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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________________
FORM 10-Q
___________________________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission File Number 001-36722
___________________________________________________________
TRIUMPH FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
___________________________________________________________
Texas20-0477066
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
12700 Park Central Drive, Suite 1700
Dallas, Texas 75251
(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 Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 90 days.    Yes  x    No  o
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    No  o
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 growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
Accelerated filer
Non-accelerated filer
Smaller reporting company
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 revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock — $0.01 par value, 23,334,719 shares, as of April 15, 2024.
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of each exchange on which registered
Common stock, par value $0.01 per shareTFIN
NASDAQ Global Select Market
Depositary Shares Each Representing a 1/40th Interest in a Share of 7.125% Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share
TFINP
NASDAQ Global Select Market


TRIUMPH FINANCIAL, INC.
FORM 10-Q
March 31, 2024
TABLE OF CONTENTS
i

PART I – FINANCIAL INFORMATION
ITEM 1
FINANCIAL STATEMENTS
1

TRIUMPH FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, 2024 and December 31, 2023
(Dollar amounts in thousands)
March 31,
2024
December 31,
2023
(Unaudited)
ASSETS
Cash and due from banks$69,730 $93,072 
Interest bearing deposits with other banks347,303 193,563 
Total cash and cash equivalents417,033 286,635 
Securities - equity investments with readily determinable fair values4,441 4,488 
Securities - available for sale320,101 299,644 
Securities - held to maturity, net of allowance for credit losses of $3,135 and $3,190, respectively, fair value of $3,750 and $4,015, respectively
3,010 2,977 
Loans held for sale3,712 1,236 
Loans, net of allowance for credit losses of $38,232 and $35,219, respectively
4,156,888 4,127,881 
Federal Home Loan Bank and other restricted stock4,764 14,278 
Premises and equipment, net162,544 113,457 
Capitalized software, net26,435 22,365 
Other real estate owned, net37 37 
Goodwill233,709 233,709 
Intangible assets, net23,842 23,646 
Bank-owned life insurance42,077 41,946 
Deferred tax asset, net7,946 8,800 
Other assets168,954 166,235 
Total assets$5,575,493 $5,347,334 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits
Noninterest bearing$1,747,544 $1,632,022 
Interest bearing2,703,419 2,345,456 
Total deposits4,450,963 3,977,478 
Federal Home Loan Bank advances30,000 255,000 
Subordinated notes108,807 108,678 
Junior subordinated debentures41,889 41,740 
Other liabilities71,495 100,038 
Total liabilities4,703,154 4,482,934 
Commitments and contingencies - See Note 6 and Note 7
Stockholders' equity - See Note 10
Preferred stock45,000 45,000 
Common stock, 23,334,997 and 23,302,414 shares outstanding, respectively
290 290 
Additional paid-in-capital555,613 550,743 
Treasury stock, at cost(265,119)(265,038)
Retained earnings539,688 536,331 
Accumulated other comprehensive income (loss)(3,133)(2,926)
Total stockholders’ equity872,339 864,400 
Total liabilities and stockholders' equity$5,575,493 $5,347,334 
See accompanying condensed notes to consolidated financial statements.
2

TRIUMPH FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months Ended March 31, 2024 and 2023
(Dollar amounts in thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31,
20242023
Interest and dividend income:
Loans, including fees$53,552 $52,538 
Factored receivables, including fees37,909 40,904 
Securities5,351 4,113 
FHLB and other restricted stock232 125 
Cash deposits4,903 2,994 
Total interest income101,947 100,674 
Interest expense:
Deposits12,152 3,202 
Subordinated notes1,224 1,309 
Junior subordinated debentures1,184 1,034 
Other borrowings1,352 1,747 
Total interest expense15,912 7,292 
Net interest income86,035 93,382 
Credit loss expense (benefit)5,896 2,613 
Net interest income after credit loss expense (benefit)80,139 90,769 
Noninterest income:
Service charges on deposits1,727 1,713 
Card income1,868 1,968 
Net gains (losses) on sale of loans(192)(84)
Fee income8,683 6,150 
Insurance commissions1,568 1,593 
Other1,345 (318)
Total noninterest income14,999 11,022 
Noninterest expense:
Salaries and employee benefits54,185 54,686 
Occupancy, furniture and equipment7,636 6,703 
FDIC insurance and other regulatory assessments653 418 
Professional fees3,541 3,085 
Amortization of intangible assets2,724 2,850 
Advertising and promotion1,214 1,371 
Communications and technology11,894 11,346 
Software amortization1,174 987 
Other7,350 7,835 
Total noninterest expense90,371 89,281 
Net income before income tax expense4,767 12,510 
Income tax expense 609 1,500 
Net income $4,158 $11,010 
Dividends on preferred stock(801)(801)
Net income available to common stockholders$3,357 $10,209 
Earnings per common share
Basic$0.14 $0.44 
Diluted$0.14 $0.43 
See accompanying condensed notes to consolidated financial statements.
3

