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Triumph Bancorp, Inc. (TBK) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Triumph Bancorp, Inc.

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CIK: 1539638 Ticker: TBK

 

Exhibit 99.1

Triumph Bancorp Reports Fourth Quarter Net Income to Common Stockholders of $31.3 Million

DALLAS – January 21, 2021 (GLOBE NEWSWIRE) –

Triumph Bancorp, Inc. (Nasdaq: TBK) (“Triumph” or the “Company”) today announced earnings and operating results for the fourth quarter of 2020.

As part of how we measure our results, we use certain non-GAAP financial measures to ascertain performance.  These non-GAAP financial measures are reconciled in the section labeled “Metrics and non-GAAP financial reconciliation” at the end of this press release.

2020 Fourth Quarter Highlights

 

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For the fourth quarter of 2020, net income to common shareholders was $31.3 million, and diluted earnings per share were $1.25.

 

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Net interest income was $83.6 million.

 

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Net interest margin was 6.20%. Yield on loans and the average cost of our total deposits were 7.20% and 0.38%, respectively.  

 

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Non-interest income was $22.4 million, including $14.2 million related to the Transport Financial Solutions (“TFS”) acquisition as described below.

 

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Non-interest expense was $59.3 million. Our occupancy, furniture and equipment expense includes $1.4 million related to our decision to consolidate part of our El Paso, TX factoring operations to our TBC headquarters in Coppell, TX.

 

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Credit loss expense for the quarter ended December 31, 2020 was $4.7 million.  Components of our credit loss expense included:

 

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An $8.0 million reduction in current expected losses in the loan portfolio and off balance sheet loan commitments due to improvements in our macroeconomic forecasts.

 

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$11.6 million expense due to net increases in specific reserves, including $11.5 million related to the TFS acquisition as discussed below.

 

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Net charge-offs of $1.3 million.

 

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Triumph Business Capital and TriumphPay processed a combined $4.034 billion in transportation invoice payments.

 

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The total dollar value of invoices purchased by Triumph Business Capital was $2.461 billion with an average invoice size of $2,070. The transportation average invoice size for the quarter was $1,943.

 

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TriumphPay processed 1,758,865 invoices paying carriers a total of $1.815 billion.

Balance Sheet

Total loans held for investment increased $143.9 million, or 3.0%, during the fourth quarter to $4.997 billion at December 31, 2020. Average loans for the quarter increased $350.7 million, or 7.7%, to $4.877 billion. The commercial finance portfolio increased $187.5 million, or 11.1%, to $1.874 billion, the national lending portfolio increased $33.8 million, or 2.8%, to $1.222 billion, and the community banking portfolio decreased $77.5 million, or 3.9%, to $1.901 billion during the quarter.

Total deposits were $4.717 billion at December 31, 2020, an increase of $468.5 million, or 11.0%, in the fourth quarter of 2020.  Non-interest-bearing deposits accounted for 29% of total deposits and non-time deposits accounted for 70% of total deposits at December 31, 2020.  

Asset Quality and Allowance for Credit Loss

Non-performing assets were 1.15% of total assets at December 31, 2020 compared to 1.52% of total assets at September 30, 2020.  The ratio of past due to total loans increased to 3.22% at December 31, 2020 from 2.40% at September 30, 2020.  These ratios were impacted by items related to our TFS acquisition, as discussed below.

We recorded total net charge-offs of $1.3 million, or 0.03% of average loans, for the quarter ended December 31, 2020. Net charge-offs for the year ended December 31, 2020 were 0.10% of average loans.

