TFIN Triumph Financial Inc

Team Financial, Inc. Announces Quarterly Results PAOLA, Kan., May 5 /PRNewswire-FirstCall/ -- Team Financial, Inc. (the Company) (NASDAQ:TFIN) today announced net income of $996,000, or $.25 basic and $.24 diluted income per share, for the three months ended March 31, 2005, an increase of 20.3%, compared to $828,000 or $.20 basic and diluted income per share, for the three months ended March 31, 2004. This increase in net income was due to an increase in net interest income after provision for loan losses of approximately $463,000, or 10.5%, offset by a decrease of approximately $125,000 of non-interest income from continuing operations, primarily due to a decrease in gain of sales of mortgage loans, and an increase in income tax expense from continuing operations of $139,000. The increase in net income was also offset by a decrease in net income from discontinued operations of $50,000 as we sold our insurance subsidiary effective December 31, 2004. Loans receivable increased approximately $9,940,000, or 2.6%, to $388,711,000 at March 31, 2005 compared to December 31, 2004. This was primarily a result of an increase in construction and land development loans. The provision for loan losses decreased $105,000 to $145,000 for the three months ended March 31, 2005 compared to $250,000 for the three months ended March 31, 2004. The decrease in the provision for loan losses was due to an increase in asset quality. The allowance as a percentage of loans receivable was 1.29% at March 31, 2005 and December 31, 2004 and non-performing loans were 0.9% of loans receivable at March 31, 2005 and 0.7% of loans receivable at December 31, 2004. "We are pleased to report the positive results that increasing our loan portfolio has had on net income. The increased volume of loan receivables in the first quarter of 2005 compared to the same period in 2004 coupled with an increase in the average yield of the loan receivables resulted in an increase of $661,000, or 11.9%, of interest revenue," said Robert J. Weatherbie, Chairman and Chief Executive Officer of Team Financial, Inc. Team Financial, Inc. is a financial services company with $652,000,000 in total assets. It operates in the Kansas City metropolitan area, southeastern Kansas, western Missouri, the Omaha, Nebraska metropolitan area, and in the Colorado Springs, Colorado metropolitan area. The Company offers a full range of consumer and corporate banking services, including small business loans, mortgage loans, trust services, and investment and brokerage services. For additional information on Team Financial, Inc., visit its Web site at http://www.teamfinancialinc.com/ or call 913-294-9667. This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties that could cause actual results to differ materially from historical income and those presently anticipated or projected. The Company cautions readers not to place undue reliance on any such forward looking statements, which speak only as of the date of this release. Such risks and uncertainties include those detailed in the Company's filings with the Securities and Exchange Commission, risks of adversely changing results of operations, risks related to the Company's acquisition strategy, risk of loans and investments, including the effect of the change of the local economic conditions, risks associated with the adverse effects of the changes in interest rates, and competition for the Company's customers by other providers of financial services, all of which are difficult to predict and many of which are beyond the control of the Company. Team Financial, Inc. And Subsidiaries Unaudited Consolidated Statements of Financial Condition (Dollars In Thousands) March 31, December 31, 2005 2004 Assets Cash and due from banks $12,379 $13,718 Interest bearing bank deposits 4,748 21,023 Cash and cash equivalents 17,127 34,741 Investment securities: Available for sale, at fair value (amortized cost of $197,384 and $190,369 at March 31, 2005 and December 31, 2004, respectively) 196,204 191,842 Total investment securities 196,204 191,842 Loans receivable, net of unearned fees 388,711 378,771 Allowance for loan losses (5,028) (4,898) Net loans receivable 383,683 373,873 Accrued interest receivable 4,031 3,819 Premises and equipment, net 15,072 15,317 Assets acquired through foreclosure 688 408 Goodwill 10,700 10,700 Intangible assets, net of accumulated amortization 3,659 3,811 Bank owned life insurance 18,638 18,460 