Triad Business Bank (OTC Pink - "TBBC"), April 3, 2025, Amends Unaudited Results for 2024

Rhea-AI Summary

Triad Business Bank (TBBC) has revised its unaudited financial results for 2024, increasing its allowance for credit loss on a downgraded publicly traded corporate bond from $1.1 million to $2.6 million. This adjustment has resulted in a revised net loss of $4.3 million for the 2024 fiscal year.

Despite the increased loss provision, the bank maintains a strong regulatory capital position of $61.6 million, representing 12.48% of risk-weighted assets as of December 31, 2024.

Positive

• Strong regulatory capital position of $61.6 million (12.48% of risk-weighted assets)

Negative

• Increased allowance for credit loss from $1.1M to $2.6M on downgraded corporate bond
• Revised net loss of $4.3M for 2024
• Investment grade corporate bond in portfolio lost its rating

AI-generated analysis. How Rhea-AI works. Not financial advice.

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GREENSBORO, N.C., April 3, 2025 /PRNewswire/ -- On February 25, 2025, Triad Business Bank (the "Bank") issued a press release announcing unaudited results for 2024. The operating results reported at that time included a $1.1 million allowance for credit loss on a publicly traded corporate bond that had recently lost its investment grade rating and its market value indicated there was credit impairment. The Bank has revised its estimate of the credit impairment and increased the allowance for credit loss on this bond to $2.6 million, resulting in a revised net loss of $ 4.3 million for 2024. The Bank's total regulatory capital is strong, totaling $61.6 million or 12.48% of risk weighted assets at December 31, 2024.

View original content:https://www.prnewswire.com/news-releases/triad-business-bank-otc-pink--tbbc-april-3-2025-amends-unaudited-results-for-2024-302420218.html

SOURCE Triad Business Bank

FAQ

What is the revised 2024 net loss for Triad Business Bank (TBBC)?

TBBC reported a revised net loss of $4.3 million for 2024, following increased credit loss provisions.

How much did TBBC increase its credit loss allowance in the 2024 revision?

TBBC increased its credit loss allowance from $1.1 million to $2.6 million, a $1.5 million increase.

What is TBBC's regulatory capital position as of December 31, 2024?

TBBC maintains $61.6 million in regulatory capital, representing 12.48% of risk-weighted assets.

When did Triad Business Bank (TBBC) announce its original unaudited 2024 results?

TBBC originally announced its unaudited 2024 results on February 25, 2025.