Triad Business Bank announced its unaudited first-quarter 2024 results on May 2, 2024, showing improvements and strategic measures to enhance its financial performance.
Chief Executive Officer Ramsey Hamadi highlighted the positive progress, stating, "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." Hamadi outlined the Bank's efforts to focus on core deposits and profitable loan relationships to drive future growth and sustainability.
According to Triad Business Bank, the net loss for the first quarter of 2024 was $101,000, a significant improvement from the $800,000 loss in the previous quarter. The Bank's total assets also saw an increase, reaching $527.2 million at the end of March 2024, up from $511.2 million in December 2023.
The Bank's strategic plan includes a focus on generating core deposits, making profitable loans, right-sizing its structure, and reducing operating expenses. This initiative aims to eliminate $2.0 million of annualized operating expenses, leading to a stronger financial position in the long run.
Triad Business Bank's efforts to enhance its financial performance are evident in its income statement and balance sheet comparisons. The Bank recorded an increase in net interest income and total assets, with loans growing by $25.1 million in the first quarter of 2024.
Despite challenges faced in the banking industry in 2023, Triad Business Bank remains committed to providing superior customer service to commercial and industrial customers in the Triad region. The Bank's focus on core deposits and profitable lending relationships reflects its dedication to long-term growth and stability.
Triad Business Bank's proactive approach to financial management and strategic planning positions it well for future success and continued service to the business community in the Triad region.