Wednesday, October 20, 2021

Triad Business Bank reduces its quarterly losses | Local

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The Triad Business Bank, which has branches in Winston-Salem, Greensboro and High Point, reported a loss of $ 727,839 in the fourth quarter on Thursday, compared to $ 1.21 million in the third quarter and $ 1.19 million in the second trimester.

The bank recorded a loss of diluted earnings of 14 cents for the fourth quarter, compared to a loss of 24 cents in the second and third quarters.

The fourth quarter loss was impacted by the addition of $ 281,708 to its allowance for loan losses, which is down from an allowance of $ 454,563 in the third quarter and $ 173,808 in the second quarter.

Loan income was just over $ 1 million, compared to $ 327,194 in the third quarter and $ 268,918 in the second quarter.

Most of the revenue stream is interest and fees on Federal Paycheck Protection Plan loans – $ 881,063 in the fourth quarter, compared to $ 514,893 in the third quarter and $ 378,879 in the second quarter .

In 2020, it granted $ 108 million in PPP loans to 340 local and regional businesses. The bank has received requests for $ 30 million in PPP loans as part of the current cycle.

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