Triumph Bancorp posts strong second-quarter financial results while remaining “cautiously optimistic” for a relatively flat trucking and transportation market through the end of 2022.
“TriumphPay has already made substantial progress in bringing much-needed innovation to the crucial payments component of the freight industry,” said Melissa Forman, the company’s new president.
TBK Bank division wants to optimize payments and cash-flow management for the freight industry
“With TriumphPay handling payments for all stakeholders at each stage of the post-load payment journey in a secure and transparent fashion, carriers, brokers, factors and shippers will have more time to focus on other important business decisions,” said Melissa Forman, senior vice president and chief strategy officer at TriumphPay.
Triumph’s CEO Graft is not holding back, likening the automated deals to the invention of the telephone in terms of technical significance.
Triumph Bancorp CEO Graft revealed the numbers on the new factoring and brokerage companies that have signed up to the processing platform whose capabilities were bolstered earlier this year with the acquisition of HubTran.
“When we started this journey with Jordan three years ago, we defined proof of concept as becoming the largest payor in brokered freight,” said the CEO of TBK Bank.
With two significant acquisitions in the last year, the major force in factoring embarks on a new path.
The report is for a company that is about to undergo yet another change, with HubTran now in the fold.
The bank’s book of business grew at a pace that far exceeded the additional business that came with its acquisition of Covenant’s factoring operation
The Triumph acquisition of TFS has had plenty of problems since it was first announced.
Fourth-quarter figures at Triumph were impacted by the third-quarter acquisition of Covenant’s factoring business.
In today’s edition of The Daily Dash, another SPAC is on the hunt for a possible acquisition in the transportation space. Plus, Prologis posts strong Q3 earnings and more charges in the Louisiana investigation into staged truck accidents.
A $4.8 billion run rate for the quarter is expected to be at $7 billion by the end of the year: Triumph Bancorp CEO Graft
At $1,931, it’s up from both the second quarter of this year and Q3 of 2019
Cowen raises price projection for the truckload carrier after its announced third-quarter forecast
Covenant also announces it reached agreement with Triumph over sale of TFS factoring unit
Graft says on earnings call that by end of June, number of invoices being processed exceeded year-ago levels
Number and average size of invoices purchased both declined from 1Q 2020 and 2Q 2019
Loan quality deteriorated slightly, but TriumphPay is growing fast.
Asset quality mostly improved but net interest margin compressed by 62 bps.
TriumphPay announced that it has entered into a new partnership with U.S. Xpress to provide the company with real-time visibility into its brokerage payment services.
