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BUSINESS SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT INFORMATION
The Company's reportable segments are Banking, Factoring, Payments, and Intelligence, which have been determined based upon their business processes and economic characteristics. This determination also gave consideration to the structure and management of various product lines. The Banking segment includes the operations of TBK Bank. The Banking segment derives its revenue principally from investments in interest earning assets as well as noninterest income typical for the banking industry. The Factoring segment derives its revenue from factoring services. The Payments segment includes the presentment, audit, and payment solutions offered to Shipper, Broker, and Factor clients in the trucking industry. The Payments segment derives its revenue from transaction fees and interest income on factored receivables related to invoice payments. These factored receivables consist of both invoices where we offer a Carrier a QuickPay opportunity to receive payment at a discount in advance of the standard payment term for such invoice in exchange for the assignment of such invoice to us and from offering Brokers the ability to settle their invoices with us on an extended term following our payment to their Carriers as an additional liquidity option for such Brokers. The Intelligence segment was launched at the beginning of the fourth quarter of 2024 to turn the over-the-road trucking data collected through our services into actionable insights for our customers. This launch coincided with our acquisition of the assets of Isometric Technologies Inc., a company that provides service and performance scoring and benchmarking capabilities to the over-the-road trucking industry. The operations of this segment were further supplemented with our acquisition of Greenscreens AI. Inc., a pricing solution for the logistics industry that delivers short-term freight market pricing intelligence and business insights, during the quarter ended June 30, 2025. The revenue for Intelligence offerings is derived through access and subscription fees, as well as seat licenses where applicable. Prior to the fourth quarter of 2024, there were no individuals allocated specifically to our data intelligence segment and an explicit data intelligence segment did not exist. Therefore, revision of prior period segment operating results is not applicable.
Prior to September 30, 2024, the Company disclosed Corporate as a reportable segment. The Company has determined that what was previously deemed the Corporate reportable segment consists of other business activities that do not represent a reportable segment, but rather, such activities belong in a Corporate and Other category as reported in the tabular disclosure below. It should be noted that such restructuring of the tabular disclosure did not result in any changes to the Company's revenue and expense allocation methodology described below. The Company restructured prior period tabular disclosures to achieve appropriate comparability.
Expenses that are directly attributable to the Company's Banking, Factoring, Payments, and Intelligence segments such as, but not limited to, occupancy, salaries and benefits to employees that are fully dedicated to the segment, and certain technology costs that can be attributed to specific users or functional areas within the segment are allocated as such. The Company continues to make considerable investments in shared services that benefit the entire organization and these expenses are allocated to the Corporate and Other category. The Company allocates such expenses to the Corporate and Other category in order for the Company's chief operating decision maker and investors to have clear visibility into the operating performance of each reportable segment.
The Company allocates intersegment interest expense to the Factoring and Payments segments based on one-month term SOFR for their funding needs. When the Payments segment is self-funded, with customer deposit funding in excess of its factored receivables, intersegment interest income is allocated based on the Federal Funds effective rate. Management believes that such intersegment interest allocations appropriately reflect the current interest rate environment and the relatively quick turn of the underlying receivables.
Reported segments and the financial information of the reported segments are not necessarily comparable with similar information reported by other financial institutions. Additionally, because of the interrelationships of the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. Changes in management structure or allocation methodologies and procedures may result in future changes to previously reported segment financial data. The accounting policies of the segments are substantially the same as those described in the “Summary of Significant Accounting Policies” in Note 1 of the Company’s 2024 Form 10-K.
Transactions between segments consist primarily of borrowed funds, payment network fees, and servicing fees. Intersegment interest expense is allocated to the Factoring and Payments segments as described above. Payment network fees are paid by the Factoring segment to the Payments segment for use of the payments network. Servicing fees are paid by the Payments segment to the Factoring segment for servicing factoring transactions with freight broker clients transferred from the Factoring segment to the Payments segment to align with the supply chain finance product offerings for this business. Servicing fees are paid by the Payments segment to the Factoring segment for servicing such product. Beginning prospectively on January 1, 2024, the Factoring and Payments segments began paying fees to our Banking segment for the Banking segment's execution of various banking services that benefit those segments. Credit loss expense is allocated based on the segment’s ACL determination. Noninterest income and expense directly attributable to a segment are assigned to the related segment. Various shared service costs such as human resources, accounting, finance, risk management and information technology expense are assigned to the Corporate and Other category if they are not directly attributable to a segment. Other segment expense consists of various loan and card related expenses and other insignificant miscellaneous costs not specifically reviewed by the Company's chief operating decision maker. Taxes are paid on a consolidated basis and are not allocated for segment purposes.
