QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
x | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
(Unaudited) | ||||||||||||||
ASSETS | ||||||||||||||
Cash and due from banks | $ | $ | ||||||||||||
Interest bearing deposits with other banks | ||||||||||||||
Total cash and cash equivalents | ||||||||||||||
Securities - equity investments | ||||||||||||||
Securities - available for sale | ||||||||||||||
Securities - held to maturity, net of allowance for credit losses of $ | ||||||||||||||
Loans held for sale | ||||||||||||||
Loans, net of allowance for credit losses of $ | ||||||||||||||
Federal Home Loan Bank and other restricted stock, at cost | ||||||||||||||
Premises and equipment, net | ||||||||||||||
Other real estate owned, net | ||||||||||||||
Goodwill | ||||||||||||||
Intangible assets, net | ||||||||||||||
Bank-owned life insurance | ||||||||||||||
Deferred tax assets, net | ||||||||||||||
Indemnification asset | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Liabilities | ||||||||||||||
Deposits | ||||||||||||||
Noninterest bearing | $ | $ | ||||||||||||
Interest bearing | ||||||||||||||
Total deposits | ||||||||||||||
Customer repurchase agreements | ||||||||||||||
Federal Home Loan Bank advances | ||||||||||||||
Paycheck Protection Program Liquidity Facility | ||||||||||||||
Subordinated notes | ||||||||||||||
Junior subordinated debentures | ||||||||||||||
Other liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies - See Note 8 and Note 9 | ||||||||||||||
Stockholders' equity - See Note 12 | ||||||||||||||
Preferred stock | ||||||||||||||
Common stock, | ||||||||||||||
Additional paid-in-capital | ||||||||||||||
Treasury stock, at cost | ( | ( | ||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive income (loss) | ||||||||||||||
Total stockholders’ equity | ||||||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Interest and dividend income: | ||||||||||||||
Loans, including fees | $ | $ | ||||||||||||
Factored receivables, including fees | ||||||||||||||
Securities | ||||||||||||||
FHLB and other restricted stock | ||||||||||||||
Cash deposits | ||||||||||||||
Total interest income | ||||||||||||||
Interest expense: | ||||||||||||||
Deposits | ||||||||||||||
Subordinated notes | ||||||||||||||
Junior subordinated debentures | ||||||||||||||
Other borrowings | ||||||||||||||
Total interest expense | ||||||||||||||
Net interest income | ||||||||||||||
Credit loss expense (benefit) | ( | |||||||||||||
Net interest income after credit loss expense (benefit) | ||||||||||||||
Noninterest income: | ||||||||||||||
Service charges on deposits | ||||||||||||||
Card income | ||||||||||||||
Net OREO gains (losses) and valuation adjustments | ( | ( | ||||||||||||
Net gains (losses) on sale or call of securities | ||||||||||||||
Fee income | ||||||||||||||
Insurance commissions | ||||||||||||||
Other | ||||||||||||||
Total noninterest income | ||||||||||||||
Noninterest expense: | ||||||||||||||
Salaries and employee benefits | ||||||||||||||
Occupancy, furniture and equipment | ||||||||||||||
FDIC insurance and other regulatory assessments | ||||||||||||||
Professional fees | ||||||||||||||
Amortization of intangible assets | ||||||||||||||
Advertising and promotion | ||||||||||||||
Communications and technology | ||||||||||||||
Other | ||||||||||||||
Total noninterest expense | ||||||||||||||
Net income (loss) before income tax expense | ( | |||||||||||||
Income tax expense (benefit) | ( | |||||||||||||
Net income (loss) | $ | $ | ( | |||||||||||
Dividends on preferred stock | ( | |||||||||||||
Net income (loss) available to common stockholders | $ | $ | ( | |||||||||||
Earnings (loss) per common share | ||||||||||||||
Basic | $ | $ | ( | |||||||||||
Diluted | $ | $ | ( |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Net income | $ | $ | ( | |||||||||||
Other comprehensive income: | ||||||||||||||
Unrealized gains (losses) on securities: | ||||||||||||||
Unrealized holding gains (losses) arising during the period | ( | ( | ||||||||||||
Tax effect | ||||||||||||||
Unrealized holding gains (losses) arising during the period, net of taxes | ( | ( | ||||||||||||
Reclassification of amount realized through sale or call of securities | ( | |||||||||||||
Tax effect | ||||||||||||||
Reclassification of amount realized through sale or call of securities, net of taxes | ( | |||||||||||||
Change in unrealized gains (losses) on securities, net of tax | ( | ( | ||||||||||||
Unrealized gains (losses) on derivative financial instruments: | ||||||||||||||
Unrealized holding gains (losses) arising during the period | ||||||||||||||
Tax effect | ( | |||||||||||||
Unrealized holding gains (losses) arising during the period, net of taxes | ||||||||||||||
Reclassification of amount of gains (losses) recognized into income | ||||||||||||||
Tax effect | ( | |||||||||||||
Reclassification of amount of gains (losses) recognized into income, net of taxes | ||||||||||||||
Change in unrealized gains (losses) on derivative financial instruments | ||||||||||||||
Total other comprehensive income (loss) | ( | |||||||||||||
Comprehensive income (loss) | $ | $ | ( |
Preferred Stock | Common Stock | Additional Paid-in- Capital | Treasury Stock | Retained Earnings | Accumulated | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liquidation Preference Amount | Shares Outstanding | Par Amount | Shares Outstanding | Cost | Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock option exercises, net | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock awards | — | ( | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | Additional Paid-in- Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liquidation Preference Amount | Shares Outstanding | Par Amount | Shares Outstanding | Cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2020 | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock awards | — | ( | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Forfeiture of restricted stock awards | — | ( | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | ( | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income (loss) | $ | $ | ( | |||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||
Depreciation | ||||||||||||||
Net accretion on loans | ( | ( | ||||||||||||
Amortization of subordinated notes issuance costs | ||||||||||||||
Amortization of junior subordinated debentures | ||||||||||||||
Net amortization on securities | ( | |||||||||||||
Amortization of intangible assets | ||||||||||||||
Deferred taxes | ( | |||||||||||||
Credit Loss Expense (benefit) | ( | |||||||||||||
Stock based compensation | ||||||||||||||
Net (gains) losses on sale or call of debt securities | ( | |||||||||||||
Net (gains) losses on equity securities | ( | |||||||||||||
Net OREO (gains) losses and valuation adjustments | ||||||||||||||
Origination of loans held for sale | ( | ( | ||||||||||||
Purchases of loans held for sale | ( | ( | ||||||||||||
Proceeds from sale of loans originated or purchased for sale | ||||||||||||||
Net gains on sale of loans | ( | ( | ||||||||||||
Net (gains) losses on transfer of loans to loans held for sale | ( | ( | ||||||||||||
Net change in operating leases | ||||||||||||||
(Increase) decrease in other assets | ( | |||||||||||||
Increase (decrease) in other liabilities | ( | |||||||||||||
Net cash provided by (used in) operating activities | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchases of securities available for sale | ( | |||||||||||||
Proceeds from maturities, calls, and pay downs of securities available for sale | ||||||||||||||
Proceeds from maturities, calls, and pay downs of securities held to maturity | ||||||||||||||
Purchases of loans held for investment | ( | ( | ||||||||||||
Proceeds from sale of loans | ||||||||||||||
Net change in loans | ( | ( | ||||||||||||
Purchases of premises and equipment, net | ( | ( | ||||||||||||
Net proceeds from sale of OREO | ||||||||||||||
(Purchases) redemptions of FHLB and other restricted stock, net | ( | ( | ||||||||||||
Net cash provided by (used in) investing activities | ( | ( | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Net increase (decrease) in deposits | ( | |||||||||||||
Increase (decrease) in customer repurchase agreements | ( | |||||||||||||
Increase (decrease) in Federal Home Loan Bank advances | ||||||||||||||
Proceeds from Paycheck Protection Program Liquidity Facility borrowings | ||||||||||||||
Repayment of Paycheck Protection Program Liquidity Facility borrowings | ( | |||||||||||||
Preferred dividends | ( | |||||||||||||
Stock option exercises | ||||||||||||||
Purchase of treasury stock | ( | |||||||||||||
Net cash provided by (used in) financing activities | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | ||||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||
Cash and cash equivalents at end of period |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Supplemental cash flow information: | ||||||||||||||
Interest paid | $ | $ | ||||||||||||
Income taxes paid, net | $ | ( | $ | |||||||||||
Cash paid for operating lease liabilities | $ | $ | ||||||||||||
Supplemental noncash disclosures: | ||||||||||||||
Loans transferred to OREO | $ | $ | ||||||||||||
Loans held for investment transferred to loans held for sale | $ | $ | ||||||||||||
Assets transferred to assets held for sale | $ | $ | ||||||||||||
Lease liabilities arising from obtaining right-of-use assets | $ | $ | ||||||||||||
Securities available for sale purchased, not settled | $ | $ |
(Dollars in thousands) | Initial Values Recorded at Acquisition Date | Measurement Period Adjustments | Adjusted Values | ||||||||||||||
Assets acquired: | |||||||||||||||||
Factored receivables | $ | $— | $ | ||||||||||||||
Allowance for credit losses | ( | — | ( | ||||||||||||||
Factored receivables, net of ACL | — | ||||||||||||||||
Intangible assets | — | ||||||||||||||||
Indemnification asset | — | ||||||||||||||||
Deferred income taxes | ( | ||||||||||||||||
( | |||||||||||||||||
Liabilities assumed: | |||||||||||||||||
Deposits | — | ||||||||||||||||
— | |||||||||||||||||
Fair value of net assets acquired | $ | $ | ( | $ | |||||||||||||
Consideration: | |||||||||||||||||
Cash paid | $ | — | $ | ||||||||||||||
Stock consideration | — | ||||||||||||||||
Cash due from seller subsequent to liquidation of stock consideration | ( | — | ( | ||||||||||||||
Total consideration | $ | $— | $ | ||||||||||||||
Goodwill | $ | $ | $ |
(Dollars in thousands) | |||||
Purchase price of loans at acquisition | $ | ||||
Allowance for credit losses at acquisition | |||||
Non-credit discount/(premium) at acquisition | |||||
Par value of acquired loans at acquisition | $ |
(Dollars in thousands) | |||||
Carrying amount of assets in the disposal group: | |||||
Loans | $ | ||||
Premises and equipment, net | |||||
Other assets | |||||
Carrying amount of liabilities in the disposal group: | |||||
Other liabilities | |||||
Total carrying amount | $ | ||||
Total consideration received | |||||
Gain on sale of division | |||||
Transaction costs | |||||
Gain on sale of division, net of transaction costs | $ |
Three Months Ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Unrealized gains (losses) on equity securities still held at the reporting date | $ | $ | ||||||||||||
Realized gains (losses) on equity securities sold during the period | ||||||||||||||
$ | $ |
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||||||||
U.S. Government agency obligations | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Mortgage-backed securities, residential | ( | |||||||||||||||||||||||||||||||
Asset-backed securities | ( | |||||||||||||||||||||||||||||||
State and municipal | ||||||||||||||||||||||||||||||||
CLO securities | ( | |||||||||||||||||||||||||||||||
Corporate bonds | ( | |||||||||||||||||||||||||||||||
SBA pooled securities | ( | |||||||||||||||||||||||||||||||
Total available for sale securities | $ | $ | $ | ( | $ | $ |
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrecognized Losses | Fair Value | ||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||
Held to maturity securities: | ||||||||||||||||||||||||||
CLO securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
Allowance for credit losses | ( | |||||||||||||||||||||||||
Total held to maturity securities, net of ACL | $ |
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | |||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||||||||
U.S. Government agency obligations | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Mortgage-backed securities, residential | ( | |||||||||||||||||||||||||||||||
Asset-backed securities | ( | |||||||||||||||||||||||||||||||
State and municipal | ||||||||||||||||||||||||||||||||
CLO Securities | ( | |||||||||||||||||||||||||||||||
Corporate bonds | ( | |||||||||||||||||||||||||||||||
SBA pooled securities | ( | |||||||||||||||||||||||||||||||
Total available for sale securities | $ | $ | $ | ( | $ | $ |
(Dollars in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrecognized Losses | Fair Value | ||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Held to maturity securities: | ||||||||||||||||||||||||||
CLO securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
Allowance for credit losses | ( | |||||||||||||||||||||||||
Total held to maturity securities, net of ACL | $ |
Available for Sale Securities | Held to Maturity Securities | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Due in one year or less | $ | $ | $ | $ | ||||||||||||||||||||||
Due from one year to five years | ||||||||||||||||||||||||||
Due from five years to ten years | ||||||||||||||||||||||||||
Due after ten years | ||||||||||||||||||||||||||
Mortgage-backed securities, residential | ||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||
SBA pooled securities | ||||||||||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Proceeds | $ | $ | ||||||||||||
Gross gains | ||||||||||||||
Gross losses | ||||||||||||||
Net gains and losses from calls of securities |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||||||||||||||
U.S. Government agency obligations | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | ( | ( | ||||||||||||||||||||||||||||||||||||
Asset-backed securities | ( | ( | ||||||||||||||||||||||||||||||||||||
State and municipal | ||||||||||||||||||||||||||||||||||||||
CLO securities | ( | ( | ||||||||||||||||||||||||||||||||||||
Corporate bonds | ( | ( | ||||||||||||||||||||||||||||||||||||
SBA pooled securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | ( | $ | $ | ( |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||||||||||||||
U.S. Government agency obligations | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Mortgage-backed securities, residential | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Asset-backed securities | ( | ( | ||||||||||||||||||||||||||||||||||||
State and municipal | ||||||||||||||||||||||||||||||||||||||
CLO Securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Corporate bonds | ( | ( | ||||||||||||||||||||||||||||||||||||
SBA pooled securities | ( | ( | ||||||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | ( | $ | $ | ( |
(Dollars in thousands) | Three Months Ended March 31, | |||||||||||||
Held to Maturity CLO Securities | 2021 | 2020 | ||||||||||||
Allowance for credit losses: | ||||||||||||||
Beginning balance | $ | $ | ||||||||||||
Impact of adopting ASC 326 | ||||||||||||||
Credit loss expense | ( | |||||||||||||
Allowance for credit losses ending balance | $ | $ |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
1-4 family residential | $ | $ | ||||||||||||
Commercial | ||||||||||||||
Total loans held for sale | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Unpaid Principal | Difference | Amortized Cost | Unpaid Principal | Difference | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||||||||||||
Construction, land development, land | ( | ( | ||||||||||||||||||||||||||||||||||||
1-4 family residential | ( | ( | ||||||||||||||||||||||||||||||||||||
Farmland | ( | ( | ||||||||||||||||||||||||||||||||||||
Commercial | ( | ( | ||||||||||||||||||||||||||||||||||||
Factored receivables | ( | ( | ||||||||||||||||||||||||||||||||||||
Consumer | ( | ( | ||||||||||||||||||||||||||||||||||||
Mortgage warehouse | ||||||||||||||||||||||||||||||||||||||
Total loans held for investment | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||
Allowance for credit losses | ( | ( | ||||||||||||||||||||||||||||||||||||
$ | $ |
(Dollars in thousands) | Beginning Balance | Credit Loss Expense | Charge-offs | Recoveries | Ending Balance | |||||||||||||||||||||||||||
Three months ended March 31, 2021 | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||
Construction, land development, land | ( | ( | ||||||||||||||||||||||||||||||
1-4 family residential | ( | |||||||||||||||||||||||||||||||
Farmland | ( | |||||||||||||||||||||||||||||||
Commercial | ( | ( | ||||||||||||||||||||||||||||||
Factored receivables | ( | |||||||||||||||||||||||||||||||
Consumer | ( | ( | ||||||||||||||||||||||||||||||
Mortgage warehouse | ( | |||||||||||||||||||||||||||||||
$ | $ | ( | $ | ( | $ | $ |
(Dollars in thousands) | Beginning Balance | Impact of Adopting ASC 326 | Credit Loss Expense | Charge-offs | Recoveries | Reclassification to Held For Sale | Ending Balance | |||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Construction, land development, land | ( | |||||||||||||||||||||||||||||||||||||||||||
1-4 family residential | ( | |||||||||||||||||||||||||||||||||||||||||||
Farmland | ( | |||||||||||||||||||||||||||||||||||||||||||
Commercial | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Factored receivables | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Consumer | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Mortgage warehouse | ||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | ( | $ | $ | ( | $ |
(Dollars in thousands) | Real Estate | Accounts Receivable | Equipment | Other | Total | ACL Allocation | ||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Construction, land development, land | ||||||||||||||||||||||||||||||||||||||
1-4 family residential | ||||||||||||||||||||||||||||||||||||||
Farmland | ||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||
Factored receivables | ||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||
Mortgage warehouse | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | Real Estate | Accounts Receivable | Equipment | Other | Total | ACL Allocation | ||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Construction, land development, land | ||||||||||||||||||||||||||||||||||||||
1-4 family residential | ||||||||||||||||||||||||||||||||||||||
Farmland | ||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||
Factored receivables | ||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||
Mortgage warehouse | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | Past Due 30-59 Days | Past Due 60-90 Days | Past Due 90 Days or More | Total Past Due | Current | Total | Past Due 90 Days or More and Accruing | |||||||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Construction, land development, land | ||||||||||||||||||||||||||||||||||||||||||||
1-4 family residential | ||||||||||||||||||||||||||||||||||||||||||||
Farmland | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||
Factored receivables | ||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage warehouse | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | Past Due 30-59 Days | Past Due 60-90 Days | Past Due 90 Days or More | Total Past Due | Current | Total | Past Due 90 Days or More and Accruing | |||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Construction, land development, land | ||||||||||||||||||||||||||||||||||||||||||||
1-4 family residential | ||||||||||||||||||||||||||||||||||||||||||||
Farmland | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||
