In This Story
Triumph Financial Inc. (TFIN-3.62%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $5.949 billion, an increase from $5.347 billion at the end of 2023. Total loans held for investment rose to $4.547 billion, up from $4.163 billion in the previous year.
Net income for the year was $16.1 million, down from $41.1 million in 2023. This decrease is attributed to a rise in noninterest expense and credit loss expense.
Total deposits increased to $4.821 billion from $3.977 billion, with noninterest-bearing deposits comprising $1.964 billion of the total.
Triumph Financial's net interest income decreased by 4.8% to $350.5 million, primarily due to higher interest expenses and a slight decrease in loan yields.
The company's Factoring segment reported a 7.9% increase in factored receivables, totaling $1.204 billion. The Payments segment processed 24.8 million invoices, amounting to $27.784 billion.
Triumph Financial's Banking segment saw a 9.6% increase in loans, driven by mortgage warehouse lending, which increased by 40.4%.
The Intelligence segment, launched in the fourth quarter of 2024, reported a net loss of $1.7 million, with plans to offer data-driven insights to the trucking industry.
The company highlighted risks including economic conditions, interest rate changes, and regulatory impacts, emphasizing its focus on the transportation industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Triumph Financial Inc. annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.