UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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(Mark One) |
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ý Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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for the quarterly period ended March 31, 2004. |
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Or |
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o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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for the transition period from to |
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Commission File Number 000-50266 |
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TRINITY CAPITAL CORPORATION |
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(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 12 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 o No ý
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: 6,727,924 shares of common stock, no par value, outstanding as of March 31, 2004.
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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Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities |
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CERTIFICATIONS |
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1
PART I – FINANCIAL INFORMATION
TRINITY CAPITAL CORPORATION &
SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, 2004 and December 31, 2003
(Amounts in thousands, except share data)
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March 31, |
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December 31, 2003 |
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(Unaudited) |
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ASSETS |
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Cash and due from banks |
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$ |
47,377 |
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$ |
42,104 |
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Interest bearing deposits with banks |
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6,281 |
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967 |
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Federal funds sold and securities purchased under resell agreements |
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40 |
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40 |
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Cash and cash equivalents |
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53,698 |
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43,111 |
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Investment securities available for sale |
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54,499 |
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100,753 |
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Investment securities held to maturity, at amortized cost (fair value of $75,076 at March 31, 2004 and $75,179 at December 31, 2003) |
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73,514 |
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73,717 |
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Loans (net of allowance for loan losses of $7,734 at March 31, 2004 and $7,368 at December 31, 2003) |
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761,469 |
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733,155 |
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Loans held for sale |
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16,415 |
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9,511 |
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Premises and equipment, net |
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20,940 |
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18,939 |
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Accrued interest receivable |
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6,382 |
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6,485 |
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Mortgage servicing rights, net |
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7,416 |
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7,792 |
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Other real estate owned |
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6,843 |
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7,383 |
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Other assets |
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4,403 |
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5,904 |
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Total assets |
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$ |
1,005,579 |
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$ |
1,006,750 |
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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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$ |
62,112 |
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$ |
60,191 |
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Interest bearing |
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780,603 |
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776,004 |
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Total deposits |
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842,715 |
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836,195 |
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Short-term borrowings |
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5,004 |
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9,402 |
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Long-term borrowings |
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65,578 |
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67,398 |
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Junior subordinated debt owed to unconsolidated trusts |
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16,496 |
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16,496 |
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Borrowings made by Employee Stock Ownership Plan (ESOP) to outside parties |
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1,686 |
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2,157 |
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Accrued interest payable |
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2,459 |
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2,797 |
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Other liabilities |
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2,534 |
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6,247 |
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Total liabilities |
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936,472 |
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940,692 |
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Stock owned by Employee Stock Ownership Plan (ESOP) participants; 653,381 shares at fair value; net of unearned ESOP shares of 99,748 shares and 126,194 shares at March 31, 2004 and December 31, 2003, respectively, at historical cost |
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18,694 |
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18,256 |
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Commitments, contingencies and credit risk (note 7) |
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Stockholders’ Equity |
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Common stock, no par, authorized 20,000,000 shares; issued 6,856,800 shares, outstanding 6,727,924 and 6,701,478 at March 31, 2004 and December 31, 2003, respectively |
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6,836 |
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6,836 |
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Additional paid-in capital |
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694 |
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545 |
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Retained earnings |
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43,295 |
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40,845 |
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Accumulated other comprehensive income |
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147 |
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135 |
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Total stockholders’ equity before treasury stock |
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50,972 |
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48,361 |
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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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50,413 |
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47,802 |
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Total liabilities and stockholders’ equity |
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$ |
1,005,579 |
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$ |
1,006,750 |
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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 Months Ended March 31, 2004 and 2003
(Amounts in thousands except share and per share data)
(Unaudited)
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Three Months Ended |
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March 31, 2004 |
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March 31, 2003 |
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Interest income: |
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Loans, including fees |
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$ |
11,938 |
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$ |
12,492 |
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Investment securities: |
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Taxable |
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973 |
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884 |
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Nontaxable |
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158 |
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104 |
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Other interest bearing deposits |
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6 |
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66 |
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Investment in unconsolidated trusts |
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13 |
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17 |
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Total interest income |
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13,088 |
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13,563 |
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Interest expense: |
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Deposits |
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2,968 |
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4,253 |
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Short-term borrowings |
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67 |
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— |
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Long-term borrowings |
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607 |
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388 |
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Junior subordinated debt owed to unconsolidated trusts |
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439 |
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446 |
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Total interest expense |
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4,081 |
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5,087 |
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Net interest income |
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9,007 |
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8,476 |
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Provision for loan losses |
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600 |
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