Factored receivables | ||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage warehouse | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(Dollars in thousands) | Nonaccrual | Nonaccrual With No ACL | Nonaccrual | Nonaccrual With No ACL | ||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | ||||||||||||||||||||||
Construction, land development, land | ||||||||||||||||||||||||||
1-4 family residential | ||||||||||||||||||||||||||
Farmland | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Factored receivables | ||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Mortgage warehouse | ||||||||||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Commercial real estate | $ | $ | ||||||||||||
Construction, land development, land | ||||||||||||||
1-4 family residential | ||||||||||||||
Farmland | ||||||||||||||
Commercial | ||||||||||||||
Factored receivables | ||||||||||||||
Consumer | ||||||||||||||
Mortgage warehouse | ||||||||||||||
$ | $ |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Nonaccrual loans(1) | $ | $ | ||||||||||||
Factored receivables greater than 90 days past due | ||||||||||||||
Other nonperforming factored receivables(2) | ||||||||||||||
Troubled debt restructurings accruing interest | ||||||||||||||
$ | $ |
Revolving Loans | Revolving Loans Converted To Term Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Year of Origination | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Classified | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Construction, land development, land | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Classified | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total construction, land development, land | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
1-4 family residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Classified | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total 1-4 family residential | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Farmland | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Classified | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total farmland | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Classified | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Factored receivables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Classified | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total factored receivables | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Classified | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage warehouse | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Classified | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage warehouse | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Classified | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Revolving Loans | Revolving Loans Converted To Term Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Year of Origination | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Classified | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Construction, land development, land | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Classified | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total construction, land development, land | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
1-4 family residential | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Classified | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total 1-4 family residential | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Farmland | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Classified | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total farmland | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Classified | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Factored receivables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Classified | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total factored receivables | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Classified | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage warehouse | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Classified | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage warehouse | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Classified | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | Extended Amortization Period | Payment Deferrals | Protective Advances | Total Modifications | Number of Loans | |||||||||||||||||||||||||||
Three months ended March 31, 2021 | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Three months ended March 31, 2020 | ||||||||||||||||||||||||||||||||
Construction, land development, land | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Farmland | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||||||||
(Dollars in thousands) | Total Loans | Balance of Loans Currently in Deferral | Percentage of Portfolio | Accrued Interest Receivable | ||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||
Commercial real estate | $ | $ | % | $ | ||||||||||||||||||||||
Construction, land development, land | % | |||||||||||||||||||||||||
1-4 family residential | % | |||||||||||||||||||||||||
Farmland | % | |||||||||||||||||||||||||
Commercial | % | |||||||||||||||||||||||||
Factored receivables | % | |||||||||||||||||||||||||
Consumer | % | |||||||||||||||||||||||||
Mortgage warehouse | % | |||||||||||||||||||||||||
Total | $ | $ | % | $ |
(Dollars in thousands) | Total Loans | Balance of Loans Currently in Deferral | Percentage of Portfolio | Accrued Interest Receivable | ||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Commercial real estate | $ | $ | % | $ | ||||||||||||||||||||||
Construction, land development, land | % | |||||||||||||||||||||||||
1-4 family residential | % | |||||||||||||||||||||||||
Farmland | % | |||||||||||||||||||||||||
Commercial | % | |||||||||||||||||||||||||
Factored receivables | % | |||||||||||||||||||||||||
Consumer | % | |||||||||||||||||||||||||
Mortgage warehouse | % | |||||||||||||||||||||||||
Total | $ | $ | % | $ |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Goodwill | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||
Core deposit intangibles | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Other intangible assets | ( | ( | |||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | $ | ( | $ |
Three Months Ended March 31, | |||||||||||
(Dollars in thousands) | 2021 | 2020 | |||||||||
Beginning balance | $ | $ | |||||||||
Acquired goodwill - measurement period adjustment | |||||||||||
Amortization of intangibles | ( | ( | |||||||||
Ending balance | $ | $ |
Derivative Assets | ||||||||||||||||||||||||||||||||||||||
As of March 31, 2021 | As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Notional Amount | Balance Sheet Location | Fair Value Total | Notional Amount | Balance Sheet Location | Fair Value Total | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | Other Assets | $ | $ | Other Assets | $ |
(Dollars in thousands) | Amount of Gain or (Loss) Recognized in OCI on Derivative | Amount of Gain or (Loss) Recognized in OCI Included Component | Location of Gain or (Loss) Recognized from AOCI into Income | Amount of Gain or (Loss) Reclassified from AOCI into Income | Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component | |||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | $ | Interest Expense | $ | $ |
(Dollars in thousands) | Offering Date | Offering Amount | |||||||||
Trinitas CLO IV, LTD (Trinitas IV) | June 2, 2016 | $ | |||||||||
Trinitas CLO V, LTD (Trinitas V) | September 22, 2016 | $ | |||||||||
Trinitas CLO VI, LTD (Trinitas VI) | June 20, 2017 | $ |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Fixed Rate | Variable Rate | Total | Fixed Rate | Variable Rate | Total | |||||||||||||||||||||||||||||
Unused lines of credit | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Standby letters of credit | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commitments to purchase loans | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Mortgage warehouse commitments | $ | $ | $ | $ | $ | $ |
(Dollars in thousands) | Fair Value Measurements Using | Total Fair Value | ||||||||||||||||||||||||
March 31, 2021 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Assets measured at fair value on a recurring basis | ||||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||
U.S. Government agency obligations | $ | $ | $ | $ | ||||||||||||||||||||||
Mortgage-backed securities, residential | ||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||
State and municipal | ||||||||||||||||||||||||||
CLO securities | ||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
SBA pooled securities | ||||||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
Mutual fund | $ | $ | $ | $ | ||||||||||||||||||||||
Loans held for sale | $ | $ | $ | $ | ||||||||||||||||||||||
Derivative financial instruments (cash flow hedges) | ||||||||||||||||||||||||||
Interest rate swap | $ | $ | $ | $ | ||||||||||||||||||||||
Indemnification asset | $ | $ | $ | $ |
(Dollars in thousands) | Fair Value Measurements Using | Total Fair Value | ||||||||||||||||||||||||
December 31, 2020 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Assets measured at fair value on a recurring basis | ||||||||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||||||||
U.S. Government agency obligations | $ | $ | $ | $ | ||||||||||||||||||||||
Mortgage-backed securities, residential | ||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||
State and municipal | ||||||||||||||||||||||||||
CLO Securities | ||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
SBA pooled securities | ||||||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
Mutual fund | $ | $ | $ | $ | ||||||||||||||||||||||
Loans held for sale | $ | $ | $ | $ | ||||||||||||||||||||||
Derivative financial instruments (cash flow hedges) | ||||||||||||||||||||||||||
Interest rate swap | $ | $ | $ | $ | ||||||||||||||||||||||
Indemnification asset | $ | $ | $ | $ |
Three Months Ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Beginning balance | $ | $ | ||||||||||||
Indemnification asset recognized in business combination | ||||||||||||||
Change in fair value of indemnification asset recognized in earnings | ||||||||||||||
Indemnification recognized | ( | |||||||||||||
Ending balance | $ | $ |
(Dollars in thousands) | Fair Value Measurements Using | Total Fair Value | ||||||||||||||||||||||||
March 31, 2021 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Collateral dependent loans | ||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | ||||||||||||||||||||||
Construction, land development, land | ||||||||||||||||||||||||||
1-4 family residential | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Factored receivables | ||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Other real estate owned (1) | ||||||||||||||||||||||||||
1-4 family residential | ||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||
$ | $ | $ | $ |
(Dollars in thousands) | Fair Value Measurements Using | Total Fair Value | ||||||||||||||||||||||||
December 31, 2020 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Collateral dependent loans | ||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | ||||||||||||||||||||||
Construction, land development, land | ||||||||||||||||||||||||||
1-4 family residential | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Factored receivables | ||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
PCI | ||||||||||||||||||||||||||
Other real estate owned (1) | ||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||
1-4 family residential | ||||||||||||||||||||||||||
Farmland | ||||||||||||||||||||||||||
$ | $ | $ | $ |
(Dollars in thousands) | Carrying Amount | Fair Value Measurements Using | Total Fair Value | |||||||||||||||||||||||||||||
March 31, 2021 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Securities - held to maturity | ||||||||||||||||||||||||||||||||
Loans not previously presented, gross | ||||||||||||||||||||||||||||||||
FHLB and other restricted stock | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||
Accrued interest receivable | ||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||||
Customer repurchase agreements | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | ||||||||||||||||||||||||||||||||
Paycheck Protection Program Liquidity Facility | ||||||||||||||||||||||||||||||||
Subordinated notes | ||||||||||||||||||||||||||||||||
Junior subordinated debentures | ||||||||||||||||||||||||||||||||
Accrued interest payable |
(Dollars in thousands) | Carrying Amount | Fair Value Measurements Using | Total Fair Value | |||||||||||||||||||||||||||||
December 31, 2020 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Securities - held to maturity | ||||||||||||||||||||||||||||||||
Loans not previously presented, gross | ||||||||||||||||||||||||||||||||
FHLB and other restricted stock | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||
Accrued interest receivable | ||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||||
Customer repurchase agreements | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | ||||||||||||||||||||||||||||||||
Paycheck Protection Program Liquidity Facility | ||||||||||||||||||||||||||||||||
Subordinated notes | ||||||||||||||||||||||||||||||||
Junior subordinated debentures | ||||||||||||||||||||||||||||||||
Accrued interest payable |
(Dollars in thousands) | Actual | Minimum for Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||
March 31, 2021 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | $ | N/A | N/A | ||||||||||||||||||||||||||||||||||
TBK Bank, SSB | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | $ | N/A | N/A | ||||||||||||||||||||||||||||||||||
TBK Bank, SSB | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | $ | N/A | N/A | ||||||||||||||||||||||||||||||||||
TBK Bank, SSB | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | ||||||||||||||||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | $ | N/A | N/A | ||||||||||||||||||||||||||||||||||
TBK Bank, SSB | $ | $ | $ | |||||||||||||||||||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Total capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | $ | N/A | N/A | ||||||||||||||||||||||||||||||||||
TBK Bank, SSB | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | $ | N/A | N/A | ||||||||||||||||||||||||||||||||||
TBK Bank, SSB | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital (to risk weighted assets) | ||||||||||||||||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | $ | N/A | N/A | ||||||||||||||||||||||||||||||||||
TBK Bank, SSB | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | ||||||||||||||||||||||||||||||||||||||
Triumph Bancorp, Inc. | $ | $ | N/A | N/A | ||||||||||||||||||||||||||||||||||
TBK Bank, SSB | $ | $ | $ |
(Dollars in thousands, except per share amounts) | March 31, 2021 | December 31, 2020 | ||||||||||||
Shares authorized | ||||||||||||||
Shares issued | ||||||||||||||
Shares outstanding | ||||||||||||||
Par value per share | $ | $ | ||||||||||||
Liquidation preference per share | $ | $ | ||||||||||||
Liquidation preference amount | $ | $ | ||||||||||||
Dividend rate | % | % | ||||||||||||
Dividend payment dates | Quarterly | Quarterly |
March 31, 2021 | December 31, 2020 | |||||||||||||
Shares authorized | ||||||||||||||
Shares issued | ||||||||||||||
Treasury shares | ( | ( | ||||||||||||
Shares outstanding | ||||||||||||||
Par value per share | $ | $ |
Nonvested RSAs | Shares | Weighted-Average Grant-Date Fair Value | ||||||||||||
Nonvested at January 1, 2021 | ||||||||||||||
Granted | ||||||||||||||
Vested | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Nonvested at March 31, 2021 |
Nonvested RSUs | Shares | Weighted-Average Grant-Date Fair Value | ||||||||||||
Nonvested at January 1, 2021 | ||||||||||||||
Granted | ||||||||||||||
Vested | ||||||||||||||
Forfeited | ||||||||||||||
Nonvested at March 31, 2021 |
Nonvested Market Based PSUs | Shares | Weighted-Average Grant-Date Fair Value | ||||||||||||
Nonvested at Nonvested at January 1, 2021 | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ||||||||||||||
Forfeited | ||||||||||||||
Nonvested at March 31, 2021 | $ |
Nonvested Performance Based PSUs | Shares | Weighted Average Grant Date Fair Value | ||||||||||||
Nonvested at January 1, 2021 | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ||||||||||||||
Forfeited | ||||||||||||||
Nonvested at March 31, 2021 | $ |
Stock Options | Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (In Years) | Aggregate Intrinsic Value (In Thousands) | ||||||||||||||||||||||
Outstanding at January 1, 2021 | $ | |||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Exercised | ( | |||||||||||||||||||||||||
Forfeited or expired | ||||||||||||||||||||||||||
Outstanding at March 31, 2021 | $ | $ | ||||||||||||||||||||||||
Fully vested shares and shares expected to vest at March 31, 2021 | $ | $ | ||||||||||||||||||||||||
Shares exercisable at March 31, 2021 | $ | $ |
Three Months Ended March 31, | ||||||||||||||
(Dollars in thousands, except per share amounts) | 2021 | 2020 | ||||||||||||
Aggregate intrinsic value of options exercised | $ | $ | ||||||||||||
Cash received from option exercises | ||||||||||||||
Tax benefit realized from option exercises | ||||||||||||||
Weighted average fair value per share of options granted | $ | $ |
Three Months Ended March 31, | |||||||||||
(Dollars in thousands) | 2021 | 2020 | |||||||||
Basic | |||||||||||
Net income (loss) to common stockholders | $ | $ | ( | ||||||||
Weighted average common shares outstanding | |||||||||||
Basic earnings (loss) per common share | $ | $ | ( | ||||||||
Diluted | |||||||||||
Net income (loss) to common stockholders | $ | $ | ( | ||||||||
Weighted average common shares outstanding | |||||||||||
Dilutive effects of: | |||||||||||
Assumed exercises of stock options | |||||||||||
Restricted stock awards | |||||||||||
Restricted stock units | |||||||||||
Performance stock units - market based | |||||||||||
Performance stock units - performance based | |||||||||||
Employee stock purchase program | |||||||||||
Average shares and dilutive potential common shares | |||||||||||
Diluted earnings (loss) per common share | $ | $ | ( |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Stock options | |||||||||||
Restricted stock awards | |||||||||||
Restricted stock units | |||||||||||
Performance stock units - market based | |||||||||||
Performance stock units - performance based | |||||||||||
Employee stock purchase program |
(Dollars in thousands) | ||||||||||||||||||||||||||
Three months ended March 31, 2021 | Banking | Factoring | Corporate | Consolidated | ||||||||||||||||||||||
Total interest income | $ | $ | $ | $ | ||||||||||||||||||||||
Intersegment interest allocations | ( | — | ||||||||||||||||||||||||
Total interest expense | ||||||||||||||||||||||||||
Net interest income (expense) | ( | |||||||||||||||||||||||||
Credit loss expense (benefit) | ( | ( | ( | |||||||||||||||||||||||
Net interest income after credit loss expense | ( | |||||||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||
Operating income (loss) | $ | $ | $ | ( | $ |
(Dollars in thousands) | ||||||||||||||||||||||||||
Three months ended March 31, 2020 | Banking | Factoring | Corporate | Consolidated | ||||||||||||||||||||||
Total interest income | $ | $ | $ | $ | ||||||||||||||||||||||
Intersegment interest allocations | ( | — | ||||||||||||||||||||||||
Total interest expense | ||||||||||||||||||||||||||
Net interest income (expense) | ( | |||||||||||||||||||||||||
Credit loss expense | ( | |||||||||||||||||||||||||
Net interest income after credit loss expense | ( | |||||||||||||||||||||||||
Noninterest income | ( | |||||||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||
Operating income (loss) | $ | ( | $ | $ | ( | $ | ( |
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