Other assets 2,670 2,830 Assets of discontinued operations - 8,282 Total assets $652,472 $664,083 Liabilities and Stockholders' Equity Deposits: Checking deposits $165,826 $183,650 Savings deposits 34,213 32,749 Money market deposits 50,635 49,931 Certificates of deposit 210,192 201,620 Total deposits 460,866 467,950 Federal funds purchased and securities sold under agreements to repurchase 6,826 5,669 Federal Home Loan Bank advances 111,905 111,915 Notes payable and other borrowings 1,601 3,544 Subordinated debentures 16,005 16,005 Accrued expenses and other liabilities 3,445 4,864 Liabilities of discontinued operations - 1,282 Total liabilities 600,648 611,229 Stockholders' Equity: Preferred stock, no par value, 10,000,000 shares authorized, no shares issued - - Common stock, no par value, 50,000,000 shares authorized; 4,499,470 and 4,496,753 shares issued; 4,039,095 and 4,034,178 shares outstanding at March 31, 2005 and December 31, 2004, respectively 27,880 27,849 Additional-paid-in-capital 296 306 Retained earnings 28,938 28,264 Treasury stock, 460,375 and 462,575 shares of common stock at cost at March 31, 2005, and December 31, 2004, respectively (4,512) (4,537) Accumulated other comprehensive income (loss) (778) 972 Total stockholders' equity 51,824 52,854 Total liabilities and stockholders' equity $652,472 $664,083 Team Financial, Inc. And Subsidiaries Unaudited Consolidated Statements of Operations (Dollars In Thousands, Except Per Share Data) Three Months Ended March 31 2005 2004 Interest Income: Interest and fees on loans $6,230 $5,569 Taxable investment securities 1,810 1,902 Nontaxable investment securities 290 298 Other 76 37 Total interest income 8,406 7,806 Interest Expense: Deposits Checking deposits 226 126 Savings deposits 52 56 Money market deposits 140 121 Certificates of deposit 1,347 1,160 Federal funds purchased and securities sold under agreements to repurchase 23 12 FHLB advances payable 1,164 1,238 Notes payable and other borrowings 32 29 Subordinated debentures 388 388 Total interest expense 3,372 3,130 Net interest income before provision for loan losses 5,034 4,676 Provision for loan losses 145 250 Net interest income after provision for loan losses 4,889 4,426 Non-Interest Income: Service charges 904 830 Trust fees 187 151 Gain on sales of mortgage loans 215 343 Gain on sales of investment securities - 6 Bank owned life insurance income 208 215 Other 321 415 Total non-interest income 1,835 1,960 Non-Interest Expenses: Salaries and employee benefits 2,617 2,672 Occupancy and equipment 672 663 Data processing 689 612 Professional fees 335 279 Marketing 61 60 Supplies 79 89 Intangible asset amortization 156 208 Other 822 867 Total non-interest expenses 5,431 5,450 Net income from continuing operations before income taxes 1,293 936 Income tax expense 297 158 Net income from continuing operations 996 778 Net income from discontinued operations, net of tax - 50 Net income $996 $828 Basic income per share from continuing operations $0.25 $0.19 Diluted income per share from continuing operations $0.24 $0.19 Basic income per share from discontinued operations $- $0.01 Diluted income per share from discontinued operations $- $0.01 Basic income per share $0.25 $0.20 Diluted income per share $0.24 $0.20 Shares applicable to basic income per share 4,036,945 4,103,527 Shares applicable to diluted income per share 4,091,956 4,153,923 Team Financial, Inc. And Subsidiaries Unaudited Selected Ratios and Other Data As of and For Three Months Ended March 31 Selected Data 2005 2004 Performance Ratios Return On Average Assets 0.61% 0.51% Return On Average Equity 7.66% 6.24% Average Equity To Average Assets 8.00% 8.19% Net Interest Margin On Average Earning Assets During The Period from Continuing Operations (Tax Equivalent) 3.59% 3.43% Efficiency Ratio from Continuing Operations 79.07% 82.13% Book Value Per Share $12.83 $13.20 Tangible Book Value Per Share from Continuing Operations $9.40 $9.33 Asset Quality Ratios Non-Performing Loans As A Percent Of Total Loans 0.94% 2.02% Non-Performing Assets As A Percent Of Total Assets 0.67% 1.23% Allowance For Loan Losses As A Percent Of Total Loans 1.29% 1.31% Allowance For Loan Losses As A Percent of Non-Performing Loans 137.41% 64.91% DATASOURCE: Team Financial, Inc. CONTACT: Michael L. Gibson, President of Investments-CFO of Team Financial, Inc., +1-913-294-9667, or Web site: http://www.teamfinancialinc.com/

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