News
Email
Print
TriStone reports second-quarter loss
ADVERTISEMENT
Published: August 4, 2008
TriStone Community Bank reported a loss for the second consecutive quarter today.
However, bank officials said that the second-quarter loss of $32,000 was the result of low interest rates affecting its net-interest margin rather than an increase in delinquent or default loans that have significantly affected most banks serving the Triad.
TriStone, based in Winston-Salem, had a loss of $6,000 in the second quarter of 2007.
The bank had an earnings loss of 2 cents a share in the most recent quarter.
The bank had no nonperforming loans in the quarter, which ended June 30, although it did raise its reserve for loan losses to $1.1 million — just less than 1 percent of its outstanding loans.
The news was not all negative for TriStone, as it reported an increase in total assets, loans and deposits.
"These are challenging times for the banking industry, and the entire sector is adjusting," said Simpson "Skip" Brown Jr., the president of TriStone. "But the bank's asset quality remains strong, and we continue to be a well capitalized bank according to regulatory capital measures.
"We are extremely proud of our solid loan growth, as well as our conservative approach to lending based on strong underwriting, experienced lenders and an extensive knowledge of our community and borrowers."
Email
Print
ADVERTISEMENT
N.C. Politics
Federal Politics
Advertisement
