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Triad Business Bank (TBBC)

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  • Triad Business Bank Reports Fourth Quarter Operating Results
    GlobeNewswire

    Triad Business Bank Reports Fourth Quarter Operating Results

    Triad Business Bank balance sheet Triad Business Bank Balance Sheet Triad Business Bank non-GAAP measures Triad Business Bank non-GAAP Measures Triad Business Bank key ratios Triad Business Bank Key Ratios Triad Business Bank income statement Triad Business Bank Income Statement Greensboro, N.C., Feb. 11, 2021 (GLOBE NEWSWIRE) -- Triad Business Bank (the “Bank”) today reported financial results for its third quarter of operations ended December 31, 2020. Income Statement Highlights - Comparing the Linked Quarters, For Three-Month Periods Ended December 31, 2020 and September 30, 2020: Interest Income Expanded 63% to $1.6 Million from $996,000Pre-provision Operating Loss Declined to $446,000 from $758,000Net Interest Margin Increased 67 Basis Points to 2.41% from 1.74%Net Interest Income Increased 64% to $1.3 million from $782,000 Balance Sheet Highlights Comparing Balances at December 31, 2020 and September 30, 2020: Core (Non-Paycheck Protection Program or “Non-PPP”) Loan Balances Increased 46% or $23 Million to $73 Million from $50 MillionCore Deposits Increased $52 Million to $145 MillionNoninterest Bearing Demand Deposit Accounts Increased 47% to $27 MillionAllowance for Loan Loss Increased to $910,000 Remaining Consistent at 1.25% of Non-PPP LoansNo Criticized/Classified or Non-Performing AssetsNew Loan Pipeline Remains Robust at $140 millionSmall Business Administration Repaid $22 million of PPP Loans in December Quarter Customers Have Requested an Additional $30 million of Second Draw PPP Loans through the Consolidated Appropriations Act of 2021 “Following a period of heavy bank consolidation, Triad Business Bank opened for business on March 16, 2020 with a vision of serving the financial needs of small to middle market-sized businesses in the Piedmont Triad. In the first three full quarters of operations, the Bank has proven to be pivotal to the economic success of businesses in this region, having originated over $250 million of commercial loans and built balances of $145 million of core deposit accounts,” commented Ramsey K. Hamadi, Chief Executive Officer. “While 2020 presented a great number of challenges, we are pleased that the Bank finished the year ahead of where we expected to be at this time by limiting startup costs, outperforming early operating loss expectations and limiting the startup period loss impact on tangible book value. The Bank has more loans and more core deposits than planned and is making a larger impact in the three cities than envisioned. We were a top PPP lender in our opening period, and we were able to leverage that early momentum into developing a strong and sustained pipeline of core business. Thank you for giving us the opportunity to serve our communities.” December Quarter Results The Bank had a net loss of $728,000, or $0.14 per share, for the December quarter compared to a net loss of $1.2 million, or $0.24 per share, in both the June and September quarters. However, when considering results before provision for loan losses, the linked-quarter operating loss declined 41% to $446,000 from $758,000 in the September quarter and $1.0 million in the June quarter. The Bank’s net interest margin rose 67 basis points to 2.41% in the December quarter from 1.74% in the September quarter which showed a 29 basis points increase from 1.45% in the June quarter. Hamadi commented, “As the Bank continues to build its loan portfolio, its net interest margin will continue to rise.” In the December quarter, the average balance of core loans increased from $32.7 million in the September quarter to $60.6 million. The weighted average yield on these loans declined from 4.15% in the September quarter to 3.79% in the December quarter. Several large, high-quality but lower yielding commercial real estate loans were originated late in the September quarter. The Bank applies a disciplined pricing model that should yield consistent results over time. Core Lending and Deposit Activity The Bank grew core loans by 46%, or $23.0 million, to $73.1 million during the December quarter. For the quarter, the Bank originated $65.3 million in gross loans, which included a $28.5 million increase in funded loan balances, $20.2 million increase in unfunded loan commitments and $16.6 million in loan participations sold to other financial institutions. For the nine-month period ended December 31, 2020, the Bank originated $260 million in loans, which included $108 million of PPP loans, $73.1 million of funded core loans, $45.9 million in unfunded loan commitments and $30.0 million in loan participations sold. The unfunded loan commitments consist primarily of operating lines of credit to commercial and industrial (“C&I”) businesses and unfunded construction projects. At December 31, 2020, 68% of the Bank’s loan portfolio was C&I and Owner Occupied CRE in nature. Total deposits increased $54.8 million during the quarter and totaled $148.7 million at December 31, 2020. Noninterest demand deposit account balances increased 47% to $27.4 