TRIUMPH FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three Months Ended March 31, 2024 and 2023
(Dollar amounts in thousands)
(Unaudited)
Three Months Ended March 31,
20242023
Net income$4,158 $11,010 
Other comprehensive income:
Unrealized gains (losses) on securities:
Unrealized holding gains (losses) arising during the period(210)1,748 
Tax effect3 (372)
Unrealized holding gains (losses) arising during the period, net of taxes(207)1,376 
Reclassification of amount realized through sale or call of securities  
Tax effect  
Reclassification of amount realized through sale or call of securities, net of taxes  
Change in unrealized gains (losses) on securities, net of tax(207)1,376 
Total other comprehensive income (loss)(207)1,376 
Comprehensive income$3,951 $12,386 
See accompanying condensed notes to consolidated financial statements.
4

TRIUMPH FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
For the Three Months Ended March 31, 2024 and 2023
(Dollar amounts in thousands)
(Unaudited)
Preferred StockCommon StockAdditional
Paid-in-
Capital
Treasury StockRetained
Earnings
AccumulatedTotal
Stockholders'
Equity
Liquidation
Preference
Amount
Shares
Outstanding
Par
Amount
Shares
Outstanding
CostOther
Comprehensive
Income (Loss)
Balance, January 1, 2024$45,000 23,302,414 $290 $550,743 5,683,841 $(265,038)$536,331 $(2,926)$864,400 
Vesting of restricted stock and performance stock units— 9,877 — — — — — — — 
Stock option exercises, net— 5,401 — 144 — — — — 144 
Issuance of common stock pursuant to the Employee Stock Purchase Plan— 18,328 — 1,099 — — — — 1,099 
Stock based compensation— — — 3,627 — — — — 3,627 
Forfeiture of restricted stock awards— — — — — — — — — 
Purchase of treasury stock, net— (1,023)— — 1,023 (81)— — (81)
Dividends on preferred stock— — — — — — (801)— (801)
Net income— — — — — — 4,158 — 4,158 
Other comprehensive income (loss)— — — — — — — (207)(207)
Balance, March 31, 2024$45,000 23,334,997 $290 $555,613 5,684,864 $(265,119)$539,688 $(3,133)$872,339 
Preferred StockCommon StockAdditional
Paid-in-
Capital
Treasury StockRetained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
Liquidation
Preference
Amount
Shares
Outstanding
Par
Amount
Shares
Outstanding
Cost
Balance, January 1, 2023$45,000 24,053,585 $283 $534,790 4,268,131 $(182,658)$498,456 $(6,900)$888,971 
Issuance of restricted stock awards— 6,852 — — — — — — — 
Vesting of restricted stock and performance stock units— 366,892 4 (4)— — — —  
Stock option exercises, net— 758 — (33)— — — — (33)
Stock based compensation— — — 2,881 — — — — 2,881 
Forfeiture of restricted stock awards— (10,961)— 610 10,961 (610)— —  
Issuance of common stock pursuant to the Employee Stock Purchase Plan— 21,057 — 997 — — — — 997 
Purchase of treasury stock, net— (1,067,668)— — 1,067,668 (77,185)— — (77,185)
Dividends on preferred stock— — — — — — (801)— (801)
Net income— — — — — — 11,010 — 11,010 
Other comprehensive income (loss)— — — — — — 1,376 1,376 
Balance, March 31, 2023$45,000 23,370,515 $287 $539,241 5,346,760 $(260,453)$508,665 $(5,524)$827,216 
See accompanying condensed notes to consolidated financial statements.
5