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The following information was filed by Triumph Bancorp, Inc. (TBK) on Thursday, January 21, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Triumph Bancorp, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Borrowings And Borrowing Capacity
Borrowings And Borrowing Capacity (Tables)
Borrowings And Borrowing Capacity - Additional Information (Details)
Borrowings And Borrowing Capacity - Ppp Maturity (Details)
Borrowings And Borrowing Capacity - Schedule Of Fhlb Advances (Details)
Borrowings And Borrowing Capacity - Summary Of Customer Repurchase Agreements (Details)
Borrowings And Borrowing Capacity - Summary Of Customer Repurchase Agreements Are Secured By Pledged Securities With Carrying Amount (Details)
Borrowings And Borrowing Capacity - Summary Of Fhlb Advances And Weighted Average Interest Rates By Contractual Maturity (Details)
Borrowings And Borrowing Capacity - Summary Of Information Concerning Fhlb Advances (Details)
Borrowings And Borrowing Capacity - Summary Of Junior Subordinated Debentures (Details)
Borrowings And Borrowing Capacity - Summary Of Paycheck Protection Program Borrowings (Details)
Business Combinations And Divestitures
Business Combinations And Divestitures (Tables)
Business Combinations And Divestitures - Narrative (Details)
Business Combinations And Divestitures - Schedule Of Loans Acquired In Business Combination (Details)
Business Combinations And Divestitures - Schedule Of Supplemental Pro Forma Information On Acquisition (Details)
Business Combinations And Divestitures - Summary Of Acquired Loans (Details)
Business Combinations And Divestitures - Summary Of Assets Held For Sale And Consideration Received And Gain On Sale (Details)
Business Combinations And Divestitures - Summary Of Estimated Fair Values Of Assets Acquired And Liabilities Assumed (Details)
Business Combinations And Divestitures - Summary Of Factored Receivables, Purchased With Credit Deterioration (Details)
Business Segment Information
Business Segment Information (Tables)
Business Segment Information - Banking Segment (Details)
Deposits
Deposits (Tables)
Deposits - Additional Information (Details)
Deposits - Scheduled Maturities Of Time Deposits, Including Certificates Of Deposits, Individual Retirement Accounts And Brokered Deposits (Details)
Deposits - Summary Of Deposits (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Details)
Derivative Financial Instruments - Effect On Other Comprehensive Income (Details)
Derivative Financial Instruments - Fair Value By Balance Sheet Grouping (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Factors Used In Computation Of Earnings Per Share (Details)
Earnings Per Share - Schedule Of Shares Not Considered In Computing Diluted Earnings Per Common Share (Details)
Employee Benefit Plans
Employee Benefit Plans - Additional Information (Details)
Equity Method Investment
Equity Method Investment - Additional Information (Details)
Equity Method Investment - Summary Of Investment (Details)
Equity Method Investments (Tables)
Fair Value Disclosures
Fair Value Disclosures (Tables)
Fair Value Disclosures - Additional Information (Details)
Fair Value Disclosures - Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Fair Value Disclosures - Estimated Fair Value Of Company's Financial Assets And Financial Liabilities (Details)
Fair Value Disclosures - Fair Value Of Assets Measured On Non-Recurring Basis (Details)
Fair Value Disclosures - Indemnification Asset (Details)
Fair Value Disclosures - Reconciliation Of Opening Balance To Closing Balance Of Fair Value Of Contingent Consideration (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Schedule Of Changes In Goodwill And Intangible Assets By Operating Segment (Details)
Goodwill And Intangible Assets - Schedule Of Future Amortization Related To Company's Intangible Assets (Details)
Goodwill And Intangible Assets - Schedule Of Intangible Assets And Goodwill (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Significant Components Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Summary Of Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Summary Of Income Tax Expense (Details)
Legal Contingencies
Loans And Allowance For Credit Losses
Loans And Allowance For Credit Losses (Tables)
Loans And Allowance For Credit Losses - Additional Information (Details)
Loans And Allowance For Credit Losses - Individual And Collective Allowance For Credit Losses On Financing Receivables And Loan Balances (Details)
Loans And Allowance For Credit Losses - Schedule Of Accrued Interest On Non Accrual Loans Reversed Through Interest Income (Details)
Loans And Allowance For Credit Losses - Schedule Of Amortized Cost And Unpaid Principal (Details)
Loans And Allowance For Credit Losses - Schedule Of Changes In Accretable Yield For The Pci Loans (Details)
