0001628280-24-004458 | 10-K | XBRL Viewer

Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Segment Reporting Information

The following presents the primary operating results of Company’s operating segments.


(Dollars in thousands)
Year Ended December 31, 2023	Banking		Factoring		Payments		Corporate		Consolidated
Total interest income	$	261,639	$	144,217	$	16,390	$	175	$	422,421
Intersegment interest allocations	31,450		(38,157)		6,707		—		—
Total interest expense	44,640		—		—		9,702		54,342
Net interest income (expense)	248,449		106,060		23,097		(9,527)		368,079
Credit loss expense (benefit)	8,498		2,900		60		745		12,203
Net interest income (expense) after credit loss expense	239,951		103,160		23,037		(10,272)		355,876
Noninterest income	23,964		7,829		18,087		293		50,173
Noninterest expense	127,713		79,612		61,695		84,214		353,234
Net intersegment noninterest income (expense)(1)	—		123		(123)		—		—
Net income (loss) before income tax expense	$	136,202	$	31,500	$	(20,694)	$	(94,193)	$	52,815


(Dollars in thousands)
Year Ended December 31, 2022	Banking		Factoring		Payments		Corporate		Consolidated
Total interest income	$	195,871	$	207,114	$	16,079	$	175	$	419,239
Intersegment interest allocations	19,912		(19,382)		(530)		—		—
Total interest expense	10,874		—		—		7,873		18,747
Net interest income (expense)	204,909		187,732		15,549		(7,698)		400,492
Credit loss expense (benefit)	2,753		2,895		218		1,059		6,925
Net interest income (expense) after credit loss expense	202,156		184,837		15,331		(8,757)		393,567
Noninterest income	40,984		22,272		20,620		192		84,068
Noninterest expense	121,916		91,673		63,231		63,811		340,631
Net intersegment noninterest income (expense)(1)	—		—		—		—		—
Net income (loss) before income tax expense	$	121,224	$	115,436	$	(27,280)	$	(72,376)	$	137,004


(Dollars in thousands)
Year Ended December 31, 2021	Banking		Factoring		Payments		Corporate		Consolidated
Total interest income	$	189,621	$	185,741	$	12,093	$	100	$	387,555
Intersegment interest allocations	1,132		(1,057)		(75)		—		—
Total interest expense	10,205		—		—		8,220		18,425
Net interest income (expense)	180,548		184,684		12,018		(8,120)		369,130
Credit loss expense (benefit)	(19,016)		9,691		438		57		(8,830)
Net interest income (expense) after credit loss expense	199,564		174,993		11,580		(8,177)		377,960
Gain on sale of subsidiary or division	—		—		—		—		—
Other noninterest income	33,374		13,005		7,451		671		54,501
Noninterest expense	121,325		74,928		39,768		51,486		287,507
Net intersegment noninterest income (expense)(1)	—		—		—		—		—
Net income (loss) before income tax expense	$	111,613	$	113,070	$	(20,737)	$	(58,992)	$	144,954

(1) Net intersegment noninterest income (expense) includes:


(Dollars in thousands)	Factoring		Payments
Year Ended December 31, 2023
Factoring revenue received from Payments	$	1,190	$	(1,190)
Payments revenue received from Factoring	(1,067)		1,067
Net intersegment noninterest income (expense)	$	123	$	(123)

Total assets and gross loans below include intersegment loans, which eliminate in consolidation.


(Dollars in thousands)
December 31, 2023	Banking		Factoring		Payments		Corporate		Eliminations		Consolidated
Total assets	$	4,918,527	$	1,077,367	$	546,985	$	1,056,646	$	(2,252,191)	$	5,347,334
Gross loans	$	3,595,527	$	941,926	$	174,728	$	—	$	(549,081)	$	4,163,100


(Dollars in thousands)
December 31, 2022	Banking		Factoring		Payments		Corporate		Eliminations		Consolidated
Total assets	$	4,910,628	$	1,260,209	$	371,948	$	1,061,662	$	(2,270,664)	$	5,333,783
Gross loans	$	3,572,716	$	1,151,727	$	85,722	$	—	$	(689,874)	$	4,120,291

Loans and Allowance for Credit Losses - Schedule of Amortized Cost and Unpaid Principal for Loans Held for Investment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 4,163,100	$ 4,120,291
Unpaid Principal	4,173,618	4,136,981
Difference	(10,518)	(16,690)
Allowance for credit losses	(35,219)	(42,807)
Loans, net	4,127,881	4,077,484
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	812,704	678,144
Unpaid Principal	813,623	679,239
Difference	(919)	(1,095)
Construction, land development, land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	136,720	90,976
Unpaid Principal	137,209	91,147
Difference	(489)	(171)
1-4 family residential properties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	125,916	125,981
Unpaid Principal	126,096	126,185
Difference	(180)	(204)
Farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	63,568	68,934
Unpaid Principal	63,728	69,185
Difference	(160)	(251)
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	1,170,365	1,251,110
Unpaid Principal	1,176,243	1,262,493
Difference	(5,878)	(11,383)
Factored receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	1,116,654	1,237,449
Unpaid Principal	1,119,544	1,241,032
Difference	(2,890)	(3,583)
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	8,326	8,868
Unpaid Principal	8,328	8,871
Difference	(2)	(3)
Mortgage warehouse
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	728,847	658,829
Unpaid Principal	728,847	658,829
Difference	$ 0	$ 0

Employee Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Employer contribution percent towards compensation	100.00%
Compensation contributed percentage	4.00%
Compensation expense	$ 4,320	$ 3,569	$ 2,976

Securities - Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Available for Sale Securities, Amortized Cost
Due in one year or less, amortized cost	$ 357
Due from one year to five years, amortized cost	2,434
Due from five years to ten years, amortized cost	69,494
Due after ten years, amortized cost	168,027
Available for sale securities, with single maturity date, amortized cost	240,312
Amortized Cost	303,553	$ 263,519
Available for Sale Securities, Fair Value
Due in one year or less, fair value	356
Due from one year to five years, fair value	2,404
Due from five years to ten years, fair value	69,516
Due after ten years, fair value	168,805
Available for sale securities, with single maturity date, fair value	241,081
Available for Sale Securities, Fair Value	299,644	254,504
Held to Maturity Securities, Amortized Cost
Due in one year or less, amortized cost	0
Due from one year to five years, amortized cost	4,766
Due from five years to ten years, amortized cost	1,401
Due after ten years, amortized cost	0
Held to maturity securities, with single maturity date, amortized cost	6,167
Amortized Cost	6,167
Held to Maturity Securities, Fair Value
Due in one year or less, fair value	0
Due from one year to five years, fair value	2,584
Due from five years to ten years, fair value	1,431
Due after ten years, fair value	0
Held to maturity securities, with single maturity date, fair value	4,015
Held to Maturity Securities, Fair Value	4,015	5,476
Mortgage-backed securities, residential
Available for Sale Securities, Amortized Cost
Available for sale securities, without single maturity date, amortized cost	60,411
Amortized Cost	60,411	55,329
Available for Sale Securities, Fair Value
Securities- held to maturity, net of allowance for credit losses, fair value	55,839
Available for Sale Securities, Fair Value	55,839	50,633
Held to Maturity Securities, Amortized Cost
Held to maturity securities, without single maturity date, amortized cost	0
Held to Maturity Securities, Fair Value
Held to maturity securities, without single maturity date, fair value	0
Asset-backed securities
Available for Sale Securities, Amortized Cost
Available for sale securities, without single maturity date, amortized cost	1,188
Amortized Cost	1,188	6,389
Available for Sale Securities, Fair Value
Securities- held to maturity, net of allowance for credit losses, fair value	1,170
Available for Sale Securities, Fair Value	1,170	6,331
Held to Maturity Securities, Amortized Cost
Held to maturity securities, without single maturity date, amortized cost	0
Held to Maturity Securities, Fair Value
Held to maturity securities, without single maturity date, fair value	0
SBA pooled securities
Available for Sale Securities, Amortized Cost
Available for sale securities, without single maturity date, amortized cost	1,642
Amortized Cost	1,642	1,910
Available for Sale Securities, Fair Value
Securities- held to maturity, net of allowance for credit losses, fair value	1,554
Available for Sale Securities, Fair Value	1,554	$ 1,828
Held to Maturity Securities, Amortized Cost
Held to maturity securities, without single maturity date, amortized cost	0
Held to Maturity Securities, Fair Value
Held to maturity securities, without single maturity date, fair value	$ 0

Stockholders' Equity - Summary of Common Stock (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Shares authorized (in shares)	50,000,000	50,000,000
Shares issues (in shares)	28,986,255	28,321,716
Treasury shares (in shares)	(5,683,841)	(4,268,131)
Shares outstanding (in shares)	23,302,414	24,053,585
Par value per share (in dollars per share)	$ 0.01	$ 0.01

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Summary of Carrying Amount of Assets in Disposal Group and Gain on Sale

A summary of the carrying amount of the assets sold and the gain on sale is as follows:


(Dollars in thousands)
Equipment loans	$	191,167
Accrued interest receivable	$	1,587
Assets sold	$	192,754

