State economic index rebounds in June
The North Carolina economy experienced a sizable rebound from May to June amid the COVID-19 pandemic, according to an index compiled by economics professor Michael Walden of N.C. State University.
The index, released Wednesday, measures leading state economic indicators, such as manufacturing employment hours and wages, residential building permits and initial jobless claims.
It ordinarily serves as a forecast of the state economy four to six months out. The data is seasonally adjusted.
The index rose 6.2% from May to June, but remained down 4.3% from June 2019. It had been in negative territory for much of 2019 into 2020.
Walden said the gain in the index “reflected the continued re-opening of the state economy in June and the gains in both employment and spending.”
“While the latest reading of the Index could be cause for optimism, we know the future course of the economy is dependent on containing the spread of COVID-19 and — ultimately — developing and administering a vaccine. “
Truist, Wells Fargo, First Horizon declare dividends
The boards of directors of Truist Financial Corp., Wells Fargo & Co. and First Horizon National Corp. declared quarterly dividends on Tuesday.
Truist declared a 45-cent dividend, payable Sept. 1 to shareholder registered as of Aug. 14.
Wells Fargo declared a 10-cent dividend, payable Sept. 1 to shareholders registered as of Aug. 7.
Wells Fargo’s board announced July 13 it approved an 80% cut in its quarterly dividend from 51 cents to 10 cents in response to the COVID-19 pandemic’s impact on its finances.
First Horizon declared a 15-cent dividend, payable Oct. 1 to shareholders registered as of Sept. 11.
Triad Business Bank reports $1.19M 2Q loss
Triad Business Bank reported Wednesday it had a $1.19 million loss in the second quarter, in part because of taking a $173.8 million provision for loan losses.
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.
The Greensboro-based bank, which debuted in March, had an earnings loss of 23 cents a share.
Although it typically takes startup banks between three to five years to post sustainable quarterly profits, bank executives have stated a goal of profitability by the end of fiscal 2021.
Triad reported $268.9 million in loan revenue. It originated more than 340 federal Paycheck Protection Program loans worth a combined $105 million in the quarter. It also received $2.9 million in fees from the U.S. Small Business Administration.
The bank has opened a branch at 751 W. Fourth St. in the western part of downtown Winston-Salem. The bank also plans to open a leased production office in High Point this year.
Truliant opens branch in Gastonia
Truliant Federal Credit Union said Tuesday it has opened a branch in Gastonia that is replacing one in McAdenville.
Truliant opened the McAdenville branch in December 1987 as part of expanding its territory through gaining Pharr Yarns as a sponsor business.
The credit union serves more than 9,000 members in Gaston County. It is Truliant’s first new branch in the Charlotte market since 2017.