Triumph Bancorp reported Q2/15 net income of $4.457 million was up 95% compared to $2.285 million in Q2/14. Earnings per share of $0.25 for the quarter exceeded analysts’ expectations of $0.17 EPS.
The following highlights were excerpted from the news release:
- Commercial Finance loans of $467.7 million at 6/30/15 were up 45.3% from $321.9 million at the end of the same period in 2014. The composition of the loan portfolio by product type is shown below:
- Equipment related finance loans outstanding at 6/30/15 were $138.0 million, up 94% from $71.2 million a year earlier.
- Asset-based loans outstanding at 6/30/15 were $64.8 million, up 33% from $48.7 million a year earlier
- ABL Healthcare outstanding at 6/30/15 of $65.1 was up from $45.8 million or 42%.
- Factored receivables of $199.7 million at 6/30/15 were up 28% from $156.3 million at 6/30/14.
- The adjusted net interest margin in Q2/15 of 6.78% was up from 5.74% a year earlier.
- The adjusted yield on loan of 8.96% was up from 7.75% a year earlier.
- Net loans of $1,141.2 million was up 22.3% from $933.3 million at the end of Q2/14.
- Q2/15 interest income from loans, including fees, of $17.2 million was up 23.7% from $13.9 million a year earlier.
“Our second quarter 2015 results were strong with a significant rebound from the slower growth experienced due to seasonality in the first quarter,” said Aaron P. Graft, chief executive officer, Triumph Bancorp. “Each of the products in our commercial finance loan portfolio experienced net growth and our loan yields and net interest margin continue to rank near the top of our industry.”
Access the full Triumph Bancorp news release here.