Triumph Financial(US:TFIN)2024-07-17 20:15Financial Performance - For the three months ended June 30, 2024, net income available to common stockholders was $1.9 million, or $0.08 per diluted share, a decrease from $6.8 million, or $0.29 per diluted share for the same period in 2023[358]. - The company's return on average common equity for the three months ended June 30, 2024, was 0.94%, down from 3.45% for the same period in 2023[358]. - The efficiency ratio for the three months ended June 30, 2024, was 92.64%, compared to 87.80% for the same period in 2023, indicating increased operational costs relative to income[366]. - The company reported a net income before income tax expense of $8,351 thousand for the six months ended June 30, 2024[377]. Income and Expenses - Noninterest income for the three months ended June 30, 2024, was $17.167 million, compared to $11.511 million for the same period in 2023, reflecting a significant increase[360]. - Noninterest income for the three months ended June 30, 2023, totaled $11,511 thousand, while noninterest expense was $90,396 thousand, resulting in a net income before income tax expense of $9,923 thousand[376]. - Net interest income after credit loss expense for the same period was $88,808 thousand, reflecting a decrease from the previous period due to credit loss expense of $2,643 thousand[376]. - Net interest income after credit loss expense for the six months ended June 30, 2024, was $163,899 thousand, with credit loss expense recorded at $10,051 thousand[377]. Assets and Liabilities - As of June 30, 2024, the company had consolidated total assets of $5.783 billion, total loans held for investment of $4.288 billion, total deposits of $4.392 billion, and total stockholders' equity of $874.2 million[354]. - Total liabilities increased to $4.909 billion at June 30, 2024, compared to $4.483 billion at December 31, 2023, with deposits rising by $414.5 million during the first half of 2024[359]. - Total assets as of June 30, 2024, amounted to $5,783,334 thousand, an increase from $5,347,334 thousand as of December 31, 2023[381]. - Gross loans as of June 30, 2024, were $4,288,417 thousand, compared to $4,163,100 thousand as of December 31, 2023[381]. Market and Investment - The company made a $9.7 million minority investment in Trax Group, Inc. on June 22, 2023, which is accounted for as an equity investment without a readily determinable fair value[363]. - Interest rate volatility remains a primary market risk, impacting both income and expense levels on assets and liabilities[703]. - The economic value of equity at risk increased from 18.3% at December 31, 2023, to 14.6% at June 30, 2024, under a +400 basis points scenario[705]. Invoice and Revenue - The total dollar value of invoices purchased by Triumph Financial Services during the three months ended June 30, 2024, was $2.542 billion, with an average invoice size of $1,775[360]. - The average transportation invoice size for the three months ended June 30, 2024, was $1,738, compared to $1,773 for the same period in 2023[360]. - Total interest income for the three months ended June 30, 2023, was $105,486 thousand, with Banking contributing $65,624 thousand, Factoring $36,368 thousand, and Payments $3,451 thousand[376]. - For the six months ended June 30, 2024, total interest income reached $208,962 thousand, with Banking at $130,894 thousand and Factoring at $67,059 thousand[377].