Cash consideration	$	197,454
Return of premium liability	$	(708)
Total consideration	$	196,746
Transaction costs	$	73
Gain on sale, net of transaction costs	$	3,919

A summary of the carrying amounts of the assets and liabilities sold and the gains on sale are as follows:


(Dollars in thousands)	June 30, 2022		September 6, 2022		Total
Factored receivables	$	67,888	$	20,131	$	88,019
Accrued interest and fee income	—		17		17
Assets held for sale	$	67,888	$	20,148	$	88,036

Customer reserve noninterest bearing deposits	$	9,682	$	1,149	$	10,831
Liabilities held for sale	$	9,682	$	1,149	$	10,831
Net assets sold	$	58,206	$	18,999	$	77,205
Cash consideration	$	66,292	$	19,054	$	85,346
Revenue share asset	5,210		1,027		6,237
Total consideration	$	71,502	$	20,081	$	91,583
Transaction costs	82		49		131
Gain on sale, net of transaction costs	$	13,214	$	1,033	$	14,247

Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed

A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows:


(Dollars in thousands)	Initial Values		Measurement Period Adjustments		Adjusted Values
Assets acquired:
Cash	$	170	$	—	$	170
Intangible assets - capitalized software	16,932		—		16,932
Intangible assets - customer relationship	10,360		—		10,360
Other assets	1,546		24		1,570
	29,008		24		29,032
Liabilities assumed:
Deferred income taxes	4,703		(3,248)		1,455
Other liabilities	906		16		922
	5,609		(3,232)		2,377
Fair value of net assets acquired	$	23,399	$	3,256	$	26,655
Consideration:
Cash paid	$	97,096	$	—	$	97,096
Goodwill	$	73,697	$	(3,256)	$	70,441

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Borrowings and Borrowing Capacity - Summary of FHLB Advances and Weighted Average Interest Rates by Contractual Maturity (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2023, balance outstanding, fixed rate	$ 225,000
2023, fixed weighted average interest rate	5.65%
2023, balance outstanding, variable rate	$ 0
2023, variable weighted average interest rate	0.00%
2027, balance outstanding, fixed rate	$ 0
2027, fixed weighted average interest rate	0.00%
2027, balance outstanding, variable rate	$ 30,000
2027, variable weighted average interest rate	5.64%
Total balance outstanding, fixed rate	$ 225,000
Total fixed weighted average interest rate	5.65%
Total balance outstanding, variable rate	$ 30,000
Total variable weighted average interest rate	5.64%

Other Real Estate Owned (Details) - USD ($) $ in Thousands	12 Months Ended
Other Real Estate Owned (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate Owned Valuation Allowance [Roll Forward]
Beginning balance	$ 0	$ 524	$ 1,432
Loans transferred to OREO	37	47	692
Net OREO gains (losses) and valuation adjustments	0	(133)	(347)
Sales of OREO	0	(438)	(1,253)
Ending balance	$ 37	$ 0	$ 524

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

DERIVATIVE FINANCIAL INSTRUMENTS

The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s interest bearing deposits.

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Beginning in June 2020, such derivatives were used to hedge the variable cash flows associated with interest bearing deposits.

The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative is settled or terminated, or treatment of the derivative as a hedge is no longer appropriate or intended. During the year ended December 31, 2022, the Company terminated its single derivative with a notional value totaling $200,000,000, resulting in a termination value of $9,316,000. During the year ended December 31, 2022, the Company reclassified $465,000 into earnings through interest expense in the consolidated statements of income. On May 4, 2022, the Company terminated the hedged funding, incurring a termination fee of $732,000, which was recognized through interest expense in the consolidated statements of income, and reclassified the remaining $8,851,000 unrealized gain on the terminated derivative into earnings through other noninterest income in the consolidated statements of income.

The following table presents the pre-tax impact of the terminated cash flow hedge on AOCI:


	Year Ended
(Dollars in thousands)	December 31, 2022
Unrealized gains on terminated hedges
Beginning Balance	$	—
Unrealized gains arising during the period	9,316
Reclassification adjustments for amortization of unrealized (gains) into net income	(9,316)
Ending Balance	$	—

The Company did not have any derivative financial instruments at December 31, 2023 and 2022.

The table below presents the effect of fair value and cash flow hedge accounting on Accumulated Other Comprehensive Income, net of tax:


	Amount of Gain or (Loss) Recognized in OCI on Derivative		Amount of Gain or (Loss) Recognized in OCI Included Component		Location of Gain or (Loss) Recognized from AOCI into Income	Amount of Gain or (Loss) Reclassified from AOCI into Income		Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component
(Dollars in thousands)




Year Ended December 31, 2022
Derivatives in cash flow hedging relationships:
Interest rate swaps	$	2,398	$	2,398	Interest Expense	$	7,103	$	7,103

Year Ended December 31, 2021
Derivatives in cash flow hedging relationships:
Interest rate swaps	$	3,995	$	3,995	Interest Expense	$	(71)	$	(71)

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of Payment Segment Revenue

The table below shows the Payments segment’s revenue from transaction and network fees from external customers, which are disaggregated by customer category.


(Dollars in thousands)	2023		2022		2021
Broker fee income	$	12,215	$	8,441	$	3,480
Factor fee income	5,256		5,029		2,588
Other fee income	460		226		$	1,383
Total fee income	$	17,931	$	13,696	$	7,451

Securities - Schedule of Amortized Cost of Securities and Their Estimated Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Available for sale securities:
Amortized Cost	$ 303,553	$ 263,519
Gross Unrealized Gains	1,369	427
Gross Unrealized Losses	(5,278)	(9,442)
Allowance for Credit Losses	0	0
Fair Value	299,644	254,504
Held to maturity securities:
Fair Value	4,015	5,476
Allowance for credit losses	(3,190)	(2,444)	$ (2,082)	$ (2,026)
Total held to maturity securities, net of ACL	2,977	4,077
Mortgage-backed securities, residential
Available for sale securities:
Amortized Cost	60,411	55,329
Gross Unrealized Gains	221	235
Gross Unrealized Losses	(4,793)	(4,931)
Allowance for Credit Losses	0	0
Fair Value	55,839	50,633
Asset-backed securities
Available for sale securities:
Amortized Cost	1,188	6,389
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(18)	(58)
Allowance for Credit Losses	0	0
Fair Value	1,170	6,331
State and municipal
Available for sale securities:
Amortized Cost	4,560	13,553
Gross Unrealized Gains	1	1
Gross Unrealized Losses	(46)	(116)
Allowance for Credit Losses	0	0
Fair Value	4,515	13,438
CLO Securities
Available for sale securities:
Amortized Cost	235,484	185,068
Gross Unrealized Gains	1,137	161
Gross Unrealized Losses	(330)	(4,218)
Allowance for Credit Losses	0	0
Fair Value	236,291	181,011
Held to maturity securities:
Amortized Cost	6,167	6,521
Gross Unrecognized Gains	30	458
Gross Unrecognized Losses	(2,182)	(1,503)
Fair Value	4,015	5,476
Allowance for credit losses	(3,190)	(2,444)
Total held to maturity securities, net of ACL	2,977	4,077
Corporate bonds
Available for sale securities:
Amortized Cost	268	1,270
Gross Unrealized Gains	7	1
Gross Unrealized Losses	0	(8)
Allowance for Credit Losses	0	0
Fair Value	275	1,263
SBA pooled securities
Available for sale securities:
Amortized Cost	1,642	1,910
Gross Unrealized Gains	3	29
Gross Unrealized Losses	(91)	(111)
Allowance for Credit Losses	0	0
Fair Value	$ 1,554	$ 1,828

