UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
ý Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended June 30, 2003.
Or
o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from to
Commission File Number 000-50266
TRINITY CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
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New Mexico |
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85-0242376 |
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(State of incorporation) |
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(I.R.S. Employer Identification Number) |
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1200 Trinity Drive, Los Alamos, New Mexico 87544 |
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(Address of principal executive offices) |
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(505) 662-5171 |
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Telephone number |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 13 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes ý No o
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 6,683,107 shares of common stock, no par value, outstanding as of July 31, 2003.
TRINITY CAPITAL CORPORATION AND SUBSIDIARIES
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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1
PART I – FINANCIAL INFORMATION
TRINITY CAPITAL CORPORATION & SUBSIDIARIES
June 30, 2003 and December 31, 2002
(Amounts in thousands, except share data)
(Unaudited)
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June 30, |
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December 31, |
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ASSETS |
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Cash and due from banks |
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$ |
40,843 |
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$ |
37,559 |
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Interest bearing deposits with banks |
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17,381 |
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3,420 |
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Cash and cash equivalents |
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58,224 |
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40,979 |
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Investment securities available for sale |
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55,468 |
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35,894 |
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Investment securities held to maturity, at amortized cost (fair value of $76,040 at June 30, 2003 and $71,639 at December 31, 2002) |
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73,540 |
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69,923 |
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Loans (net of allowance for loan losses of $6,833 at June 30, 2003 and $6,581 at December 31, 2002) |
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689,451 |
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653,867 |
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Loans held for sale |
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60,228 |
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76,197 |
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Premises and equipment, net |
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17,913 |
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17,353 |
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Accrued interest receivable |
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6,857 |
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7,458 |
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Mortgage servicing rights, net |
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4,048 |
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3,650 |
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Other real estate owned |
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2,306 |
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3,707 |
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Other assets |
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4,766 |
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2,904 |
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Total assets |
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$ |
972,801 |
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$ |
911,932 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Liabilities |
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Deposits: |
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Noninterest bearing |
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$ |
68,702 |
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$ |
53,753 |
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Interest bearing |
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781,858 |
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736,333 |
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Total deposits |
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850,560 |
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790,086 |
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Long-term borrowings |
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35,981 |
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39,492 |
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Borrowings made by Employee Stock Ownership Plan (ESOP) to outside parties |
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2,357 |
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2,888 |
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Accrued interest payable |
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2,784 |
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2,919 |
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Other liabilities |
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4,242 |
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4,679 |
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Total liabilities |
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895,924 |
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840,064 |
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Company obligated mandatorily redeemable trust preferred securities |
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15,510 |
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15,501 |
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Stock owned by Employee Stock Ownership Plan (ESOP) participants; 673,194 shares at June 30, 2003 and December 31, 2002, at fair value; net of unearned ESOP shares of 144,565 shares at June 30, 2003 and 177,541 shares at December 31, 2002, at historical cost |
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9,955 |
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9,462 |
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Commitments and contingencies |
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Stockholders’ Equity |
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Common stock, no par, authorized 40,000,000 shares; issued 6,856,800 shares |
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6,836 |
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6,836 |
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Additional paid-in capital |
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236 |
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199 |
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Retained earnings |
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44,432 |
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39,990 |
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Accumulated other comprehensive income |
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467 |
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439 |
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Total stockholders’ equity before treasury stock |
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51,971 |
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47,464 |
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Treasury stock, at cost, 29,128 shares |
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(559 |
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(559 |
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Total stockholders’ equity |
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51,412 |
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46,905 |
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Total liabilities and stockholders’ equity |
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$ |
972,801 |
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$ |
911,932 |
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The accompanying notes are an integral part of these unaudited consolidated financial statements.
2
TRINITY CAPITAL CORPORATION & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
For the Three and Six Months Ended June 30, 2003 and 2002
(Amounts in thousands except share and per share data)
(Unaudited)
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Three Months Ended |
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Six Months Ended |
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June 30, 2003 |
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June 30, 2002 |
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June 30, 2003 |
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June 30, 2002 |
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Interest income: |
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Loans, including fees |
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$ |
12,364 |
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$ |
11,988 |
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$ |
24,856 |
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$ |
24,523 |
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Investment securities: |
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Taxable |
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855 |
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943 |
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1,739 |
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1,884 |
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Nontaxable |
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122 |
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76 |
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226 |
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142 |
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Federal funds sold |
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2 |
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