Stockholders' Equity

9 Months Ended

Sep. 30, 2020

STOCKHOLDERS’ EQUITY

The following summarizes the capital structure of Triumph Bancorp, Inc.

Preferred Stock Series C


(Dollars in thousands, except per share amounts)	September 30, 2020
Shares authorized	51,750
Shares issued	45,000
Shares outstanding	45,000
Par value per share	$	0.01
Liquidation preference per share	$	1,000
Liquidation preference amount	$	45,000
Dividend rate	7.125		%
Dividend payment dates	Quarterly

There were no preferred shares issued or outstanding at December 31, 2019.

Common Stock


	September 30, 2020		December 31, 2019
Shares authorized	50,000,000		50,000,000
Shares issued	27,932,671		27,163,642
Treasury shares	(3,081,070)		(2,198,681)
Shares outstanding	24,851,601		24,964,961
Par value per share	$	0.01	$	0.01

Preferred Stock Offering

On June 19, 2020, the Company issued 45,000 shares of 7.125% Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share through an underwritten public offering of 1,800,000 depositary shares, each representing a 1/40t^h ownership interest in a share of the Series C Preferred Stock. Total gross proceeds from the preferred stock offering were $45,000,000. Net proceeds after underwriting discounts and offering expenses were $42,364,000. The net proceeds will be used for general corporate purposes.

Series C Preferred Stock holders are entitled to quarterly cash dividends accruing at the rate per annum of 7.125% beginning September 30, 2020, applied to the liquidation preference value of the stock. Any dividends not paid shall not accumulate but will be waived and not payable by the Company. Payments of dividends are subject to declaration by the board of the Company. The Series C Preferred Stock is not redeemable by the holder and is senior to the Company’s common stock. The Series C Preferred stock may be

redeemed in whole or in part by the Company at liquidation value (i) on any dividend payment date on or after June 30, 2025 or (ii) within 90 days following a regulatory capital treatment event (as defined in the Statement of Designation), subject to regulatory approval.

Stock Repurchase Programs

During the three months ended March 31, 2020, the Company repurchased 871,319 shares into treasury stock under the Company’s stock repurchase program at an average price of $40.81, for a total of $35,600,000, effectively completing the $50,000,000 stock repurchase program authorized by the Company’s board of directors on October 16, 2019. No shares were repurchased during the three months ended September 30, 2020 or June 30, 2020 under a stock repurchase program.

During the three and nine months ended September 30, 2019, the Company repurchased 850,093 shares into treasury stock under the Company’s stock repurchase program at an average price of $29.38 for a total of $24,972,000 and 1,688,234 shares at an average price of $29.56 for a total of $49,902,000, respectively.