Loan revenue lifts Triad Business Bank to doubling first-quarter profit

Triad Business Bank, which has offices in Greensboro, Winston-Salem and High Point, reported Wednesday more than doubling its first-quarter net income to $404,287.

Diluted earnings were 5 cents a share, compared with 2 cents a year ago.

The primary factor in the first-quarter profit was loan income climbing 12% to $3.38 million.

The bank took a $45,750 loan-loss provision, compared with a $164,869 recovery a year ago.

The provision offers a glimpse at how a bank expects its loan portfolio and revenue stream to perform as customers struggle to make monthly payments. It has a bottom-line effect on a bank's profitability.

Meanwhile, fee income was up 10% to $266,644.

There was a 6% increase in employee salaries and benefits to $2.03 million. The bank had 54 employees as of March 31, down one from a year ago.

Total assets were at $536.9 million on March 31, compared with $530.9 million on Dec. 31.

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