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  • DATVF.ATLPHL
    1.675
    -0.025
    -1.5%
  • DATVF.CHIATL
    1.735
    -0.049
    -2.7%
  • DATVF.DALLAX
    0.970
    0.028
    3%
  • DATVF.LAXDAL
    1.291
    0.011
    0.9%
  • DATVF.SEALAX
    0.929
    0.009
    1%
  • DATVF.PHLCHI
    1.020
    0.031
    3.1%
  • DATVF.LAXSEA
    1.895
    -0.089
    -4.5%
  • DATVF.VEU
    1.477
    -0.014
    -0.9%
  • DATVF.VNU
    1.340
    -0.011
    -0.8%
  • DATVF.VSU
    1.131
    0.020
    1.8%
  • DATVF.VWU
    1.412
    -0.040
    -2.8%
  • ITVI.USA
    9,790.820
    -14.260
    -0.1%
  • OTRI.USA
    5.630
    0.020
    0.4%
  • OTVI.USA
    9,798.000
    -17.600
    -0.2%
  • TLT.USA
    2.650
    0.000
    0%
  • WAIT.USA
    140.000
    -16.000
    -10.3%
  • DATVF.ATLPHL
    1.675
    -0.025
    -1.5%
  • DATVF.CHIATL
    1.735
    -0.049
    -2.7%
  • DATVF.DALLAX
    0.970
    0.028
    3%
  • DATVF.LAXDAL
    1.291
    0.011
    0.9%
  • DATVF.SEALAX
    0.929
    0.009
    1%
  • DATVF.PHLCHI
    1.020
    0.031
    3.1%
  • DATVF.LAXSEA
    1.895
    -0.089
    -4.5%
  • DATVF.VEU
    1.477
    -0.014
    -0.9%
  • DATVF.VNU
    1.340
    -0.011
    -0.8%
  • DATVF.VSU
    1.131
    0.020
    1.8%
  • DATVF.VWU
    1.412
    -0.040
    -2.8%
  • ITVI.USA
    9,790.820
    -14.260
    -0.1%
  • OTRI.USA
    5.630
    0.020
    0.4%
  • OTVI.USA
    9,798.000
    -17.600
    -0.2%
  • TLT.USA
    2.650
    0.000
    0%
  • WAIT.USA
    140.000
    -16.000
    -10.3%
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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