March 31, 2021 | Banking | Factoring | Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Gross loans | $ | $ | $ | $ | ( | $ |
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
December 31, 2020 | Banking | Factoring | Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Gross loans | $ | $ | $ | $ | ( | $ |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Commercial finance | |||||||||||
Commercial - Equipment | $ | 623,248 | $ | 573,163 | |||||||
Commercial - Asset-based lending | 188,825 | 180,488 | |||||||||
Factored receivables | 1,208,718 | 1,120,770 | |||||||||
Total commercial finance loans | $ | 2,020,791 | $ | 1,874,421 |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
National lending | |||||||||||
Mortgage warehouse | $ | 1,031,692 | $ | 1,037,574 | |||||||
Commercial - Liquid credit | 159,436 | 184,027 | |||||||||
Total national lending loans | $ | 1,191,128 | $ | 1,221,601 |
Three Months Ended March 31, | |||||||||||
(Dollars in thousands, except per share amounts) | 2021 | 2020 | |||||||||
Income Statement Data: | |||||||||||
Interest income | $ | 88,353 | $ | 75,414 | |||||||
Interest expense | 5,333 | 12,914 | |||||||||
Net interest income | 83,020 | 62,500 | |||||||||
Credit loss expense (benefit) | (7,845) | 20,298 | |||||||||
Net interest income after credit loss expense (benefit) | 90,865 | 42,202 | |||||||||
Noninterest income | 14,291 | 7,477 | |||||||||
Noninterest expense | 60,892 | 54,753 | |||||||||
Net income (loss) before income taxes | 44,264 | (5,074) | |||||||||
Income tax expense (benefit) | 10,341 | (624) | |||||||||
Net income (loss) | $ | 33,923 | $ | (4,450) | |||||||
Dividends on preferred stock | (801) | — | |||||||||
Net income available (loss) to common stockholders | $ | 33,122 | $ | (4,450) | |||||||
Per Share Data: | |||||||||||
Basic earnings (loss) per common share | $ | 1.34 | $ | (0.18) | |||||||
Diluted earnings (loss) per common share | $ | 1.32 | $ | (0.18) | |||||||
Weighted average shares outstanding - basic | 24,675,109 | 24,314,329 | |||||||||
Weighted average shares outstanding - diluted | 25,170,938 | 24,314,329 | |||||||||
Performance ratios - Annualized: | |||||||||||
Return on average assets | 2.29 | % | (0.36) | % | |||||||
Return on average total equity | 18.42 | % | (2.85) | % | |||||||
Return on average common equity | 19.14 | % | (2.85) | % | |||||||
Return on average tangible common equity (1) | 26.19 | % | (4.09) | % | |||||||
Yield on loans(2) | 7.24 | % | 7.22 | % | |||||||
Cost of interest bearing deposits | 0.41 | % | 1.34 | % | |||||||
Cost of total deposits | 0.28 | % | 1.05 | % | |||||||
Cost of total funds | 0.42 | % | 1.23 | % | |||||||
Net interest margin(2) | 6.06 | % | 5.63 | % | |||||||
Efficiency ratio | 62.57 | % | 78.24 | % | |||||||
Net noninterest expense to average assets | 3.14 | % | 3.88 | % | |||||||
(Dollars in thousands, except per share amounts) | March 31, 2021 | December 31, 2020 | |||||||||
Balance Sheet Data: | |||||||||||
Total assets | $ | 6,099,628 | $ | 5,935,791 | |||||||
Cash and cash equivalents | 380,811 | 314,393 | |||||||||
Investment securities | 216,984 | 236,055 | |||||||||
Loans held for investment, net | 5,036,488 | 4,901,037 | |||||||||
Total liabilities | 5,335,624 | 5,209,010 | |||||||||
Noninterest bearing deposits | 1,637,653 | 1,352,785 | |||||||||
Interest bearing deposits | 3,152,012 | 3,363,815 | |||||||||
FHLB advances | 180,000 | 105,000 | |||||||||
Paycheck Protection Program Liquidity Facility | 158,796 | 191,860 | |||||||||
Subordinated notes | 87,564 | 87,509 | |||||||||
Junior subordinated debentures | 40,201 | 40,072 | |||||||||
Total stockholders’ equity | 764,004 | 726,781 | |||||||||
Preferred stockholders' equity | 45,000 | 45,000 | |||||||||
Common stockholders' equity | 719,004 | 681,781 | |||||||||
Per Share Data: | |||||||||||
Book value per share | $ | 28.90 | $ | 27.42 | |||||||
Tangible book value per share (1) | $ | 21.34 | $ | 19.78 | |||||||
Shares outstanding end of period | 24,882,929 | 24,868,218 | |||||||||
Asset Quality ratios(3): | |||||||||||
Past due to total loans | 1.96 | % | 3.22 | % | |||||||
Nonperforming loans to total loans | 1.17 | % | 1.16 | % | |||||||
Nonperforming assets to total assets | 1.15 | % | 1.15 | % | |||||||
ACL to nonperforming loans | 80.87 | % | 164.98 | % | |||||||
ACL to total loans | 0.94 | % | 1.92 | % | |||||||
Net charge-offs to average loans(4) | 0.85 | % | 0.10 | % | |||||||
Capital ratios: | |||||||||||
Tier 1 capital to average assets | 10.89 | % | 10.80 | % | |||||||
Tier 1 capital to risk-weighted assets | 11.28 | % | 10.60 | % | |||||||
Common equity Tier 1 capital to risk-weighted assets | 9.72 | % | 9.05 | % | |||||||
Total capital to risk-weighted assets | 13.58 | % | 13.03 | % | |||||||
Total stockholders' equity to total assets | 12.53 | % | 12.24 | % | |||||||
Tangible common stockholders' equity ratio (1) | 8.98 | % | 8.56 | % |
Three Months Ended March 31, | |||||||||||
(Dollars in thousands, except per share amounts) | 2021 | 2020 | |||||||||
Loan discount accretion | $ | 3,501 | $ | 2,134 |
Three Months Ended March 31, | |||||||||||
(Dollars in thousands, except per share amounts) | 2021 | 2020 | |||||||||
Average total stockholders' equity | $ | 746,849 | $ | 627,369 | |||||||
Average preferred stock liquidation preference | (45,000) | — | |||||||||
Average total common stockholders' equity | 701,849 | 627,369 | |||||||||
Average goodwill and other intangibles | 188,980 | 189,360 | |||||||||
Average tangible common equity | $ | 512,869 | $ | 438,010 | |||||||
Net income available to common stockholders | $ | 33,122 | $ | (4,450) | |||||||
Average tangible common equity | 512,869 | 438,010 | |||||||||
Return on average tangible common equity | 26.19 | % | (4.09) | % | |||||||
(Dollars in thousands, except per share amounts) | March 31, 2021 | December 31, 2020 | ||||||||||||
Total stockholders' equity | $ | 764,004 | $ | 726,781 | ||||||||||
Preferred stock | (45,000) | (45,000) | ||||||||||||
Goodwill and other intangibles | (188,006) | (189,922) | ||||||||||||
Tangible common stockholders' equity | $ | 530,998 | $ | 491,859 | ||||||||||
Common shares outstanding | 24,883 | 24,868 | ||||||||||||
Tangible book value per share | $ | 21.34 | $ | 19.78 | ||||||||||
Total assets at end of period | $ | 6,099,628 | $ | 5,935,791 | ||||||||||
Goodwill and other intangibles | (188,006) | (189,922) | ||||||||||||
Tangible assets at period end | $ | 5,911,622 | $ | 5,745,869 | ||||||||||
Tangible common stockholders' equity ratio | 8.98 | % | 8.56 | % |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Average Rate(4) | Average Balance | Interest | Average Rate(4) | |||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 478,275 | 126 | 0.11 | % | 141,123 | 488 | 1.39 | % | |||||||||||||||||||||||||||
Taxable securities | 189,407 | 1,428 | 3.06 | % | 228,996 | 1,955 | 3.43 | % | |||||||||||||||||||||||||||
Tax-exempt securities | 34,717 | 222 | 2.59 | % | 25,925 | 152 | 2.36 | % | |||||||||||||||||||||||||||
FHLB and other restricted stock | 8,511 | 76 | 3.62 | % | 21,098 | 204 | 3.89 | % | |||||||||||||||||||||||||||
Loans (1) | 4,848,275 | 86,501 | 7.24 | % | 4,045,842 | 72,615 | 7.22 | % | |||||||||||||||||||||||||||
Total interest earning assets | 5,559,185 | 88,353 | 6.45 | % | 4,462,984 | 75,414 | 6.80 | % | |||||||||||||||||||||||||||
Noninterest earning assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 91,139 | 60,979 | |||||||||||||||||||||||||||||||||
Other noninterest earning assets | 363,344 | 382,584 | |||||||||||||||||||||||||||||||||
Total assets | 6,013,668 | 4,906,547 | |||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Interest bearing demand | 701,759 | 384 | 0.22 | % | 586,671 | 344 | 0.24 | % | |||||||||||||||||||||||||||
Individual retirement accounts | 91,074 | 186 | 0.83 | % | 103,351 | 402 | 1.56 | % | |||||||||||||||||||||||||||
Money market | 398,015 | 229 | 0.23 | % | 441,815 | 1,031 | 0.94 | % | |||||||||||||||||||||||||||
Savings | 446,322 | 167 | 0.15 | % | 363,888 | 124 | 0.14 | % | |||||||||||||||||||||||||||
Certificates of deposit | 765,244 | 1,955 | 1.04 | % | 1,068,023 | 6,006 | 2.26 | % | |||||||||||||||||||||||||||
Brokered time deposits | 167,881 | 179 | 0.43 | % | 344,847 | 1,770 | 2.06 | % | |||||||||||||||||||||||||||
Other brokered deposits | 803,009 | 272 | 0.14 | % | — | — | — | % | |||||||||||||||||||||||||||
Total interest bearing deposits | 3,373,304 | 3,372 | 0.41 | % | 2,908,595 | 9,677 | 1.34 | % | |||||||||||||||||||||||||||
Federal Home Loan Bank advances | 35,833 | 24 | 0.27 | % | 359,286 | 1,244 | 1.39 | % | |||||||||||||||||||||||||||
Subordinated notes | 87,532 | 1,349 | 6.25 | % | 87,323 | 1,347 | 6.20 | % | |||||||||||||||||||||||||||
Junior subordinated debentures | 40,125 | 442 | 4.47 | % | 39,609 | 646 | 6.56 | % | |||||||||||||||||||||||||||
Other borrowings | 171,902 | 146 | 0.34 | % | 2,710 | — | — | % | |||||||||||||||||||||||||||
Total interest bearing liabilities | 3,708,696 | 5,333 | 0.58 | % | 3,397,523 | 12,914 | 1.53 | % | |||||||||||||||||||||||||||
Noninterest bearing liabilities and equity: | |||||||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | 1,494,001 | 810,654 | |||||||||||||||||||||||||||||||||
Other liabilities | 64,122 | 71,001 | |||||||||||||||||||||||||||||||||
Total equity | 746,849 | 627,369 | |||||||||||||||||||||||||||||||||
Total liabilities and equity | 6,013,668 | 4,906,547 | |||||||||||||||||||||||||||||||||
Net interest income | 83,020 | 62,500 | |||||||||||||||||||||||||||||||||
Interest spread (2) | 5.87 | % | 5.27 | % | |||||||||||||||||||||||||||||||
Net interest margin (3) | 6.06 | % | 5.63 | % |
Three Months Ended March 31, | |||||||||||
(Dollars in thousands) | 2021 | 2020 | |||||||||
Average community banking | $ | 1,843,002 | $ | 2,041,256 | |||||||
Average commercial finance | 1,899,264 | 1,292,749 | |||||||||
Average national lending | 1,106,010 | 711,837 | |||||||||
Average total loans | $ | 4,848,276 | $ | 4,045,842 | |||||||
Community banking yield | 4.90 | % | 5.67 | % | |||||||
Commercial finance yield | 10.81 | % | 11.00 | % | |||||||
National lending yield | 5.00 | % | 4.80 | % | |||||||
Total loan yield | 7.24 | % | 7.22 | % |
Three Months Ended | |||||||||||||||||
March 31, 2021 vs. 2020 | |||||||||||||||||
Increase (Decrease) Due to: | |||||||||||||||||
(Dollars in thousands) | Rate | Volume | Net Increase | ||||||||||||||
Interest earning assets: | |||||||||||||||||
Cash and cash equivalents | $ | (451) | $ | 89 | $ | (362) | |||||||||||
Taxable securities | (229) | (298) | (527) | ||||||||||||||
Tax-exempt securities | 14 | 56 | 70 | ||||||||||||||
FHLB and other restricted stock | (16) | (112) | (128) | ||||||||||||||
Loans | (431) | 14,317 | 13,886 | ||||||||||||||
Total interest income | (1,113) | 14,052 | 12,939 | ||||||||||||||
Interest bearing liabilities: | |||||||||||||||||
Interest bearing demand | (23) | 63 | 40 | ||||||||||||||
Individual retirement accounts | (191) | (25) | (216) | ||||||||||||||
Money market | (777) | (25) | (802) | ||||||||||||||
Savings | 12 | 31 | 43 | ||||||||||||||
Certificates of deposit | (3,277) | (774) | (4,051) | ||||||||||||||
Brokered time deposits | (1,402) | (189) | (1,591) | ||||||||||||||
Other brokered deposits | — | 272 | 272 | ||||||||||||||
Total interest bearing deposits | (5,658) | (647) | (6,305) | ||||||||||||||
Federal Home Loan Bank advances | (1,003) | (217) | (1,220) | ||||||||||||||
Subordinated notes | (1) | 3 | 2 | ||||||||||||||
Junior subordinated debentures | (210) | 6 | (204) | ||||||||||||||
Other borrowings | 2 | 144 | 146 | ||||||||||||||
Total interest expense | (6,870) | (711) | (7,581) | ||||||||||||||
Change in net interest income | $ | 5,757 | $ | 14,763 | $ | 20,520 |
Three Months Ended March 31, | |||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | $ Change | % Change | |||||||||||||||||||
Credit loss expense (benefit) on loans | $ | (6,464) | $ | 17,361 | $ | (23,825) | (137.2) | % | |||||||||||||||
Credit loss expense (benefit) on off balance sheet credit exposures | (1,214) | 2,937 | (4,151) | (141.3) | % | ||||||||||||||||||
Credit loss expense (benefit) on held to maturity securities | (167) | — | (167) | 100.0 | % | ||||||||||||||||||
Credit loss expense on available for sale securities | — | — | — | — | |||||||||||||||||||
Total credit loss expense (benefit) | $ | (7,845) | $ | 20,298 | $ | (28,143) | (138.6) | % |
Three Months Ended March 31, | |||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | $ Change | % Change | |||||||||||||||||||
Service charges on deposits | $ | 1,787 | $ | 1,588 | $ | 199 | 12.5 | % | |||||||||||||||
Card income | 1,972 | 1,800 | 172 | 9.6 | % | ||||||||||||||||||
Net OREO gains (losses) and valuation adjustments | (80) | (257) | 177 | 68.9 | % | ||||||||||||||||||
Net gains (losses) on sale or call of securities | — | 38 | (38) | 100.0 | % | ||||||||||||||||||
Fee income | 2,249 | 1,686 | 563 | 33.4 | % | ||||||||||||||||||
Insurance commissions | 1,486 | 1,051 | 435 | 41.4 | % | ||||||||||||||||||
Other | 6,877 | 1,571 | 5,306 | 337.7 | % | ||||||||||||||||||
Total noninterest income | $ | 14,291 | $ | 7,477 | $ | 6,814 | 91.1 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
(Dollars in thousands) | 2021 | 2020 | $ Change | % Change | |||||||||||||||||||
Salaries and employee benefits | $ | 35,980 | $ | 30,722 | $ | 5,258 | 17.1 | % | |||||||||||||||
Occupancy, furniture and equipment | 5,779 | 5,182 | 597 | 11.5 | % | ||||||||||||||||||
FDIC insurance and other regulatory assessments | 977 | 315 | 662 | 210.2 | % | ||||||||||||||||||
Professional fees | 2,545 | 2,107 | 438 | 20.8 | % | ||||||||||||||||||
Amortization of intangible assets | 1,975 | 2,078 | (103) | (5.0) | % | ||||||||||||||||||
Advertising and promotion | 890 | 1,292 | (402) | (31.1) | % | ||||||||||||||||||
Communications and technology | 5,900 | 5,501 | 399 | 7.3 | % | ||||||||||||||||||
Travel and entertainment | 413 | 994 | (581) | (58.5) | % | ||||||||||||||||||
Other | 6,433 | 6,562 | (129) | (2.0) | % | ||||||||||||||||||
Total noninterest expense | $ | 60,892 | $ | 54,753 | $ | 6,139 | 11.2 | % |
(Dollars in thousands) | ||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | Banking | Factoring | Corporate | Consolidated | ||||||||||||||||||||||
Total interest income | $ | 52,525 | $ | 35,824 | $ | 4 | $ | 88,353 | ||||||||||||||||||
Intersegment interest allocations | 2,775 | (2,775) | — | — | ||||||||||||||||||||||
Total interest expense | 3,542 | — | 1,791 | 5,333 | ||||||||||||||||||||||
Net interest income (expense) | 51,758 | 33,049 | (1,787) | 83,020 | ||||||||||||||||||||||
Credit loss expense (benefit) | (12,161) | 4,483 | (167) | (7,845) | ||||||||||||||||||||||
Net interest income after credit loss expense (benefit) | 63,919 | 28,566 | (1,620) | 90,865 | ||||||||||||||||||||||
Noninterest income | 7,823 | 6,411 | 57 | 14,291 | ||||||||||||||||||||||
Noninterest expense | 43,589 | 16,153 | 1,150 | 60,892 | ||||||||||||||||||||||
Operating income (loss) | $ | 28,153 | $ | 18,824 | $ | (2,713) | $ | 44,264 |
(Dollars in thousands) | ||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | Banking | Factoring | Corporate | Consolidated | ||||||||||||||||||||||
Total interest income | $ | 51,666 | $ | 23,497 | $ | 251 | $ | 75,414 | ||||||||||||||||||
Intersegment interest allocations | 3,074 | (3,074) | — | — | ||||||||||||||||||||||
Total interest expense | 10,921 | — | 1,993 | 12,914 | ||||||||||||||||||||||
Net interest income (expense) | 43,819 | 20,423 | (1,742) | 62,500 | ||||||||||||||||||||||
Credit loss expense | 18,755 | 1,544 | (1) | 20,298 | ||||||||||||||||||||||
Net interest income after credit loss expense (benefit) | 25,064 | 18,879 | (1,741) | 42,202 | ||||||||||||||||||||||
Noninterest income | 6,280 | 1,296 | (99) | 7,477 | ||||||||||||||||||||||
Noninterest expense | 41,635 | 12,063 | 1,055 | 54,753 | ||||||||||||||||||||||
Operating income (loss) | $ | (10,291) | $ | 8,112 | $ | (2,895) | $ | (5,074) |
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
March 31, 2021 | Banking | Factoring | Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||||
Total assets | $ | 5,985,846 | $ | 1,207,756 | $ | 898,396 | $ | (1,992,370) | $ | 6,099,628 | ||||||||||||||||||||||
Gross loans | $ | 4,860,614 | $ | 1,118,972 | $ | 800 | $ | (895,874) | $ | 5,084,512 |
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
December 31, 2020 | Banking | Factoring | Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||||
Total assets | $ | 5,907,373 | $ | 1,121,704 | $ | 861,967 | $ | (1,955,253) | $ | 5,935,791 | ||||||||||||||||||||||
Gross loans | $ | 4,872,494 | $ | 1,036,369 | $ | 800 | $ | (912,887) | $ | 4,996,776 |
(Dollars in thousands) | Three Months Ended March 31, | |||||||||||||||||||||||||
Banking | 2021 | 2020 | $ Change | % Change | ||||||||||||||||||||||
Total interest income | $ | 52,525 | $ | 51,666 | $ | 859 | 1.7 | % | ||||||||||||||||||
Intersegment interest allocations | 2,775 | 3,074 | (299) | (9.7) | % | |||||||||||||||||||||
Total interest expense | 3,542 | 10,921 | (7,379) | (67.6) | % | |||||||||||||||||||||
Net interest income (expense) | 51,758 | 43,819 | 7,939 | 18.1 | % | |||||||||||||||||||||
Credit loss expense (benefit) | (12,161) | 18,755 | (30,916) | (164.8) | % | |||||||||||||||||||||
Net interest income after credit loss expense (benefit) | 63,919 | 25,064 | 38,855 | 155.0 | % | |||||||||||||||||||||
Noninterest income | 7,823 | 6,280 | 1,543 | 24.6 | % | |||||||||||||||||||||
Noninterest expense | 43,589 | 41,635 | 1,954 | 4.7 | % | |||||||||||||||||||||
Operating income (loss) | $ | 28,153 | $ | (10,291) | $ | 38,444 | 373.6 | % |
(Dollars in thousands) | Three Months Ended March 31, | |||||||||||||||||||||||||
Factoring | 2021 | 2020 | $ Change | % Change | ||||||||||||||||||||||
Total interest income | $ | 35,824 | $ | 23,497 | $ | 12,327 | 52.5 | % | ||||||||||||||||||
Intersegment interest allocations | (2,775) | (3,074) | 299 | 9.7 | % | |||||||||||||||||||||
Total interest expense | — | — | — | — | ||||||||||||||||||||||
Net interest income (expense) | 33,049 | 20,423 | 12,626 | 61.8 | % | |||||||||||||||||||||
Credit loss expense | 4,483 | 1,544 | 2,939 | 190.3 | % | |||||||||||||||||||||
Net interest income after credit loss expense | 28,566 | 18,879 | 9,687 | 51.3 | % | |||||||||||||||||||||
Noninterest income | 6,411 | 1,296 | 5,115 | 394.7 | % | |||||||||||||||||||||
Noninterest expense | 16,153 | 12,063 | 4,090 | 33.9 | % | |||||||||||||||||||||
Operating income (loss) | $ | 18,824 | $ | 8,112 | $ | 10,712 | 132.1 | % |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Factored receivable period end balance | $ | 1,118,972,000 | $ | 641,366,000 | |||||||
Yield on average receivable balance | 13.85 | % | 16.13 | % | |||||||
Current quarter charge-off rate | 3.95 | % | 0.23 | % | |||||||
Factored receivables - transportation concentration | 90 | % | 80 | % | |||||||
Interest income, including fees | $ | 35,824,000 | $ | 23,497,000 | |||||||
Non-interest income(1) | 1,757,000 | 1,296,000 | |||||||||
Factored receivable total revenue | 37,581,000 | 24,793,000 | |||||||||
Average net funds employed | 936,528,000 | 537,138,000 | |||||||||
Yield on average net funds employed | 16.27 | % | 18.56 | % | |||||||
Accounts receivable purchased | $ | 2,492,468,000 | $ | 1,450,618,000 | |||||||
Number of invoices purchased | 1,188,678 | 878,767 | |||||||||
Average invoice size | $ | 2,097 | $ | 1,651 | |||||||
Average invoice size - transportation | $ | 1,974 | $ | 1,481 | |||||||
Average invoice size - non-transportation | $ | 4,775 | $ | 4,061 |
(Dollars in thousands) | Three Months Ended March 31, | |||||||||||||||||||||||||
Corporate | 2021 | 2020 | $ Change | % Change | ||||||||||||||||||||||
Total interest income | $ | 4 | $ | 251 | $ | (247) | (98.4) | % | ||||||||||||||||||
Intersegment interest allocations | — | — | — | — | ||||||||||||||||||||||
