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Triumph Bancorp (Nasdaq: TBK) declared a quarterly cash dividend of $19.99 per share on its 7.125% Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock. Each depositary share will receive $0.49975. The dividend is set to be paid on September 30, 2020, to holders of record by the close of business on September 15, 2020. Triumph Bancorp operates through TBK Bank, offering community banking, national lending, and commercial finance products.
Triumph Bancorp (TBK) reported a net income of $13.4 million for Q2 2020, with diluted EPS of $0.56. Adjusted diluted EPS stood at $0.25, excluding a gain from the sale of Triumph Premium Finance. Credit loss expenses totaled $13.6 million, primarily driven by COVID-19 impacts. Total loans increased by 1.7% to $4.393 billion, while total deposits rose 10.3% to $4.062 billion. Non-interest income surged to $20.0 million, with a notable gain from asset sales. The net interest margin was recorded at 5.11%. A conference call is scheduled for July 21, 2020.
Triumph Bancorp (NASDAQ: TBK) has successfully acquired transportation factoring assets from Transport Financial Solutions (TFS) for $108.4 million in cash and approximately $13.9 million in common stock, totaling $122.3 million. The assets include $103.3 million in net accounts receivable. The acquisition aims to enhance Triumph's role in the transportation sector and is expected to contribute around $0.15 per share to annual earnings. TFS clients will transition to Triumph's platform by July 31, 2020, improving operational efficiencies.
Triumph Bancorp (Nasdaq: TBK) will release its Q2 financial results on July 20, 2020, after market close. A conference call hosted by CEO Aaron P. Graft and CFO Bryce Fowler will follow on July 21, 2020, at 7:00 a.m. CDT, available via phone and webcast. Investors can access the earnings report on Triumph's website post-release. The press release includes forward-looking statements, cautioning that actual results may differ from predictions due to various risks and uncertainties.
Triumph Bancorp (Nasdaq: TBK) announced a public offering of 1,800,000 depositary shares, each representing a 1/40th interest in its 7.125% Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock, aimed at raising $45 million. After fees, net proceeds are anticipated to be approximately $43.6 million. The offering is expected to close on June 19, 2020, and includes a 30-day option for underwriters to purchase an additional 270,000 shares. Funds will be utilized for general corporate purposes, potentially including working capital and acquisitions.
On June 16, 2020, Triumph Bancorp (Nasdaq: TBK) announced a public offering of depositary shares representing a 1/40th interest in its Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock, priced at $25.00 per share. The offering includes a 30-day option for underwriters to purchase additional shares. Proceeds will be used for general corporate purposes, including working capital and potential acquisitions. The offering is under an effective shelf registration statement with the SEC. B. Riley FBR and others are managing the offering.
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