Triumph Financial Inc 2025年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the quarterly period endedMarch31, 2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the transition period from _______ to _______Commission File Number001-36722___________________________________________________________ TRIUMPH FINANCIAL, INC. (Exact name of registrant as specified in its charter) 20-0477066(I.R.S. EmployerIdentification No.) Texas(State or other jurisdiction ofincorporation or organization) 12700 Park Central Drive, Suite 1700Dallas,Texas75251(Address of principal executive offices)(214)365-6900(Registrant’s telephone number, including area code) Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days.Yes x Noo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes x Noo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act. Large accelerated filerxNon-accelerated filer☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Acto Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No xIndicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Securities registered pursuant to Section12(b) of the Act: TRIUMPH FINANCIAL, INC. FORM 10-Q March31, 2025 TABLE OF CONTENTS PART I - FINANCIAL INFORMATION Item1.Financial StatementsConsolidated Balance Sheets2Consolidated Statements of Income3Consolidated Statements of Comprehensive Income4Consolidated Statements of Changes in Stockholders’ Equity5Consolidated Statements of Cash Flows6Condensed Notes to Consolidated Financial Statements8Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations43Item3.Quantitative and Qualitative Disclosures About Market Risks80Item4.Controls and Procedures81 PART II - OTHER INFORMATION Item1.Legal Proceedings81Item1A.Risk Factors82Item2.Unregistered Sales of Equity Securities and Use of Proceeds82Item3.Defaults Upon Senior Securities82Item4.Mine Safety Disclosures82Item5.Other Information82Item6.Exhibits83 PART I – FINANCIAL INFORMATION ITEM1 FINANCIAL STATEMENTS TRIUMPH FINANCIAL, INC.CONSOLIDATED STATEMENTS OF INCOMEFortheThreeMonthsEnded March31, 2025 and 2024(Dollar amounts in thousands, except per share amounts)(Unaudited) TRIUMPH FINANCIAL, INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEFortheThreeMonthsEnded March31, 2025 and 2024(Dollar amounts in thousands)(Unaudited) TRIUMPH FINANCIAL, INC.CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITYFortheThreeMonthsEnded March31, 2025 and 2024(Dollar amounts in thousands)(Unaudited) TRIUMPH FINANCIAL, INC.CONSOLIDATED STATEMENTS OF CASH FLOWSFor the Three Months Ended March 31, 2025 and 2024(Dollar amounts in thousands)(Unaudited) TRIUMPH FINANCIAL, INC.CONSOLIDATED STATEMENTS OF CASH FLOWSFor the Three Months Ended March 31, 2025 and 2024(Dollar amounts in thousands)(Unaudited) TRIUMPH FINANCIAL, INC.CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Unaudited) NOTE1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Triumph Financial, Inc. (collectively with its subsidiaries, “Triumph Financial”, or the “Company” as applicable) is a financial holdingcompany headquartered in Dallas, Texas, offering a diversified line of banking, factoring, payments, and intelligence services. Theaccompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries TriumphCRA Holdings, LLC (“TCRA”), TBK Bank, SSB (“TBK Bank”), and TBK Bank’s wholly owned subsidiary Triumph InsuranceGroup, Inc. (“TIG”). Substantially all of the Company's products and services (other than certain insurance brokerage activities atTIG) are offered through TBK Bank. Effective January, 1, 2025, Triumph Financial Services LLC, the entity through which the Company previously condu