Business Segment Information - Summary of Segment Reporting Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total interest income	$ 422,421	$ 419,239	$ 387,555
Intersegment interest allocations	0	0	0
Total interest expense	54,342	18,747	18,425
Net interest income (expense)	368,079	400,492	369,130
Credit loss expense (benefit)	12,203	6,925	(8,830)
Net interest income (expense) after credit loss expense	355,876	393,567	377,960
Gain on sale of subsidiary or division			0
Noninterest income	50,173	84,068	54,501
Other noninterest income			54,501
Noninterest expense	353,234	340,631	287,507
Net intersegment noninterest income (expense)	0	0	0
Net income (loss) before income tax expense	52,815	137,004	144,954
Net Intersegment Noninterest Income (Expense) [Abstract]
Net intersegment noninterest income (expense)	0	0	0
Total assets	5,347,334	5,333,783
Gross loans	4,163,100	4,120,291
Operating Segments \| Banking
Segment Reporting Information [Line Items]
Total interest income	261,639	195,871	189,621
Total interest expense	44,640	10,874	10,205
Net interest income (expense)	248,449	204,909	180,548
Credit loss expense (benefit)	8,498	2,753	(19,016)
Net interest income (expense) after credit loss expense	239,951	202,156	199,564
Gain on sale of subsidiary or division			0
Noninterest income	23,964	40,984
Other noninterest income			33,374
Noninterest expense	127,713	121,916	121,325
Net income (loss) before income tax expense	136,202	121,224	111,613
Net Intersegment Noninterest Income (Expense) [Abstract]
Total assets	4,918,527	4,910,628
Gross loans	3,595,527	3,572,716
Operating Segments \| Factoring
Segment Reporting Information [Line Items]
Total interest income	144,217	207,114	185,741
Total interest expense	0	0	0
Net interest income (expense)	106,060	187,732	184,684
Credit loss expense (benefit)	2,900	2,895	9,691
Net interest income (expense) after credit loss expense	103,160	184,837	174,993
Gain on sale of subsidiary or division			0
Noninterest income	7,829	22,272
Other noninterest income			13,005
Noninterest expense	79,612	91,673	74,928
Net income (loss) before income tax expense	31,500	115,436	113,070
Net Intersegment Noninterest Income (Expense) [Abstract]
Total assets	1,077,367	1,260,209
Gross loans	941,926	1,151,727
Operating Segments \| Payments
Segment Reporting Information [Line Items]
Total interest income	16,390	16,079	12,093
Total interest expense	0	0	0
Net interest income (expense)	23,097	15,549	12,018
Credit loss expense (benefit)	60	218	438
Net interest income (expense) after credit loss expense	23,037	15,331	11,580
Gain on sale of subsidiary or division			0
Noninterest income	18,087	20,620
Other noninterest income			7,451
Noninterest expense	61,695	63,231	39,768
Net income (loss) before income tax expense	(20,694)	(27,280)	(20,737)
Net Intersegment Noninterest Income (Expense) [Abstract]
Total assets	546,985	371,948
Gross loans	174,728	85,722
Operating Segments \| Corporate
Segment Reporting Information [Line Items]
Total interest income	175	175	100
Total interest expense	9,702	7,873	8,220
Net interest income (expense)	(9,527)	(7,698)	(8,120)
Credit loss expense (benefit)	745	1,059	57
Net interest income (expense) after credit loss expense	(10,272)	(8,757)	(8,177)
Gain on sale of subsidiary or division			0
Noninterest income	293	192
Other noninterest income			671
Noninterest expense	84,214	63,811	51,486
Net income (loss) before income tax expense	(94,193)	(72,376)	(58,992)
Net Intersegment Noninterest Income (Expense) [Abstract]
Total assets	1,056,646	1,061,662
Gross loans	0	0
Eliminations
Net Intersegment Noninterest Income (Expense) [Abstract]
Total assets	(2,252,191)	(2,270,664)
Gross loans	(549,081)	(689,874)
Eliminations \| Banking
Segment Reporting Information [Line Items]
Intersegment interest allocations	31,450	19,912	1,132
Net intersegment noninterest income (expense)	0	0	0
Net Intersegment Noninterest Income (Expense) [Abstract]
Net intersegment noninterest income (expense)	0	0	0
Eliminations \| Factoring
Segment Reporting Information [Line Items]
Intersegment interest allocations	(38,157)	(19,382)	(1,057)
Net intersegment noninterest income (expense)	123	0	0
Net Intersegment Noninterest Income (Expense) [Abstract]
Factoring revenue received from Payments	1,190
Payments revenue received from Factoring	(1,067)
Net intersegment noninterest income (expense)	123	0	0
Eliminations \| Payments
Segment Reporting Information [Line Items]
Intersegment interest allocations	6,707	(530)	(75)
Net intersegment noninterest income (expense)	(123)	0	0
Net Intersegment Noninterest Income (Expense) [Abstract]
Factoring revenue received from Payments	(1,190)
Payments revenue received from Factoring	1,067
Net intersegment noninterest income (expense)	(123)	0	0
Eliminations \| Corporate
Segment Reporting Information [Line Items]
Intersegment interest allocations	0	0	0
Net intersegment noninterest income (expense)	0	0	0
Net Intersegment Noninterest Income (Expense) [Abstract]
Net intersegment noninterest income (expense)	$ 0	$ 0	$ 0

Other Real Estate Owned (Tables)

12 Months Ended

Dec. 31, 2023

Other Real Estate [Abstract]

Summary of Other Real Estate Owned Activity

Other real estate owned activity was as follows:


	Years Ended December 31,
(Dollars in thousands)	2023		2022		2021
Beginning balance	$	—	$	524	$	1,432
Loans transferred to OREO	37		47		692
Net OREO gains (losses) and valuation adjustments	—		(133)		(347)
Sales of OREO	—		(438)		(1,253)
Ending balance	$	37	$	—	$	524

Deposits

12 Months Ended

Dec. 31, 2023

Deposits [Abstract]

Deposits

DEPOSITS

Deposits are summarized as follows:


(Dollars in thousands)	December 31, 2023		December 31, 2022
Noninterest-bearing demand	$	1,632,022	$	1,756,680
Interest-bearing demand	757,455		856,512
Individual retirement accounts	52,195		68,125
Money market	568,772		508,534
Savings	555,047		551,780
Certificates of deposit	265,525		319,150
Brokered time deposits	146,458		110,555
Other brokered deposits	4		—
Total deposits	$	3,977,478	$	4,171,336

At December 31, 2023, scheduled maturities of time deposits, including certificates of deposits, individual retirement accounts and brokered time deposits, are as follows:


(Dollars in thousands)	December 31, 2023
Within one year	$	423,753
After one but within two years	27,762
After two but within three years	6,651
After three but within four years	4,043
After four but within five years	1,969
Total	$	464,178

Time deposits, including individual retirement accounts, certificates of deposit, and brokered time deposits, with individual balances of $250,000 and greater totaled $66,172,000 and $58,462,000 at December 31, 2023 and 2022, respectively.

Related-Party Transactions

12 Months Ended

Dec. 31, 2023

Related-Party Transactions

RELATED-PARTY TRANSACTIONS

In the ordinary course of business, we have granted loans to executive officers, directors, and their affiliates were as follows:


	Years Ended December 31,
(Dollars in thousands)	2023		2022
Beginning balance	$	—	$	—
New loans and advances	49,583		—
Repayments and sales	(442)		—

Ending balance	$	49,141	$	—

At December 31, 2023 and 2022, there were no loans to executive officers, directors, or their affiliates that were considered non-performing or potential problem loans.

Deposits from executive officers, directors, and their affiliates at December 31, 2023 and 2022 were $162,868,000 and $100,742,000, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Business Segment Information - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Gross loans	$ 4,163,100	$ 4,120,291
Commercial
Segment Reporting Information [Line Items]
Gross loans	1,170,365	$ 1,251,110
Broker fee income \| Commercial \| Payments
Segment Reporting Information [Line Items]
Gross loans	$ 0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense

Income tax expense consisted of the following:


	Years Ended December 31,
(Dollars in thousands)	2023		2022		2021
Income tax expense:
Current	$	5,195	$	36,472	$	37,812
Deferred	6,549		(1,828)		(5,832)
Change in valuation allowance for deferred tax asset	(10)		49		—
Income tax expense	$	11,734	$	34,693	$	31,980

Summary of Effective Income Tax Rate Reconciliation

Effective tax rates differ from federal statutory rates applied to income before income taxes due to the following:


	Years Ended December 31,
(Dollars in thousands)	2023		2022		2021
Tax provision computed at federal statutory rate	$	11,091	$	28,771	$	30,440
Effect of:
State taxes, net	1,920		4,849		3,335
Stock-based compensation	(2,661)		(369)		(1,778)
Non-deductible executive compensation	1,943		1,510		492
Non-deductible meals and entertainment	808		441		508
Federal tax credits	(835)		(372)		(372)
Bank-owned life insurance	(78)		(89)		(332)
Tax exempt interest	(60)		(100)		(201)
Change in valuation allowance for deferred tax asset	(10)		49		—
Other	(384)		3		(112)
Income tax expense	$	11,734	$	34,693	$	31,980

Significant Components of Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of temporary differences between the recorded amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:


(Dollars in thousands)	2023		2022
Deferred tax assets
Federal net operating loss carryforwards	$	5,562	$	6,396
State net operating loss carryforwards	1,502		1,534
Stock-based compensation	3,658		7,825
Unrealized loss on securities available for sale	936		2,163
Allowance for credit losses	10,098		11,825
Accrued liabilities	5,362		4,179
Lease liability	7,620		8,062
Other	6,594		3,405
Total deferred tax assets	41,332		45,389
Deferred tax liabilities
Goodwill and intangible assets	10,328		9,934
Fair value adjustment on junior subordinated debentures	2,103		2,237
Premises and equipment	10,220		6,339
Acquired loan basis	331		371

Lease right-of-use asset	6,988		7,339


Indemnification asset	358		935
Other	1,887		1,434
Total deferred tax liabilities	32,215		28,589
Net deferred tax asset before valuation allowance	9,117		16,800
Valuation allowance	(317)		(327)
Net deferred tax asset	$	8,800	$	16,473

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible asset impairment charge	$ 0	$ 0	$ 0
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	4 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	11 years