Loans And Allowance For Credit Losses - Schedule Of Loans Held For Sale (Details)
Loans And Allowance For Credit Losses - Schedule Of Loans Modified As Troubled Debt Restructurings (Details)
Loans And Allowance For Credit Losses - Schedule Of Nonperforming Loans (Details)
Loans And Allowance For Credit Losses - Schedule Of Outstanding Contractually Required Principal And Interest And Carrying Amount Of Pci Loans Receivable (Details)
Loans And Allowance For Credit Losses - Summary Of Allowance For Loan And Lease Losses (Details)
Loans And Allowance For Credit Losses - Summary Of Amortized Cost Basis Of Loans On Nonaccrual Status (Details)
Loans And Allowance For Credit Losses - Summary Of Amortized Cost Of Loans Currently In Deferral (Details)
Loans And Allowance For Credit Losses - Summary Of Contractually Past Due And Nonaccrual Loans (Details)
Loans And Allowance For Credit Losses - Summary Of Individual And Collective Allowance For Loan Losses And Loan Balances By Class (Details)
Loans And Allowance For Credit Losses - Summary Of Information Pertaining To Impaired Loans (Details)
Loans And Allowance For Credit Losses - Summary Of Risk Category Loans (Details)
Off-Balance Sheet Loan Commitments
Off-Balance Sheet Loan Commitments (Tables)
Off-Balance Sheet Loan Commitments - Additional Information (Details)
Off-Balance Sheet Loan Commitments - Summary Of Financial Instruments With Off-Balance Sheet Risk - (Details)
Other Real Estate Owned
Other Real Estate Owned (Tables)
Other Real Estate Owned - Schedule Of Other Real Estate Owned Activity (Details)
Parent Company Only Condensed Financial Information
Parent Company Only Condensed Financial Information (Tables)
Parent Company Only Condensed Financial Information - Condensed Parent Company Only Balance Sheets (Details)
Parent Company Only Condensed Financial Information - Condensed Parent Company Only Statements Of Cash Flows (Details)
Parent Company Only Condensed Financial Information - Condensed Parent Company Only Statements Of Income (Details)
Premises And Equipment
Premises And Equipment (Tables)
Premises And Equipment - Additional Information (Details)
Premises And Equipment - Schedule Of Lease Cost (Details)
Premises And Equipment - Schedule Of Premises And Equipment (Details)
Premises And Equipment - Schedule Of Total Operating Lease Liability (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Details)
Quarterly Financial Data (Unaudited) (Tables)
Regulatory Matters
Regulatory Matters (Tables)
Regulatory Matters - Schedule Of Actual Capital Amounts And Ratios (Details)
Related-Party Transactions
Related-Party Transactions (Tables)
Related-Party Transactions - Additional Information (Details)
Related-Party Transactions - Schedule Of Loans To Principal Officers, Directors, And Their Affiliates (Details)
Securities
Securities (Tables)
Securities - Additional Information (Details)
Securities - Schedule Of Amortized Cost And Estimated Fair Value Of Debt Securities By Contractual Maturity (Details)
Securities - Schedule Of Amortized Cost Of Securities And Their Estimated Fair Values (Details)
Securities - Schedule Of Gross Realized And Unrealized Gains (Losses) Recognized On Equity Securities (Details)
Securities - Schedule Of Information Pertaining To Debt Securities With Gross Unrealized Losses (Details)
Securities - Schedule Of Proceeds From Sales Of Debt Securities And The Associated Gross Gains And Losses (Details)
Securities - Summary Of Activity In Allowance For Credit Losses For Held To Maturity Debt Securities (Details)
Stock Based Compensation
Stock Based Compensation (Tables)
Stock Based Compensation - Additional Information (Details)
Stock Based Compensation - Fair Value Of Stock Options Granted Using Weighted-Average Assumptions (Details)
Stock Based Compensation - Schedule Of Information Related To Stock Options (Details)
Stock Based Compensation - Schedule Of Market Based Performance Stock Units, Valuation Assumptions (Details)
Stock Based Compensation - Summary Of Changes In Company's Nonvested Awards (Details)
Stock Based Compensation - Summary Of Changes In Company's Stock Options (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Details)
Stockholders' Equity - Summary Of Common Stock (Details)
Stockholders' Equity - Summary Of Preferred Stock (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Details)
Variable Interest Entities
Variable Interest Entities (Tables)
Variable Interest Entities - Additional Information - (Details)
Variable Interest Entities - Summary Of Closed Clo Funds (Details)
Ticker: TBK
CIK: 1539638
Form Type: 10-K Annual Report
Accession Number: 0001628280-21-002107
Submitted to the SEC: Fri Feb 12 2021 4:34:30 PM EST
Accepted by the SEC: Fri Feb 12 2021
Period: Thursday, December 31, 2020
Industry: State Commercial Banks

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