Trinity Capital says past losses weren’t recognized

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Los Alamos National Bank’s holding company, Trinity Capital Corporation, announced Friday it had filed its 2013 Annual Report.
The filing, which was done with the federal Securities and Exchange Commission, included financial results for both 2012 and 2013, as well as financial results for 2011, according to a press release.
The report was filed with the SEC because, according to Trinity Capital, it had “not properly recognized certain losses and risks inherent in its loan portfolio on a timely basis.”
Trinity Capital said it completed a review of its previous financial statements to reflect those losses.
“We have worked diligently to correct our financial statements, as well as satisfy additional requirements from our regulators,” said Trinity’s CEO John Gulas. “Throughout 2014 we have addressed important internal issues, a process which has required considerable management attention, resulting in significant expenditures which will adversely impact 2014 results.”
The failure to recognize those losses and risks, according to Trinity Capital, was caused by “the override of controls” of previous managers at LANB and “material weaknesses in internal control” of the bank’s financial reporting.

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