the past three years has shown me that the first 49 years of lessons are worthless as these times are unprecedented. But I will tell you that I would not trade places with any other bank."President Barney C. Wiley stated, "2022 was an outstanding year for Trinity Bank, albeit an interesting year. 2022 was our best year since inception which is a testament to our dedicated staff, quality customer base and outstanding shareholders. In times of uncertainty, we have shown the ability to stay flexible...