Exhibit 99.1
Date: |
| October 18, 2005 |
Contact: |
| Steve Wells, Los Alamos National Bank President, 505-662-5171 |
For Immediate Release
Trinity Capital Corporation
Announces Third Quarter Earnings for 2005
LOS ALAMOS, N.M., October 18, 2005 — Trinity Capital Corporation (“Trinity”), the holding company for Los Alamos National Bank (“LANB”) and Title Guaranty & Insurance Company, announced preliminary unaudited earnings for the third quarter of 2005.
Unaudited net income for the third quarter of 2005 totaled $3.374 million or $0.50 diluted earnings per share, compared to $2.128 million or $0.31 diluted earnings per share for the same period in 2004, an increase of $1.246 million in net income and an increase of $0.19 in diluted earnings per share. This increase in net income was primarily due to an increase in net interest income of $924 thousand and a decrease in non-interest expenses of $904 thousand. The increase in net interest income was mainly due to an increase in the total interest-earning assets of the LANB. The decrease in non-interest expenses was mainly due to an increase in the value of mortgage servicing rights due to higher interest rates in 2005 compared to 2004. Non-interest income also increased $776 thousand and provision for loan losses increased $300 thousand. Income tax expenses increased $1.058 million due higher pre-tax income.
Unaudited net income for the nine months ending September 30, 2005 totaled $8.183 million or $1.21 diluted earnings per share, compared to $7.937 million or $1.16 diluted earnings per share for the same period in 2004, an increase of $246 thousand in net income and an increase of $0.05 in diluted earnings per share. This increase in net income was primarily due to an increase in net interest income of $3.166 million, which was partially offset by an increase in non-interest expense of $2.068 million. The increase in net interest income was mainly due to growth in interest-earning assets. The increase in non-interest expenses was mainly due to an increase in the loss on sale of other real estate owned of $825 thousand and an increase in occupancy expenses of $650 thousand. Provision for loan losses also increased $450 thousand and non-interest income decreased $338 thousand. Income tax expenses increased $64 thousand due to higher pre-tax income.
Trinity experienced strong loan growth of $109.7 million during the first nine months of 2005. This growth was mainly in construction loans and commercial real estate. This was accompanied by strong deposit growth of $141.0 million. A significant source of deposit growth has been the new office located in downtown Santa Fe, which has grown $49.9 million in total deposits in the first nine months of 2005 and $73.5 million in total deposits since opening in August 2004. Trinity’s unaudited total assets grew by $142.5 million during the first nine months of 2005 and were $1.223 billion at September 30, 2005.
Trinity is a bank holding company with $1.223 billion in total assets and has 279 employees. LANB is currently in its 43rd year of operation, and offers financial services at its
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main office in Los Alamos, an office in White Rock and two offices in Santa Fe. LANB also operates a network of 29 automatic teller machines throughout northern New Mexico. Title Guaranty & Insurance Company offers its services from its offices in Los Alamos and Santa Fe.
This document contains, and future oral and written statements of Trinity and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Trinity. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Trinity’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Trinity undertakes no obligation to update any statement in light of new information or future events. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning Trinity and its business, including additional factors that could materially affect Trinity’s financial results, is included in Trinity’s filings with the Securities and Exchange Commission.
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