Total interest expense | 1,791 | 1,993 | (202) | (10.1) | % | |||||||||||||||||||||
Net interest income (expense) | (1,787) | (1,742) | (45) | (2.6) | % | |||||||||||||||||||||
Credit loss expense | (167) | (1) | (166) | NM | ||||||||||||||||||||||
Net interest income after credit loss expense | (1,620) | (1,741) | 121 | 7.0 | % | |||||||||||||||||||||
Noninterest income | 57 | (99) | 156 | 157.6 | % | |||||||||||||||||||||
Noninterest expense | 1,150 | 1,055 | 95 | 9.0 | % | |||||||||||||||||||||
Operating income (loss) | $ | (2,713) | $ | (2,895) | $ | 182 | 6.3 | % |
March 31, 2021 | December 31, 2020 | $ Change | % Change | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | % of Total | % of Total | ||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 784,110 | 15 | % | $ | 779,158 | 16 | % | $ | 4,952 | 0.6 | % | ||||||||||||||||||||||||||
Construction, land development, land | 223,841 | 4 | % | 219,647 | 4 | % | 4,194 | 1.9 | % | |||||||||||||||||||||||||||||
1-4 family residential | 142,859 | 3 | % | 157,147 | 3 | % | (14,288) | (9.1 | %) | |||||||||||||||||||||||||||||
Farmland | 97,835 | 2 | % | 103,685 | 2 | % | (5,850) | (5.6 | %) | |||||||||||||||||||||||||||||
Commercial | 1,581,125 | 32 | % | 1,562,957 | 32 | % | 18,168 | 1.2 | % | |||||||||||||||||||||||||||||
Factored receivables | 1,208,718 | 24 | % | 1,120,770 | 22 | % | 87,948 | 7.8 | % | |||||||||||||||||||||||||||||
Consumer | 14,332 | — | % | 15,838 | — | % | (1,506) | (9.5 | %) | |||||||||||||||||||||||||||||
Mortgage warehouse | 1,031,692 | 20 | % | 1,037,574 | 21 | % | (5,882) | (0.6 | %) | |||||||||||||||||||||||||||||
Total Loans | $ | 5,084,512 | 100 | % | $ | 4,996,776 | 100 | % | $ | 87,736 | 1.8 | % |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | $ Change | % Change | ||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Equipment | $ | 623,248 | $ | 573,163 | $ | 50,085 | 8.7 | % | ||||||||||||||||||
Asset-based lending | 188,825 | 180,488 | 8,337 | 4.6 | % | |||||||||||||||||||||
Liquid credit | 159,436 | 184,027 | (24,591) | (13.4 | %) | |||||||||||||||||||||
Paycheck Protection Program loans | 237,299 | 189,857 | 47,442 | 25.0 | % | |||||||||||||||||||||
Agriculture | 83,859 | 94,572 | (10,713) | (11.3 | %) | |||||||||||||||||||||
Other commercial lending | 288,458 | 340,850 | (52,392) | (15.4 | %) | |||||||||||||||||||||
Total commercial loans | $ | 1,581,125 | $ | 1,562,957 | $ | 18,168 | 1.2 | % |
March 31, 2021 | ||||||||||||||||||||||||||
(Dollars in thousands) | One Year or Less | After One but within Five Years | After Five Years | Total | ||||||||||||||||||||||
Commercial real estate | $ | 139,010 | $ | 491,462 | $ | 153,638 | $ | 784,110 | ||||||||||||||||||
Construction, land development, land | 128,600 | 80,725 | 14,516 | 223,841 | ||||||||||||||||||||||
1-4 family residential | 17,548 | 37,775 | 87,536 | 142,859 | ||||||||||||||||||||||
Farmland | 7,900 | 35,371 | 54,564 | 97,835 | ||||||||||||||||||||||
Commercial | 296,509 | 1,137,182 | 147,434 | 1,581,125 | ||||||||||||||||||||||
Factored receivables | 1,208,718 | — | — | 1,208,718 | ||||||||||||||||||||||
Consumer | 2,374 | 7,782 | 4,176 | 14,332 | ||||||||||||||||||||||
Mortgage warehouse | 1,031,692 | — | — | 1,031,692 | ||||||||||||||||||||||
$ | 2,832,351 | $ | 1,790,297 | $ | 461,864 | $ | 5,084,512 | |||||||||||||||||||
Sensitivity of loans to changes in interest rates: | ||||||||||||||||||||||||||
Predetermined (fixed) interest rates | $ | 1,182,524 | $ | 79,877 | ||||||||||||||||||||||
Floating interest rates | 607,773 | 381,987 | ||||||||||||||||||||||||
Total | $ | 1,790,297 | $ | 461,864 |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Nonperforming loans: | ||||||||||||||
Commercial real estate | $ | 12,382 | $ | 9,945 | ||||||||||
Construction, land development, land | 2,175 | 2,294 | ||||||||||||
1-4 family residential | 1,776 | 1,851 | ||||||||||||
Farmland | 2,279 | 2,531 | ||||||||||||
Commercial | 11,296 | 17,202 | ||||||||||||
Factored receivables | 29,210 | 23,956 | ||||||||||||
Consumer | 267 | 253 | ||||||||||||
Mortgage warehouse | — | — | ||||||||||||
Total nonperforming loans | 59,385 | 58,032 | ||||||||||||
Held to maturity securities | 7,687 | 7,945 | ||||||||||||
Loans held for sale | — | — | ||||||||||||
Other real estate owned, net | 1,421 | 1,432 | ||||||||||||
Other repossessed assets | 1,393 | 1,069 | ||||||||||||
Total nonperforming assets | $ | 69,887 | $ | 68,478 | ||||||||||
Nonperforming assets to total assets | 1.15 | % | 1.15 | % | ||||||||||
Nonperforming loans to total loans held for investment | 1.17 | % | 1.16 | % | ||||||||||
Total past due loans to total loans held for investment | 1.96 | % | 3.22 | % |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Allocated Allowance | % of Loan Portfolio | ACL to Loans | Allocated Allowance | % of Loan Portfolio | ACL to Loans | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,823 | 15 | % | 0.87 | % | $ | 10,182 | 16 | % | 1.31 | % | ||||||||||||||||||||||||||
Construction, land development, land | 1,670 | 4 | % | 0.75 | % | 3,418 | 4 | % | 1.56 | % | ||||||||||||||||||||||||||||
1-4 family residential | 631 | 3 | % | 0.44 | % | 1,225 | 3 | % | 0.78 | % | ||||||||||||||||||||||||||||
Farmland | 699 | 2 | % | 0.71 | % | 832 | 2 | % | 0.80 | % | ||||||||||||||||||||||||||||
Commercial | 17,158 | 32 | % | 1.09 | % | 22,040 | 32 | % | 1.41 | % | ||||||||||||||||||||||||||||
Factored receivables | 19,716 | 24 | % | 1.63 | % | 56,463 | 22 | % | 5.04 | % | ||||||||||||||||||||||||||||
Consumer | 296 | — | % | 2.07 | % | 542 | — | % | 3.42 | % | ||||||||||||||||||||||||||||
Mortgage warehouse | 1,031 | 20 | % | 0.10 | % | 1,037 | 21 | % | 0.10 | % | ||||||||||||||||||||||||||||
Total Loans | $ | 48,024 | 100 | % | 0.94 | % | $ | 95,739 | 100 | % | 1.92 | % |
(Dollars in thousands) | Recorded Investment | Unpaid Principal | Difference | |||||||||||||||||
March 31, 2021 | ||||||||||||||||||||
Commercial real estate | $ | 784,110 | $ | 787,299 | $ | (3,189) | ||||||||||||||
Construction, land development, land | 223,841 | 224,133 | (292) | |||||||||||||||||
1-4 family residential | 142,859 | 143,315 | (456) | |||||||||||||||||
Farmland | 97,835 | 98,581 | (746) | |||||||||||||||||
Commercial | 1,581,125 | 1,600,893 | (19,768) | |||||||||||||||||
Factored receivables | 1,208,718 | 1,210,169 | (1,451) | |||||||||||||||||
Consumer | 14,332 | 14,351 | (19) | |||||||||||||||||
Mortgage warehouse | 1,031,692 | 1,031,692 | — | |||||||||||||||||
$ | 5,084,512 | $ | 5,110,433 | $ | (25,921) |
Three Months Ended March 31, | ||||||||||||||
(Dollars in thousands) | 2021 | 2020 | ||||||||||||
Balance at beginning of period | $ | 95,739 | $ | 29,092 | ||||||||||
Loans charged-off: | ||||||||||||||
Commercial real estate | — | — | ||||||||||||
Construction, land development, land | (12) | — | ||||||||||||
1-4 family residential | — | (21) | ||||||||||||
Farmland | — | — | ||||||||||||
Commercial | (273) | (306) | ||||||||||||
Factored receivables | (41,503) | (1,394) | ||||||||||||
Consumer | (79) | (204) | ||||||||||||
Mortgage warehouse | — | — | ||||||||||||
Total loans charged-off | $ | (41,867) | $ | (1,925) | ||||||||||
Recoveries of loans charged-off: | ||||||||||||||
Commercial real estate | 5 | 1 | ||||||||||||
Construction, land development, land | 1 | 1 | ||||||||||||
1-4 family residential | 84 | 28 | ||||||||||||
Farmland | — | — | ||||||||||||
Commercial | 462 | 285 | ||||||||||||
Factored receivables | 38 | 38 | ||||||||||||
Consumer | 26 | 31 | ||||||||||||
Mortgage warehouse | — | — | ||||||||||||
Total loans recoveries | $ | 616 | $ | 384 | ||||||||||
Net loans charged-off | $ | (41,251) | $ | (1,541) | ||||||||||
Credit loss expense on loans: | ||||||||||||||
Commercial real estate | (3,364) | 5,027 | ||||||||||||
Construction, land development, land | (1,737) | 1,983 | ||||||||||||
1-4 family residential | (678) | 259 | ||||||||||||
Farmland | (133) | (86) | ||||||||||||
Commercial | (5,071) | 8,233 | ||||||||||||
Factored receivables | 4,718 | 1,463 | ||||||||||||
Consumer | (193) | 411 | ||||||||||||
Mortgage warehouse | (6) | 71 | ||||||||||||
Total credit loss expense (benefit) on loans | $ | (6,464) | $ | 17,361 | ||||||||||
Impact of adopting ASU 2016-13 | — | 269 | ||||||||||||
Reclassification to held for sale | — | (449) | ||||||||||||
Balance at end of period | $ | 48,024 | $ | 44,732 | ||||||||||
Average total loans held for investment | $ | 4,834,282 | $ | 4,036,431 | ||||||||||
Net charge-offs to average total loans held for investment | 0.85 | % | 0.04 | % | ||||||||||
Allowance to total loans held for investment | 0.94 | % | 1.04 | % |
Available For Sale Debt Securities: | |||||||||||||||||||||||
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | $ Change | % Change | |||||||||||||||||||
U.S. Government agency obligations | $ | 10,053 | $ | 15,088 | $ | (5,035) | (33.4) | % | |||||||||||||||
Mortgage-backed securities, residential | 24,362 | 27,684 | (3,322) | (12.0) | % | ||||||||||||||||||
Asset-backed securities | 7,014 | 7,039 | (25) | (0.4) | % | ||||||||||||||||||
State and municipal | 35,445 | 37,395 | (1,950) | (5.2) | % | ||||||||||||||||||
CLO Securities | 117,266 | 122,204 | (4,938) | (4.0) | % | ||||||||||||||||||
Corporate bonds | 8,001 | 11,573 | (3,572) | (30.9) | % | ||||||||||||||||||
SBA pooled securities | 3,189 | 3,327 | (138) | (4.1) | % | ||||||||||||||||||
$ | 205,330 | $ | 224,310 | $ | (18,980) | (8.5) | % |
Maturity as of March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Year or Less | After One but within Five Years | After Five but within Ten Years | After Ten Years | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | Average Yield | Amortized Cost | Average Yield | Amortized Cost | Average Yield | Amortized Cost | Average Yield | Amortized Cost | Average Yield | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agency obligations | $ | — | — | % | $ | 9,966 | 2.11 | % | $ | — | — | % | $ | — | — | % | $ | 9,966 | 2.11 | % | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | — | % | 2,509 | 1.99 | % | 5,568 | 1.66 | % | 15,183 | 2.90 | % | 23,260 | 2.51 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | — | % | — | — | % | 5,110 | 0.37 | % | 1,917 | 1.40 | % | 7,027 | 0.65 | % | |||||||||||||||||||||||||||||||||||||||||||||||
State and municipal | — | — | % | 11,991 | 2.57 | % | 2,657 | 2.83 | % | 19,837 | 2.30 | % | 34,485 | 2.44 | % | |||||||||||||||||||||||||||||||||||||||||||||||
CLO securities | — | — | % | — | — | % | 8,670 | 4.15 | % | 104,453 | 2.34 | % | 113,123 | 2.43 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | — | — | % | 7,608 | 3.10 | % | — | — | % | 271 | 5.03 | % | 7,879 | 3.16 | % | |||||||||||||||||||||||||||||||||||||||||||||||
SBA pooled securities | — | — | % | 26 | 2.93 | % | 2 | 2.94 | % | 3,086 | 4.02 | % | 3,114 | 4.01 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total available for sale securities | $ | — | — | % | $ | 32,100 | 2.51 | % | $ | 22,007 | 2.26 | % | $ | 144,747 | 2.42 | % | $ | 198,854 | 2.42 | % | ||||||||||||||||||||||||||||||||||||||||||
Held to maturity securities: | $ | — | — | % | $ | — | — | % | $ | 7,687 | — | % | $ | — | — | % | $ | 7,687 | — | % |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | $ Change | % Change | ||||||||||||||||||||||
Noninterest bearing demand | $ | 1,637,653 | $ | 1,352,785 | $ | 284,868 | 21.1 | % | ||||||||||||||||||
Interest bearing demand | 729,364 | 688,680 | 40,684 | 5.9 | % | |||||||||||||||||||||
Individual retirement accounts | 89,748 | 92,584 | (2,836) | (3.1 | %) | |||||||||||||||||||||
Money market | 402,070 | 393,325 | 8,745 | 2.2 | % | |||||||||||||||||||||
Savings | 464,035 | 421,488 | 42,547 | 10.1 | % | |||||||||||||||||||||
Certificates of deposit | 740,694 | 790,844 | (50,150) | (6.3 | %) | |||||||||||||||||||||
Brokered time deposits | 516,006 | 516,786 | (780) | (0.2 | %) | |||||||||||||||||||||
Other brokered deposits | 210,095 | 460,108 | (250,013) | (54.3 | %) | |||||||||||||||||||||
Total Deposits | $ | 4,789,665 | $ | 4,716,600 | $ | 73,065 | 1.5 | % |
(Dollars in thousands) | $100,000 to $250000 | $250,000 and Over | Total | |||||||||||||||||
Maturity | ||||||||||||||||||||
3 months or less | $ | 326,975 | $ | 75,410 | $ | 402,385 | ||||||||||||||
Over 3 through 6 months | 207,047 | 21,839 | 228,886 | |||||||||||||||||
Over 6 through 12 months | 167,788 | 38,178 | 205,966 | |||||||||||||||||
Over 12 months | 62,696 | 19,637 | 82,333 | |||||||||||||||||
$ | 764,506 | $ | 155,064 | $ | 919,570 |
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||
Average | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Weighted Avg Yields | % of Total | Average Balance | Weighted Avg Yields | % of Total | ||||||||||||||||||||||||||||||||
Interest bearing demand | $ | 701,759 | 0.22 | % | 14 | % | $ | 586,671 | 0.24 | % | 16 | % | ||||||||||||||||||||||||||
Individual retirement accounts | 91,074 | 0.83 | % | 2 | % | 103,351 | 1.56 | % | 3 | % | ||||||||||||||||||||||||||||
Money market | 398,015 | 0.23 | % | 8 | % | 441,815 | 0.94 | % | 12 | % | ||||||||||||||||||||||||||||
Savings | 446,322 | 0.15 | % | 9 | % | 363,888 | 0.14 | % | 10 | % | ||||||||||||||||||||||||||||
Certificates of deposit | 765,244 | 1.04 | % | 16 | % | 1,068,023 | 2.26 | % | 28 | % | ||||||||||||||||||||||||||||
Brokered time deposits | 167,881 | 0.43 | % | 3 | % | 344,847 | 2.06 | % | 9 | % | ||||||||||||||||||||||||||||
Other brokered deposits | 803,009 | 0.14 | % | 16 | — | — | — | |||||||||||||||||||||||||||||||
Total interest bearing deposits | 3,373,304 | 0.41 | % | 68 | % | 2,908,595 | 1.34 | % | 78 | % | ||||||||||||||||||||||||||||
Noninterest bearing demand | 1,494,001 | — | 32 | % | 810,654 | — | 22 | % | ||||||||||||||||||||||||||||||
Total deposits | $ | 4,867,305 | 0.28 | % | 100 | % | $ | 3,719,249 | 1.05 | % | 100 | % |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Amount outstanding at end of period | $ | 2,668 | $ | 3,099 | ||||||||||
Weighted average interest rate at end of period | 0.03 | % | 0.03 | % | ||||||||||
Average daily balance during the period | $ | 2,723 | $ | 6,716 | ||||||||||
Weighted average interest rate during the period | 0.03 | % | 0.03 | % | ||||||||||
Maximum month-end balance during the period | $ | 2,672 | $ | 14,192 |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Amount outstanding at end of period | $ | 180,000 | $ | 105,000 | ||||||||||
Weighted average interest rate at end of period | 0.12 | % | 0.17 | % | ||||||||||
Average amount outstanding during the period | 35,833 | 342,264 | ||||||||||||
Weighted average interest rate during the period | 0.27 | % | 0.58 | % | ||||||||||
Highest month end balance during the period | 180,000 | 850,000 |
(Dollars in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Amount outstanding at end of period | $ | 158,796 | $ | 191,860 | ||||||||||
Weighted average interest rate at end of period | 0.35 | % | 0.35 | % | ||||||||||
Average amount outstanding during the period | 169,178 | 143,608 | ||||||||||||
Weighted average interest rate during the period | 0.35 | % | 0.35 | % | ||||||||||
Highest month end balance during the period | 181,635 | 223,809 |
(Dollars in thousands) | March 31, 2021 | |||||||
Within one year | $ | — | ||||||
After one but within two years | 158,796 | |||||||
Total | $ | 158,796 |
(Dollars in thousands) | Face Value | Carrying Value | Maturity Date | Interest Rate | ||||||||||||||||||||||
National Bancshares Capital Trust II | $ | 15,464 | $ | 13,252 | September 2033 | LIBOR + 3.00% | ||||||||||||||||||||
National Bancshares Capital Trust III | 17,526 | 13,027 | July 2036 | LIBOR + 1.64% | ||||||||||||||||||||||
ColoEast Capital Trust I | 5,155 | 3,628 | September 2035 | LIBOR + 1.60% | ||||||||||||||||||||||
ColoEast Capital Trust II | 6,700 | 4,723 | March 2037 | LIBOR + 1.79% | ||||||||||||||||||||||
Valley Bancorp Statutory Trust I | 3,093 | 2,882 | September 2032 | LIBOR + 3.40% | ||||||||||||||||||||||
Valley Bancorp Statutory Trust II | 3,093 | 2,689 | July 2034 | LIBOR + 2.75% | ||||||||||||||||||||||
$ | 51,031 | $ | 40,201 |
Payments Due by Period - March 31, 2021 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Total | One Year or Less | After One but within Three Years | After Three but within Five Years | After Five Years | |||||||||||||||||||||||||||
Customer repurchase agreements | $ | 2,668 | $ | 2,668 | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Federal Home Loan Bank advances | 180,000 | 150,000 | — | — | 30,000 | |||||||||||||||||||||||||||
Paycheck Protection Program Liquidity Facility | 158,796 | — | 158,796 | — | — | |||||||||||||||||||||||||||
Subordinated notes | 89,500 | — | — | — | 89,500 | |||||||||||||||||||||||||||
Junior subordinated debentures | 51,031 | — | — | — | 51,031 | |||||||||||||||||||||||||||
Operating lease agreements | 30,484 | 4,308 | 7,922 | 6,758 | 11,496 | |||||||||||||||||||||||||||
Time deposits with stated maturity dates | 1,346,448 | 1,209,002 | 128,616 | 8,830 | — | |||||||||||||||||||||||||||
Total contractual obligations | $ | 1,858,927 | $ | 1,365,978 | $ | 295,334 | $ | 15,588 | $ | 182,027 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Following 12 Months | Months 13-24 | Following 12 Months | Months 13-24 | |||||||||||||||||||||||
+400 basis points | 29.4 | % | 32.6 | % | 18.4 | % | 19.8 | % | ||||||||||||||||||
+300 basis points | 23.5 | % | 26.4 | % | 13.6 | % | 15.3 | % | ||||||||||||||||||
+200 basis points | 17.5 | % | 20.3 | % | 8.7 | % | 10.7 | % | ||||||||||||||||||
+100 basis points | 11.5 | % | 14.0 | % | 3.9 | % | 6.0 | % | ||||||||||||||||||
Flat rates | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||
-100 basis points | 1.3 | % | 2.3 | % | (3.6 | %) | (2.6 | %) |
Economic Value of Equity at Risk (%) | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
+400 basis points | 33.2 | % | 36.5 | % | ||||||||||
+300 basis points | 26.3 | % | 28.9 | % | ||||||||||
+200 basis points | 18.4 | % | 20.3 | % | ||||||||||
+100 basis points | 9.7 | % | 10.7 | % | ||||||||||
Flat rates | 0.0 | % | 0.0 | % | ||||||||||
-100 basis points | (10.2 | %) | (11.4 | %) |
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
3.5 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
TRIUMPH BANCORP, INC. | ||||||||
(Registrant) | ||||||||
Date: | April 21, 2021 | /s/ Aaron P. Graft | ||||||
Aaron P. Graft President and Chief Executive Officer | ||||||||
Date: | April 21, 2021 | /s/ R. Bryce Fowler | ||||||
R. Bryce Fowler Chief Financial Officer |
April 21, 2021 | |||||||||||
By: | /s/ Aaron P. Graft | ||||||||||
Name: | Aaron P. Graft | ||||||||||
Title: | President and Chief Executive Officer |
April 21, 2021 | |||||||||||
By: | /s/ R. Bryce Fowler | ||||||||||
Name: | R. Bryce Fowler | ||||||||||
Title: | Executive Vice President and Chief Financial Officer |
By: | /s/ Aaron P. Graft | ||||||||||
Name: | Aaron P. Graft | ||||||||||
Title: | President and Chief Financial Officer | ||||||||||
Date: | April 21, 2021 | ||||||||||
By: | /s/ R. Bryce Fowler | ||||||||||
Name: | R. Bryce Fowler | ||||||||||
Title: | Executive Vice President and Chief Financial Officer | ||||||||||
Date: | April 21, 2021 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Statement of Financial Position [Abstract] | ||||
Securities - Held to maturity, Allowance for credit losses | $ 1,859 | $ 2,026 | $ 126 | $ 0 |
Fair Value | 5,532 | 5,850 | ||
Allowance for credit losses | $ 48,024 | $ 95,739 | ||
Common stock, outstanding (in shares) | 24,882,929 | 24,868,218 |
