Triumph Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Quarter Ended December 31, 2016
January 24, 2017 at 03:30 am IST
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Triumph Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total interest income of $37,774,000 compared to $25,281,000 a year ago. Net interest income was $33,544,000 compared to $23,050,000 a year ago. Net income before income tax was $6,541,000 compared to $3,554,000 a year ago. Net income available to common stockholders was $6,064,000 compared to $4,312,000 a year ago. Fully diluted earnings per share were $0.33 compared to $0.24 a year ago. Adjusted net income available to common stockholders was $6,064,000 or $0.33 per diluted share compared to $3,412,000 or $0.19 per diluted share a year ago. For the quarter ended December 31, 2016, annualized return on average common equity and return on average assets were 8.60% and 0.96%, respectively, compared to an annualized return on average common equity and return on average assets of 6.51% and 0.84%, respectively, for the quarter ended September 30, 2016.
For the year, the company reported total interest income of $124,492,000 compared to $98,760,000 a year ago. Net interest income was $112,358,000 compared to $90,651,000 a year ago. Net income before income tax was $33,509,000 compared to $37,554,000 a year ago. Net income available to common stockholders was $19,813,000 compared to $28,353,000 a year ago. Fully diluted earnings per share were $1.10 compared to $1.57 a year ago. Adjusted net income available to common stockholders was $21,963,000 or $1.17 per diluted share compared to $14,337,000 or $0.80 per diluted share a year ago. Return on average assets was 1.10% against 0.78% a year ago. Return on average common equity was 7.29% and return on average assets was 1.00% for the year ended December 31, 2016, compared to 11.44% and 1.89%, respectively, for the year ended December 31, 2015. Tangible book value per share was $12.89 compared to $12.79 a year ago. Book value per share was $15.47 compared to $14.34 a year ago.
The company recorded net charge-offs of $1.95 million for the quarter ended December 31, 2016 compared to net charge-offs of $1.68 million for the quarter ended September 30, 2016.
Triumph Financial, Inc. is a financial holding company. The Company's segments include Banking, Factoring and Payments. The Banking segment includes the operations of TBK Bank, which offers products and services that are focused on serving the local communities in which it operates and creating full banking relationships with both personal and commercial clients. TBK Bank operates retail branch networks in three geographic markets, including a mid-western division, a western division, and a mountain division. Its traditional banking offerings include a full suite of lending and deposit products and services. The Factoring segment includes the operations of Triumph Financial Services, which offers factoring services to its customers across a variety of industries with a focus on transportation factoring. The Payments segment includes the operations of TBK Bank's TriumphPay division, which is the payments network for presentment, audit, and payment of over-the-road trucking invoices.
Triumph Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Quarter Ended December 31, 2016