Triad Business Bank 2024 2nd Quarter Earnings Release
Triad Business Bank (OTC Pink – “TBBC”), August 6, 2024, Announces Unaudited Second Quarter 2024 Results
During the second quarter of 2024, Triad Business Bank (the “Bank”) executed several significant initiatives. Ramsey Hamadi, Chief Executive Officer, commented, “In the second quarter of 2024, the Bank closed on $6.0 million of additional capital and reduced structural operating costs by $2.0 million annually and in doing so refocused the Bank’s sales and service efforts on the Bank’s vision of serving small and mid-sized businesses in the Triad. Following the capital raise, the board of directors and executive management own 31% of the Bank’s outstanding shares. Each of these initiatives contribute to the Bank’s goal of being profitable in the final two quarters of 2024. In order to reduce costs and reposition the Bank’s balance sheet, the Bank recognized a one-time expense in the second quarter of $87,000 for severance and a loss on the disposal of a Small Business Investment Company (“SBIC”) investment of $136,000. For the second quarter of 2024, the Bank had a net loss of $611,000. Excluding one-time expenses, the Bank had a net loss of $388,000. The reduction in operating costs from the structural changes will not be fully realized until the third quarter of 2024.