Summary of Significant Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Triumph Bancorp, Inc. (collectively with its subsidiaries, “Triumph”, or the “Company” as applicable) is a financial holding company headquartered in Dallas, Texas. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Triumph CRA Holdings, LLC (“TCRA”), TBK Bank, SSB (“TBK Bank”), TBK Bank’s wholly owned subsidiary Advance Business Capital LLC, which currently operates under the d/b/a of Triumph Business Capital (“TBC”), and TBK Bank’s wholly owned subsidiary Triumph Insurance Group, Inc. (“TIG”). On June 30, 2020, the Company sold the assets of Triumph Premium Finance (“TPF”) and exited its premium finance line of business. TPF operated within the Company’s TBK Bank subsidiary. See Note 2 – Business Combinations and Divestitures for details of the TPF sale and its impact on our consolidated financial statements. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission (“SEC”). Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary for a fair presentation. Transactions between the subsidiaries have been eliminated. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The Company has three reportable segments consisting of Banking, Factoring, and Corporate. The Company’s Chief Executive Officer uses segment results to make operating and strategic decisions. Risks and Uncertainties Significant progress has been made to combat the outbreak of COVID-19; however, the global pandemic has adversely impacted a broad range of industries in which the Company's customers operate and could still impair their ability to fulfill their financial obligations to the Company. The Company’s business is dependent upon the willingness and ability of its employees and customers to conduct banking and other financial transactions. While it appears that the epidemiological and macroeconomic conditions are trending in a positive direction as of March 31, 2021, if there is a resurgence in the virus, the Company could experience further adverse effects on its business, financial condition, results of operations and cash flows. While it is not possible to know the full universe or extent that the impact of COVID-19, and any potential resulting measures to curtail its spread, will have on the Company's future operations, the Company is disclosing potentially material items of which it is aware. Financial position and results of operations The Company’s interest income could be reduced due to COVID-19. In keeping with guidance from regulators, the Company continues to work with COVID-19 affected borrowers to defer their payments, interest, and fees. While interest and fees continue to accrue to income, through normal GAAP accounting, should eventual credit losses on these deferred payments emerge, the related loans would be placed on nonaccrual status and interest income and fees accrued would be reversed. In such a scenario, interest income in future periods could be negatively impacted. As of March 31, 2021 the Company carries $489,000 of accrued interest income and fees on outstanding deferrals made to COVID-19 affected borrowers. At this time, the Company is unable to project the materiality of such an impact on future deferrals to COVID-19 affected borrowers, but recognizes the breadth of the economic impact may affect its borrowers’ ability to repay in future periods. Capital and liquidity Our reported and regulatory capital ratios could be adversely impacted by further credit loss expense. We rely on cash on hand as well as dividends from our subsidiary bank to service our debt. If our capital deteriorates such that our subsidiary bank is unable to pay dividends to us for an extended period of time, we may not be able to service our debt. We maintain access to multiple sources of liquidity. Wholesale funding markets have remained open to us, but rates for short-term funding can be volatile. If funding costs are elevated for an extended period of time, it could have an adverse effect on our net interest margin. If an extended recession caused large numbers of our deposit customers to withdraw their funds, we might become more reliant on volatile or more expensive sources of funding. Intangible asset valuation The lingering effects COVID-19 could cause a decline in the Company’s stock price or the occurrence of what management would deem to be a triggering event that could, under certain circumstances, cause us to perform a goodwill impairment test and result in an impairment charge being recorded for that period. In the event that the Company concludes that all or a portion of its goodwill is impaired, a non-cash charge for the amount of such impairment would be recorded to earnings. Such a charge would have no impact on tangible capital or regulatory capital. It is possible that the lingering effects of COVID-19 could cause the occurrence of what management would deem to be a triggering event that could, under certain circumstances, cause us to perform an intangible asset impairment test and result in an impairment charge being recorded for that period. In the event that the Company concludes that all or a portion of its intangible assets are impaired, a non-cash charge for the amount of such impairment would be recorded to earnings. Such a charge would have no impact on tangible capital or regulatory capital. Lending operations and accommodations to borrowers In keeping with regulatory guidance to work with borrowers during this unprecedented situation and as outlined in the Section 4013 of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), the Company is executing a payment deferral program for its commercial lending clients that are adversely affected by the pandemic. Depending on the demonstrated need of the client, the Company is deferring either the full loan payment or the principal component of the loan payment for a stated period of time. As of March 31, 2021, the Company’s balance sheet reflected 48 of these deferrals on outstanding loan balances of $85,289,000. In accordance with the CARES Act and March 2020 interagency guidance, these deferrals are not considered troubled debt restructurings. It is possible that these deferrals could be extended further under the CARES Act; however, the volume of these future potential extensions is unknown. It is also possible that in spite of our best efforts to assist our borrowers and achieve full collection of our investment, these deferred loans could result in future charge-offs with additional credit loss expense charged to earnings; however, the amount of any future charge-offs on deferred loans is unknown. At March 31, 2021, 69% of the $85,289,000 COVID deferral balance was made up of three relationships. With the passage of the Paycheck Protection Program (“PPP”), administered by the Small Business Administration (“SBA”), the Company has participated in assisting its customers with applications for resources through the program. PPP loans have two-year and five-year terms and earn interest at a 1% coupon. The Company believes that the majority of these loans will ultimately be forgiven by the SBA in accordance with the terms of the program. As of March 31, 2021, the Company carried 2,670 PPP loans representing a book value of $237,299,000. The Company recognized $1,111,000 in fees from the SBA on PPP loans during the three months ended March 31, 2021 and carried $6,587,000 of deferred fees on PPP loans at March 31, 2021. The remaining fees will be amortized and recognized over the remaining lives of the loans. It is the Company’s understanding that loans funded through the PPP program are fully guaranteed by the U.S. government. Should those circumstances change, the Company could be required to establish an allowance for credit loss through additional credit loss expense charged to earnings. Credit The Company is working with customers directly affected by COVID-19. The Company is prepared to offer assistance in accordance with regulator guidelines. As a result of the current economic environment caused by the COVID-19 virus, the Company is engaging in communication with borrowers to understand their situation and the challenges faced, allowing the Company to respond proactively as needs and issues arise. Should the economy experience a prolonged period of poor economic conditions or should economic conditions worsen, the Company could experience increases in its required allowance for credit losses (“ACL”) and record additional credit loss expense. It is possible that the Company’s asset quality measures could worsen at future measurement periods if the effects of COVID-19 are prolonged.
|
Business Combinations and Divestitures |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Divestitures | BUSINESS COMBINATIONS AND DIVESTITURES HubTran Inc., On March 31, 2021, the Company, through TriumphPay, a division of the Company's wholly-owned subsidiary TBK Bank, SSB, entered into a definitive agreement to acquire HubTran, Inc., a cloud-based provider of automation software for the transportation industry's back-office, for $97,000,000 in cash subject to customary purchase price adjustments and closing conditions. The acquisition is subject to customary closing conditions, including receipt of regulatory approval, and is expected to close in the second quarter of 2021. Transportation Financial Solutions On July 8, 2020, the Company, through its wholly-owned subsidiary Advance Business Capital LLC (“ABC”), acquired the transportation factoring assets (the “TFS Acquisition”) of Transport Financial Solutions (“TFS”), a wholly owned subsidiary of Covenant Logistics Group, Inc. ("CVLG"), in exchange for cash consideration of $108,375,000, 630,268 shares of the Company’s common stock valued at approximately $13,942,000, and contingent consideration of up to approximately $9,900,000 to be paid in cash following the twelve-month period ending July 31, 2021. Subsequent to the closing of the TFS Acquisition, the Company identified that approximately $62,200,000 of the assets acquired at closing were advances against future payments to be made to three large clients (and their affiliated entities) of TFS pursuant to long-term contractual arrangements between the obligor on such contracts and such clients (and their affiliated entities) for services that had not yet been performed. On September 23, 2020, the Company and ABC entered into an Account Management Agreement, Amendment to Purchase Agreement and Mutual Release (the “Agreement”) with CVLG and Covenant Transport Solutions, LLC, a wholly owned subsidiary of CVLG (“CTS” and, together with CVLG, "Covenant"). Pursuant to the Agreement, the parties agreed to certain amendments to that certain Accounts Receivable Purchase Agreement (the “ARPA”), dated as of July 8, 2020, by and among ABC, as buyer, CTS, as seller, and the Company, as buyer indirect parent. Such amendments include: •Return of the portion of the purchase price paid under the ARPA consisting of 630,268 shares of Company common stock, which will be accomplished through the sale of such shares by Covenant pursuant to the terms of the Agreement and the surrender of the cash proceeds of such sale (net of brokerage or underwriting fees and commissions) to the Company; •Elimination of the earn-out consideration potentially payable to CTS under the ARPA; and •Modification of the indemnity provisions under the ARPA to eliminate the existing indemnifications for breaches of representations and warranties and to replace such with a newly established indemnification by Covenant in the event ABC incurs losses related to the $62,200,000 in over-formula advances made to specified clients identified in the Agreement (the “Over-Formula Advance Portfolio”). Under the terms of the new indemnification arrangement, Covenant will be responsible for and will indemnify ABC for 100% of the first $30,000,000 of any losses incurred by ABC related to the Over-Formula Advance Portfolio, and for 50% of the next $30,000,000 of any losses incurred by ABC, for total indemnification by Covenant of $45,000,000. Covenant’s indemnification obligations under the Agreement are secured by a pledge of equipment collateral by Covenant with an estimated net orderly liquidation value of $60,000,000 (the “Equipment Collateral”). The Company’s wholly-owned bank subsidiary, TBK Bank, SSB, has provided Covenant with a $45,000,000 line of credit, also secured by the Equipment Collateral, the proceeds of which may be drawn to satisfy Covenant’s indemnification obligations under the Agreement. Pursuant to the Agreement, Triumph and Covenant have agreed to certain terms related to the management of the Over-Formula Advance Portfolio, and the terms by which Covenant may provide assistance to maximize recovery on the Over-Formula Advance Portfolio. Pursuant to the Agreement, the Company and Covenant have provided mutual releases to each other related to any and all claims related to the transactions contemplated by the ARPA or the Over-Formula Advance Portfolio. The measurement period for this transaction remained open at the time the Agreement was executed, and the Company has determined that there is a clear and direct link between the Agreement and the ARPA. Therefore, the terms of the Agreement have been incorporated into the Company's purchase accounting which has resulted in the elimination of the contingent consideration component of the ARPA, the recognition of cash due from Covenant as part of the consideration for the transaction, and an indemnification asset to reflect the modification of Covenant's indemnification obligations. A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows:
The acquired assets were allocated to the Company’s Factoring segment. The Company has recognized goodwill of $4,525,000, which included measurement period adjustments related to the finalization of the tax basis of Covenant’s customer intangibles and its impact on the deferred tax liability associated with these intangibles. Goodwill was calculated as the excess of the fair value of consideration exchanged as compared to the fair value of identifiable net assets acquired and was allocated to the Company’s Factoring segment. The goodwill in this acquisition resulted from expected synergies and expansion in the factoring market. The goodwill will not be deducted for tax purposes. The initial accounting for the acquisition has not been completed because the fair values of the assets acquired and liabilities assumed have not yet been finalized. Consideration included cash due from Covenant subsequent to liquidation of the stock consideration with an acquisition date fair value of $17,196,000. The fair value of cash due from Covenant was based on the Company's stock price on the date of the Agreement, less an estimate of broker commissions and discounts. During the year ended December 31, 2020, the entirety of the acquired stock was sold by Covenant and Covenant delivered net proceeds of $28,064,000 and the Company recognized $10,868,000 of other noninterest income measured as the difference between the initial purchase accounting measurement and the amount of net proceeds delivered to the Company upon liquidation. Of the total $10,868,000 of noninterest income recognized, $2,007,000 was recognized during the three months ended September 30, 2020, and the remainder was recognized during the three months ended December 31, 2020. The intangible assets recognized include a customer relationship intangible asset with an acquisition date fair value of $3,500,000 which will be amortized utilizing an accelerated method over its eight year estimated useful life. The indemnification asset was measured separately from the related covered portfolio. It is not contractually embedded in the covered portfolio nor is it transferable with the covered portfolio should the Company choose to dispose of the portfolio or a portion of the portfolio. The indemnification asset was initially recorded in other assets in the Consolidated Balance Sheets at the time of the TFS Acquisition at a fair value of $30,959,000, measured as the present value of the estimated cash payments expected to be received from Covenant for probable losses on the covered Over-Formula Advance Portfolio. These cash flows were discounted at a rate to reflect the uncertainty of the timing and receipt of the payments from Covenant. The amount ultimately collected for this asset will be dependent upon the performance of the underlying covered portfolio, the passage of time, and Covenant's willingness and ability to make necessary payments. The terms of the Agreement are such that indemnification has no expiration date and the Company will continue to carry the indemnification asset until ultimate resolution of the covered portfolio. The indemnification asset is reviewed quarterly and changes to the asset are recorded as adjustments to other noninterest income or expense, as appropriate, within the Consolidated Statements of Income. The value of the indemnification asset was $5,246,000 and $36,225,000 at March 31, 2021 and December 31, 2020, respectively. During the three months ended March 31, 2021, new adverse developments with the largest of the three Over-Formula Advance clients caused the Company to charge-off the entire Over-Formula Advance amount due from that client. This resulted in a net charge-off of $41,265,000; however, this net charge-off had no impact on credit loss expense for the three months ended March 31, 2021 as the entire amount had been reserved in a prior period. In accordance with the Agreement reached with Covenant, Covenant reimbursed us for $35,633,000 of this charge-off by drawing on its secured line of credit which is reflected on our March 31, 2021 Consolidated Balance Sheet as a current and performing equipment loan held for investment. Given separate developments with the other two Over-Formula Advance clients, the Company reserved an additional $2,895,000 reflected in credit loss expense for the three months ended March 31, 2021. The $2,895,000 increase in required ACL as well as accretion of most of the fair value discount on the indemnification asset held at December 31, 2020 resulted in a $4,654,000 gain on the indemnification asset which was recorded through non-interest income. The contractually required payments and the fair value at acquisition of factored receivables purchased for which there was not, at acquisition, evidence of more than insignificant deterioration of credit quality since origination (non-PCD loans) totaled $45,228,000 and $44,962,000, respectively. Management determined that the $62,200,000 in Over-Formula Advances obtained through the TFS Acquisition had experienced more than insignificant credit deterioration since origination and thus, deemed those Over-Formula Advances to be purchased credit deteriorated ("PCD"). Other, less significant factored receivables were also considered to be PCD. The following table presents information at the acquisition date for factored receivables purchased for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination:
Revenue and earnings of TFS since the acquisition date have not been disclosed as the acquired company was merged into the Company and separate financial information is not readily available. The initial accounting for the acquisition has not been completed because the fair values of the assets acquired and liabilities assumed have not yet been finalized. Expenses related to the acquisition, including professional fees and other transaction costs, totaling $827,000 were recorded in noninterest expense in the consolidated statements of income during the three months ended September 30, 2020. Triumph Premium Finance On April 20, 2020, the Company entered into an agreement to sell the assets (the “Disposal Group”) of Triumph Premium Finance (“TPF”) and exit its premium finance line of business. The decision to sell TPF was made during the three months ended March 31, 2020, and at March 31, 2020, the carrying amount of the Disposal Group was transferred to assets held for sale. The sale closed on June 30, 2020. A summary of the carrying amount of the assets in the Disposal Group and the gain on sale is as follows:
The Disposal Group was included in the Banking segment, and the loans in the Disposal Group were previously included in the commercial loan portfolio.