million, representing 18% of total deposits, with the increase driven by growth in treasury relationships. Of all deposits, treasury relationships are the largest and most profitable as they have the most activity generating fee income and are the Bank’s lowest cost deposit relationships. At December 31, 2020 more than 90 companies were using the Bank’s treasury systems. Robin Hager, President and Chief Operating Officer, commented, “Our core systems were chosen specifically because they offer what we believe are the best suite of treasury management products on the market. The ease of use and quality of our systems are bringing us more business relationships than anticipated.” Savings and money market balances increased $28.4 million to $98.4 million and other interest-bearing deposits increased $17.6 million to $22.9 million at December 31, 2020. For the December quarter, the Bank opened 50 new deposit accounts, bringing the total number of accounts opened to more than 500 in the first nine months of operations. PPP Program Update In the December quarter the Small Business Administration made $22.5 million of principal payments to the Bank which, combined with net amortization of deferred fees and costs, reduced the Bank’s net PPP portfolio to $78.2 million at December 31, 2020. During the quarter, the Bank realized $881,000 of interest income on the PPP loan portfolio, an increase of $366,000 over the prior quarter. The increase in income was due to the realization of deferred fees associated with the forgiveness of these loans. At December 31, 2020, the Bank had $1.5 million remaining in deferred PPP fees ($1.1 million net of deferred costs). In 2020, the Bank originated $108 million of PPP loans to more than 340 local and regional businesses. As of February 8, 2021, the Bank had new PPP loan requests for $30 million of PPP second draw loans through the Consolidated Appropriations Act of 2021. Noninterest Expense Noninterest expense increased $170,000 to $1.7 million for the December quarter compared to the prior quarter. This increase was due primarily to the Bank adding additional operations and support staff to service the rapidly growing needs of the organization. Credit Risk The Bank had $0 of nonperforming assets and reported $0 of criticized or substandard assets at December 31, 2020. The Bank’s emerging loan portfolio has been underwritten with an eye on the impact that COVID-19 is having on cashflows of prospective business customers. Many of these businesses are prospering in the current environment and have either stable or expanding revenues. By building a loan portfolio as the quarantines began, the Bank has been able to assess credit risk with a high level of clarity. Deferred Tax Asset, Non-GAAP Measure The Bank’s tangible book value at December 31, 2020 was $8.79. Organization and start-up costs during the organization period and net operating losses during the first nine months of operations created a deferred tax asset of $1.1 million. This asset is currently fully impaired and being carried at $0 until sufficient, verifiable evidence exists demonstrating that the deferred tax asset will more likely than not be realized. At that time, the valuation allowance will be reversed. At December 31, 2020, the valuation allowance lowered tangible book value by $0.23 from $9.02 (a non-GAAP measurement). On a non-GAAP basis, tangible book value fell from $9.09 at September 30, 2020 to $9.02 at December 31, 2020 when adding back the impairment of the deferred tax asset. Outlook “Triad Business Bank has had an exceptional beginning which we believe will continue to propel the Bank forward to our near-term goal, which is to become operationally profitable shortly following six quarters of operation. The 2021 March and June quarters are expected to have high loan growth activity due to a continued strong loan pipeline. In addition, the March and June quarters will benefit significantly by realization of PPP loan fees from forgiveness payments from the SBA and from further origination of new PPP second draw loans under the Consolidated Appropriations Act. The rapid start has prompted an acceleration of the business plan. The loan and deposit pipelines are stronger than we had projected, however the rapid growth in revenues has been partially offset by higher personnel costs,” Hamadi commented. About Triad Business Bank With three co-equal offices located in Winston-Salem, High Point and Greensboro, Triad Business Bank focuses on meeting the needs of small to midsize businesses and their owners by providing loans, treasury management and private banking, all with a high level of personal attention and best-in-class technology. For more information, visit www.triadbusinessbank.com Forward Looking Language This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of Triad Business Bank. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of Triad Business Bank and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Triad Business Bank undertakes no obligation to update any forward-looking statements. Attachments Triad Business Bank balance sheet Triad Business Bank non-GAAP measures Triad Business Bank key ratios Triad Business Bank income statement CONTACT: Michelle Rash RLF Communications 336-553-1733 mrash@rlfcommunications.com

