Triumph Bancorp (TBK) Tops Q1 EPS

Triumph Bancorp (NASDAQ: TBK) reported Q1 EPS of $1.32, versus the consensus of $0.91 reported last year.

• For the first quarter of 2021, net income to common shareholders was $33.1 million, and diluted earnings per share were $1.32.
• Net interest income was $83.0 million.
• Net interest margin was 6.06%. Yield on loans and the average cost of our total deposits were 7.24% and 0.28%, respectively.
• Non-interest income was $14.3 million, including a $4.7 million gain on indemnification asset related to the Transport Financial Solutions ("TFS") acquisition as described below.
• Non-interest expense was $60.9 million.
• Credit loss expense for the quarter ended March 31, 2021 was a benefit of $7.8 million. Components of our credit loss expense included:
  • A $9.5 million reduction in current expected losses in the loan portfolio and off balance sheet loan commitments primarily due to improvements in our macroeconomic forecasts.
  • $1.9 million expense due to net increases in specific reserves, including $2.9 million expense related to the TFS acquisition as discussed below.
• Net charge-offs were $41.3 million, or 0.85% of average loans, for the quarter including a fully reserved $41.3 million charge-off related to the TFS acquisition; $35.6 million of which was indemnified and reimbursed to us by Covenant Logistics Group, Inc. as discussed below.
• The total dollar value of invoices purchased by Triumph Business Capital was $2.492 billion with an average invoice size of $2,097. The transportation average invoice size for the quarter was $1,974.
• TriumphPay processed 2,529,673 invoices paying carriers a total of $2.302 billion.
• On March 31, 2021, we, through TriumphPay, a division of our wholly-owned subsidiary TBK Bank, SSB, entered into a definitive agreement to acquire HubTran, Inc., a cloud-based provider of automation software for the transportation industry's back-office, for $97 million in cash subject to customary purchase price adjustments and closing conditions. The acquisition is subject to customary closing conditions, including receipt of regulatory approval, and is expected to close in the second quarter of 2021.

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

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