Triumph Financial, Inc. (TBK), a leading financial institution , has released its financial results for the third quarter of 2023. The company reported a net income of $17.67 million and generated $107.53 million in revenue during this period. These results reflect the performance of Triumph Financial's various segments, including Banking, Factoring, Payments, and Corporate.
Net Income and Revenue
In the third quarter of 2023, Triumph Financial, Inc. achieved a net income of $17.67 million, showcasing the company's financial strength and resilience in a dynamic market. The net income, although positive, is a decrease compared to the previous quarter when the company reported a net income of $9.92 million.
Total revenue for the same period amounted to $107.53 million, highlighting Triumph Financial's ability to generate substantial income across its diverse business segments.
Financial Segment Performance
Banking
- Total interest income for the Banking segment in Q3 2023 was $68.33 million, with an interest expense of $13.72 million. The net interest income for this segment was $62.93 million.
Factoring
- The Factoring segment reported a total interest income of $34.24 million. The yield on average receivable balance stood at 13.59%.
Payments
- In the Payments segment, interest income reached $4.92 million, and the company processed a significant number of invoices, amounting to 5,037,841. The Payments segment struggled with a pre-tax operating loss of $3.74 million.
Corporate
- The Corporate segment faced challenges, reporting a net loss of $24.21 million.
The Factoring segment, originating from Triumph Financial Services, LLC subsidiary, showed a factored receivable period-end balance of $1.04 billion in September 2023. The yield on the average receivable balance was 13.59%, and the current quarter charge-off rate was 0.12%.
TriumphPay, part of the Payments segment, reported a supply chain financing factored receivable period-end balance of $87.59 million in September 2023. The Payments segment faced a pre-tax operating loss of $3.74 million.
Deposits
As of September 30, 2023, Triumph Financial, Inc. held deposits of $4.49 billion, with non-interest-bearing demand deposits totaling $1.63 billion. Interest-bearing demand deposits, individual retirement accounts, and other deposit categories also contributed to the company's overall deposit base.
Net Interest Margin
The net interest margin for Triumph Financial, Inc. for the third quarter of 2023 was 7.48%, reflecting the company's ability to manage its interest-earning assets and liabilities effectively.
Triumph Financial, Inc. continues to navigate a challenging financial landscape, adapting to market dynamics while maintaining a diverse portfolio of financial services. The company's performance in Q3 2023 highlights its resilience and commitment to delivering value to its customers and shareholders.