Triumph Financial, Inc. (TFIN) reported its quarterly financial results for the period ended September 30, 2024. The company’s consolidated net income was $[insert amount], a decrease of [insert percentage] compared to the same period last year. Total revenue was $[insert amount], a decrease of [insert percentage] compared to the same period last year. The company’s net interest income was $[insert amount], a decrease of [insert percentage] compared to the same period last year. Non-interest income was $[insert amount], a decrease of [insert percentage] compared to the same period last year. The company’s total assets were $[insert amount], an increase of [insert percentage] compared to the same period last year. The company’s total liabilities were $[insert amount], an increase of [insert percentage] compared to the same period last year. The company’s stockholders’ equity was $[insert amount], a decrease of [insert percentage] compared to the same period last year.
Overview
Triumph Financial, Inc. is a financial holding company headquartered in Dallas, Texas that offers a diversified line of payments, factoring and banking services. As of September 30, 2024, the company had consolidated total assets of $5.866 billion, total loans held for investment of $4.333 billion, total deposits of $4.707 billion and total stockholders’ equity of $885.8 million.
The company operates through three main segments:
Banking: Offers traditional banking services, commercial lending products, and national lending products through its wholly owned bank subsidiary, TBK Bank. This segment generated 61% of the company’s total segment revenue for the nine months ended September 30, 2024.
Factoring: Provides working capital to the trucking industry through the purchase of invoices generated by medium to large sized trucking fleets. This segment generated 30% of the company’s total segment revenue.
Payments: Operates TriumphPay, a payments network for the over-the-road trucking industry that connects brokers, shippers, factors and carriers. This segment generated 9% of the company’s total segment revenue.
Third Quarter 2024 Overview
Revenue and Profit Trends
Strengths and Weaknesses
Strengths:
Weaknesses:
Outlook
The company faces headwinds from the softness in the freight and transportation markets, which has led to lower invoice prices and equipment costs. However, the company has sufficient access to capital and the ability to diversify factoring income. Management plans to focus on managed growth in the factoring segment with a greater emphasis on enhancing efficiency and profitability. The company will also continue to invest in technology initiatives to improve operations and the customer experience across its business lines.