Dallas, TX-based Triumph Financial, Inc. (NASDAQ:TFIN), a state commercial bank, disclosed its financial results for the second quarter ended June 30, 2024, today. The details were shared in a letter to shareholders, which was included as Exhibit 99.1 in the company's latest 8-K filing with the Securities and Exchange Commission (SEC).
The financial statement reveals certain non-GAAP financial measures, for which Triumph Financial has provided a reconciliation table to the most comparable GAAP measures within the shareholder letter. While the company has furnished this information under the SEC's regulations, it is deemed not filed for any purpose, indicating it is not legally binding.
Triumph Financial, previously known as Triumph Bancorp (NASDAQ:TFIN), Inc., has not disclosed specific figures in the press release summary. However, the full letter to shareholders, dated today, contains detailed financial data and insights into the company's performance over the past quarter.
The 8-K filing also contains forward-looking statements regarding Triumph Financial's expectations and projections. These statements, which are not historical facts, reflect the company's current beliefs and assumptions but are subject to numerous risks and uncertainties that could cause actual results to differ materially.
Triumph Financial cautions readers not to place undue reliance on these forward-looking statements, which only reflect the company's position as of the date they were made. The company expressly disclaims any obligation to update any forward-looking statements in the future to reflect events or circumstances after the statement date or the occurrence of unanticipated events.
In other recent news, Triumph Financial has appointed Jamie Paterson as the new Executive Vice President and Chief Operating Officer of Banking Operations for its subsidiary TBK Bank, SSB. Paterson, a former president and CEO of Barclays (LON:BARC) Services, brings over two decades of experience in financial services operations and will oversee various operational aspects of the retail bank. This move is part of Triumph Financial's strategy to enhance its banking services and innovation.
Triumph Financial also reported growth in its first-quarter results, despite facing market challenges. The company highlighted the expansion of TriumphPay, aiming to capture a significant share of brokered freight by year-end. Triumph Financial plans to achieve EBITDA margins between 50% and 70% for TriumphPay, contributing to a $1 billion revenue opportunity.
While acknowledging challenges in the factoring business and the broader economic environment, Triumph Financial remains optimistic about their long-term strategy. The company has $190 million in excess capital, preparing for potential recession conditions and merger and acquisition opportunities. These recent developments underscore Triumph Financial's commitment to advancing its position in the banking sector and delivering improved services to its clients.
InvestingPro Insights
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