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BUSINESS SEGMENT INFORMATION
 9 Months Ended
Sep. 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 September 30, 2025BankingFactoringPaymentsIntelligenceSegments
and Other(1)
Consolidated
Total interest income$64,931 $37,157 $6,769 $— $108,857 $83 $108,940 
Intersegment interest allocations6,657 (9,600)2,943 — — — — 
Total interest expense19,391 6 — — 19,397 1,710 21,107 
Net interest income (expense)52,197 27,551 9,712 — 89,460 (1,627)87,833 
Credit loss expense (benefit)1,973 2,302 9 — 4,284 — 4,284 
Net interest income after credit loss expense50,224 25,249 9,703 — 85,176 (1,627)83,549 
Noninterest income8,364 1,585 8,462 2,338 20,749 699 21,448 
Noninterest expense:
Salaries and employee benefits15,349 13,674 8,769 3,767 41,559 18,633 60,192 
Depreciation1,603 449 203 15 2,270 1,431 3,701 
Other occupancy, furniture and equipment2,134 525 152 17 2,828 1,333 4,161 
FDIC insurance and other regulatory assessments1,468 — — — 1,468 — 1,468 
Professional fees1,194 45 248 131 1,618 3,610 5,228 
Amortization of intangible assets385 193 904 1,360 2,842 114 2,956 
Advertising and promotion416 186 1,221 56 1,879 330 2,209 
Communications and technology4,541 2,251 2,713 381 9,886 2,409 12,295 
Software amortization— 952 1,550 12 2,514 354 2,868 
Travel and entertainment188 108 179 127 602 441 1,043 
Other4,393 702 1,155 70 6,320 1,273 7,593 
Total noninterest expense31,671 19,085 17,094 5,936 73,786 29,928 103,714 
Net intersegment noninterest income (expense)(2)
158 463 (621)— — — — 
Net income (loss) before income tax expense$27,075 $8,212 $450 $(3,598)$32,139 $(30,856)$1,283 
(Dollars in thousands)TotalCorporate
Three Months Ended September 30, 2024BankingFactoringPaymentsIntelligenceSegments
and Other(1)
Consolidated
Total interest income$67,390 $34,905 $5,693 $— $107,988 $87 $108,075 
Intersegment interest allocations6,711 (9,280)2,569 — — — — 
Total interest expense16,976 — — — 16,976 2,400 19,376 
Net interest income (expense)57,125 25,625 8,262 — 91,012 (2,313)88,699 
Credit loss expense (benefit)3,719 328 (5)— 4,042 221 4,263 
Net interest income after credit loss expense53,406 25,297 8,267 — 86,970 (2,534)84,436 
Noninterest income7,538 2,170 6,322 — 16,030 1,467 17,497 
Noninterest expense:
Salaries and employee benefits17,038 12,585 9,381 — 39,004 16,443 55,447 
Depreciation1,690 520 253 — 2,463 1,478 3,941 
Other occupancy, furniture and equipment2,252 549 168 — 2,969 1,791 4,760 
FDIC insurance and other regulatory assessments679 — — — 679 — 679 
Professional fees900 1,759 517 — 3,176 1,558 4,734 
Amortization of intangible assets590 362 1,687 — 2,639 961 3,600 
Advertising and promotion474 219 304 — 997 419 1,416 
Communications and technology5,145 2,374 2,397 — 9,916 2,506 12,422 
Software amortization64 528 743 — 1,335 149 1,484 
Travel and entertainment242 191 375 — 808 623 1,431 
Other2,935 882 773 — 4,590 1,142 5,732 
Total noninterest expense32,009 19,969 16,598 — 68,576 27,070 95,646 
Net intersegment noninterest income (expense)(2)
139 465 (604)— — — — 
Net income (loss) before income tax expense$29,074 $7,963 $(2,613)$— $34,424 $(28,137)$6,287 
(Dollars in thousands)TotalCorporate
Nine Months Ended September 30, 2025BankingFactoringPaymentsIntelligenceSegments
and Other(1)
Consolidated
Total interest income$193,275 $108,528 $18,362 $— $320,165 $246 $320,411 
Intersegment interest allocations17,778 (26,535)8,757 — — — — 
Total interest expense54,427 8 — — 54,435 5,082 59,517 
Net interest income (expense)156,626 81,985 27,119 — 265,730 (4,836)260,894 
Credit loss expense (benefit)4,699 (54)219 — 4,864 48 4,912 
Net interest income after credit loss expense151,927 82,039 26,900 — 260,866 (4,884)255,982 
Noninterest income23,356 5,115 22,717 4,457 55,645 2,377 58,022 
Noninterest expense:
Salaries and employee benefits47,667 40,340 27,093 8,485 123,585 55,207 178,792 
Depreciation4,889 1,420 655 29 6,993 4,607 11,600 
Other occupancy, furniture and equipment6,132 1,570 483 38 8,223 4,620 12,843 
FDIC insurance and other regulatory assessments3,089 — — — 3,089 — 3,089 
Professional fees4,060 (5,375)694 4,077 3,456 7,516 10,972 
Amortization of intangible assets1,155 579 3,873 2,422 8,029 727 8,756 
