Triumph Financial Q4 2023 Earnings Report
Key Takeaways
Triumph Financial reported net income available to common stockholders of $8.8 million, or $0.37 per diluted share, for the fourth quarter. TriumphPay achieved its EBITDA margin goal one year ahead of schedule despite a freight recession. The bank segment experienced elevated credit noise, which weighed on earnings relative to prior quarters.
TriumphPay achieved its EBITDA margin goal one year ahead of schedule despite a freight recession, becoming EBITDA-positive for the first time this quarter.
Introduced LoadPay, a wallet application developed for truckers, expected to launch in mid-2024, expanding the addressable market and leveraging the capabilities of the primary business units.
Experienced more noise in the credit book than preferred, with chargeoffs for the quarter at 13 basis points, attributed to the freight recession and interest rate movements.
Near-term earnings face potential triple headwinds from the ongoing freight recession, potential decline in short-term interest rates, and investments in new initiatives like LoadPay.
Triumph Financial
Triumph Financial
Triumph Financial Revenue by Segment
Forward Guidance
For the first quarter specifically, depending on the timing of a few items, we expect total non-interest expenses in the range of $90 to $92 million.