Loans and Allowance for Credit Losses - Performance of Modified Loans (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Current
Financing Receivable, Modified [Line Items]
Modified loans	$ 131,478
Current \| Commercial real estate
Financing Receivable, Modified [Line Items]
Modified loans	106,765
Current \| 1-4 family residential
Financing Receivable, Modified [Line Items]
Modified loans	271
Current \| Farmland
Financing Receivable, Modified [Line Items]
Modified loans	604
Current \| Commercial
Financing Receivable, Modified [Line Items]
Modified loans	23,838
Past Due 30-89 Days
Financing Receivable, Modified [Line Items]
Modified loans	753
Past Due 30-89 Days \| Commercial real estate
Financing Receivable, Modified [Line Items]
Modified loans	0
Past Due 30-89 Days \| 1-4 family residential
Financing Receivable, Modified [Line Items]
Modified loans	0
Past Due 30-89 Days \| Farmland
Financing Receivable, Modified [Line Items]
Modified loans	0
Past Due 30-89 Days \| Commercial
Financing Receivable, Modified [Line Items]
Modified loans	753
Past Due 90 Days or More
Financing Receivable, Modified [Line Items]
Modified loans	0
Past Due 90 Days or More \| Commercial real estate
Financing Receivable, Modified [Line Items]
Modified loans	0
Past Due 90 Days or More \| 1-4 family residential
Financing Receivable, Modified [Line Items]
Modified loans	0
Past Due 90 Days or More \| Farmland
Financing Receivable, Modified [Line Items]
Modified loans	0
Past Due 90 Days or More \| Commercial
Financing Receivable, Modified [Line Items]
Modified loans	$ 0

Borrowings and Borrowing Capacity - Summary of Paycheck Protection Program Borrowings (Details) - Paycheck Protection Program - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Amount outstanding at end of period	$ 0	$ 0	$ 27,144
Weighted average interest rate at end of period	0.00%	0.00%	0.35%
Average amount outstanding during the period	$ 0	$ 670	$ 118,880
Weighted average interest rate during the period	0.00%	0.32%	0.35%
Highest month end balance during the period	$ 0	$ 0	$ 181,635

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(f))
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Loans and Allowance for Credit Losses - Schedule of Loans Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for sale	$ 1,236	$ 5,641
1-4 family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for sale	1,230	0
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for sale	$ 6	$ 5,641

Borrowings and Borrowing Capacity - Summary of Customer Repurchase Agreements are Secured by Pledged Securities with Carrying Amount (Details) - Asset Pledged as Collateral - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt securities	$ 42,445	$ 93,813
Asset-backed securities \| Customer Repurchase Agreements
Debt Instrument [Line Items]
Debt securities	$ 0	$ 4,994

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Disclosures - Narrative (Details) $ in Thousands	2 Months Ended	12 Months Ended
Fair Value Disclosures - Narrative (Details) $ in Thousands	Sep. 06, 2022 agreement portfolio	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of agreements to sell factored receivables \| agreement	2
Number of portfolios of factored receivables sold \| portfolio	2
Fair Value, Measurements, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities measured at fair value on a non-recurring basis		$ 0	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Factored receivables \| Factored Receivable Disposal Group
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Future gross monthly revenue to be received (as a percent)				15.00%
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indemnification asset, expected cash payments to be received		$ 1,575	$ 4,101
Discount rate		5.00%	5.00%
Revenue share asset, expected cash payments to be received		$ 3,329	$ 7,613
Level 3 \| Measurement Input Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revenue share asset, discount rate		10.00%	10.00%
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling and closing costs for loans as a percentage of appraised value		5.00%
Minimum \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Factored receivables \| Factored Receivable Disposal Group
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Future gross monthly revenue to be received (as a percent)	15.00%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Selling and closing costs for loans as a percentage of appraised value		8.00%
Maximum \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Factored receivables \| Factored Receivable Disposal Group
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Future gross monthly revenue to be received (as a percent)	20.00%

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The Company holds investments in the subordinated notes of the following closed Collateralized loan Obligation ("CLO") funds:


(Dollars in thousands)	Offering Date	Offering Amount
Trinitas CLO IV, LTD (Trinitas IV)	June 2, 2016	$	406,650
Trinitas CLO V, LTD (Trinitas V)	September 22, 2016	$	409,000
Trinitas CLO VI, LTD (Trinitas VI)	June 20, 2017	$	717,100

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Loans and Allowance for Credit Losses - Schedule of Accrued Interest on Non Accrual Loans Reversed Through Interest Income (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest reversed through interest income	$ 191	$ 31	$ 56
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest reversed through interest income	17	0	8
Construction, land development, land
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest reversed through interest income	0	2	0
1-4 family residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest reversed through interest income	8	1	3
Farmland
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest reversed through interest income	57	0	6
Commercial
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest reversed through interest income	105	28	36
Factored receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest reversed through interest income	0	0	0
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest reversed through interest income	4	0	3
Mortgage warehouse
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest reversed through interest income	$ 0	$ 0	$ 0

Stock Based Compensation - Summary of Changes in Company's Nonvested Awards (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Restricted Stock Awards (RSAs)
Shares
Beginning balance (in shares)	230,486
Granted (in shares)	13,374
Vested (in shares)	(107,623)
Forfeited (in shares)	(13,306)
Ending balance (in shares)	122,931
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 70.34
Granted (in dollars per share) \| $ / shares	59.69
Vested (in dollars per share) \| $ / shares	60.34
Forfeited (in dollars per share) \| $ / shares	74.95
Ending balance (in dollars per share) \| $ / shares	$ 77.14
Restricted Stock Units (RSUs)
Shares
Beginning balance (in shares)	211,300
Granted (in shares)	139,836
Vested (in shares)	(114,509)
Forfeited (in shares)	(6,593)
Ending balance (in shares)	230,034
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 59.45
Granted (in dollars per share) \| $ / shares	52.59
Vested (in dollars per share) \| $ / shares	43.19
Forfeited (in dollars per share) \| $ / shares	61.87
Ending balance (in dollars per share) \| $ / shares	$ 63.30
Market Based Performance Stock Units (Market Based PSUs)
Shares
Beginning balance (in shares)	112,486
Granted (in shares)	78,872
Incremental shares earned (in shares)	52,694
Vested (in shares)	(122,969)
Forfeited (in shares)	(5,003)
Ending balance (in shares)	116,080
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 55.57
Granted (in dollars per share) \| $ / shares	78.15
Vested (in dollars per share) \| $ / shares	36.10
Forfeited (in dollars per share) \| $ / shares	77.71
Ending balance (in dollars per share) \| $ / shares	$ 81.74
Performance Based Performance Stock Units (Performance Based PSUs)
Shares
Beginning balance (in shares)	255,738
Granted (in shares)	0
Incremental shares earned (in shares)	107,404
Vested (in shares)	(363,142)
Forfeited (in shares)	0
Ending balance (in shares)	0
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 39.57
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	39.57
Forfeited (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 0

Securities - Schedule of Proceeds from Sales of Debt Securities and the Associated Gross Gains and Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds	$ 15,996	$ 40,163	$ 0
Gross gains	103	2,514	0
Gross losses	0	0	0
Net gains and losses from calls of securities	$ (1)	$ (2)	$ 5

Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at estimated fair value on a recurring basis are summarized in the table below.


(Dollars in thousands)	Fair Value Measurements Using						Total Fair Value
December 31, 2023	Level 1		Level 2		Level 3
Assets measured at fair value on a recurring basis
Securities available for sale
Mortgage-backed securities, residential	$	—	$	55,839	$	—	$	55,839
Asset-backed securities	—		1,170		—		1,170
State and municipal	—		4,515		—		4,515
CLO securities	—		236,291		—		236,291
Corporate bonds	—		275		—		275
SBA pooled securities	—		1,554		—		1,554
	$	—	$	299,644	$	—	$	299,644

Equity securities with readily determinable fair values
Mutual fund	$	4,488	$	—	$	—	$	4,488

Loans held for sale	$	—	$	1,236	$	—	$	1,236

Indemnification asset	$	—	$	—	$	1,497	$	1,497

Revenue share asset	$	—	$	—	$	2,516	$	2,516


(Dollars in thousands)	Fair Value Measurements Using						Total Fair Value
December 31, 2022	Level 1		Level 2		Level 3
Assets measured at fair value on a recurring basis
Securities available for sale
Mortgage-backed securities, residential	$	—	$	50,633	$	—	$	50,633
Asset-backed securities	—		6,331		—		6,331
State and municipal	—		13,438		—		13,438
CLO Securities	—		181,011		—		181,011
Corporate bonds	—		1,263		—		1,263
SBA pooled securities	—		1,828		—		1,828
	$	—	$	254,504	$	—	$	254,504

Equity securities with readily determinable fair values
Mutual fund	$	5,191	$	—	$	—	$	5,191

Loans held for sale	$	—	$	5,641	$	—	$	5,641

Indemnification asset	$	—	$	—	$	3,896	$	3,896

Revenue share asset	$	—	$	—	$	5,515	$	5,515

Reconciliation of Fair Value of Contingent Consideration

A reconciliation of the opening balance to the closing balance of the estimated fair value of the indemnification asset is as follows:


(Dollars in thousands)	2023		2022		2021
Beginning balance	$	3,896	$	4,786	$	36,225
Indemnification asset recognized in business combination	—		—		—
Change in estimated fair value of indemnification asset recognized in earnings	(734)		(890)		4,194
Indemnification recognized	(1,665)		—		(35,633)
Ending balance	$	1,497	$	3,896	$	4,786

A reconciliation of the opening balance to the closing balance of the estimated fair value of the revenue share asset is as follows:


(Dollars in thousands)	2023		2022		2021
Beginning balance	$	5,515	$	—	$	—
Revenue share asset recognized	—		6,237		—
Change in estimated fair value of revenue share asset recognized in earnings	(1,743)		(62)		—
Revenue share payments received	(1,256)		(660)		—
Ending balance	$	2,516	$	5,515	$	—

Schedule of Fair Value of Assets Measured on Non-recurring Basis

Assets measured at estimated fair value on a non-recurring basis are summarized in the table below. There were no liabilities measured at fair value on a non-recurring basis at December 31, 2023 and 2022.