Advertising and promotion1,484 663 2,271 108 4,526 985 5,511 
Communications and technology14,813 6,963 7,637 886 30,299 6,555 36,854 
Software amortization56 2,671 4,159 14 6,900 825 7,725 
Travel and entertainment732 536 1,012 375 2,655 1,499 4,154 
Other10,628 4,213 3,174 220 18,235 6,196 24,431 
Total noninterest expense94,705 53,580 51,051 16,654 215,990 88,737 304,727 
Net intersegment noninterest income (expense)(2)
450 1,311 (1,761)— — — — 
Net income (loss) before income tax expense$81,028 $34,885 $(3,195)$(12,197)$100,521 $(91,244)$9,277 
(Dollars in thousands)TotalCorporate
Nine Months Ended September 30, 2024BankingFactoringPaymentsIntelligenceSegments
and Other(1)
Consolidated
Total interest income$198,284 $101,964 $16,571 $— $316,819 $218 $317,037 
Intersegment interest allocations20,643 (27,383)6,740 — — — — 
Total interest expense47,193 — — — 47,193 7,195 54,388 
Net interest income (expense)171,734 74,581 23,311 — 269,626 (6,977)262,649 
Credit loss expense (benefit)10,207 3,859 55 — 14,121 193 14,314 
Net interest income after credit loss expense161,527 70,722 23,256 — 255,505 (7,170)248,335 
Noninterest income21,613 7,089 17,732 — 46,434 3,229 49,663 
Noninterest expense:
Salaries and employee benefits50,580 37,709 27,736 — 116,025 49,612 165,637 
Depreciation5,203 1,572 760 — 7,535 4,010 11,545 
Other occupancy, furniture and equipment6,733 1,618 484 — 8,835 4,522 13,357 
FDIC insurance and other regulatory assessments1,973 — — — 1,973 — 1,973 
Professional fees3,196 3,815 1,968 — 8,979 3,854 12,833 
Amortization of intangible assets1,815 1,128 5,076 — 8,019 1,174 9,193 
Advertising and promotion1,678 694 1,173 — 3,545 1,093 4,638 
Communications and technology15,632 7,656 7,197 — 30,485 8,138 38,623 
Software amortization136 1,693 1,850 — 3,679 336 4,015 
Travel and entertainment832 696 1,308 — 2,836 1,617 4,453 
Other8,225 2,776 2,601 — 13,602 3,491 17,093 
Total noninterest expense96,003 59,357 50,153 — 205,513 77,847 283,360 
Net intersegment noninterest income (expense)(2)
397 1,227 (1,624)— — — — 
Net income (loss) before income tax expense$87,534 $19,681 $(10,789)$— $96,426 $(81,788)$14,638 
(1) Includes revenue and expense from the Company’s holding company, which does not meet the definition of an operating segment. Also includes corporate shared service costs such as the majority of salaries and benefits expense for the Company's executive leadership team, as well as other selling, general, and administrative shared services costs including human resources, accounting, finance, risk management and a significant amount of information technology expense.
(2) Net intersegment noninterest income (expense) includes:
(Dollars in thousands)BankingFactoringPayments
Three Months Ended September 30, 2025
Factoring revenue received from Payments$— $911 $(911)
Payments revenue received from Factoring— (329)329 
Banking revenue received from Payments and Factoring158 (119)(39)
Net intersegment noninterest income (expense)$158 $463 $(621)
Three Months Ended September 30, 2024
Factoring revenue received from Payments$— $864 $(864)
Payments revenue received from Factoring— (289)289 
Banking revenue received from Payments and Factoring139 (110)(29)
Net intersegment noninterest income (expense)$139 $465 $(604)
Nine months ended September 30, 2025
Factoring revenue received from Payments$— $2,732 $(2,732)
Payments revenue received from Factoring— (1,082)1,082 
Banking revenue received from Payments and Factoring450 (339)(111)
Net intersegment noninterest income (expense)$450 $1,311 $(1,761)
Nine months ended September 30, 2024
Factoring revenue received from Payments$— $2,364 $(2,364)
Payments revenue received from Factoring— (818)818 
Banking revenue received from Payments and Factoring397 (319)(78)
Net intersegment noninterest income (expense)$397 $1,227 $(1,624)
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
September 30, 2025BankingFactoringPaymentsIntelligenceSegmentsand OtherEliminationsConsolidated
Total assets$4,883,051 $1,281,114 $697,816 $119,172 $6,981,153 $678,121 $(1,302,125)$6,357,149 
Gross loans $3,559,118 $1,197,022 $230,782 $— $4,986,922 $— $— $4,986,922 
(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