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Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | SECURITIES Equity Securities with Readily Determinable Fair Values The Company held equity securities with fair values of $5,826,000 and $5,826,000 at March 31, 2021 and December 31, 2020, respectively. The gross realized and unrealized losses recognized on equity securities with readily determinable fair values in noninterest income in the Company’s consolidated statements of income were as follows:
Debt Securities Debt securities have been classified in the financial statements as available for sale or held to maturity. The following table summarizes the amortized cost, fair value, and allowance for credit losses of debt securities and the corresponding amounts of gross unrealized gains and losses of available for sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held to maturity securities:
The amortized cost and estimated fair value of securities at March 31, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Proceeds from sales of debt securities and the associated gross gains and losses as well as net gains and losses from calls of debt securities are as follows:
Debt securities with a carrying amount of approximately $73,321,000 and $73,056,000 at March 31, 2021 and December 31, 2020, respectively, were pledged to secure public deposits, customer repurchase agreements, and for other purposes required or permitted by law. Accrued interest on available for sale securities totaled $993,000 and $1,233,000 at March 31, 2021 and December 31, 2020, respectively, and was included in other assets in the consolidated balance sheets. There was no accrued interest related to debt securities reversed against interest income for the three months ended March 31, 2021 and 2020. The following table summarizes available for sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position:
Management evaluates available for sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1)the extent to which the fair value is less than cost, (2)the financial condition and near-term prospects of the issuer, and (3)the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. At March 31, 2021, the Company had 39 available for sale debt securities in an unrealized loss position without an allowance for credit losses. Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of March 31, 2021, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions, and therefore no losses have been recognized in the Company’s consolidated statements of income. The following table presents the activity in the allowance for credit losses for held to maturity debt securities:
The Company’s held to maturity securities are investments in the unrated subordinated notes of collateralized loan obligation funds. These securities are the junior-most in securitization capital structures, and are subject to suspension of distributions if the credit of the underlying loan portfolios deteriorates materially. The ACL on held to maturity securities is estimated at each measurement date on a collective basis by major security type. At March 31, 2021 and December 31, 2020, the Company’s held to maturity securities consisted of three investments in the subordinated notes of collateralized loan obligation (“CLO”) funds. Expected credit losses for these securities are estimated using a discounted cash flow methodology which considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Ultimately, the realized cash flows on CLO securities such as these will be driven by a variety of factors, including credit performance of the underlying loan portfolio, adjustments to the portfolio by the asset manager, and the timing of a potential call. As of March 31, 2021, the Company’s held to maturity securities were classified as nonaccrual.
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Loans and Allowance for Credit Losses |
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Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Credit Losses | LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans Held for Sale The following table presents loans held for sale:
Commercial loans held for sale totaling $7,331,000 were risk rated as classified at March 31, 2021 Loans Held for Investment Loans The following table presents the amortized cost and unpaid principal balance of loans held for investment:
The difference between the amortized cost and the unpaid principal is primarily (1) premiums and discounts associated with acquired loans totaling $17,636,000 and $18,511,000 at March 31, 2021 and December 31, 2020, respectively, and (2) net deferred origination and factoring fees totaling $8,285,000 and $4,887,000 at March 31, 2021 and December 31, 2020, respectively. Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $17,331,000 and $18,198,000 at March 31, 2021 and December 31, 2020, respectively, and was included in other assets in the consolidated balance sheets. At March 31, 2021 and December 31, 2020, the Company had $147,458,000 and $145,892,000, respectively, of customer reserves associated with factored receivables. These amounts represent customer reserves held to settle any payment disputes or collection shortfalls, may be used to pay customers’ obligations to various third parties as directed by the customer, are periodically released to or withdrawn by customers, and are reported as deposits in the consolidated balance sheets. At March 31, 2021 and December 31, 2020 the balance of the Over-Formula Advance Portfolio included in factored receivables was $10,632,000 and $62,100,000, respectively. As of March 31, 2021 the Company carried a separate $19,204,000 receivable (the “Misdirected Payments”) payable by the United States Postal Service (“USPS”) arising from accounts factored to the largest Over-Formula Advance Portfolio carrier. This amount is included in factored receivables and is separate from the aforementioned Over-Formula Advance Portfolio. The amounts represented by this receivable were paid by the USPS directly to such customer in contravention of notices of assignment delivered to, and previously honored by, the USPS, which amount was then not remitted back to the Company by such customer as required. The USPS disputes their obligation to make such payment, citing purported deficiencies in the notices delivered to them. In addition to commencing litigation against such customer, the Company has also filed a declaratory judgment action in Federal District Court for the Southern District of Florida seeking a ruling that the USPS was obligated to make the payments represented by this receivable directly to the Company. Based on our legal analysis and discussions with our counsel advising us on this matter, the Company believes it is probable that it will prevail in such action and that the USPS will have the capacity to make payment on such receivable. Consequently, the Company has not reserved for such balance as of March 31, 2021. Loans with carrying amounts of $2,077,543,000 and $2,255,441,000 at March 31, 2021 and December 31, 2020, respectively, were pledged to secure Federal Home Loan Bank borrowing capacity, Paycheck Protection Program Liquidity Facility borrowings and Federal Reserve Bank discount window borrowing capacity. During the three months ended March 31, 2021, loans with carrying amounts of $27,407,000 were transferred from loans held for investment to loans held for sale at fair value concurrently with management’s change in intent and decision to sell the loans. During the three months ended March 31, 2021, loans transferred to held for sale were sold resulting in proceeds of $25,253,000. The Company recorded net gains on transfers and sales of loans of $1,053,000 for the three months ended March 31, 2021, which are recorded as other noninterest income in the consolidated statements of income. During the three months ended March 31, 2020, loans with a carrying amount of $30,938,000 were transferred from loans held for investment to loans held for sale at fair value concurrently with management’s change in intent and decision to sell the loans. During the three months ended March 31, 2020, loans transferred to held for sale were sold resulting in proceeds of $31,296,000 and net gains on transfers and sales of loans of $594,000, which were recorded as other noninterest income in the consolidated statements of income. Allowance for Credit Losses The Company’s estimate of the ACL reflects losses expected over the remaining contractual life of the assets. The contractual term does not consider extensions, renewals or modifications unless the Company has identified an expected troubled debt restructuring. The activity in the allowance for credit losses (“ACL”) related to loans held for investment is as follows:
The ACL as of March 31, 2021 and 2020 was estimated using the current expected credit loss model. The primary reasons for the decrease in required ACL during the three months ended March 31, 2021 are net charge-offs on PCD Over-Formula Advances (classified as factored receivables) and improvement of the loss drivers that the Company forecasts to calculate expected losses during the period. Management determined that the $62,200,000 in Over-Formula Advances obtained through the TFS Acquisition during 2020 had experienced more than insignificant credit deterioration since origination and thus deemed those Over-Formula Advances to be purchased credit deteriorated ("PCD"). The total remaining ACL on all acquired PCD Over-Formula Advances was approximately $10,600,000 at March 31, 2021 compared to $49,000,000 at December 31, 2020. The primary driver of the decrease in required ACL during the three months ended March 31, 2021 was a net charge-off of $41,265,000 due from the largest acquired Over-Formula Advance client. This was partially offset by an additional $2,895,000 million of reserve required across the two remaining Over- Formula Advance clients. As of March 31, 2021, the entire remaining acquired PCD Over-Formula Advance balance was fully reserved. See Note 2 – Business Combinations and Divestitures for further discussion of Over-Formula Advance activity. The Company uses the discounted cash flow (DCF) method to estimate ACL for the commercial real estate, construction, land development, land, 1-4 family residential, commercial (excluding liquid credit), and consumer loan pools. For all loan pools utilizing the DCF method, the Company utilizes and forecasts national unemployment as a loss driver. The Company also utilizes and forecasts either one-year percentage change in national retail sales (commercial real estate – non multifamily, commercial general, commercial agriculture, commercial asset-based lending, commercial equipment finance, consumer), one-year percentage change in the national home price index (1-4 family residential and construction, land development, land), or one-year percentage change in national gross domestic product (commercial real estate – multifamily) as a second loss driver depending on the nature of the underlying loan pool and how well that loss driver correlates to expected future losses. Consistent forecasts of the loss drivers are used across the loan segments. For all DCF models at March 31, 2021, the Company has determined that four quarters represents a reasonable and supportable forecast period and reverts back to a historical loss rate over eight quarters on a straight-line basis. The Company leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four-quarter forecast period. Other internal and external indicators of economic forecasts are also considered by the Company when developing the forecast metrics. At March 31, 2021, as compared to December 31, 2020, the Company forecasted a decrease in national unemployment, increase in one-year percentage change in national retail sales, increase in one-year percentage change in the national home price index, and an increase in one-year percentage change in national gross domestic product. For percentage changes in national retail sales, national home price index and national gross domestic product, the Company projected growth in the first projected quarter followed by percentage change growth for the last three projected quarters resembling something closer to pre-COVID-19 levels. Projected unemployment rates used by the Company are relatively stable over the four projected quarters at levels somewhat higher than pre-COVID-19 conditions. The Company uses a loss-rate method to estimate expected credit losses for the farmland, liquid credit, premium finance, factored receivable, and mortgage warehouse loan pools. For each of these loan segments, the Company applies an expected loss ratio based on internal and peer historical losses adjusted as appropriate for qualitative factors. Qualitative loss factors are based on the Company's judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions. Loss factors used to calculate the required ACL on pools that use the loss-rate method reflect the forecasted economic conditions described above. In addition to the impact of changes to the ACL on acquired PCD Over-Formula Advances previously discussed, changes in projected loss drivers and assumptions over the reasonable and supportable forecast period decreased the required ACL by $8,295,000. Further, the Company experienced a net reserve release of $1,036,000 of specific reserves on non-PCD loans. Non-PCD-related charge-offs and changes in loan volume and mix had insignificant impacts on the change in required ACL during the three months ended March 31, 2021. The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans:
At March 31, 2021 the balance of the Over-Formula Advance Portfolio included in factored receivables $10,632,000 and was fully reserved. At March 31, 2021 the balance of Misdirected Payments included in factored receivables was $19,204,000 and carried no ACL allocation.
At December 31, 2020 the balance of the Over-Formula Advance Portfolio included in factored receivables was $62,100,000 and carried an ACL allocation of $49,000,000. At December 31, 2020 the balance of Misdirected Payments included in factored receivables was $19,600,000 and carried no ACL allocation. Past Due and Nonaccrual Loans The following tables present an aging of contractually past due loans:
At March 31, 2021 and December 31, 2020, total past due Over-Formula Advances recorded in factored receivables was $10,632,000 and $62,100,000, respectively, all of which was considered past due 90 days or more. Aging of the Over-Formula Advances is based upon the service month on which the advances were made by TFS prior to acquisition. At March 31, 2021 and December 31, 2020, the Misdirected Payments totaled $19,204,000 and $19,600,000, respectively. At March 31, 2021 the entire balance of the Misdirected Payments was considered past due 90 days or more, and at December 31, 2020 approximately $6,000,000 was considered past due 90 days or more. Given the nature of factored receivables, these assets are disclosed as past due 90 days or more still accruing; however, the Company is not recognizing income on the assets at March 31, 2021. Historically, any income recognized on factored receivables that are past due 90 days or more has not been material. The following table presents the amortized cost basis of loans on nonaccrual status and the amortized cost basis of loans on nonaccrual status for which there was no related allowance for credit losses:
The following table presents accrued interest on nonaccrual loans reversed through interest income:
There was no interest earned on nonaccrual loans during the three months ended March 31, 2021 and 2020. The following table presents information regarding nonperforming loans:
(1)Includes troubled debt restructurings of $13,267,000 and $13,321,000 at March 31, 2021 and December 31, 2020, respectively. (2)Other nonperforming factored receivables represent the portion of the Over-Formula Advance Portfolio that is not covered by Covenant's indemnification. This amount is also considered Classified from a risk rating perspective. Credit Quality Information The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including: current collateral and financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk on a regular basis. Large groups of smaller balance homogeneous loans, such as consumer loans, are analyzed primarily based on payment status. The Company uses the following definitions for risk ratings: Pass – Pass rated loans have low to average risk and are not otherwise classified. Classified – Classified loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Certain classified loans have the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Management considers the guidance in ASC 310-20 when determining whether a modification, extension, or renewal of loan constitutes a current period origination. Generally, current period renewals of credit are re-underwritten at the point of renewal and considered current period originations for purposes of the table below. As of March 31, 2021 and December 31, 2020, based on the most recent analysis performed, the risk category of loans is as follows:
Troubled Debt Restructurings and Loan Modifications The Company had troubled debt restructurings with an amortized cost of $13,269,000 and $13,324,000 as of March 31, 2021 and December 31, 2020, respectively. The Company had allocated $1,978,000 and $2,469,000 of allowance for those loans at March 31, 2021 and December 31, 2020, respectively, and had not committed to lend additional amounts. The following table presents the pre- and post-modification recorded investment of loans modified as troubled debt restructurings during the three months ended March 31, 2021 and 2020. The Company did not grant principal reductions on any restructured loans.
During the three months ended March 31, 2021, the Company had two loans modified as troubled debt restructurings with a recorded investment of $5,841,000 for which there were payment defaults within twelve months following the modification. During the three months ended March 31, 2020, the Company had three loans modified as troubled debt restructurings with a recorded investment of $610,000 for which there were payment defaults within twelve months following the modification. Default is determined at 90 or more days past due, upon charge-off, or upon foreclosure. During the three months ended March 31, 2021 and 2020, the Company modified $10,459,000 and $28,747,000, respectively, in loans for borrowers impacted by the COVID-19 pandemic. These modifications primarily consisted of payment deferrals to assist customers. As these modifications related to the COVID-19 pandemic and qualify under the provisions of either Section 4013 of the CARES act or Interagency Guidance, they are not considered troubled debt restructurings. The following table summarized the amortized cost of loans with payments currently in deferral and the accrued interest related to the loans with payments in deferral at March 31, 2021 and December 31, 2020:
Residential Real Estate Loans In Process of Foreclosure At March 31, 2021 and December 31, 2020, the Company had $83,000 and $251,000, respectively, in 1-4 family residential real estate loans for which formal foreclosure proceedings were in process.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets consist of the following:
The changes in goodwill and intangible assets during the three months ended March 31, 2021 and 2020 are as follows:
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTSThe Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s interest bearing deposits. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Beginning in June 2020, such derivatives were used to hedge the variable cash flows associated with interest bearing deposits. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate interest bearing deposits. During 2021, the Company estimates that an additional $94,000 will be reclassified as an increase in interest expense. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of March 31, 2021 and December 31, 2020.
The table below presents the effect of fair value and cash flow hedge accounting on Accumulated Other Comprehensive Income, net of tax, as of March 31, 2021:
The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. The Company has agreements with certain of its derivative counterparties that contain a provision where if the company fails to maintain its status as a well capitalized institution, then the Company could be required to post additional collateral. As of March 31, 2021, the fair value of derivatives in a net liability position, which includes accrued interest, related to these agreements was $0. As of March 31, 2021, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at March 31, 2021, it could have been required to settle its obligations under the agreements at their termination value of $0.
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Variable Interest Entities |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | VARIABLE INTEREST ENTITIES Collateralized Loan Obligation Funds – Closed The Company holds investments in the subordinated notes of the following closed Collateralized Loan Obligation (“CLO”) funds:
The net carrying amounts of the Company’s investments in the subordinated notes of the CLO funds, which represent the Company’s maximum exposure to loss as a result of its involvement with the CLO funds, totaled $5,828,000 and $5,919,000 at March 31, 2021 and December 31, 2020, respectively, and are classified as held to maturity securities within the Company’s consolidated balance sheets. The Company performed a consolidation analysis to confirm whether the Company was required to consolidate the assets, liabilities, equity or operations of the closed CLO funds in its financial statements. The Company concluded that the closed CLO funds were variable interest entities and that the Company holds variable interests in the entities in the form of its investments in the subordinated notes of entities. However, the Company also concluded that the Company does not have the power to direct the activities that most significantly impact the entities’ economic performance. As a result, the Company was not the primary beneficiary and therefore was not required to consolidate the assets, liabilities, equity, or operations of the closed CLO funds in the Company’s financial statements.