(Dollars in thousands)	Fair Value Measurements Using						Total Fair Value
December 31, 2023	Level 1		Level 2		Level 3
Collateral dependent loans
Commercial real estate	$	—	$	—	$	1,480	$	1,480
1-4 family residential	—		—		37		37
Commercial	—		—		20,870		20,870
Factored receivables	—		—		32,860		32,860





	$	—	$	—	$	55,247	$	55,247


(Dollars in thousands)	Fair Value Measurements Using						Total Fair Value
December 31, 2022	Level 1		Level 2		Level 3
Collateral dependent loans
Commercial real estate	$	—	$	—	$	269	$	269

1-4 family residential	—		—		46		46
Commercial	—		—		6,994		6,994
Factored receivables	—		—		29,367		29,367





Equity investment without readily determinable fair value	38,088		—		—		38,088
	$	38,088	$	—	$	36,676	$	74,764

Schedule of Estimated Fair Value of Company's Financial Assets and Financial Liabilities

The estimated fair values of the Company’s financial instruments not measured at fair value on a recurring or non-recurring basis were as follows:


	December 31, 2023
	Carrying Amount		Fair Value Measurements Using						Total Fair Value
(Dollars in thousands)			Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	286,635	$	286,635	$	—	$	—	$	286,635
Securities - held to maturity	2,977		—		—		4,015		4,015
Loans not previously presented, gross	4,107,853		105,145		—		3,944,193		4,049,338
FHLB and other restricted stock	14,278		N/A		N/A		N/A		N/A
Accrued interest receivable	34,597		34,597		—		—		34,597

Financial liabilities:
Deposits	3,977,478		—		3,971,391		—		3,971,391
Federal Home Loan Bank advances	255,000		—		255,000		—		255,000
Subordinated notes	108,678		—		90,084		—		90,084
Junior subordinated debentures	41,740		—		43,072		—		43,072
Accrued interest payable	7,429		7,429		—		—		7,429


	December 31, 2022
	Carrying Amount		Fair Value Measurements Using						Total Fair Value
(Dollars in thousands)			Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	408,182	$	408,182	$	—	$	—	$	408,182
Securities - held to maturity	4,077		—		—		5,476		5,476
Loans not previously presented, gross	4,088,411		187,729		—		3,805,701		3,993,430
FHLB and other restricted stock	6,252		N/A		N/A		N/A		N/A
Accrued interest receivable	21,977		21,977		—		—		21,977

Financial liabilities:
Deposits	4,171,336		—		4,159,695		—		4,159,695
Customer repurchase agreements	340		—		340		—		340
Federal Home Loan Bank advances	30,000		—		30,000		—		30,000
Subordinated notes	107,800		—		104,400		—		104,400
Junior subordinated debentures	41,158		—		42,721		—		42,721
Accrued interest payable	2,830		2,830		—		—		2,830

Premises and Equipment - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Operating lease cost	$ 5,294	$ 4,242	$ 4,538
Short-term lease cost	460	0	0
Variable lease cost	145	880	443
Total lease cost	$ 5,899	$ 5,122	$ 4,981

Goodwill and Intangible Assets - Schedule of Future Amortization Related to Company's Intangible Assets (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 10,312
2025	5,735
2026	2,611
2027	1,681
2028	1,007
Thereafter	1,449
Net Carrying Amount	22,795
Indefinite lived intangible assets	$ 851

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in- Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2020	$ 726,781	$ 45,000	$ 280	$ 489,151	$ (103,052)	$ 289,583	$ 5,819
Beginning balance, common stock (in shares) at Dec. 31, 2020			24,868,218
Beginning balance, treasury stock (in shares) at Dec. 31, 2020					3,083,503
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock awards (in shares)			241,014
Issuance of restricted stock awards	0		$ 2	(2)
Stock based compensation	20,315			20,315
Forfeiture of restricted stock awards (in shares)			5,129		5,129
Forfeiture of restricted stock awards	0			450	$ (450)
Stock option exercises, net (in shares)			59,844
Stock option exercises, net	$ 577		$ 1	576
Issuance of common stock pursuant to the employee stock purchase plan (in shares)	9,101		9,101
Issuance of common stock pursuant to the employee stock purchase plan	$ 449			449
Purchase of treasury stock (in shares)			(14,169)		(14,169)
Purchase of treasury stock	(1,241)				$ (1,241)
Preferred stock dividends	(3,206)					(3,206)
Net income	112,974					112,974
Other comprehensive income (loss)	2,215						2,215
Ending Balance at Dec. 31, 2021	858,864	45,000	$ 283	510,939	$ (104,743)	399,351	8,034
Ending balance, common stock (in shares) at Dec. 31, 2021			25,158,879
Ending balance, treasury stock (in shares) at Dec. 31, 2021					3,102,801
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock awards (in shares)			12,471
Vesting of performance stock units (in shares)			20,996
Stock based compensation	21,176			21,176
Forfeiture of restricted stock awards (in shares)			19,186		19,186
Forfeiture of restricted stock awards	0			1,201	$ (1,201)
Stock option exercises, net (in shares)			2,053
Stock option exercises, net	$ (74)			(74)
Issuance of common stock pursuant to the employee stock purchase plan (in shares)	24,516		24,516
Issuance of common stock pursuant to the employee stock purchase plan	$ 1,548			1,548
Purchase of treasury stock (in shares)			(1,146,144)		(1,146,144)
Purchase of treasury stock	(76,714)				$ (76,714)
Preferred stock dividends	(3,206)					(3,206)
Net income	102,311					102,311
Other comprehensive income (loss)	(14,934)						(14,934)
Ending Balance at Dec. 31, 2022	$ 888,971	45,000	$ 283	534,790	$ (182,658)	498,456	(6,900)
Ending balance, common stock (in shares) at Dec. 31, 2022	24,053,585		24,053,585
Ending balance, treasury stock (in shares) at Dec. 31, 2022	4,268,131				4,268,131
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock awards (in shares)			13,374
Vesting of performance stock units (in shares)			600,620
Vesting of restricted stock and performance stock units	$ 0		$ 7	(7)
Stock based compensation	13,228			13,228
Forfeiture of restricted stock awards (in shares)			13,306		13,306
Forfeiture of restricted stock awards	0			757	$ (757)
Stock option exercises, net (in shares)			12,636
Stock option exercises, net	$ 144			144
Issuance of common stock pursuant to the employee stock purchase plan (in shares)	37,909		37,909
Issuance of common stock pursuant to the employee stock purchase plan	$ 1,831			1,831
Purchase of treasury stock (in shares)			(1,402,404)		(1,402,404)
Purchase of treasury stock	(81,623)				$ (81,623)
Preferred stock dividends	(3,206)					(3,206)
Net income	41,081					41,081
Other comprehensive income (loss)	3,974						3,974
Ending Balance at Dec. 31, 2023	$ 864,400	$ 45,000	$ 290	$ 550,743	$ (265,038)	$ 536,331	$ (2,926)
Ending balance, common stock (in shares) at Dec. 31, 2023	23,302,414		23,302,414
Ending balance, treasury stock (in shares) at Dec. 31, 2023	5,683,841				5,683,841

Borrowings and Borrowing Capacity (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Customer Repurchase Agreements

Information concerning customer repurchase agreements is summarized as follows:


(Dollars in thousands)	December 31, 2023			December 31, 2022
Amount outstanding at end of the year	$	—		$	340
Weighted average interest rate at end of the year	—		%	0.03		%
Average daily balance during the year	$	723		$	6,701
Weighted average interest rate during the year	0.03		%	0.03		%
Maximum month-end balance during the year	$	3,208		$	13,463

Customer repurchase agreements are secured by pledged securities with carrying amounts as follows:


(Dollars in thousands)	December 31, 2023		December 31, 2022
Asset-backed securities	$	—	$	4,994

Schedule of FHLB Advances and Weighted Average Interest Rates by Contractual Maturity

FHLB Advances

FHLB advances are collateralized by assets, including a blanket pledge of certain loans. FHLB advances and weighted average interest rates at end of period by contractual maturity are summarized as follows:


	Fixed Rate				Variable Rate
(Dollars in thousands)	Balance Outstanding		Weighted Average Interest Rate		Balance Outstanding		Weighted Average Interest Rate
2023	$	225,000	5.65	%	$	—	—	%
2027	—		—	%	30,000		5.64	%
	$	225,000	5.65	%	$	30,000	5.64	%

Schedule of Information Concerning FHLB Advances

Information concerning FHLB advances is summarized as follows:


(Dollars in thousands)	December 31, 2023			December 31, 2022
Amount outstanding at end of the year	$	255,000		$	30,000
Weighted average interest rate at end of the year	5.65		%	4.25		%
Average daily balance during the year	$	194,795		$	69,658
Weighted average interest rate during the year	5.30		%	1.19		%
Maximum month-end balance during the year	$	530,000		$	230,000

Schedule of FHLB Advances

The Company’s unused borrowing capacity with the FHLB is as follows:


(Dollars in thousands)	December 31, 2023		December 31, 2022
Borrowing capacity	$	842,016	$	676,307
Borrowings outstanding	(255,000)		(30,000)
Unused borrowing capacity	$	587,016	$	646,307

Schedule of Information Concerning Paycheck Protection Program Borrowings

Information concerning borrowings under the PPPLF is summarized as follows:


(Dollars in thousands)	December 31, 2023			December 31, 2022			December 31, 2021
Amount outstanding at end of period	$	—		$	—		$	27,144
Weighted average interest rate at end of period	—		%	—		%	0.35		%
Average amount outstanding during the period	—			670			118,880
Weighted average interest rate during the period	—		%	0.32		%	0.35		%
Highest month end balance during the period	—			—			181,635

Schedule of Subordinated Notes

The following provides a summary of the Company’s subordinated notes:


(Dollars in thousands)	Face Value		Carrying Value		Maturity Date	Current Interest Rate	First Repricing Date	Variable Interest Rate at Repricing Date	Initial Issuance Costs
Subordinated Notes issued November 27, 2019	$	39,500	$	39,180	2029	4.875%	11/27/2024	Three Month LIBOR plus 3.330%	$	1,218
Subordinated Notes issued August 26, 2021	70,000		69,498		2031	3.500%	9/01/2026	Three Month SOFR plus 2.860%	$	1,776
	$	109,500	$	108,678

Summary of Junior Subordinated Debentures

The following provides a summary of the Company’s junior subordinated debentures:


(Dollars in thousands)	Face Value		Carrying Value		Maturity Date	Variable Interest Rate	Interest Rate At December 31, 2023
National Bancshares Capital Trust II	$	15,464	$	13,632	September 2033	Three Month SOFR + 3.26%	8.65%
National Bancshares Capital Trust III	17,526		13,640		July 2036	Three Month SOFR + 1.64%	7.30%
ColoEast Capital Trust I	5,155		3,838		September 2035	Three Month SOFR + 1.86%	7.19%
ColoEast Capital Trust II	6,700		4,958		March 2037	Three Month SOFR + 2.05%	7.38%
Valley Bancorp Statutory Trust I	3,093		2,921		September 2032	Three Month SOFR + 3.66%	9.02%
Valley Bancorp Statutory Trust II	3,093		2,751		July 2034	Three Month SOFR + 3.01%	8.39%
	$	51,031	$	41,740

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible assets consist of the following:


(Dollars in thousands)	December 31, 2023		December 31, 2022
Goodwill	$	233,709	$	233,709


	December 31, 2023						December 31, 2022
(Dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Core deposit intangibles	$	43,578	$	(38,084)	$	5,494	$	43,578	$	(35,347)	$	8,231
Software intangible asset	16,932		(10,935)		5,997		16,932		(6,702)		10,230
Other intangible assets	33,452		(21,297)		12,155		30,410		(16,813)		13,597
	$	93,962	$	(70,316)	$	23,646	$	90,920	$	(58,862)	$	32,058

The changes in goodwill and intangible assets by operating segment during the year are as follows:


(Dollars in thousands)
December 31, 2023	Banking		Factoring		Payments		Corporate		Total
Beginning balance	$	116,296	$	60,982	$	88,389	$	100	$	265,767


Acquired intangibles	—		—		3,042		—		3,042
Amortization of intangibles	(2,950)		(1,821)		(6,683)		—		(11,454)
Ending balance	$	113,346	$	59,161	$	84,748	$	100	$	257,355


(Dollars in thousands)
December 31, 2022	Banking		Factoring		Payments		Corporate		Total
Beginning balance	$	119,306	$	63,275	$	94,275	$	—	$	276,856

Acquired goodwill - measurement period adjustment	—		—		(18)		—		(18)
Acquired intangibles	751		—		—		100		851
Amortization of intangibles	(3,761)		(2,293)		(5,868)		—		(11,922)
Ending balance	$	116,296	$	60,982	$	88,389	$	100	$	265,767


(Dollars in thousands)
December 31, 2021	Banking		Factoring		Payments		Corporate		Total
Beginning balance	$	123,882	$	66,040	$	—	$	—	$	189,922
Acquired goodwill	—		—		73,697		—		73,697
Acquired goodwill - measurement period adjustment	—		59		(3,238)		—		(3,179)
Acquired intangibles	—		—		27,292		—		27,292
Amortization of intangibles	(4,576)		(2,824)		(3,476)		—		(10,876)
Ending balance	$	119,306	$	63,275	$	94,275	$	—	$	276,856

Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. The Company assesses goodwill for impairment at its reporting units that contain goodwill, Banking, Factoring, and Payments. A quantitative goodwill impairment test was performed on the Company's reporting units as of October 1, 2023 which indicated that the fair value of the reporting units exceeded the reporting units' carrying value.

After performing an impairment test of intangible assets during the years ended December 31, 2023, 2022, and 2021, it was determined that no indicators of impairment were present and thus, no intangible asset impairment charge was recorded.

Except for software intangible assets that are amortized utilizing a straight line method, material acquired intangible assets are being amortized utilizing an accelerated method over their estimated useful lives. The useful lives of the Company's intangible assets range from 4 to 11 years.

The future amortization schedule for the Company’s intangible assets with finite lives is as follows:


(Dollars in thousands)
2024	$	10,312
2025	5,735
2026	2,611
2027	1,681
2028	1,007
Thereafter	1,449
	$	22,795

Amortization schedule excludes $851,000 of indefinite lived intangible assets.

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Pre-Tax Impact of Terminated Cash Flow Hedge on AOCI

The following table presents the pre-tax impact of the terminated cash flow hedge on AOCI:


	Year Ended
(Dollars in thousands)	December 31, 2022
Unrealized gains on terminated hedges
Beginning Balance	$	—
Unrealized gains arising during the period	9,316
Reclassification adjustments for amortization of unrealized (gains) into net income	(9,316)
Ending Balance	$	—

Schedule of Fair Value and Cash Flow Hedge Accounting on AOCI

The table below presents the effect of fair value and cash flow hedge accounting on Accumulated Other Comprehensive Income, net of tax:


	Amount of Gain or (Loss) Recognized in OCI on Derivative		Amount of Gain or (Loss) Recognized in OCI Included Component		Location of Gain or (Loss) Recognized from AOCI into Income	Amount of Gain or (Loss) Reclassified from AOCI into Income		Amount of Gain or (Loss) Reclassified from AOCI into Income Included Component
(Dollars in thousands)




Year Ended December 31, 2022
Derivatives in cash flow hedging relationships:
Interest rate swaps	$	2,398	$	2,398	Interest Expense	$	7,103	$	7,103

Year Ended December 31, 2021
Derivatives in cash flow hedging relationships:
Interest rate swaps	$	3,995	$	3,995	Interest Expense	$	(71)	$	(71)

Premises and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 13,801	$ 13,302	$ 12,037
Lease liabilities	32,311	34,035
Operating lease right-of-use assets	$ 29,527	$ 30,973
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Remaining lease term	6 years 7 months 2 days	7 years 8 months 12 days
Discount rate (as a percent)	3.00%	2.90%

Fair Value Disclosures

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Disclosures

FAIR VALUE DISCLOSURES

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

Assets and liabilities measured at estimated fair value on a recurring basis are summarized in the table below.


(Dollars in thousands)	Fair Value Measurements Using						Total Fair Value
December 31, 2023	Level 1		Level 2		Level 3
Assets measured at fair value on a recurring basis
Securities available for sale
Mortgage-backed securities, residential	$	—	$	55,839	$	—	$	55,839
Asset-backed securities	—		1,170		—		1,170
State and municipal	—		4,515		—		4,515
CLO securities	—		236,291		—		236,291
Corporate bonds	—		275		—		275
SBA pooled securities	—		1,554		—		1,554
	$	—	$	299,644	$	—	$	299,644

Equity securities with readily determinable fair values
Mutual fund	$	4,488	$	—	$	—	$	4,488

Loans held for sale	$	—	$	1,236	$	—	$	1,236

Indemnification asset	$	—	$	—	$	1,497	$	1,497

Revenue share asset	$	—	$	—	$	2,516	$	2,516


(Dollars in thousands)	Fair Value Measurements Using						Total Fair Value
December 31, 2022	Level 1		Level 2		Level 3
Assets measured at fair value on a recurring basis
Securities available for sale
Mortgage-backed securities, residential	$	—	$	50,633	$	—	$	50,633
Asset-backed securities	—		6,331		—		6,331
State and municipal	—		13,438		—		13,438
CLO Securities	—		181,011		—		181,011
Corporate bonds	—		1,263		—		1,263
SBA pooled securities	—		1,828		—		1,828
	$	—	$	254,504	$	—	$	254,504

Equity securities with readily determinable fair values
Mutual fund	$	5,191	$	—	$	—	$	5,191

Loans held for sale	$	—	$	5,641	$	—	$	5,641

Indemnification asset	$	—	$	—	$	3,896	$	3,896

Revenue share asset	$	—	$	—	$	5,515	$	5,515

There were no transfers between levels for the years ended December 31, 2023 and 2022.

