Triumph Bancorp (TBK) Tops Q3 EPS by 9c

Triumph Bancorp (NASDAQ: TBK) reported Q3 EPS of $0.51, $0.09 better than the analyst estimate of $0.42.

• For the third quarter of 2018, net income available to common stockholders was $9.0 million. Diluted earnings per share were $0.34.
• Adjusted diluted earnings per share were $0.51 for the quarter ended September 30, 2018, which exclude $5.9 million of transaction costs, $4.5 million net of tax, related to our acquisitions of First Bancorp of Durango, Inc. (“FBD”) and Southern Colorado Corp. (“SCC”).
• Effective September 8, 2018, we acquired First Bancorp of Durango, Inc. and its two community banking subsidiaries, The First National Bank of Durango and Bank of New Mexico, in an all-cash transaction for $134.7 million. On the same date, we acquired Southern Colorado Corp. and its community banking subsidiary, Citizens Bank of Pagosa Springs, in an all-cash transaction for $13.3 million. As part of the FBD and SCC acquisitions, we acquired a combined $287.8 million of loans held for investment, assumed a combined $674.7 million of deposits, and recorded a combined $14.1 million of core deposit intangible assets and $72.1 million of goodwill.
• Net income for the quarter ended September 30, 2018 was impacted by the aforementioned transaction costs and $5.8 million of provision for loan loss expense attributable to a single asset based lending relationship previously disclosed in a Form 8-K filing with the Securities and Exchange Commission on September 20, 2018.
• Net interest margin (“NIM”) was 6.59% for the quarter ended September 30, 2018. Adjusted NIM, which excludes loan discount accretion, was 6.45%.
• Total loans held for investment increased $315.7 million, or 9.9%, to $3.512 billion at September 30, 2018. Average loans for the quarter increased $371.7 million, or 12.7%, to $3.294 billion.
• Triumph Business Capital grew period-end clients to 5,932 clients which is an increase of 422 clients, or 7.7%. The total dollar value of invoices purchased for the quarter ended September 30, 2018 was $1.503 billion with an average invoice price of $1,796.
• At September 30, 2018, Triumph Business Capital had 86 clients utilizing the TriumphPay platform. For the quarter ended September 30, 2018, TriumphPay processed 65,535 invoices paying 16,125 distinct carriers a total of $95.8 million.

For earnings history and earnings-related data on Triumph Bancorp (TBK) click here.

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