TRIUMPH FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2024 and 2023
(Dollar amounts in thousands)
(Unaudited)
Three Months Ended March 31,
20242023
Cash flows from operating activities:
Net income$4,158 $11,010 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation3,612 3,084 
Net accretion on loans(471)(1,810)
Amortization of subordinated notes issuance costs129 216 
Amortization of junior subordinated debentures149 141 
Net (accretion) amortization on securities(343)(202)
Amortization of intangible assets2,724 2,850 
Software amortization1,174 987 
Deferred taxes, net857 4,540 
Credit loss expense (benefit)5,896 2,613 
Stock based compensation3,627 2,881 
Net (gains) losses on equity securities47 (90)
Origination of loans held for sale(165)(1,101)
Proceeds from sale of loans originated or purchased for sale123 1,110 
Net (gains) losses on sale of loans192 84 
Net change in operating leases(539)(3)
(Increase) decrease in other assets(8,269)(10,395)
Increase (decrease) in other liabilities(28,871)(14,888)
Net cash provided by (used in) operating activities(15,970)1,027 
Cash flows from investing activities:
Proceeds from sales of equity securities 783 
Purchases of securities available for sale(33,108)(64,507)
Proceeds from maturities, calls, and pay downs of securities available for sale12,739 3,820 
Proceeds from maturities, calls, and pay downs of securities held to maturity67 112 
Purchases of loans held for investment(995)(9,208)
Proceeds from sale of loans3,895 34,687 
Net change in loans(38,971)(214,005)
Purchases of premises and equipment, net(52,699)(15,384)
(Purchases) redemptions of FHLB and other restricted stock, net9,514 (18,254)
Acquired intangible assets(2,920)(3,042)
Net cash provided by (used in) investing activities(102,478)(284,998)
Cash flows from financing activities:
Net increase (decrease) in deposits473,485 (132,342)
Increase (decrease) in customer repurchase agreements 2,868 
Increase (decrease) in Federal Home Loan Bank advances(225,000)500,000 
Preferred stock dividends(801)(801)
Stock option exercises, net144 (33)
Proceeds from employee stock purchase plan common stock issuance1,099 997 
Purchase of treasury stock, net(81)(77,185)
Net cash provided by (used in) financing activities248,846 293,504 
Net increase (decrease) in cash and cash equivalents130,398 9,533 
Cash and cash equivalents at beginning of period286,635 408,182 
Cash and cash equivalents at end of period417,033 417,715 
See accompanying condensed notes to consolidated financial statements.
6

TRIUMPH FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2024 and 2023
(Dollar amounts in thousands)
(Unaudited)
Three Months Ended March 31,
20242023
Supplemental cash flow information:
Interest paid$16,190 $5,747 
Income taxes paid, net$133 $1,905 
Cash paid for operating lease liabilities$1,893 $1,293 
Supplemental noncash disclosures:
Loans held for investment transferred to loans held for sale$6,521 $33,147 
Lease liabilities arising from obtaining right-of-use assets$1,182 $455 
7

TRIUMPH FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1 — 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 holding company headquartered in Dallas, Texas, offering a diversified line of payments, factoring and banking services. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Triumph CRA Holdings, LLC (“TCRA”), TBK Bank, SSB (“TBK Bank”), TBK Bank’s wholly owned factoring subsidiary Triumph Financial Services LLC ("Triumph Financial Services"), and TBK Bank’s wholly owned subsidiary Triumph Insurance Group, Inc. (“TIG”). TriumphPay operates as a division of TBK Bank, SSB.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission (“SEC”). Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary for a fair presentation. Transactions between the subsidiaries have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
Operating Segments
The Company’s reportable segments are comprised of strategic business units primarily based upon industry categories and, to a lesser extent, the core competencies relating to product origination, distribution methods, operations and servicing. Segment determination also considers organizational structure and is consistent with the presentation of financial information to the chief operating decision maker to evaluate segment performance, develop strategy, and allocate resources. The Company's chief operating decision maker is the Chief Executive Officer of Triumph Financial, Inc. Management has determined that the Company has four reportable segments consisting of Banking, Factoring, Payments, and Corporate.
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 includes the operations of Triumph Financial Services with revenue derived from factoring services.
The Payments segment includes the operations of the TBK Bank's TriumphPay division, which is the payments network for presentment, audit, and payment of over-the-road trucking invoices. The Payments segment derives its revenue from transaction fees and interest income on factored receivables related to invoice payments. These factored receivables consist of (i) 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, (ii) offering freight 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 freight brokers, and (iii) factoring transactions where we purchase receivables payable to such freight brokers from their shipper clients.
The Corporate segment includes holding company financing and investment activities as well as management and administrative expenses that support the overall operations of the Company such as human resources, accounting, finance, risk management and information technology expense.
For further discussion of management's operating segments and allocation methodology, see Note 14 – Business Segment Information.
8