The Company used the following methods and assumptions to estimate fair value of financial instruments that are measured at fair value on a recurring basis:

Securities available for sale – The estimated fair values of debt securities available for sale are determined by third-party matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs).

Equity securities with readily determinable fair values – The fair values of equity securities are determined based on quoted market prices in active markets and are classified in Level 1 of the valuation hierarchy.

Loans held for sale – The estimated fair value of loans held for sale is determined using commitments on hand from investors or prevailing market prices and are classified in Level 2 of the valuation hierarchy.

Indemnification Asset

The estimated fair value of the indemnification asset is calculated as the present value of the estimated cash payments expected to be received from Covenant for probable losses on the covered Over-Formula Advance Portfolio. The cash flows are discounted at a rate to reflect the uncertainty of the timing and receipt of the payments from Covenant. The indemnification asset is reviewed quarterly and changes to the asset are recorded as adjustments to other noninterest income within the Consolidated Statements of Income. The indemnification asset estimated fair value is considered a Level 3 classification. At December 31, 2023 and 2022, the estimated cash payments expected to be received from Covenant for probable losses on the covered Over-Formula Advance Portfolio were $1,575,000 and $4,101,000, respectively, and a discount rate of 5.0% and 5.0%, respectively, was applied to calculate the present value of the indemnification asset.

A reconciliation of the opening balance to the closing balance of the estimated fair value of the indemnification asset is as follows:


(Dollars in thousands)	2023		2022		2021
Beginning balance	$	3,896	$	4,786	$	36,225
Indemnification asset recognized in business combination	—		—		—
Change in estimated fair value of indemnification asset recognized in earnings	(734)		(890)		4,194
Indemnification recognized	(1,665)		—		(35,633)
Ending balance	$	1,497	$	3,896	$	4,786

Revenue Share Asset

On June 30, 2022 and September 6, 2022, the Company entered into and closed two separate agreements to sell two separate portfolios of factored receivables. The June 30, 2022 agreement contains revenue share provisions that entitles the Company to an amount equal to fifteen percent of the future gross monthly revenue of the clients associated with the sold factored receivable portfolio. The September 6, 2022 agreement contains revenue share provisions that entitles the Company to an amount ranging from fifteen to twenty percent, depending on the client, of the future gross monthly revenue of the clients associated with the sold factored receivable portfolio. The estimated fair value of the revenue share assets is calculated each reporting period, and changes in the estimated fair value of the revenue share assets are recorded in noninterest income in the consolidated statements of income. The revenue share asset estimated fair value is considered a Level 3 classification.

At December 31, 2023 and 2022, the estimated cash payments expected to be received from the purchaser for the Company's share of future gross monthly revenue was $3,329,000 and $7,613,000, respectively, and a discount rate of 10.0% was applied to calculate the present value of the revenue share asset. A reconciliation of the opening balance to the closing balance of the estimated fair value of the revenue share asset is as follows:


(Dollars in thousands)	2023		2022		2021
Beginning balance	$	5,515	$	—	$	—
Revenue share asset recognized	—		6,237		—
Change in estimated fair value of revenue share asset recognized in earnings	(1,743)		(62)		—
Revenue share payments received	(1,256)		(660)		—
Ending balance	$	2,516	$	5,515	$	—


(Dollars in thousands)	Fair Value Measurements Using						Total Fair Value
December 31, 2023	Level 1		Level 2		Level 3
Collateral dependent loans
Commercial real estate	$	—	$	—	$	1,480	$	1,480
1-4 family residential	—		—		37		37
Commercial	—		—		20,870		20,870
Factored receivables	—		—		32,860		32,860





	$	—	$	—	$	55,247	$	55,247


(Dollars in thousands)	Fair Value Measurements Using						Total Fair Value
December 31, 2022	Level 1		Level 2		Level 3
Collateral dependent loans
Commercial real estate	$	—	$	—	$	269	$	269

1-4 family residential	—		—		46		46
Commercial	—		—		6,994		6,994
Factored receivables	—		—		29,367		29,367





Equity investment without readily determinable fair value	38,088		—		—		38,088
	$	38,088	$	—	$	36,676	$	74,764

Collateral Dependent Loans Specific Allocation of ACL

A loan is considered to be a collateral dependent loan when, based on current information and events, the Company expects repayment of the financial assets to be provided substantially through the operation or sale of the collateral and the Company has determined that the borrower is experiencing financial difficulty as of the measurement date. The ACL is measured by estimating the fair value of the loan based on the present value of expected cash flows, the market price of the loan, or the underlying estimated fair value of the loan’s collateral. For real estate loans, estimated fair value of the loan’s collateral is determined by third-party appraisals, which are then adjusted for the estimated selling and closing costs related to liquidation of the collateral. For this asset class, the actual valuation methods (income, sales comparable, or cost) vary based on the status of the project or property. For example, land is generally based on the sales comparable method while construction is based on the income and/or sales comparable methods. The unobservable inputs may vary depending on the individual assets with no one of the three methods being the predominant approach. The Company reviews the third-party appraisal for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. For non-real estate loans, estimated fair value of the loan’s collateral may be determined using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business.

The estimated fair values of the Company’s financial instruments not measured at fair value on a recurring or non-recurring basis were as follows:


	December 31, 2023
	Carrying Amount		Fair Value Measurements Using						Total Fair Value
(Dollars in thousands)			Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	286,635	$	286,635	$	—	$	—	$	286,635
Securities - held to maturity	2,977		—		—		4,015		4,015
Loans not previously presented, gross	4,107,853		105,145		—		3,944,193		4,049,338
FHLB and other restricted stock	14,278		N/A		N/A		N/A		N/A
Accrued interest receivable	34,597		34,597		—		—		34,597

Financial liabilities:
Deposits	3,977,478		—		3,971,391		—		3,971,391
Federal Home Loan Bank advances	255,000		—		255,000		—		255,000
Subordinated notes	108,678		—		90,084		—		90,084
Junior subordinated debentures	41,740		—		43,072		—		43,072
Accrued interest payable	7,429		7,429		—		—		7,429


	December 31, 2022
	Carrying Amount		Fair Value Measurements Using						Total Fair Value
(Dollars in thousands)			Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	408,182	$	408,182	$	—	$	—	$	408,182
Securities - held to maturity	4,077		—		—		5,476		5,476
Loans not previously presented, gross	4,088,411		187,729		—		3,805,701		3,993,430
FHLB and other restricted stock	6,252		N/A		N/A		N/A		N/A
Accrued interest receivable	21,977		21,977		—		—		21,977

Financial liabilities:
Deposits	4,171,336		—		4,159,695		—		4,159,695
Customer repurchase agreements	340		—		340		—		340
Federal Home Loan Bank advances	30,000		—		30,000		—		30,000
Subordinated notes	107,800		—		104,400		—		104,400
Junior subordinated debentures	41,158		—		42,721		—		42,721
Accrued interest payable	2,830		2,830		—		—		2,830

For those financial instruments not previously described, the following methods and assumptions were used by the Company in estimating the fair values of financial instruments as disclosed herein:

Cash and Cash Equivalents

For financial instruments with a shorter term or with no stated maturity, prevailing market rates, and limited credit risk, the carrying amounts approximate fair value and are considered a Level 1 classification.

Securities held to maturity

The estimated fair values of the Company’s investments in the subordinated notes of Trinitas IV, Trinitas V, and Trinitas VI classified as securities held to maturity are determined based on the securities’ discounted projected future cash flows (net present value), resulting in a Level 3 classification.

Loans

Loans include loans held for investment, excluding collateral dependent loans previously described above. For variable rate loans that reprice frequently and have no significant changes in credit risk, excluding previously presented collateral dependent loans measured at estimated fair value on a non-recurring basis, fair values are based on carrying values. Fair values for fixed rate loans are estimated using discounted cash flow analyses. The discount rates used to determine the estimated fair value of loans use interest rate spreads that reflect factors such as liquidity, credit, and nonperformance risk of the loans. These loans are considered a Level 3 classification.

The fair values of commercial loans in the Company’s liquid credit portfolio are determined based on quoted market prices in active markets and are considered a Level 1 classification.

FHLB and other restricted stock

FHLB and other restricted stock is restricted to member banks and there are restrictions placed on its transferability. As a result, the estimated fair value of FHLB and other restricted stock was not practicable to determine.

Deposits

The estimated fair values disclosed for demand deposits and non-maturity transaction accounts are, by definition, equal to the amount payable on demand at the reporting date (that is, their carrying amounts) and are considered a Level 2 classification. Estimated fair values for fixed rate time deposits are estimated using a discounted cash flow calculation that applies interest rates currently being offered on time deposits to a schedule of aggregated expected monthly maturities on time deposits resulting in a Level 2 classification.

Customer repurchase agreements

The carrying amount of customer repurchase agreements approximates fair value due to their short-term nature. The customer repurchase agreement estimated fair value is considered a Level 2 classification.

Federal Home Loan Bank advances

The Company’s FHLB advances have variable rates or a maturity of less than three months and therefore estimated fair value materially approximates carrying value and is considered a Level 2 classification.