  • Triad Business Bank Delivers Immediate Results for the Business Community and its Shareholders
    GlobeNewswire

    Triad Business Bank Delivers Immediate Results for the Business Community and its Shareholders

    Triad Business Bank Key Ratios Triad Business Bank Key Ratios Triad Business Bank Book Value Triad Business Bank Book Value Triad Business Bank Income Statement Triad Business Bank Income Statement Triad Business Bank Balance Sheet Triad Business Bank Balance SheetGreensboro, N.C., Nov. 02, 2020 (GLOBE NEWSWIRE) -- Triad Business Bank (OTC Pink – TBBC) today reported financial results for its second quarter of operations ended September 30, 2020.September Quarter 2020 Highlights: * Total assets increased to $241 million at September 30, 2020 * Core loans increased $36 million to $50 million * Committed loans increased $62 million * Interest income expanded 91% to $996,000 compared to the prior quarter * Pre-provision net loss declined 26%, an improvement of $262,000 * Core deposits increased 35% to $93 million * Loan pipeline climbed to record level of $135 million * Paycheck Protection Program (PPP) deferred fees of $2.4 million ($1.8 million net of deferred costs) to be realized in future quarters * Allowance for loan loss increased to $628,000, or 1.26% of non-PPP loans * Reported no classified or non-performing assets“TBB remains one of the newest banks in the country,” said Ramsey K. Hamadi, Chief Executive Officer. “The Bank opened March 16th simultaneously with the Pandemic lockdown. In the two quarters that followed, the Bank grew from $51.2 million in assets at March 31, 2020 to $241.3 million in assets at September 30, 2020. During this six-month period, the Bank has been pivotal for Triad’s economic health. In its opening months, the Bank originated more than $100 million of Paycheck Protection Program loans to approximately 350 businesses. These loans protected over 12,000 jobs in the Triad business community.  In the four months that followed this program, the Bank transitioned to focus on its core business that included originating nearly $86 million loans and funding those loans with $94 million of deposits from businesses and private bank customers.” September Quarter ResultsThe Bank had a net loss of $1.2 million or $0.24 per share in each of the June and September quarters. However, when excluding the provision for loan losses, the quarter’s operating loss declined 26% to $758,000, an improvement of $262,000 from the June quarter’s loss of $1.0 million. The Bank’s net interest margin rose 29 basis points to 1.74% in the September quarter from 1.44% in the June quarter. Notably the average balance of core loans increased from $4.0 million to $32.7 million and the weighted average yield on these loans increased from 3.34% to 4.15% in the June and September quarters, respectively. Hamadi commented: “During the capital raise, our proforma financial statements anticipated the Bank’s operations would be breakeven at the end of the sixth quarter with the seventh quarter being profitable. Through two quarters, our results indicate we should meet or beat our projections. Our loan and deposit growth rates are exceeding expectations and the margins we projected also appear attainable.  Further, our costs are directly in line with the results forecasted.”Core Lending and Deposit ActivityThe Bank grew core loans by $36.0 million to $49.9 million during the September quarter. The Bank also originated $72.2 million in core loans, which included $36.0 million in funded loan balances, $25.7 million in unfunded loan commitments and $10.5 million in loan participations sold to other financial institutions. For the six-month period, the Bank originated $195 million which included $108 million of PPP loans, $49.9 million of funded core loans, $25.7 million in unfunded loan commitments and $13.5 million in loan participations sold. The unfunded loan commitments consist primarily of operating lines of credit to commercial and industrial companies (“C & I”) and unfunded construction projects. At September 30, 2020, 70% of the Bank’s loan portfolio was C&I in nature:Loan Diversification Loan Category    9/30/20 Composition Other Construction & Land Development    $2,642,365     Non-owner Occupied CRE    $12,176,640   Total CRE    $14,819,005 30%     Owner-Occupied CRE    $15,443,089   C&I    $19,608,601   Total C&I    $35,051,690 70%     Total    $49,870,695   Core deposits increased $24.3 million and totaled $93.4 million at September 30, 2020. Money market accounts of businesses were the leading product. Total money market account balances increased $36.2 million to $70.0 million, but growth in money market balances was partially offset by a $13.9 million decline in demand deposit accounts. The decline in demand deposit accounts was primarily due to withdrawals of PPP loan proceeds.  For the September quarter, the Bank opened 197 new deposit accounts, bringing the total number of accounts opened to more than 500 in the first six months. Of all deposits, business treasury relationships are the largest and most profitable. These deposit relationships have the most activity which generates fee income and are the Bank’s lowest cost deposit relationships. Total treasury relationships increased from 23 companies at June 30, 2020 to 60 companies at September 30, 2020. Twelve other businesses are in process of converting to Triad Business Bank’s treasury systems and numerous other businesses are evaluating our services. Robin Hager, President and Chief Operating Officer, commented, “We chose a Jack Henry Silverlake product for our core systems specifically because it offers what we believe is the best suite of Treasury Management products on the market. These systems are making a difference.  Our customers are bringing us more business relationships than they planned because of the quality of our systems and products.”PPP Program UpdateAt September 30, 2020, the Bank had $100.1 million of PPP loans outstanding to more than 340 local and regional businesses. In addition, the Bank had unamortized fees of $2.4 million ($1.8 million net of deferred costs) on these loans. Barring changes in the PPP loan forgiveness process, the Bank anticipates recognizing the balance of these fees in the December quarter 2020 and the March quarter of 2021. The Bank received the first of the forgiveness payments from the U.S. Treasury in October.  Noninterest ExpenseNoninterest expense increased $116,000 to $1.6 million for the September quarter compared to the prior quarter. The increase in expenses was primarily due to the Bank converting from a cash basis to an accrual basis of accounting for certain items such as data processing and facility costs which resulted in the recognition of four months of expense instead of three months.Credit RiskThe Bank had $0 of nonperforming assets and $0 of substandard assets at September 30, 2020. The Bank’s emerging loan portfolio is being underwritten with an eye on the impact COVID-19 is having on cashflows of borrowers. Many businesses are prospering in the current environment and have either stable or expanding revenues. By building a loan portfolio as the impact of the COVID pandemic unfolded, the Bank has been able to assess credit risk with a high level of clarity.Deferred Tax Asset, Non-GAAP MeasureThe Bank’s tangible book value at September 30, 2020 was $8.90. Net operating losses during the organization period and during the first six months of operations have created a deferred tax asset of $954,000. This asset is being carried at $0 until the Bank’s core operations become profitable. At that time, the valuation allowance will be reversed. At September 30, 2020, the valuation allowance lowered tangible book value by $0.19 from $9.09 (a non-GAAP measurement).Outlook“Triad Business Bank has had an exceptional beginning which should propel the Bank forward to our near-term goal, which is to become profitable within six quarters. The December and March quarters are expected to have high loan growth activity due to a continued strong loan pipeline. In addition, we believe the December and March quarters will benefit by realization of PPP loan fees as loan forgiveness payments are received. This rapid start has prompted an acceleration of our business plan.  The loan and deposit pipelines are stronger than we had projected, and we anticipate a continued rise in revenues will follow. We expect that the net interest margin will continue to widen as core loans replace PPP loans and cash as the primary source of earning assets,” Hamadi commented. About Triad Business Bank (OTC Pink: TBBC)With three offices located in Winston-Salem, High Point and Greensboro, Triad Business Bank focuses on meeting the needs of small to midsize businesses and their owners by providing loans, treasury management and private banking, all with a high level of personal attention and best-in-class technology.  The Bank’s common stock is quoted on the OTC Pink Market under the symbol “TBBC.” For more information, visit www.triadbusinessbank.com Forward Looking LanguageThis release contains certain forward-looking statements with respect to the financial condition, results of operations and business of Triad Business Bank. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of Triad Business Bank and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Triad Business Bank undertakes no obligation to update any forward-looking statements.    Attachments * Triad Business Bank Key Ratios * Triad Business Bank Book Value * Triad Business Bank Income Statement * Triad Business Bank Balance Sheet CONTACT: Michelle Rash RLF Communications 336-553-1733 mrash@rlfcommunications.com

