Wed, Jul 17, 8:17 PM (52 days ago)
Triumph Financial, Inc. reported a net income available to common stockholders of $1.9 million for Q2 2024, down from $6.8 million in Q2 2023. Total assets grew to $5.783 billion, with loans held for investment increasing to $4.288 billion. Deposits also rose to $4.392 billion. The net interest income was $87.9 million, a decrease from $91.5 million in the previous year, primarily due to rising interest expenses. Credit loss expense increased to $4.2 million, driven by higher specific reserves and changes in projected loss drivers. Noninterest income saw a significant rise to $17.2 million, attributed to gains in fee income and other income sources. Noninterest expenses grew to $97.3 million, mainly due to higher salaries, professional fees, and technology costs. Segment-wise, the Banking segment saw a decrease in operating income due to higher interest expenses and credit loss provisions. The Factoring segment's operating income also declined, impacted by lower interest income and higher credit loss expenses. The Payments segment reported an increase in fee income. Overall, the company's financial health showed mixed results with growth in assets and deposits but challenges in maintaining net interest income and managing credit losses.