• ITVI.USA
    13,795.070
    81.410
    0.6%
  • OTRI.USA
    26.560
    -0.120
    -0.4%
  • OTVI.USA
    13,740.380
    64.000
    0.5%
  • TLT.USA
    2.720
    -0.060
    -2.2%
  • TSTOPVRPM.ATLPHL
    2.670
    0.130
    5.1%
  • TSTOPVRPM.CHIATL
    2.930
    0.280
    10.6%
  • TSTOPVRPM.DALLAX
    1.320
    -0.020
    -1.5%
  • TSTOPVRPM.LAXDAL
    3.040
    0.050
    1.7%
  • TSTOPVRPM.PHLCHI
    1.740
    0.050
    3%
  • TSTOPVRPM.LAXSEA
    3.210
    0.000
    0%
  • WAIT.USA
    108.000
    5.000
    4.9%
  • ITVI.USA
    13,795.070
    81.410
    0.6%
  • OTRI.USA
    26.560
    -0.120
    -0.4%
  • OTVI.USA
    13,740.380
    64.000
    0.5%
  • TLT.USA
    2.720
    -0.060
    -2.2%
  • TSTOPVRPM.ATLPHL
    2.670
    0.130
    5.1%
  • TSTOPVRPM.CHIATL
    2.930
    0.280
    10.6%
  • TSTOPVRPM.DALLAX
    1.320
    -0.020
    -1.5%
  • TSTOPVRPM.LAXDAL
    3.040
    0.050
    1.7%
  • TSTOPVRPM.PHLCHI
    1.740
    0.050
    3%
  • TSTOPVRPM.LAXSEA
    3.210
    0.000
    0%
  • WAIT.USA
    108.000
    5.000
    4.9%
BusinessCompany earningsNews

Triumph beats earnings estimates, quintuples carrier payments business (with video)

Triumph Bancorp (NASDAQ: TBK) reported earnings for the fourth quarter of 2019 on Tuesday after markets closed.

Triumph reported net income available to shareholders of $16.7 million or earnings per share of $0.66, beating the Street’s expectations of $0.63 but down 7.7% year-over-year. In the fourth quarter of 2019, Triumph bought back $14.4 million of its own stock.

As the yield curve flattened over the past year, Triumph’s net interest margin (NIM) compressed to 5.72% from 6.34%  in the fourth quarter of 2018.

Total loans held for investment fell 0.4% quarter-on-quarter to $4.195 billion but grew 16.2% on a year-over-year basis.

TriumphPay, the trucking carrier payments business, has grown dramatically since the fourth quarter of 2018. In the fourth quarter of 2019, TriumphPay processed 442,428 invoices for a total of $474.9 million, compared with 83,326 invoices worth $123.1 million in the fourth quarter of 2018.

Embedded in TriumphPay’s payments data is a read-through to the trucking market. In the fourth quarter of 2018, TriumphPay’s average invoice was $1,477; in the fourth quarter of 2019, the average invoice was worth just $1,073, a difference of 27.3%.

We believe that generally falling trucking spot rates over that period only account for about a 7.8% drop in invoice size; the rest of the difference is largely due to TriumphPay’s changing customer mix as the business expanded.

Triumph has been able to improve its asset quality numbers on both a quarterly and annual basis. Nonperforming assets — defined as loans for which principal or payments are overdue by 90 days — declined 4 basis points quarter-on-quarter to 0.87% of total assets. The ratio of the past due to total loans also decreased quarter-on-quarter to 2.19%.

In the third quarter of 2018, nonperforming assets were 0.84% of total assets and the ratio of past due to total loans was 2.41%.

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John Paul Hampstead, Director, Passport Research

John Paul conducts research on multimodal freight markets and holds a Ph.D. in English literature from the University of Michigan. Prior to building a research team at FreightWaves, JP spent two years on the editorial side covering trucking markets, freight brokerage, and M&A.
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