  • GlobeNewswire

    Triad Business Bank Announces OTC Market Quotation (OTC Pink: TBBC)

    Greensboro, N.C., Oct. 07, 2020 (GLOBE NEWSWIRE) -- Triad Business Bank (the “Bank”) announced today that the Bank’s common stock has been assigned the ticker symbol “TBBC” and has begun trading on the OTC Pink® Market (OTC Pink: TBBC). “We believe that securing the quotation of our common stock on the OTC Market will increase the visibility of our bank and will provide shareholders the opportunity for greater liquidity in their investment,” said Ramsey K. Hamadi, Chief Executive and Financial Officer.  Market MakersJanney Montgomery Scott, LLC, which served as the Bank’s placement agent in its initial offering, has committed to provide market making services to the Bank’s shareholders. Janney is a Philadelphia, PA based broker dealer with 320+ companies under research coverage on the NASDAQ and OTC Markets. Questions or inquiries regarding market making may be directed to: Anthony Bello Equity Salesperson Janney Montgomery Scott, LLC 1475 Peachtree Street NE, Suite 800 Atlanta, GA 30309 Phone: 404-601-7236 Email: abello@janney.comIt is anticipated that over time additional broker dealers will also make a market in the Bank’s common stock, leading to additional liquidity. About Triad Business BankWith three co-equal offices located in Winston-Salem, High Point and Greensboro, Triad Business Bank (OTC Pink: TBBC) focuses on meeting the needs of small to midsize businesses and their owners by providing loans, treasury management and private banking, all with a high level of personal attention and best-in-class technology. For more information, visit www.triadbusinessbank.comForward Looking LanguageThis release contains certain forward-looking statements with respect to the financial condition, results of operations and business of Triad Business Bank.  These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of Triad Business Bank and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions.  Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements.  Triad Business Bank undertakes no obligation to update any forward-looking statements. CONTACT: Ramsey K. Hamadi Chief Executive and Financial Officer 336-580-1012 rhamadi@triadbusinessbank.com