TRIUMPH FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Adoption of New Accounting Standards
In March 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-02, "Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures" ("ASU 2022-02"). ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings ("TDRs") in ASC 310-40, "Receivables - Troubled Debt Restructurings by Creditors" for entities that have adopted the current expected credit loss ("CECL") model introduced by ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (ASU 2016-13"). ASU 2022-02 also requires that public business entities disclose current-period gross charge-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, "Financial Instruments—Credit Losses—Measured at Amortized Cost".
The Company adopted ASU 2022-02 effective January 1, 2023 on a prospective basis. Adoption of ASU 2022-02 did not have a material impact on the Company's consolidated financial statements.
Newly Issued, But Not Yet Effective Accounting Standards
In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 Requires public entities to disclose significant segment expenses, an amount and description for other segment items, the title and position of the entity’s chief operating decision maker ("CODM") and an explanation of how the CODM uses the reported measures of profit or loss to assess segment performance, and, on an interim basis, certain segment related disclosures that previously were required only on an annual basis. ASU 2023-07 also clarifies that entities with a single reportable segment are subject to both new and existing segment reporting requirements and that an entity is permitted to disclose multiple measures of segment profit or loss, provided that certain criteria are met. ASU 2023-07 is effective for the Company for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company will update its segment related disclosures upon adoption.
In December 2023, the FASB issued Accounting Standards Update 2023-09, “Income Taxes (Topic 740), Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 requires public entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if items meet a quantitative threshold. ASU 2023-09 also requires all entities to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold, among other things. ASU 2023-09 is effective for the Company for fiscal years beginning after December 15, 2024 with early adoption permitted. The Company will update its income tax disclosures upon adoption.
NOTE 2 — SECURITIES
Equity Securities With Readily Determinable Fair Values
The Company held equity securities with readily determinable fair values of $4,441,000 and $4,488,000 at March 31, 2024 and December 31, 2023, respectively. The gross realized and unrealized gains and losses recognized on equity securities with readily determinable fair values in noninterest income in the Company’s consolidated statements of income were as follows:
Three Months Ended March 31,
(Dollars in thousands)20242023
Unrealized gains (losses) on equity securities held at the reporting date$(47)$72 
Realized gains (losses) on equity securities sold during the period 18 
$(47)$90 
9

TRIUMPH FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Equity Securities Without Readily Determinable Fair Values
The following table summarizes the Company's investments in equity securities without readily determinable fair values:
(Dollars in thousands)March 31, 2024December 31, 2023
Equity Securities without readily determinable fair value, at cost
$56,655 $65,814 
Upward adjustments based on observable price changes, cumulative
10,163 10,163 
Equity Securities without readily determinable fair value, carrying value$66,818 $75,977 
Equity securities without readily determinable fair values include Federal Home Loan Bank and other restricted stock, which are reported separately in the Company's consolidated balance sheets. Equity securities without readily determinable fair values also include the Company's investments in the common stock of Trax Group, Inc. and Warehouse Solutions Inc., with carrying amounts of $9,700,000 and $38,088,000, respectively, at March 31, 2024. Both investments have been allocated to our Payments segment and are included in other assets in the Company's consolidated balance sheets.
There were no realized or unrealized gains or losses recognized on equity securities without readily determinable fair values during the three months ended March 31, 2024 and 2023. Management monitors its equity securities without readily determinable fair values for observable transactions in similar equity instruments as well as indicators of impairment either of which would require it to mark such equity securities to fair value. No such transactions or indicators of impairment were detected during the three months ended March 31, 2024.
Debt Securities
Debt securities have been classified in the financial statements as available for sale or held to maturity. The following table summarizes the amortized cost, fair value, and allowance for credit losses of debt securities and the corresponding amounts of gross unrealized gains and losses of available for sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held to maturity securities:
(Dollars in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance
for Credit
Losses
Fair
Value
March 31, 2024
Available for sale securities:
Mortgage-backed securities, residential$72,856 $18 $(5,240)$ $67,634 
Asset-backed securities1,116  (2) 1,114 
State and municipal3,524 1 (77) 3,448 
CLO securities244,835 1,364 (81) 246,118 
Corporate bonds267  (3) 264 
SBA pooled securities1,622 6 (105) 1,523 
Total available for sale securities$324,220 $1,389 $(5,508)$ $320,101 
(Dollars in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrecognized
Losses
Fair
Value
March 31, 2024
Held to maturity securities:
CLO securities$6,145 $ $(2,395)$3,750 
Allowance for credit losses(3,135)
Total held to maturity securities, net of ACL$3,010 
10