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Legal Contingencies |
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Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Contingencies | LEGAL CONTINGENCIESVarious legal claims have arisen from time to time in the normal course of business which, in the opinion of management, will have no material effect on the Company’s consolidated financial statements. |
Off-Balance Sheet Loan Commitments |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Off-Balance Sheet Loan Commitments | OFF-BALANCE SHEET LOAN COMMITMENTS From time to time, the Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet financial instruments. The contractual amounts of financial instruments with off-balance sheet risk were as follows:
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being fully drawn upon, the total commitment amounts disclosed above do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if considered necessary by the Company, upon extension of credit, is based on management’s credit evaluation of the customer. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. In the event of nonperformance by the customer, the Company has rights to the underlying collateral, which can include commercial real estate, physical plant and property, inventory, receivables, cash and marketable securities. The credit risk to the Company in issuing letters of credit is essentially the same as that involved in extending loan facilities to its customers. Commitments to purchase loans represent loans purchased by the Company that have not yet settled. Mortgage warehouse commitments are unconditionally cancellable and represent the unused capacity on mortgage warehouse facilities the Company has approved. The Company reserves the right to refuse to buy any mortgage loans offered for sale by a customer, for any reason, at the Company’s sole and absolute discretion. The Company records an allowance for credit losses on off-balance sheet credit exposures through a charge to credit loss expense on the Company’s consolidated statements of income. At March 31, 2021 and December 31, 2020, the allowance for credit losses on off-balance sheet credit exposures totaled $3,791,000 and $5,005,000, respectively, and was included in other liabilities on the Company’s consolidated balance sheets. For the three months ended March 31, 2021 and 2020, credit loss expense for off balance sheet credit exposures was a benefit of $1,214,000 and expense of $2,937,000, respectively.
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Fair Value Disclosures |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures | Fair Value Disclosures Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The methods of determining the fair value of assets and liabilities presented in this note are consistent with our methodologies disclosed in Note 17 of the Company’s 2020 Form 10-K. Assets and liabilities measured at fair value on a recurring basis are summarized in the table below.
There were no transfers between levels during 2021 or 2020. The fair value of the indemnification asset is calculated as the present value of the estimated cash payments expected to be received from Covenant for probable losses on the covered Over-Formula Advance Portfolio. The cash flows are discounted at a rate to reflect the uncertainty of the timing and receipt of the payments from Covenant. The indemnification asset is reviewed quarterly and changes to the asset are recorded as adjustments to other noninterest income or expense, as appropriate, within the Consolidated Statements of Income. The indemnification asset fair value is considered a Level 3 classification. At March 31, 2021 and December 31, 2020, the estimated cash payments expected to be received from Covenant for probable losses on the covered Over-Formula Advance Portfolio were approximately $5,500,000 and $39,200,000, respectively, and a discount rate of 4.6% and 8.8%, respectively, was applied to calculate the present value of the indemnification asset. A reconciliation of the opening balance to the closing balance of the fair value of the indemnification asset is as follows:
Assets measured at fair value on a non-recurring basis are summarized in the table below. There were no liabilities measured at fair value on a non-recurring basis at March 31, 2021 and December 31, 2020.
(1)Represents the fair value of OREO that was adjusted during the year to date period and subsequent to its initial classification as OREO. Collateral Dependent Loans Specific Allocation of ACL: A loan is considered to be a collateral dependent loan when, based on current information and events, the Company expects repayment of the financial assets to be provided substantially through the operation or sale of the collateral and the Company has determined that the borrower is experiencing financial difficulty as of the measurement date. The ACL is measured by estimating the fair value of the loan based on the present value of expected cash flows, the market price of the loan, or the underlying fair value of the loan’s collateral. For real estate loans, fair value of the loan’s collateral is determined by third party appraisals, which are then adjusted for the estimated selling and closing costs related to liquidation of the collateral. For this asset class, the actual valuation methods (income, sales comparable, or cost) vary based on the status of the project or property. For example, land is generally based on the sales comparable method while construction is based on the income and/or sales comparable methods. The unobservable inputs may vary depending on the individual assets with no one of the three methods being the predominant approach. The Company reviews the third party appraisal for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. For non-real estate loans, fair value of the loan’s collateral may be determined using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business. OREO: OREO is primarily comprised of real estate acquired in partial or full satisfaction of loans. OREO is recorded at its estimated fair value less estimated selling and closing costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs charged to the ACL. Subsequent changes in fair value are reported as adjustments to the carrying amount and are recorded against earnings. The Company outsources the valuation of OREO with material balances to third party appraisers. For this asset class, the actual valuation methods (income, sales comparable, or cost) vary based on the status of the project or property. For example, land is generally based on the sales comparable method while construction is based on the income and/or sales comparable methods. The unobservable inputs may vary depending on the individual assets with no one of the three methods being the predominant approach. The Company reviews the third party appraisal for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. The estimated fair values of the Company’s financial instruments not measured at fair value on a recurring or non-recurring basis at March 31, 2021 and December 31, 2020 were as follows:
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Regulatory Matters |
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Regulatory Matters | The Company (on a consolidated basis) and TBK Bank are subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s or TBK Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and TBK Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and TBK Bank to maintain minimum amounts and ratios (set forth in the table below) of total, common equity Tier 1, and Tier 1 capital to risk weighted assets, and of Tier 1 capital to average assets. Management believes, as of March 31, 2021 and December 31, 2020, the Company and TBK Bank meet all capital adequacy requirements to which they are subject. As of March 31, 2021 and December 31, 2020, TBK Bank’s capital ratios exceeded those levels necessary to be categorized as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” TBK Bank must maintain minimum total risk based, common equity Tier 1 risk based, Tier 1 risk based, and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since March 31, 2021 that management believes have changed TBK Bank’s category. The actual capital amounts and ratios for the Company and TBK Bank are presented in the following table.
As permitted by the interim final rule issued on March 27, 2020 by the federal banking regulatory agencies, the Company has elected the option to delay the estimated impact on regulatory capital of ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which was effective January 1, 2020. The initial impact of adoption of ASU 2016-13 as well as 25% of the quarterly increases in the allowance for credit losses subsequent to adoption of ASU 2016-13 (collectively the “transition adjustments”) will be delayed for two years. After two years, the cumulative amount of the transition adjustments will become fixed and will be phased out of the regulatory capital calculations evenly over a three year period, with 75% recognized in year three, 50% recognized in year four, and 25% recognized in year five. After five years, the temporary regulatory capital benefits will be fully reversed. Dividends paid by TBK Bank are limited to, without prior regulatory approval, current year earnings and earnings less dividends paid during the preceding two years. The capital conservation buffer set forth by the Basel III regulatory capital framework was 2.5% at March 31, 2021 and December 31, 2020. The capital conservation buffer is designed to absorb losses during periods of economic stress and requires increased capital levels for the purpose of capital distributions and other payments. Failure to meet the full amount of the buffer will result in restrictions on the Company’s ability to make capital distributions, including dividend payments and stock repurchases, and to pay discretionary bonuses to executive officers. At March 31, 2021 and December 31, 2020, the Company’s and TBK Bank’s risk based capital exceeded the required capital conservation buffer.
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Stockholders' Equity |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | STOCKHOLDERS’ EQUITY The following summarizes the capital structure of Triumph Bancorp, Inc. Preferred Stock Series C
Common Stock
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 1/40th 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 March 31, 2021 under a stock repurchase program.
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Stock Based Compensation |
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Stock Based Compensation | STOCK BASED COMPENSATION Stock based compensation expense that has been charged against income was $1,350,000 and $1,168,000 for the three months ended March 31, 2021 and 2020, respectively. 2014 Omnibus Incentive Plan The Company’s 2014 Omnibus Incentive Plan (“Omnibus Incentive Plan”) provides for the grant of nonqualified and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other awards that may be settled in, or based upon the value of, the Company’s common stock. The maximum number of shares of common stock available for issuance under the Omnibus Incentive Plan is 2,000,000 shares. Restricted Stock Awards A summary of changes in the Company’s nonvested Restricted Stock Awards (“RSAs”) under the Omnibus Incentive Plan for the three months ended March 31, 2021 were as follows:
RSAs granted to employees under the Omnibus Incentive Plan typically vest over to four years. Compensation expense for the RSAs will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. As of March 31, 2021, there was $2,195,000 of unrecognized compensation cost related to the nonvested RSAs. The cost is expected to be recognized over a remaining period of 2.70 years. Restricted Stock Units A summary of changes in the Company’s nonvested Restricted Stock Units (“RSUs”) under the Omnibus Incentive Plan for the three months ended March 31, 2021 were as follows:
RSUs granted to employees under the Omnibus Incentive Plan vest after five years. Compensation expense for the RSUs will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. As of March 31, 2021, there was $1,510,000 of unrecognized compensation cost related to the nonvested RSUs. The cost is expected to be recognized over a remaining period of 2.08 years. Market Based Performance Stock Units A summary of changes in the Company’s nonvested Market Based Performance Stock Units (“Market Based PSUs”) under the Omnibus Incentive Plan for the three months ended March 31, 2021 were as follows:
Market Based PSUs granted to employees under the Omnibus Incentive Plan vest after to five years. The number of shares issued upon vesting will range from 0% to 175% of the Market Based PSUs granted based on the Company’s relative total shareholder return (“TSR”) as compared to the TSR of a specified group of peer banks. Compensation expense for the Market Based PSUs will be recognized over the vesting period of the awards based on the fair value of the award at the grant date. The fair value of Market Based PSUs granted is estimated using a Monte Carlo simulation. Expected volatilities were determined based on the historical volatilities of the Company and the specified peer group. The risk-free interest rate for the performance period was derived from the Treasury constant maturities yield curve on the valuation dates. As of March 31, 2021, there was $1,414,000 of unrecognized compensation cost related to the nonvested Market Based PSUs. The cost is expected to be recognized over a remaining period of 1.98 years. Performance Based Performance Stock Units A summary of changes in the Company’s nonvested Performance Based Performance Stock Units (“Performance Based PSUs”) under the Omnibus Incentive Plan for the three months ended March 31, 2021 were as follows:
Performance Based PSUs granted to employees under the Omnibus Incentive Plan vest after three years. The number of shares issued upon vesting will range from 0% to 200% of the shares granted based on the Company’s cumulative diluted earnings per share over the performance period. Compensation expense for the Performance Based PSUs will be estimated each period based on the fair value of the stock at the grant date and the most probable outcome of the performance condition, adjusted for the passage of time within the vesting period of the awards. As of March 31, 2021, the maximum unrecognized compensation cost related to the nonvested Performance Based PSUs was $19,275,000, and the remaining performance period over which the cost could be recognized was 1.75 years. No compensation cost was recorded during the three months ended March 31, 2021 and 2020. Stock Options A summary of the changes in the Company’s stock options under the Omnibus Incentive Plan for the three months ended March 31, 2021 were as follows:
Information related to the stock options for the three months ended March 31, 2021 and 2020 was as follows:
Stock options awarded to employees under the Omnibus Incentive Plan are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant, vest over four years, and have ten year contractual terms. The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. Expected volatilities were determined based on a blend of the Company’s historical volatility and historical volatilities of a peer group of companies with a similar size, industry, stage of life cycle, and capital structure. The expected term of the options granted was determined based on the SEC simplified method, which calculates the expected term as the mid-point between the weighted average time to vesting and the contractual term. The risk-free interest rate for the expected term of the options was derived from the Treasury constant maturity yield curve on the valuation date. As of March 31, 2021, there was $242,000 of unrecognized compensation cost related to nonvested stock options granted under the Omnibus Incentive Plan. The cost is expected to be recognized over a remaining period of 2.53 years. Employee Stock Purchase Plan On April 1, 2019, the Company’s Board of Directors adopted the Triumph Bancorp, Inc. Employee Stock Purchase Plan (“ESPP”) and reserved 2,500,000 shares of common stock for issuance. The ESPP was approved by the Company’s stockholders on May 16, 2019. The ESPP enables eligible employees to purchase the Company’s common stock at a price per share equal to 85% of the lower of the fair market value of the common stock at the beginning or end of each six month offering period. The first offering period commenced on February 1, 2021 and as of March 31, 2021, no shares had yet been issued under the plan.
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | EARNINGS PER SHARE The factors used in the earnings per share computation follow:
Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows:
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Business Segment Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information | BUSINESS SEGMENT INFORMATION The following table presents the Company’s operating segments. The accounting policies of the segments are the same as those described in the “Summary of Significant Accounting Policies” in Note 1 of the Company’s 2020 Form 10-K. Transactions between segments consist primarily of borrowed funds. Intersegment interest expense is allocated to the Factoring segment based on Federal Home Loan Bank advance rates. Credit loss expense is allocated based on the segment’s allowance for credit losses determination. Noninterest income and expense directly attributable to a segment are assigned to it. Taxes are paid on a consolidated basis but not allocated for segment purposes. TriumphPay is a division of our wholly owned bank and its operations are included in the Banking segment. The Factoring segment includes only factoring originated by TBC.
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Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Triumph Bancorp, Inc. (collectively with its subsidiaries, “Triumph”, or the “Company” as applicable) is a financial holding company headquartered in Dallas, Texas. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Triumph CRA Holdings, LLC (“TCRA”), TBK Bank, SSB (“TBK Bank”), TBK Bank’s wholly owned subsidiary Advance Business Capital LLC, which currently operates under the d/b/a of Triumph Business Capital (“TBC”), and TBK Bank’s wholly owned subsidiary Triumph Insurance Group, Inc. (“TIG”). On June 30, 2020, the Company sold the assets of Triumph Premium Finance (“TPF”) and exited its premium finance line of business. TPF operated within the Company’s TBK Bank subsidiary. See Note 2 – Business Combinations and Divestitures for details of the TPF sale and its impact on our consolidated financial statements.
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Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission (“SEC”). Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary for a fair presentation. Transactions between the subsidiaries have been eliminated. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The Company has three reportable segments consisting of Banking, Factoring, and Corporate. The Company’s Chief Executive Officer uses segment results to make operating and strategic decisions.
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Risks and Uncertainties | Risks and Uncertainties Significant progress has been made to combat the outbreak of COVID-19; however, the global pandemic has adversely impacted a broad range of industries in which the Company's customers operate and could still impair their ability to fulfill their financial obligations to the Company. The Company’s business is dependent upon the willingness and ability of its employees and customers to conduct banking and other financial transactions. While it appears that the epidemiological and macroeconomic conditions are trending in a positive direction as of March 31, 2021, if there is a resurgence in the virus, the Company could experience further adverse effects on its business, financial condition, results of operations and cash flows. While it is not possible to know the full universe or extent that the impact of COVID-19, and any potential resulting measures to curtail its spread, will have on the Company's future operations, the Company is disclosing potentially material items of which it is aware. Financial position and results of operations The Company’s interest income could be reduced due to COVID-19. In keeping with guidance from regulators, the Company continues to work with COVID-19 affected borrowers to defer their payments, interest, and fees. While interest and fees continue to accrue to income, through normal GAAP accounting, should eventual credit losses on these deferred payments emerge, the related loans would be placed on nonaccrual status and interest income and fees accrued would be reversed. In such a scenario, interest income in future periods could be negatively impacted. As of March 31, 2021 the Company carries $489,000 of accrued interest income and fees on outstanding deferrals made to COVID-19 affected borrowers. At this time, the Company is unable to project the materiality of such an impact on future deferrals to COVID-19 affected borrowers, but recognizes the breadth of the economic impact may affect its borrowers’ ability to repay in future periods. Capital and liquidity Our reported and regulatory capital ratios could be adversely impacted by further credit loss expense. We rely on cash on hand as well as dividends from our subsidiary bank to service our debt. If our capital deteriorates such that our subsidiary bank is unable to pay dividends to us for an extended period of time, we may not be able to service our debt. We maintain access to multiple sources of liquidity. Wholesale funding markets have remained open to us, but rates for short-term funding can be volatile. If funding costs are elevated for an extended period of time, it could have an adverse effect on our net interest margin. If an extended recession caused large numbers of our deposit customers to withdraw their funds, we might become more reliant on volatile or more expensive sources of funding. Intangible asset valuation The lingering effects COVID-19 could cause a decline in the Company’s stock price or the occurrence of what management would deem to be a triggering event that could, under certain circumstances, cause us to perform a goodwill impairment test and result in an impairment charge being recorded for that period. In the event that the Company concludes that all or a portion of its goodwill is impaired, a non-cash charge for the amount of such impairment would be recorded to earnings. Such a charge would have no impact on tangible capital or regulatory capital. It is possible that the lingering effects of COVID-19 could cause the occurrence of what management would deem to be a triggering event that could, under certain circumstances, cause us to perform an intangible asset impairment test and result in an impairment charge being recorded for that period. In the event that the Company concludes that all or a portion of its intangible assets are impaired, a non-cash charge for the amount of such impairment would be recorded to earnings. Such a charge would have no impact on tangible capital or regulatory capital. Lending operations and accommodations to borrowers In keeping with regulatory guidance to work with borrowers during this unprecedented situation and as outlined in the Section 4013 of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), the Company is executing a payment deferral program for its commercial lending clients that are adversely affected by the pandemic. Depending on the demonstrated need of the client, the Company is deferring either the full loan payment or the principal component of the loan payment for a stated period of time. As of March 31, 2021, the Company’s balance sheet reflected 48 of these deferrals on outstanding loan balances of $85,289,000. In accordance with the CARES Act and March 2020 interagency guidance, these deferrals are not considered troubled debt restructurings. It is possible that these deferrals could be extended further under the CARES Act; however, the volume of these future potential extensions is unknown. It is also possible that in spite of our best efforts to assist our borrowers and achieve full collection of our investment, these deferred loans could result in future charge-offs with additional credit loss expense charged to earnings; however, the amount of any future charge-offs on deferred loans is unknown. At March 31, 2021, 69% of the $85,289,000 COVID deferral balance was made up of three relationships. With the passage of the Paycheck Protection Program (“PPP”), administered by the Small Business Administration (“SBA”), the Company has participated in assisting its customers with applications for resources through the program. PPP loans have two-year and five-year terms and earn interest at a 1% coupon. The Company believes that the majority of these loans will ultimately be forgiven by the SBA in accordance with the terms of the program. As of March 31, 2021, the Company carried 2,670 PPP loans representing a book value of $237,299,000. The Company recognized $1,111,000 in fees from the SBA on PPP loans during the three months ended March 31, 2021 and carried $6,587,000 of deferred fees on PPP loans at March 31, 2021. The remaining fees will be amortized and recognized over the remaining lives of the loans. It is the Company’s understanding that loans funded through the PPP program are fully guaranteed by the U.S. government. Should those circumstances change, the Company could be required to establish an allowance for credit loss through additional credit loss expense charged to earnings. Credit The Company is working with customers directly affected by COVID-19. The Company is prepared to offer assistance in accordance with regulator guidelines. As a result of the current economic environment caused by the COVID-19 virus, the Company is engaging in communication with borrowers to understand their situation and the challenges faced, allowing the Company to respond proactively as needs and issues arise. Should the economy experience a prolonged period of poor economic conditions or should economic conditions worsen, the Company could experience increases in its required allowance for credit losses (“ACL”) and record additional credit loss expense. It is possible that the Company’s asset quality measures could worsen at future measurement periods if the effects of COVID-19 are prolonged.
