Triumph Bancorp, Inc (TBK) has reported 109.21 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $10.47 million in the quarter, compared with $5.01 million for the same period last year. On the other hand, adjusted net income for the quarter stood at $0.31 million, or $0.02 a share compared with $4.81 million or $0.27 a share, a year ago.
Revenue during the quarter surged 83.79 percent to $51.43 million from $27.98 million in the previous year period. Net interest income for the quarter rose 41.49 percent over the prior year period to $31.82 million. Non-interest income for the quarter rose 447.78 percent over the last year period to $27.28 million.
Triumph Bancorp has made provision of $7.68 million for loan losses during the quarter, compared with a negative provision of $0.51 million in the same period last year.
Net interest margin contracted 53 basis points to 5.37 percent in the quarter from 5.90 percent in the last year period. Efficiency ratio for the quarter improved to 58.94 percent from 73.09 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Liabilities outpace assets growth
Total assets stood at $2,635.36 million as on Mar. 31, 2017, up 56.14 percent compared with $1,687.80 million on Mar. 31, 2016. On the other hand, total liabilities stood at $2,334.93 million as on Mar. 31, 2017, up 65.17 percent from $1,413.68 million on Mar. 31, 2016.
Loans outpace deposit growthNet loans stood at $2,016.14 million as on Mar. 31, 2017, up 63.42 percent compared with $1,233.75 million on Mar. 31, 2016. Deposits stood at $2,024.29 million as on Mar. 31, 2017, up 60.61 percent compared with $1,260.39 million on Mar. 31, 2016.
Investments stood at $283.33 million as on Mar. 31, 2017, up 51.26 percent or $96.02 million from year-ago. Shareholders equity stood at $300.42 million as on Mar. 31, 2017, up 9.60 percent or $26.31 million from year-ago.
Return on average assets moved up 42 basis points to 1.62 percent in the quarter from 1.20 percent in the last year period. At the same time, return on average equity increased 705 basis points to 14.44 percent in the quarter from 7.39 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 1.92 percent in the quarter, up from 1.72 percent in the last year period.
Equity to assets ratio was 11.40 percent for the quarter, down from 16.24 percent for the previous year quarter. Book value per share was $16.08 for the quarter, up 9.61 percent or $1.41 compared to $14.67 for the same period last year.
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