Triad Business Bank 2024 1st Quarter Earnings Release 

 

Triad Business Bank (OTC Pink – “TBBC”), May 2, 2024, Announces Unaudited First Quarter 2024 Results

Triad Business Bank (the “Bank”) was formed in 2020 to serve small and mid-size businesses in the Triad. Ramsey Hamadi, Chief Executive Officer, commented “In the first quarter of 2024, the Bank had a net loss of $101,000, which was a $700,000 improvement over the previous quarter. The Bank had several continuing positive trends as capital levels remained strong and loan balances increased $25 million, or 7%, and loan yields increased 28 basis points during the quarter to 6.06%. The broadening of deposit relationships continued as the number of operating accounts increased by 7% with 49 new business operating accounts. On March 31, 2024, the Bank had no reportable past due loans and no nonperforming assets. For the quarter, the Bank processed $1.4 billion of transactions and total capital levels remained strong at $59 million, or 12.2% of total risk weighted assets. The core operating results, a non-GAAP measurement which excludes the provision for credit losses and taxes, improved marginally to a loss of $435,000 from a loss of $478,000 in the quarter ended December 31, 2023.

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