(Dollars in thousands)TotalCorporate
Three Months Ended June 30, 2025BankingFactoringPaymentsIntelligenceSegments
and Other(1)
Consolidated
Total interest income$64,851 $38,040 $6,230 $— $109,121 $80 $109,201 
Intersegment interest allocations6,386 (9,282)2,896 — — — — 
Total interest expense18,825 2 — — 18,827 1,696 20,523 
Net interest income (expense)52,412 28,756 9,126 — 90,294 (1,616)88,678 
Credit loss expense (benefit)2,219 (2,916)92 — (605)(97)(702)
Net interest income after credit loss expense50,193 31,672 9,034 — 90,899 (1,519)89,380 
Noninterest income7,989 1,811 7,724 1,724 19,248 136 19,384 
Noninterest expense:
Salaries and employee benefits16,001 13,444 8,711 3,234 41,390 18,492 59,882 
Depreciation1,656 468 222 7 2,353 1,602 3,955 
Other occupancy, furniture and equipment1,896 508 163 14 2,581 1,603 4,184 
FDIC insurance and other regulatory assessments894 — — — 894 — 894 
Professional fees1,801 (7,272)240 2,995 (2,236)1,916 (320)
Amortization of intangible assets385 193 1,418 946 2,942 458 3,400 
Advertising and promotion557 223 669 22 1,471 367 1,838 
Communications and technology5,257 2,438 2,455 278 10,428 1,887 12,315 
Software amortization— 1,125 1,413 — 2,538 327 2,865 
Travel and entertainment306 245 456 130 1,137 482 1,619 
Other3,210 2,770 1,097 84 7,161 3,047 10,208 
Total noninterest expense31,963 14,142 16,844 7,710 70,659 30,181 100,840 
Net intersegment noninterest income (expense)(2)
155 413 (568)— — — — 
Net income (loss) before income tax expense$26,374 $19,754 $(654)$(5,986)$39,488 $(31,564)$7,924 
(Dollars in thousands)TotalCorporate
Three Months Ended June 30, 2024BankingFactoringPaymentsIntelligenceSegments
and Other(1)
Consolidated
Total interest income$66,900 $34,307 $5,721 $— $106,928 $87 $107,015 
Intersegment interest allocations7,188 (9,198)2,010 — — — — 
Total interest expense16,713 — — — 16,713 2,387 19,100 
Net interest income (expense)57,375 25,109 7,731 — 90,215 (2,300)87,915 
Credit loss expense (benefit)1,961 2,176 (9)— 4,128 27 4,155 
Net interest income after credit loss expense55,414 22,933 7,740 — 86,087 (2,327)83,760 
Noninterest income7,599 2,016 5,867 — 15,482 1,685 17,167 
Noninterest expense:
Salaries and employee benefits16,733 12,863 9,224 — 38,820 17,185 56,005 
Depreciation1,714 546 263 — 2,523 1,469 3,992 
Other occupancy, furniture and equipment2,124 544 172 — 2,840 1,733 4,573 
FDIC insurance and other regulatory assessments641 — — — 641 — 641 
Professional fees1,622 1,453 658 — 3,733 825 4,558 
Amortization of intangible assets607 362 1,687 — 2,656 213 2,869 
Advertising and promotion867 229 509 — 1,605 403 2,008 
Communications and technology5,504 2,984 2,717 — 11,205 3,102 14,307 
Software amortization57 584 580 — 1,221 136 1,357 
Travel and entertainment305 255 416 — 976 537 1,513 
Other2,691 875 844 — 4,410 1,110 5,520 
Total noninterest expense32,865 20,695 17,070 — 70,630 26,713 97,343 
Net intersegment noninterest income (expense)(2)
137 373 (510)— — — — 
Net income (loss) before income tax expense$30,285 $4,627 $(3,973)$— $30,939 $(27,355)$3,584 
(Dollars in thousands)TotalCorporate
Six Months Ended June 30, 2025BankingFactoringPaymentsIntelligenceSegments
and Other(1)
Consolidated
Total interest income$128,344 $71,371 $11,593 $— $211,308 $163 $211,471 
Intersegment interest allocations11,121 (16,935)5,814 — — — — 
Total interest expense35,036 2 — — 35,038 3,372 38,410 
Net interest income (expense)104,429 54,434 17,407 — 176,270 (3,209)173,061 
Credit loss expense (benefit)2,726 (2,356)210 — 580 48 628 
Net interest income after credit loss expense101,703 56,790 17,197 — 175,690 (3,257)172,433 
Noninterest income14,992 3,530 14,255 2,119 34,896 1,678 36,574 
Noninterest expense:
Salaries and employee benefits32,318 26,666 18,324 4,718 82,026 36,574 118,600 
Depreciation3,286 971 452 14 4,723 3,176 7,899 
Other occupancy, furniture and equipment3,998 1,045 331 21 5,395 3,287 8,682 
FDIC insurance and other regulatory assessments1,621 — — — 1,621 — 1,621 
Professional fees2,866 (5,420)446 3,946 1,838 3,906 5,744 
Amortization of intangible assets770 386 2,969 1,062 5,187 613 5,800 
Advertising and promotion1,068 477 1,050 52 2,647 655 3,302 
Communications and technology10,272 4,712 4,924 505 20,413 4,146 24,559 
Software amortization56 1,719 2,609 2 4,386 471 4,857 
Travel and entertainment544 428 833 248 2,053 1,058 3,111 
Other6,235 3,511 2,019 150 11,915 4,923 16,838 
Total noninterest expense63,034 34,495 33,957 10,718 142,204 58,809 201,013 