TRIUMPH FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair
Value
December 31, 2023
Available for sale securities:
Mortgage-backed securities, residential$60,411 $221 $(4,793)$ $55,839 
Asset-backed securities1,188  (18) 1,170 
State and municipal4,560 1 (46) 4,515 
CLO Securities235,484 1,137 (330) 236,291 
Corporate bonds268 7   275 
SBA pooled securities1,642 3 (91) 1,554 
Total available for sale securities$303,553 $1,369 $(5,278)$ $299,644 
(Dollars in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrecognized
Losses
Fair
Value
December 31, 2023
Held to maturity securities:
CLO securities$6,167 $30 $(2,182)$4,015 
Allowance for credit losses(3,190)
Total held to maturity securities, net of ACL$2,977 
The amortized cost and estimated fair value of securities at March 31, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Available for Sale SecuritiesHeld to Maturity Securities
(Dollars in thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in one year or less$572 $571 $ $ 
Due from one year to five years2,187 2,137 4,767 2,399 
Due from five years to ten years69,563 69,750 1,378 1,351 
Due after ten years176,304 177,372   
248,626 249,830 6,145 3,750 
Mortgage-backed securities, residential72,856 67,634   
Asset-backed securities1,116 1,114   
SBA pooled securities1,622 1,523   
$324,220 $320,101 $6,145 $3,750 
There were no sales of debt securities during the three months ended March 31, 2024 and 2023.
Debt securities with a carrying amount of approximately $30,186,000 and $42,445,000 at March 31, 2024 and December 31, 2023, respectively, were pledged to secure public deposits, customer repurchase agreements, and for other purposes required or permitted by law.
Accrued interest on available for sale securities totaled $3,641,000 and $3,789,000 at March 31, 2024 and December 31, 2023, respectively, and was included in other assets on the Company's consolidated balance sheets. There was no accrued interest related to debt securities reversed against interest income for the three months ended March 31, 2024 and 2023.
11

TRIUMPH FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table summarizes available for sale debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position:
Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
March 31, 2024
Available for sale securities:
Mortgage-backed securities, residential$35,588 $(349)$28,260 $(4,891)$63,848 $(5,240)
Asset-backed securities1,114 (2)  1,114 (2)
State and municipal512 (4)2,366 (73)2,878 (77)
CLO securities9,994 (6)24,925 (75)34,919 (81)
Corporate bonds265 (3)  265 (3)
SBA pooled securities  1,244 (105)1,244 (105)
$47,473 $(364)$56,795 $(5,144)$104,268 $(5,508)
Less than 12 Months12 Months or MoreTotal
(Dollars in thousands)Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
December 31, 2023
Available for sale securities:
Mortgage-backed securities, residential$13,157 $(312)$32,885 $(4,481)$46,042 $(4,793)
Asset-backed securities1,170 (18)  1,170 (18)
State and municipal975 (13)2,424 (33)3,399 (46)
CLO Securities2,576 (13)42,735 (317)45,311 (330)
Corporate bonds      
SBA pooled securities216 (9)1,059 (82)1,275 (91)
$18,094 $(365)$79,103 $(4,913)$97,197 $(5,278)
Management evaluates available for sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.
At March 31, 2024, the Company had 98 available for sale debt securities in an unrealized loss position without an allowance for credit losses. Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of March 31, 2024, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions, and therefore the Company carried no allowance for credit losses on available for sale debt securities at March 31, 2024.
The following table presents the activity in the allowance for credit losses for held to maturity debt securities:
(Dollars in thousands)Three Months Ended March 31,
Held to Maturity CLO Securities20242023
Allowance for credit losses:
Beginning balance$3,190 $2,444 
Credit loss expense(55)141 
Allowance for credit losses ending balance$3,135 $2,585 
12

TRIUMPH FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The Company’s held to maturity securities are investments in the unrated subordinated notes of collateralized loan obligation funds. These securities are the junior-most in securitization capital structures, and are subject to suspension of distributions if the credit of the underlying loan portfolios deteriorates materially. The ACL on held to maturity securities is estimated at each measurement date on a collective basis by major security type. At March 31, 2024 and December 31, 2023, the Company’s held to maturity securities consisted of three investments in the subordinated notes of collateralized loan obligation (“CLO”) funds. Expected credit losses for these securities are estimated using a discounted cash flow methodology which considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Ultimately, the realized cash flows on CLO securi