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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to            

Commission File Number 001-36722

 

TRIUMPH BANCORP, INC.

(Exact name of registrant as specified in its charter)

 

 

Texas

 

20-0477066

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

12700 Park Central Drive, Suite 1700

Dallas, Texas 75251

(Address of principal executive offices)

(214) 365-6900

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock — $0.01 par value, 25,357,678 shares, as of October 16, 2019.

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common stock, par value $0.01 per share

 

TBK

 

NASDAQ Global Select Market

 

 

 

 

 


 

TRIUMPH BANCORP, INC.

FORM 10-Q

September 30, 2019

TABLE OF CONTENTS

 

PART I — FINANCIAL INFORMATION

 

 

    Item 1.

 

Financial Statements

 

 

 

   Consolidated Balance Sheets

2

 

 

   Consolidated Statements of Income

3

 

 

   Consolidated Statements of Comprehensive Income

4

 

 

   Consolidated Statements of Changes in Stockholders’ Equity

5

 

 

   Consolidated Statements of Cash Flows

7

 

 

   Condensed Notes to Consolidated Financial Statements

9

 

    Item 2.

 

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

41

 

    Item 3.

 

Quantitative and Qualitative Disclosures About Market Risks

80

 

    Item 4.

 

Controls and Procedures

81

 

 

PART II — OTHER INFORMATION

 

 

    Item 1.

 

Legal Proceedings

81

 

    Item 1A.

 

Risk Factors

81

 

    Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

82

 

    Item 3.

 

Defaults Upon Senior Securities

82

 

    Item 4.

 

Mine Safety Disclosures

82

 

    Item 5.

 

Other Information

82

 

    Item 6.

 

Exhibits

83

 

 

 

 

i


 

PART I – FINANCIAL INFORMATION

ITEM 1

FINANCIAL STATEMENTS

 

 

 

 

1


 

TRIUMPH BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

September 30, 2019 and December 31, 2018

(Dollar amounts in thousands)

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

82,847

 

 

$

96,218

 

Interest bearing deposits with other banks

 

 

32,196

 

 

 

138,721

 

Total cash and cash equivalents

 

 

115,043

 

 

 

234,939

 

Securities - equity investments

 

 

5,543

 

 

 

5,044

 

Securities - available for sale

 

 

302,917

 

 

 

336,423

 

Securities - held to maturity, fair value of $7,231 and $7,326, respectively

 

 

8,517

 

 

 

8,487

 

Loans held for sale

 

 

7,499

 

 

 

2,106

 

Loans, net of allowance for loan and lease losses of $31,895 and $27,571, respectively

 

 

4,177,522

 

 

 

3,581,073

 

Federal Home Loan Bank and other restricted stock, at cost

 

 

23,960

 

 

 

15,943

 

Premises and equipment, net

 

 

87,112

 

 

 

83,392

 

Other real estate owned, net

 

 

2,849

 

 

 

2,060

 

Goodwill

 

 

158,743

 

 

 

158,743

 

Intangible assets, net

 

 

33,697

 

 

 

40,674

 

Bank-owned life insurance

 

 

40,724

 

 

 

40,509

 

Deferred tax assets, net

 

 

5,971

 

 

 

8,438

 

Other assets

 

 

69,600

 

 

 

41,948

 

Total assets

 

$

5,039,697

 

 

$

4,559,779

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

Noninterest bearing

 

$

754,233

 

 

$

724,527

 

Interest bearing

 

 

2,943,600

 

 

 

2,725,822

 

Total deposits

 

 

3,697,833

 

 

 

3,450,349

 

Customer repurchase agreements

 

 

14,124

 

 

 

4,485

 

Federal Home Loan Bank advances

 

 

530,000

 

 

 

330,000

 

Subordinated notes

 

 

49,010

 

 

 

48,929

 

Junior subordinated debentures

 

 

39,443

 

 

 

39,083

 

Other liabilities

 

 

75,594

 

 

 

50,326

 

Total liabilities

 

 

4,406,004

 

 

 

3,923,172

 

Commitments and contingencies - See Note 8 and Note 9

 

 

 

 

 

 

 

 

Stockholders' equity - See Note 12

 

 

 

 

 

 

 

 

Common stock, 25,357,985 and 26,949,936 shares outstanding, respectively

 

 

272

 

 

 

271

 

Additional paid-in-capital

 

 

472,368

 

 

 

469,341

 

Treasury stock, at cost

 

 

(52,632

)

 

 

(2,288

)

Retained earnings

 

 

212,321

 

 

 

170,486

 

Accumulated other comprehensive income (loss)

 

 

1,364

 

 

 

(1,203

)

Total stockholders’ equity

 

 

633,693

 

 

 

636,607

 

Total liabilities and stockholders' equity

 

$

5,039,697

 

 

$

4,559,779

 

See accompanying condensed notes to consolidated financial statements.

