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 March 31, 2005.
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)
|
New Mexico |
|
85-0242376 |
|
(State of incorporation) |
|
(I.R.S. Employer Identification Number) |
|
1200 Trinity Drive, Los Alamos, New Mexico 87544 |
|
(Address of principal executive offices) |
|
(505) 662-5171 |
|
Telephone number |
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 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: 6,603,873 shares of common stock, no par value, outstanding as of May 6, 2005.
TRINITY CAPITAL CORPORATION AND SUBSIDIARIES
|
|
|
|
|
|
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CERTIFICATIONS |
1
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
TRINITY CAPITAL CORPORATION & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, 2005 and December 31, 2004
(Amounts in thousands, except share data)
(Unaudited)
|
|
|
March 31, |
|
December 31, |
|
||
|
|
|
2005 |
|
2004 |
|
||
|
ASSETS |
|
|
|
|
|
||
|
Cash and due from banks |
|
$ |
38,047 |
|
$ |
23,678 |
|
|
Interest bearing deposits with banks |
|
23,208 |
|
96 |
|
||
|
Federal funds sold and securities purchased under resell agreements |
|
301 |
|
40 |
|
||
|
Cash and cash equivalents |
|
61,556 |
|
23,814 |
|
||
|
Investment securities available for sale |
|
41,786 |
|
44,105 |
|
||
|
Investment securities held to maturity, at amortized cost (fair value of $52,384 at March 31, 2005 and $61,883 at December 31, 2004) |
|
52,377 |
|
61,658 |
|
||
|
Other investments |
|
7,321 |
|
7,480 |
|
||
|
Loans (net of allowance for loan losses of $8,689 at March 31, 2005 and $8,367 at December 31, 2004) |
|
925,038 |
|
885,954 |
|
||
|
Loans held for sale |
|
8,319 |
|
8,634 |
|
||
|
Premises and equipment, net |
|
24,774 |
|
25,450 |
|
||
|
Accrued interest receivable |
|
6,547 |
|
5,941 |
|
||
|
Mortgage servicing rights, net |
|
8,628 |
|
8,371 |
|
||
|
Other real estate owned |
|
3,523 |
|
6,438 |
|
||
|
Other assets |
|
3,019 |
|
2,548 |
|
||
|
Total assets |
|
$ |
1,142,888 |
|
$ |
1,080,393 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
Liabilities |
|
|
|
|
|
||
|
Deposits: |
|
|
|
|
|
||
|
Noninterest bearing |
|
$ |
72,929 |
|
$ |
63,070 |
|
|
Interest bearing |
|
889,160 |
|
817,511 |
|
||
|
Total deposits |
|
962,089 |
|
880,581 |
|
||
|
Short-term borrowings |
|
— |
|
34,400 |
|
||
|
Long-term borrowings |
|
78,111 |
|
60,006 |
|
||
|
Junior subordinated debt owed to unconsolidated trusts |
|
22,682 |
|
22,682 |
|
||
|
Borrowings made by Employee Stock Ownership Plan (ESOP) to outside parties |
|
1,214 |
|
1,686 |
|
||
|
Accrued interest payable |
|
2,834 |
|
2,768 |
|
||
|
Other liabilities |
|
4,138 |
|
5,314 |
|
||
|
Total liabilities |
|
1,071,068 |
|
1,007,437 |
|
||
|
Stock owned by Employee Stock Ownership Plan (ESOP) participants; 636,896 shares and 636,915 shares at March 31, 2005 and December 31, 2004, respectively, at fair value; net of unearned ESOP shares of 73,347 shares and 98,318 shares at March 31, 2005 and December 31, 2004, respectively, at historical cost |
|
16,981 |
|
18,078 |
|
||
|
Commitments and contingencies (Note 8) |
|
|
|
|
|
||
|
Stockholders’ equity |
|
|
|
|
|
||
|
Common stock, no par, authorized 20,000,000 shares; issued 6,856,800 shares, shares outstanding 6,603,873 and 6,732,748 at March 31, 2005 and December 31, 2004, respectively |
|
6,836 |
|
6,836 |
|
||
|
Additional paid-in capital |
|
1,172 |
|
997 |
|
||
|
Retained earnings |
|
51,746 |
|
47,849 |
|
||
|
Accumulated other comprehensive loss |
|
(311 |
) |
(200 |
) |
||
|
Total stockholders’ equity before treasury stock |
|
59,443 |
|
55,482 |
|
||
|
Treasury stock, at cost, 179,580 shares and 25,734 shares at March 31, 2005 and December 31, 2004, respectively |
|
(4,604 |
) |
(604 |
) |
||
|
Total stockholders’ equity |
|
54,839 |
|
54,878 |
|
||
|
Total liabilities and stockholders’ equity |
|
$ |
1,142,888 |
|
$ |
1,080,393 |
|
|
|
|
|
|
|
|
||
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, 2005 and 2004
(Amounts in thousands except share and per share data)
(Unaudited)
|
|
|
Three Months Ended |
|
||||
|
|
|
March 31, 2005 |
|
March 31, 2004 |
|
||
|
|
|
|
|
|
|
||
|
Interest income: |
|
|
|
|
|
||
|
Loans, including fees |
|
$ |
14,222 |
|
|||