Net intersegment noninterest income (expense)(2)
292 848 (1,140)— — — — 
Net income (loss) before income tax expense$53,953 $26,673 $(3,645)$(8,599)$68,382 $(60,388)$7,994 
(Dollars in thousands)TotalCorporate
Six Months Ended June 30, 2024BankingFactoringPaymentsIntelligenceSegments
and Other(1)
Consolidated
Total interest income$130,894 $67,059 $10,878 $— $208,831 $131 $208,962 
Intersegment interest allocations13,932 (18,103)4,171 — — — — 
Total interest expense30,217 — — — 30,217 4,795 35,012 
Net interest income (expense)114,609 48,956 15,049 — 178,614 (4,664)173,950 
Credit loss expense (benefit)6,488 3,531 60 — 10,079 (28)10,051 
Net interest income after credit loss expense108,121 45,425 14,989 — 168,535 (4,636)163,899 
Noninterest income14,075 4,919 11,410 — 30,404 1,762 32,166 
Noninterest expense:
Salaries and employee benefits33,542 25,124 18,355 — 77,021 33,169 110,190 
Depreciation3,513 1,052 507 — 5,072 2,532 7,604 
Other occupancy, furniture and equipment4,481 1,069 316 — 5,866 2,731 8,597 
FDIC insurance and other regulatory assessments1,294 — — — 1,294 — 1,294 
Professional fees2,296 2,056 1,451 — 5,803 2,296 8,099 
Amortization of intangible assets1,225 766 3,389 — 5,380 213 5,593 
Advertising and promotion1,204 475 869 — 2,548 674 3,222 
Communications and technology10,487 5,282 4,800 — 20,569 5,632 26,201 
Software amortization72 1,165 1,107 — 2,344 187 2,531 
Travel and entertainment590 505 933 — 2,028 994 3,022 
Other5,290 1,894 1,828 — 9,012 2,349 11,361 
Total noninterest expense63,994 39,388 33,555 — 136,937 50,777 187,714 
Net intersegment noninterest income (expense)(2)
258 762 (1,020)— — — — 
Net income (loss) before income tax expense$58,460 $11,718 $(8,176)$— $62,002 $(53,651)$8,351 
(1) Includes revenue and expense from the Company’s holding company, which does not meet the definition of an operating segment. Also includes corporate shared service costs such as the majority of salaries and benefits expense for the Company's executive leadership team, as well as other selling, general, and administrative shared services costs including human resources, accounting, finance, risk management and a significant amount of information technology expense.
(2) Net intersegment noninterest income (expense) includes:
(Dollars in thousands)BankingFactoringPayments
Three Months Ended June 30, 2025
Factoring revenue received from Payments$— $910 $(910)
Payments revenue received from Factoring— (381)381 
Banking revenue received from Payments and Factoring155 (116)(39)
Net intersegment noninterest income (expense)$155 $413 $(568)
Three Months Ended June 30, 2024
Factoring revenue received from Payments$— $750 $(750)
Payments revenue received from Factoring— (264)264 
Banking revenue received from Payments and Factoring137 (113)(24)
Net intersegment noninterest income (expense)$137 $373 $(510)
Six months ended June 30, 2025
Factoring revenue received from Payments$— $1,821 $(1,821)
Payments revenue received from Factoring— (753)753 
Banking revenue received from Payments and Factoring292 (220)(72)
Net intersegment noninterest income (expense)$292 $848 $(1,140)
Six months ended June 30, 2024
Factoring revenue received from Payments$— $1,500 $(1,500)
Payments revenue received from Factoring— (529)529 
Banking revenue received from Payments and Factoring258 (209)(49)
Net intersegment noninterest income (expense)$258 $762 $(1,020)
Total assets and gross loans below include intercompany loans, which eliminate in consolidation. Effective January, 1, 2025, Triumph Financial Services LLC, the entity through which the Company previously conducted all of its factoring operations, was merged with and into TBK Bank, SSB. Concurrent with the legal entity merger, the Banking segment intercompany advance to the Factoring segment was extinguished.
(Dollars in thousands)TotalCorporate
June 30, 2025BankingFactoringPaymentsIntelligenceSegmentsand OtherEliminationsConsolidated
Total assets$5,075,248 $1,240,792 $657,648 $118,292 $7,091,980 $673,102 $(1,270,334)$6,494,748 
Gross loans $3,552,700 $1,177,423 $226,547 $— $4,956,670 $— $(3,500)$4,953,170 
(Dollars in thousands)TotalCorporate
December 31, 2024BankingFactoringPaymentsIntelligenceSegmentsand OtherEliminationsConsolidated
Total assets$5,443,452 $1,186,342 $590,063 $10,099 $7,229,956 $1,119,825 $(2,400,806)$5,948,975 
Gross loans$3,944,146 $1,034,992 $171,668 $— $5,150,806 $— $(603,846)$4,546,960