 

 

 

 

2


 

TRIUMPH BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

For the Three and Nine Months Ended September 30, 2019 and 2018

(Dollar amounts in thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

50,249

 

 

$

41,257

 

 

$

143,253

 

 

$

116,288

 

Factored receivables, including fees

 

 

25,570

 

 

 

27,939

 

 

 

75,684

 

 

 

64,033

 

Securities

 

 

2,784

 

 

 

1,551

 

 

 

8,095

 

 

 

4,040

 

FHLB and other restricted stock

 

 

209

 

 

 

147

 

 

 

547

 

 

 

353

 

Cash deposits

 

 

603

 

 

 

865

 

 

 

2,403

 

 

 

2,412

 

Total interest income

 

 

79,415

 

 

 

71,759

 

 

 

229,982

 

 

 

187,126

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

11,036

 

 

 

6,219

 

 

 

29,264

 

 

 

15,127

 

Subordinated notes

 

 

840

 

 

 

837

 

 

 

2,518

 

 

 

2,512

 

Junior subordinated debentures

 

 

719

 

 

 

714

 

 

 

2,223

 

 

 

2,024

 

Other borrowings

 

 

2,055

 

 

 

2,207

 

 

 

6,482

 

 

 

5,294

 

Total interest expense

 

 

14,650

 

 

 

9,977

 

 

 

40,487

 

 

 

24,957

 

Net interest income

 

 

64,765

 

 

 

61,782

 

 

 

189,495

 

 

 

162,169

 

Provision for loan losses

 

 

2,865

 

 

 

6,803

 

 

 

7,560

 

 

 

14,257

 

Net interest income after provision for loan losses

 

 

61,900

 

 

 

54,979

 

 

 

181,935

 

 

 

147,912

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposits

 

 

1,937

 

 

 

1,412

 

 

 

5,243

 

 

 

3,767

 

Card income

 

 

2,015

 

 

 

1,877

 

 

 

5,930

 

 

 

4,515

 

Net OREO gains (losses) and valuation adjustments

 

 

(56

)

 

 

65

 

 

 

301

 

 

 

(551

)

Net gains (losses) on sale of securities

 

 

19

 

 

 

 

 

 

22

 

 

 

(272

)

Fee income

 

 

1,624

 

 

 

1,593

 

 

 

4,755

 

 

 

3,514

 

Insurance commissions

 

 

1,247

 

 

 

1,113

 

 

 

3,127

 

 

 

2,646

 

Gain on sale of subsidiary or division

 

 

 

 

 

 

 

 

 

 

 

1,071

 

Other

 

 

956

 

 

 

(1

)

 

 

3,525

 

 

 

1,486

 

Total noninterest income

 

 

7,742

 

 

 

6,059

 

 

 

22,903

 

 

 

16,176

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

28,717

 

 

 

24,695

 

 

 

83,276

 

 

 

64,626

 

Occupancy, furniture and equipment

 

 

4,505

 

 

 

3,553

 

 

 

13,529

 

 

 

9,621

 

FDIC insurance and other regulatory assessments

 

 

(2

)

 

 

363

 

 

 

600

 

 

 

945

 

Professional fees

 

 

1,969

 

 

 

3,384

 

 

 

5,384

 

 

 

7,102

 

Amortization of intangible assets

 

 

2,228

 

 

 

2,064

 

 

 

6,977

 

 

 

4,542

 

Advertising and promotion

 

 

1,379

 

 

 

1,609

 

 

 

4,779

 

 

 

3,938

 

Communications and technology

 

 

5,382

 

 

 

7,252

 

 

 

15,244

 

 

 

13,882

 

Other

 

 

7,975

 

 

 

6,026

 

 

 

21,634

 

 

 

15,735

 

Total noninterest expense

 

 

52,153

 

 

 

48,946

 

 

 

151,423

 

 

 

120,391

 

Net income before income tax expense

 

 

17,489

 

 

 

12,092

 

 

 

53,415

 

 

 

43,697

 

Income tax expense

 

 

3,172

 

 

 

2,922

 

 

 

11,580

 

 

 

10,074

 

Net income

 

 

14,317

 

 

 

9,170

 

 

 

41,835

 

 

 

33,623

 

Dividends on preferred stock

 

 

 

 

 

(195

)

 

 

 

 

 

(578

)

Net income available to common stockholders

 

$

14,317

 

 

$

8,975

 

 

$

41,835

 

 

$

33,045

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.56

 

 

$

0.34

 

 

$

1.60

 

 

$

1.37

 

Diluted

 

$

0.56

 

 

$

0.34

 

 

$

1.59

 

 

$

1.35

 

See accompanying condensed notes to consolidated financial statements.

 

 

 

3


 

TRIUMPH BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three and Nine Months Ended September 30, 2019 and 2018

(Dollar amounts in thousands)

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

14,317

 

 

$

9,170

 

 

$

41,835

 

 

$

33,623

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period

 

 

(40

)

 

 

(605

)

 

 

3,361

 

 

 

(2,494

)

Reclassification of amount realized through sale of securities

 

 

(19

)

 

 

 

 

 

(22

)

 

 

272

 

Tax effect

 

 

13

 

 

 

137

 

 

 

(772

)

 

 

501

 

Total other comprehensive income (loss)

 

 

(46

)

 

 

(468

)

 

 

2,567

 

 

 

(1,721

)

Comprehensive income

 

$

14,271

 

 

$

8,702

 

 

$

44,402

 

 

$

31,902

 

See accompanying condensed notes to consolidated financial statements.

 

 

 

 

4


 

TRIUMPH BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

For the Three and Nine Months Ended September 30, 2019 and 2018

(Dollar amounts in thousands)

(Unaudited)

 

 

Preferred Stock

 

 

Common Stock

 

 

Treasury Stock

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

Liquidation

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Preference

 

 

Shares

 

 

Par

 

 

Paid-in-

 

 

Shares

 

 

 

 

 

 

Retained

 

 

Comprehensive

 

 

Stockholders'

 

 

 

Amount

 

 

Outstanding

 

 

Amount

 

 

Capital

 

 

Outstanding

 

 

Cost