Triumph Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017
January 22, 2018 at 06:16 am EST
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Triumph Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income of $52,217,000 compared to $37,774,000 a year ago. Net interest income was $45,796,000 compared to $33,544,000 a year ago. Net income before income tax was $14,632,000 compared to $10,395,000 a year ago. Net income available to common stockholders was $6,111,000 compared to $6,064,000 a year ago. Fully diluted earnings per share were $0.29 compared to $0.33 a year ago. Adjusted net income available to common stockholders-diluted was $7,392,000 or $0.34 per diluted share compared to $6,064,000 or $0.33 per diluted share a year ago. Return on average assets was 0.79% compared to 0.96% a year ago. Return on average total equity was 6.35% compared to 8.58% a year ago. Return on average common equity was 6.30% compared to 8.60% a year ago. Return on average tangible common equity was 7.33% compared to 10.32% a year ago.
For the year, the company reported total interest income of $177,224,000 compared to $124,492,000 a year ago. Net interest income was $155,684,000 compared to $112,358,000 a year ago. Net income before income tax was $61,098,000 compared to $33,509,000 a year ago. Net income available to common stockholders was $35,446,000 compared to $19,813,000 a year ago. Fully diluted earnings per share were $1.81 compared to $1.10 a year ago. Adjusted net income available to common stockholders-diluted was $27,340,000 or $1.37 per diluted share compared to $21,963,000 or $1.17 per diluted share a year ago. Return on average assets was 1.27% compared to 1.00% a year ago. Return on average total equity was 10.66% compared to 7.33% a year ago. Return on average common equity was 10.73% compared to 7.29% a year ago. Return on average tangible common equity was 12.50% compared to 8.37% a year ago. Book value per share was $18.35 compared to $15.47 a year ago. Tangible book value per share was $15.29 compared to $12.89 a year ago.
The company recorded total net charge-offs of $1.4 million, or 0.06% of average loans, for the quarter ended December 31, 2017 compared to net charge-offs of $0.0 million, or 0.00% of average loans, for the quarter ended September 30, 2017.
Triumph Financial, Inc. is a financial holding company. The Company's segments include Banking, Factoring and Payments. The Banking segment includes the operations of TBK Bank, which offers products and services that are focused on serving the local communities in which it operates and creating full banking relationships with both personal and commercial clients. TBK Bank operates retail branch networks in three geographic markets, including a mid-western division, a western division, and a mountain division. Its traditional banking offerings include a full suite of lending and deposit products and services. The Factoring segment includes the operations of Triumph Financial Services, which offers factoring services to its customers across a variety of industries with a focus on transportation factoring. The Payments segment includes the operations of TBK Bank's TriumphPay division, which is the payments network for presentment, audit, and payment of over-the-road trucking invoices.
Triumph Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017