Triumph Financial Files 2024 10-K

TL;DR

Triumph Financial filed its 2024 10-K, detailing its financial performance for the year ending Dec 31, 2024.

AI Summary

Triumph Financial, Inc. filed its 2024 10-K on February 11, 2025, reporting on its fiscal year ending December 31, 2024. The company, formerly known as Triumph Bancorp, Inc., is a commercial bank incorporated in Texas. Its principal executive offices are located at 12700 Park Central Drive, Suite 1700, Dallas, TX 75251.

Why It Matters

This filing provides a comprehensive overview of Triumph Financial's performance and financial position for the fiscal year 2024, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not contain immediate red flags or significant positive news that would alter the risk profile.

Key Numbers

• 2024 — Fiscal Year (The period covered by the 10-K filing.)
• 1231 — Fiscal Year End (Indicates the end date of the reporting period.)

Key Players & Entities

• Triumph Financial, Inc. (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-02-11 (date) — Filing date
• Triumph Bancorp, Inc. (company) — Former company name
• Dallas, TX (location) — Company headquarters

FAQ

Key Financial Figures

• $0.01 — ch Registered: Common Stock, Par Value $0.01 Per Share TFIN NASDAQ Global Select Mar
• $5.949 b — 24, we had consolidated total assets of $5.949 billion, total loans held for investment
• $4.547 b — ion, total loans held for investment of $4.547 billion, total deposits of $4.821 billion
• $4.821 billion — nt of $4.547 billion, total deposits of $4.821 billion and total stockholders' equity of $890.
• $890.9 million — llion and total stockholders' equity of $890.9 million. Our business is conducted through fou
• $49.3 million — grown this business from approximately $49.3 million in net funds employed at the time of su
• $925.1 million — oyed at the time of such acquisition to $925.1 million as of December 31, 2024. In 2024, our f
• $1 million — get asset-based loan facilities between $1 million and $20 million and originate asset-bas
• $20 million — loan facilities between $1 million and $20 million and originate asset-based loans across
• $300 million — ases ranged in size from $20 million to $300 million. Typical covenants include minimum tang
• $1.835 billion — rs with a maximum aggregate exposure of $1.835 billion and an actual aggregate outstanding bal
• $1.023 billion — actual aggregate outstanding balance of $1.023 billion. The average mortgage loan being purcha
• $292 thousand — core of 727 and an average loan size of $292 thousand. These characteristics illustrate the l
• $0 — he balance of such commercial loans was $0 at December 31, 2024. For the year ende
• $27.784 billion — d 24,846,449 invoices paying a total of $27.784 billion. 4 Table of Contents During 2024,

Filing Documents

• tfin-20241231.htm (10-K) — 6668KB
• tfin-ex41descofsecurities2.htm (EX-4.1) — 34KB
• tfin-ex141codeofethics2024.htm (EX-14.1) — 62KB
• tfin-ex19x1insidertradingp.htm (EX-19.1) — 149KB
• tfin-ex211subsidiaries2024.htm (EX-21.1) — 6KB
• tfin-ex23x1consent20241231.htm (EX-23.1) — 3KB
• tfin-10kexx31120241231.htm (EX-31.1) — 9KB
• tfin-10kexx31220241231.htm (EX-31.2) — 9KB
• tfin-10kexx32120241231.htm (EX-32.1) — 8KB
• tfin-ex97x1compensationrec.htm (EX-97.1) — 57KB
• image_01a.jpg (GRAPHIC) — 108KB
• image_02a.jpg (GRAPHIC) — 7KB
• image_0a.jpg (GRAPHIC) — 3KB
• image_11a.jpg (GRAPHIC) — 0KB
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• image_1a.jpg (GRAPHIC) — 0KB
• image_21a.jpg (GRAPHIC) — 3KB
• image_22a.jpg (GRAPHIC) — 1KB
• image_2a.jpg (GRAPHIC) — 42KB
• image_31a.jpg (GRAPHIC) — 0KB
• image_32a.jpg (GRAPHIC) — 0KB
• image_3a.jpg (GRAPHIC) — 0KB
• image_4a.jpg (GRAPHIC) — 0KB
• tfin-20241231_g1.jpg (GRAPHIC) — 114KB
• 0001628280-25-004879.txt ( ) — 30142KB
• tfin-20241231.xsd (EX-101.SCH) — 127KB
• tfin-20241231_cal.xml (EX-101.CAL) — 231KB
• tfin-20241231_def.xml (EX-101.DEF) — 805KB
• tfin-20241231_lab.xml (EX-101.LAB) — 1506KB
• tfin-20241231_pre.xml (EX-101.PRE) — 1194KB
• tfin-20241231_htm.xml (XML) — 6680KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 48 Item 1C. Cybersecurity 48 Item 2.

Properties

Properties 48 Item 3.

Legal Proceedings

Legal Proceedings 49 Item 4. Mine Safety Disclosures 49 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 50 Item 6. [Reserved] 51 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 51 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 94 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 96 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 166 Item 9A.

Controls and Procedures

Controls and Procedures 166 Item 9B. Other Information 166

C

Item 9 C . Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 167 PART III. Item 10. Directors, Executive Officers and Corporate Governance 168 Item 11.

Executive Compensation

Executive Compensation 168 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 168 Item 13. Certain Relationships and Related Transactions, and Director Independence 168 Item 14. Principal Accounting Fees and Services 168 PART IV. Item 15. Exhibits, Financial Statement Schedules 169 Item 16. 10-K Summary 173

Signatures

Signatures 174 i Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS. Overview Triumph Financial, Inc. ("we," "Triumph Financial" or the "Company") is a financial holding company headquartered in Dallas, Texas and registered under the Bank Holding Company Act of 1956, as amended (the "BHC Act"). We offer a diversified line of banking, factoring, payments, and intelligence services. Effective January, 1, 2025, we merged Triumph Financial Services LLC, the entity though which we previously conducted all of our factoring operations, with and into TBK Bank, SSB. At December 31, 2024, our business is primarily focused on providing financial services to participants in the for-hire trucking ecosystem in the United States, including Brokers, Shippers, Factors and Carriers. Within such ecosystem we operate our TriumphPay payments platform which connects such parties to streamline and optimize the presentment, audit and payment of transportation invoices, and we act as capital provider to the Carrier industry through our factoring subsidiary, Triumph Financial Services. We have begun to offer data services through our Intelligence offerings. Our traditional banking operations provide stable, low cost deposits to support our operations, a diversified lending portfolio to add stability to our balance sheet, and a suite of traditional banking products and services to participants in the for-hire trucking ecosystem to deepen our relationship with such clients. We believe our integrated business model distinguishes us from other banks and non-bank financial services companies in the markets in which we operate. As of December 31, 2024, we had consolidated total assets of $5.949 billion, total loans held for investment of $4.547 billion, total deposits of $4.821 billion and total stockholders' equity of $890.9 million. Our business is conducted through four reportable segments (Banking, Factoring, Payments, and Intelligence). For the year ended December 31, 2024, our Banking segment generated 60% of our total revenue (comprise

View Full Filing

View this 10-K filing on SEC EDGAR