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Business Combinations and Divestitures (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows:
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Summary of Factored Receivables, Purchased with Credit Deterioration | The following table presents information at the acquisition date for factored receivables purchased for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination:
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Summary of Carrying Amount of Assets in Disposal Group and Gain on Sale | A summary of the carrying amount of the assets in the Disposal Group and the gain on sale is as follows:
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Securities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Gross Realized and Unrealized Losses Recognized on Equity Securities | The gross realized and unrealized losses recognized on equity securities with readily determinable fair values in noninterest income in the Company’s consolidated statements of income were as follows:
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Schedule of Amortized Cost of Securities and Their Estimated Fair Values | The following table summarizes the amortized cost, fair value, and allowance for credit losses of debt securities and the corresponding amounts of gross unrealized gains and losses of available for sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held to maturity securities:
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Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | The amortized cost and estimated fair value of securities at March 31, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
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Schedule of Proceeds from Sales of Debt Securities and the Associated Gross Gains and Losses as well as Net Gains and Losses from Calls of Debt Securities | Proceeds from sales of debt securities and the associated gross gains and losses as well as net gains and losses from calls of debt securities are as follows:
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Schedule of Available for Sale Debt Securities in an Unrealized Loss Position | The following table summarizes available for sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position:
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Summary of Activity in Allowance for Credit Losses for Held To Maturity Debt Securities | The following table presents the activity in the allowance for credit losses for held to maturity debt securities:
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Loans and Allowance for Credit Losses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans Held for Sale | The following table presents loans held for sale:
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Schedule of Amortized Cost and Unpaid Principal | The following table presents the amortized cost and unpaid principal balance of loans held for investment:
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Summary of Allowance for Loan and Lease Losses | The activity in the allowance for credit losses (“ACL”) related to loans held for investment is as follows:
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Individual And Collective Allowance For Credit Losses On Financing Receivables And Loan Balances | The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans:
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Summary of Contractually Past Due and Nonaccrual Loans | The following tables present an aging of contractually past due loans:
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Summary of Amortized Cost Basis of Loans on Nonaccrual Status | The following table presents the amortized cost basis of loans on nonaccrual status and the amortized cost basis of loans on nonaccrual status for which there was no related allowance for credit losses:
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Schedule of Accrued Interest on Non Accrual Loans Reversed Through Interest Income | The following table presents accrued interest on nonaccrual loans reversed through interest income:
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Schedule of Nonperforming Loans | The following table presents information regarding nonperforming loans:
(1)Includes troubled debt restructurings of $13,267,000 and $13,321,000 at March 31, 2021 and December 31, 2020, respectively. (2)Other nonperforming factored receivables represent the portion of the Over-Formula Advance Portfolio that is not covered by Covenant's indemnification. This amount is also considered Classified from a risk rating perspective.
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Summary of Risk Category of Loans | As of March 31, 2021 and December 31, 2020, based on the most recent analysis performed, the risk category of loans is as follows:
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Schedule of Loans Modified as Troubled Debt Restructurings | The following table presents the pre- and post-modification recorded investment of loans modified as troubled debt restructurings during the three months ended March 31, 2021 and 2020. The Company did not grant principal reductions on any restructured loans.
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Summary of Amortized Cost of Loans Currently in Deferral | The following table summarized the amortized cost of loans with payments currently in deferral and the accrued interest related to the loans with payments in deferral at March 31, 2021 and December 31, 2020:
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Goodwill and Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets and Goodwill | Goodwill and intangible assets consist of the following:
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Schedule of Changes in Goodwill and Intangible Assets | The changes in goodwill and intangible assets during the three months ended March 31, 2021 and 2020 are as follows:
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Derivative Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Derivative Financial Instruments Classification on Balance Sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of March 31, 2021 and December 31, 2020.
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Schedule of Effect of Fair Value and Cash Flow Hedge on Accumulated Other Comprehensive Income, Net of Tax | The table below presents the effect of fair value and cash flow hedge accounting on Accumulated Other Comprehensive Income, net of tax, as of March 31, 2021:
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Variable Interest Entities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The Company holds investments in the subordinated notes of the following closed Collateralized Loan Obligation (“CLO”) funds:
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Off-Balance Sheet Loan Commitments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Financial Instruments with Off-Balance Sheet Risk | The contractual amounts of financial instruments with off-balance sheet risk were as follows:
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Fair Value Disclosures (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized in the table below.
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Reconciliation of Opening Balance to Closing Balance of Fair Value of Contingent Consideration | A reconciliation of the opening balance to the closing balance of the fair value of the indemnification asset is as follows:
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Fair Value of Assets Measured on Non-recurring Basis | Assets measured at fair value on a non-recurring basis are summarized in the table below. There were no liabilities measured at fair value on a non-recurring basis at March 31, 2021 and December 31, 2020.
(1)Represents the fair value of OREO that was adjusted during the year to date period and subsequent to its initial classification as OREO.
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Estimated Fair Value of Company's Financial Assets and Financial Liabilities | The estimated fair values of the Company’s financial instruments not measured at fair value on a recurring or non-recurring basis at March 31, 2021 and December 31, 2020 were as follows:
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Regulatory Matters (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The actual capital amounts and ratios for the Company and TBK Bank are presented in the following table.
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Stockholders' Equity (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Capital Structure | The following summarizes the capital structure of Triumph Bancorp, Inc. Preferred Stock Series C
Common Stock
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Stock Based Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Company's Nonvested Restricted Stock Awards | A summary of changes in the Company’s nonvested Restricted Stock Awards (“RSAs”) under the Omnibus Incentive Plan for the three months ended March 31, 2021 were as follows:
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Summary of Changes in Company's Nonvested Restricted Stock Units | A summary of changes in the Company’s nonvested Restricted Stock Units (“RSUs”) under the Omnibus Incentive Plan for the three months ended March 31, 2021 were as follows:
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Summary of Changes in Company's Nonvested Performance Stock Units | A summary of changes in the Company’s nonvested Market Based Performance Stock Units (“Market Based PSUs”) under the Omnibus Incentive Plan for the three months ended March 31, 2021 were as follows:
A summary of changes in the Company’s nonvested Performance Based Performance Stock Units (“Performance Based PSUs”) under the Omnibus Incentive Plan for the three months ended March 31, 2021 were as follows:
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Summary of Changes in Company's Stock Options | A summary of the changes in the Company’s stock options under the Omnibus Incentive Plan for the three months ended March 31, 2021 were as follows:
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Schedule of Information Related to Stock Options | Information related to the stock options for the three months ended March 31, 2021 and 2020 was as follows:
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Factors Used in Computation of Earnings Per Share | The factors used in the earnings per share computation follow:
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Schedule of Shares not Considered in Computing Diluted Earnings per Common Share | Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows:
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Business Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | The following table presents the Company’s operating segments. The accounting policies of the segments are the same as those described in the “Summary of Significant Accounting Policies” in Note 1 of the Company’s 2020 Form 10-K. Transactions between segments consist primarily of borrowed funds. Intersegment interest expense is allocated to the Factoring segment based on Federal Home Loan Bank advance rates. Credit loss expense is allocated based on the segment’s allowance for credit losses determination. Noninterest income and expense directly attributable to a segment are assigned to it. Taxes are paid on a consolidated basis but not allocated for segment purposes. TriumphPay is a division of our wholly owned bank and its operations are included in the Banking segment. The Factoring segment includes only factoring originated by TBC.
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Business Combinations and Divestitures - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jul. 08, 2020 |
Mar. 31, 2021 |
Mar. 31, 2020 |
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Assets acquired: | |||||
Deferred income taxes, Measurement Period Adjustment | $ (59,000) | ||||
Assets acquired, Measurement Period Adjustment | (59,000) | ||||
Liabilities assumed: | |||||
Fair value of net assets acquire, Measurement Period Adjustment | (59,000) | ||||
Consideration: | |||||
Goodwill | $ 163,268,000 | 163,268,000 | $ 163,209,000 | ||
Goodwill, Measurement Period Adjustments | 59,000 | $ 0 | 59,000 | ||
Transport Financial Solutions | |||||
Assets acquired: | |||||
Factored receivables | $ 107,524,000 | 107,524,000 | 107,524,000 | ||
Allowance for credit losses | (37,415,000) | (37,415,000) | (37,415,000) | ||
Factored receivables, net of ACL | 70,109,000 | 70,109,000 | 70,109,000 | ||
Intangible assets | 3,500,000 | 3,500,000 | 3,500,000 | ||
Indemnification asset | 30,959,000 | 30,959,000 | 30,959,000 | ||
Deferred income taxes | 1,448,000 | 1,389,000 | 1,389,000 | ||
Asset acquired | 106,016,000 | 105,957,000 | 105,957,000 | ||
Liabilities assumed: | |||||
Deposits | 5,361,000 | 5,361,000 | 5,361,000 | ||
Liabilities assumed | 5,361,000 | 5,361,000 | 5,361,000 | ||
Fair value of net assets acquired | 100,655,000 | 100,596,000 | 100,596,000 | ||
Consideration: | |||||
Cash paid | 108,375,000 | ||||
Stock consideration | 13,942,000 | ||||
Cash due from seller subsequent to liquidation of stock consideration | (17,196,000) | ||||
Total consideration | 105,121,000 | ||||
Goodwill | $ 4,466,000 | $ 4,525,000 | $ 4,525,000 |
Business Combinations and Divestitures - Factored Receivables Purchased with Credit Deterioration (Details) - Factored receivables - Over-Formula Advances - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jul. 08, 2020 |
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Business Acquisition [Line Items] | |||
Allowance for credit losses at acquisition | $ 10,600 | $ 49,000 | |
Transport Financial Solutions | |||
Business Acquisition [Line Items] | |||
Purchase price of loans at acquisition | $ 25,148 | ||
Allowance for credit losses at acquisition | 37,415 | ||
Non-credit discount/(premium) at acquisition | 941 | ||
Par value of acquired loans at acquisition | $ 63,504 |
Business Combinations and Divestitures - Summary of Carrying Amount of Assets in Disposal Group and Gain on Sale (Details) - Triumph Premium Finance $ in Thousands |
Apr. 20, 2020
USD ($)
|
---|---|
Carrying amount of assets in the disposal group: | |
Loans | $ 84,504 |
Premises and equipment, net | 45 |
Other assets | 11 |
Total carrying amount | 84,560 |
Carrying amount of liabilities in the disposal group: | |
Other liabilities | 479 |
Total carrying amount | 84,081 |
Total consideration received | 94,531 |
Gain on sale of division | 10,450 |
Transaction costs | 692 |
Gain on sale of division, net of transaction costs | $ 9,758 |
Securities - Additional Information (Details) $ in Thousands |
Mar. 31, 2021
USD ($)
security
|
Dec. 31, 2020
USD ($)
|
---|---|---|
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities, fair value | $ 5,826 | $ 5,826 |
Pledged debt securities, at carrying value | $ 73,321 | 73,056 |
Number of securities in an unrealized loss position | security | 39 | |
Other Assets | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Accrued interest | $ 993 | 1,233 |
Mutual fund | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity securities, fair value | $ 5,826 | $ 5,826 |
Securities - Schedule of Gross Realized and Unrealized Losses Recognized on Equity Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Unrealized gains (losses) on equity securities still held at the reporting date | $ 0 | $ 241 |
Realized gains (losses) on equity securities sold during the period | 0 | 0 |
Gross realized and unrealized gains (losses) recognized on equity securities | $ 0 | $ 241 |
Securities - Schedule of Proceeds from Sales of Debt Securities and the Associated Gross Gains and Losses as well as Net Gains and Losses from Calls of Debt Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds | $ 0 | $ 0 |
Gross gains | 0 | 0 |
Gross losses | 0 | 0 |
Net gains and losses from calls of securities | $ 0 | $ 38 |
Securities - Summary of Activity in Allowance for Credit Losses for Held To Maturity Debt Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses beginning balance | $ 2,026 | $ 0 |
Credit loss expense | (167) | 0 |
Allowance for credit losses ending balance | 1,859 | 126 |
Cumulative Effect, Period of Adoption, Adjustment | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses beginning balance | $ 0 | $ 126 |
Loans and Allowance for Credit Losses - Schedule of Loans Held for Sale (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held for sale | $ 22,663 | $ 24,546 |
1-4 family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held for sale | 5,748 | 6,319 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held for sale | 16,915 | $ 18,227 |
Commercial | Classified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held for sale | $ 7,331 |
Loans and Allowance for Credit Losses - Schedule of Nonperforming Loans (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 30,173 | $ 34,073 |
Factored receivables greater than 90 days past due | 38,395 | 72,774 |
Troubled Debt Restructuring | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 13,267 | 13,321 |
Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 0 | 0 |
Factored receivables greater than 90 days past due | 38,395 | 72,717 |
Nonperforming Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 30,173 | 34,073 |
Other nonperforming factored receivables | 1,447 | 10,029 |
Troubled debt restructurings accruing interest | 2 | 3 |
Total loans | 59,385 | 58,032 |
Nonperforming Loans | Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Factored receivables greater than 90 days past due | $ 27,763 | $ 13,927 |
Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | $ 163,268 | $ 163,209 |
Gross Carrying Amount | 62,778 | 62,778 |
Accumulated Amortization | (38,040) | (36,065) |
Net Carrying Amount | 24,738 | 26,713 |
Core deposit intangibles | ||
Goodwill And Intangible Assets [Line Items] | ||
Gross Carrying Amount | 43,578 | 43,578 |
Accumulated Amortization | (28,565) | (27,436) |
Net Carrying Amount | 15,013 | 16,142 |
Other intangible assets | ||
Goodwill And Intangible Assets [Line Items] | ||
Gross Carrying Amount | 19,200 | 19,200 |
Accumulated Amortization | (9,475) | (8,629) |
Net Carrying Amount | $ 9,725 | $ 10,571 |
Goodwill and Intangible Assets - Schedule of Changes in Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Mar. 31, 2021 |
|
Goodwill [Roll Forward] | |||
Goodwill and intangible assets, beginning | $ 189,922 | $ 190,286 | |
Acquired goodwill - measurement period adjustment | 59 | 0 | $ 59 |
Amortization of intangibles | (1,975) | (2,078) | |
Goodwill and intangible assets, ending | $ 188,006 | $ 188,208 | $ 188,006 |
Derivative Financial Instruments - Additional Information (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Derivative Instruments, Gain (Loss) [Line Items] | |
Fair value of derivatives in a net liability position | $ 0 |
Terminal value of agreements | 0 |
Interest Expense | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of estimate additional reclassified as an increase in interest expense | $ 94,000 |
Derivative Financial Instruments - Schedule of Fair Value of Derivative Financial Instruments Classification on Balance Sheet (Details) - Derivatives Designated as Hedging Instruments - Interest rate swaps - Other Assets - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Derivative Assets Notional Amount | $ 200,000 | $ 200,000 |
Derivative Assets Fair Value Total | $ 4,501 | $ 816 |
Derivative Financial Instruments - Schedule of Effect of Fair Value and Cash Flow Hedge on Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative | $ 2,812 | $ 0 |
Amount of Gain or (Loss) Reclassified from AOCI into Income | (18) | $ 0 |
Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative | 2,812 | |
Interest rate swaps | Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Reclassified from AOCI into Income | $ 23 |
Variable Interest Entities - Summary of Closed Collateralized Loan Obligation ("CLO") Funds (Details) - Collateralized Loan Obligation Funds - USD ($) $ in Thousands |
Jun. 20, 2017 |
Sep. 22, 2016 |
Jun. 02, 2016 |
---|---|---|---|
Trinitas IV | |||
Variable Interest Entity [Line Items] | |||
Offering Amount | $ 406,650 | ||
Trinitas V | |||
Variable Interest Entity [Line Items] | |||
Offering Amount | $ 409,000 | ||
Trinitas VI | |||
Variable Interest Entity [Line Items] | |||
Offering Amount | $ 717,100 |
Variable Interest Entities - Additional Information - (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Securities - held to maturity, net carrying amount | $ 5,828 | $ 5,919 |
Collateralized Loan Obligation Funds | ||
Variable Interest Entity [Line Items] | ||
Securities - held to maturity, net carrying amount | $ 5,828 | $ 5,919 |
Off-Balance Sheet Loan Commitments - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Other Noninterest Expense | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Credit loss expense (reversal) for off-balance sheet credit exposure | $ (1,214) | $ 2,937 | |
Other Liabilities | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Allowance for credit losses on off-balance sheet credit exposure | $ 3,791 | $ 5,005 |
Fair Value Disclosures - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Indemnification asset, expected cash payments to be received | $ 5,500 | $ 39,200 |
Discount rate | 4.60% | 8.80% |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Selling and closing costs for loans as a percentage of appraised value | 5.00% | |
Real estate selling and closing costs, percentage of appraised value | 5.00% | |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Selling and closing costs for loans as a percentage of appraised value | 8.00% | |
Real estate selling and closing costs, percentage of appraised value | 8.00% |
Fair Value Disclosures - Reconciliation of Opening Balance to Closing Balance of Fair Value of Contingent Consideration (Details) - Level 3 - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 36,225 | $ 0 |
Indemnification asset recognized in business combination | 0 | 0 |
Change in fair value of indemnification asset recognized in earnings | 4,654 | 0 |
Indemnification recognized | (35,633) | 0 |
Ending balance | $ 5,246 | $ 0 |
Stockholders' Equity - Summary of Capital Structure (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Jun. 19, 2020 |
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Class of Stock [Line Items] | ||||
Shares authorized (in shares) | 50,000,000 | 50,000,000 | ||
Shares issued (in shares) | 27,966,539 | 27,951,721 | ||
Treasury shares (in shares) | (3,083,610) | (3,083,503) | ||
Shares outstanding (in shares) | 24,882,929 | 24,868,218 | ||
Par value per share (in dollars per share) | $ 0.01 | $ 0.01 | ||
Preferred Stock Series C | ||||
Class of Stock [Line Items] | ||||
Shares authorized (in shares) | 51,750 | 51,750 | ||
Shares issued (in shares) | 45,000 | 45,000 | 45,000 | |
Shares outstanding (in shares) | 45,000 | 45,000 | ||
Par value per share (in dollars per shares) | $ 0.01 | $ 0.01 | $ 0.01 | |
Liquidation preference per share (in dollars per shares) | $ 1,000 | $ 1,000 | $ 1,000 | |
Liquidation preference amount | $ 45,000 | $ 45,000 | ||
Dividend rate | 7.125% | 7.125% | 7.125% | 7.125% |
Stock Based Compensation - Schedule of Information Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cash received from option exercises | $ 191 | $ 0 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate intrinsic value of options exercised | 577 | 0 |
Cash received from option exercises | 191 | 0 |
Tax benefit realized from option exercises | $ 121 | $ 0 |
Weighted average fair value per share of options granted | $ 0 | $ 0 |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201613Member |
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