Subordinated notes

The subordinated notes were valued based on quoted market prices, but due to limited trading activity for the subordinated notes in these markets, the subordinated notes are considered a Level 2 classification.

Junior subordinated debentures

The junior subordinated debentures were valued by discounting future cash flows using current interest rates for similar financial instruments, resulting in a Level 2 classification.

Accrued Interest Receivable and Accrued Interest Payable

The carrying amounts of accrued interest receivable and accrued interest payable approximate their fair values given the short-term nature of the receivables and are considered a Level 1 classification.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Premises and Equipment - Schedule of Total Operating Lease Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Within one year	$ 6,443
After one but within two years	6,299
After two but within three years	5,376
After three but within four years	4,856
After four but within five years	3,979
After five years	8,971
Total undiscounted cash flows	35,924
Discount on cash flows	(3,613)
Total lease liability	$ 32,311	$ 34,035

Off-Balance Sheet Loan Commitments (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Financial Instruments with Off-Balance Sheet Risk

The contractual amounts of financial instruments with off-balance sheet risk were as follows:


	December 31, 2023						December 31, 2022
(Dollars in thousands)	Fixed Rate		Variable Rate		Total		Fixed Rate		Variable Rate		Total
Unused lines of credit	$	53,822	$	527,300	$	581,122	$	1,417	$	487,965	$	489,382
Standby letters of credit	$	15,013	$	9,356	$	24,369	$	12,309	$	4,897	$	17,206
Commitments to purchase loans	$	—	$	17,125	$	17,125	$	—	$	53,572	$	53,572
Mortgage warehouse commitments	$	—	$	895,896	$	895,896	$	—	$	1,055,117	$	1,055,117

Securities Borrowed, Allowance for Credit Loss

The following table presents credit loss expense for off balance sheet credit exposures:


	Year Ended December 31,
(Dollars in thousands)	2023		2022		2021
Credit loss expense (benefit)	$	(769)	$	(476)	$	(922)

Other Real Estate Owned

12 Months Ended

Dec. 31, 2023

Other Real Estate [Abstract]

Other Real Estate Owned

OTHER REAL ESTATE OWNED

Other real estate owned activity was as follows:


	Years Ended December 31,
(Dollars in thousands)	2023		2022		2021
Beginning balance	$	—	$	524	$	1,432
Loans transferred to OREO	37		47		692
Net OREO gains (losses) and valuation adjustments	—		(133)		(347)
Sales of OREO	—		(438)		(1,253)
Ending balance	$	37	$	—	$	524

Derivative Financial Instruments - Effect on Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in OCI on Derivative and Included Component	$ 0	$ (4,705)	$ 4,066
Amount of Gain or (Loss) Reclassified from AOCI into Income and Included Component	$ 0	7,103	(71)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in OCI on Derivative and Included Component		2,398	3,995
Interest rate swaps \| Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Reclassified from AOCI into Income and Included Component		$ 7,103	$ (71)

Variable Interest Entities

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

VARIABLE INTEREST ENTITIES

Collateralized Loan Obligation Funds - Closed

The Company holds investments in the subordinated notes of the following closed Collateralized loan Obligation ("CLO") funds:


(Dollars in thousands)	Offering Date	Offering Amount
Trinitas CLO IV, LTD (Trinitas IV)	June 2, 2016	$	406,650
Trinitas CLO V, LTD (Trinitas V)	September 22, 2016	$	409,000
Trinitas CLO VI, LTD (Trinitas VI)	June 20, 2017	$	717,100

The net carrying amounts of the Company’s investments in the subordinated notes of the CLO funds, which represent the Company’s maximum exposure to loss as a result of its involvement with the CLO funds, totaled $2,977,000 and $4,077,000 at December 31, 2023 and 2022, respectively, and are classified as held to maturity securities within the Company’s consolidated balance sheets.

The Company performed a consolidation analysis to confirm whether the Company was required to consolidate the assets, liabilities, equity or operations of the closed CLO funds in its financial statements. The Company concluded that the closed CLO funds are variable interest entities and that the Company holds variable interests in the entities in the form of its investments in the subordinated notes of the entities. However, the Company also concluded that the Company does not have the power to direct the activities that most significantly impact the entities’ economic performance. As a result, the Company is not the primary beneficiary and therefore is not required to consolidate the assets, liabilities, equity or operations of the CLO funds in the Company’s financial statements.

Derivative Financial Instruments - Schedule of Pre-Tax Impact of Terminated Cash Flow Hedge on AOCI (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
AOCI Attributable to Parent, Before Tax [Roll Forward]
Beginning Balance	$ 858,864
Ending Balance	888,971
Discontinued Cash Flow Hedge \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Before Tax [Roll Forward]
Beginning Balance	0
Unrealized gains arising during the period	9,316
Reclassification adjustments for amortization of unrealized (gains) into net income	(9,316)
Ending Balance	$ 0

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

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+ Details

Premises and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Premises and Equipment

Premises and equipment consisted of the following:


(Dollars in thousands)	December 31, 2023		December 31, 2022
Land	$	13,080	$	13,080
Buildings	58,282		55,001
Leasehold improvements	39,499		37,406
Automobiles and aircraft	22,966		9,929
Furniture, fixtures and equipment	40,814		35,465
	174,641		150,881
Accumulated depreciation	(61,184)		(47,542)
	$	113,457	$	103,339

Schedule of Lease Cost

Lease costs were as follows:


	Year Ended December 31,
(Dollars in thousands)	2023		2022		2021
Operating lease cost	$	5,294	$	4,242	$	4,538
Short-term lease cost	460		—		—
Variable lease cost	145		880		443
Total lease cost	$	5,899	$	5,122	$	4,981

Schedule of Total Operating Lease Liability

A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:


(Dollars in thousands)	December 31, 2023
Lease payments due:
Within one year	$	6,443
After one but within two years	6,299
After two but within three years	5,376
After three but within four years	4,856
After four but within five years	3,979
After five years	8,971
Total undiscounted cash flows	35,924
Discount on cash flows	(3,613)
Total lease liability	$	32,311

Borrowings and Borrowing Capacity - Summary of Customer Repurchase Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Amount outstanding at end of the year	$ 0	$ 340
Weighted average interest rate at end of the year	0.00%	0.03%
Average daily balance during the year	$ 723	$ 6,701
Weighted average interest rate during the year	0.03%	0.03%
Maximum month-end balance during the year	$ 3,208	$ 13,463

- Definition

Amount, after the effects of master netting arrangements, of funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
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-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
-Subparagraph (c)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-URI https://asc.fasb.org//1943274/2147483444/210-20-55-10

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 233,709	$ 233,709
Gross Carrying Amount	93,962	90,920
Accumulated Amortization	(70,316)	(58,862)
Net Carrying Amount	23,646	32,058
Core deposit intangibles
Goodwill And Intangible Assets [Line Items]
Gross Carrying Amount	43,578	43,578
Accumulated Amortization	(38,084)	(35,347)
Net Carrying Amount	5,494	8,231
Software intangible asset
Goodwill And Intangible Assets [Line Items]
Gross Carrying Amount	16,932	16,932
Accumulated Amortization	(10,935)	(6,702)
Net Carrying Amount	5,997	10,230
Other intangible assets
Goodwill And Intangible Assets [Line Items]
Gross Carrying Amount	33,452	30,410
Accumulated Amortization	(21,297)	(16,813)
Net Carrying Amount	$ 12,155	$ 13,597

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Gross loans	$ 4,163,100	$ 4,120,291
Commercial loans
Disaggregation of Revenue [Line Items]
Gross loans	$ 1,170,365	1,251,110
Payments Segment
Disaggregation of Revenue [Line Items]
Deferred sales commissions amortization period	2 years
Deferred set-up costs amortization period	4 years
Deferred sales commissions	$ 394	0
Deferred set-up costs	505	$ 0
Payments Segment \| Broker \| Commercial loans
Disaggregation of Revenue [Line Items]
Gross loans	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Insider Trading Arrangements - shares	3 Months Ended			12 Months Ended
Insider Trading Arrangements - shares	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Aaron Graft [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement				On June 15, 2023, Mr. Aaron Graft, the Company’s Vice Chairman and Chief Executive Officer, adopted a written plan for the sale of our common stock that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (the “Graft Trading Plan”). The Graft Trading Plan covers the sale of up to 75,000 shares of the Company’s common stock in several transactions over a period commencing after the later of (1) 90 days from the execution of the Graft Trading Plan and (2) the second trading day following the public disclosure of the Company’s financial results on Form 10-Q for the quarter ended June 30, 2023, and will cease upon the earlier of June 11, 2024 or the sale of all shares subject to the Graft Trading Plan. As of December 13, 2023, all shares subject to the Graft Trading Plan had been sold.
Name			Aaron Graft
Title			Vice Chairman and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted			true
Adoption Date			June 15, 2023
Rule 10b5-1 Arrangement Terminated	true
Termination Date	December 13, 2023
Aggregate Available			75,000
Edward J. Schreyer [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement				On August 23, 2023, Mr. Edward J. Schreyer, the Company’s Executive Vice President and Chief Operating Officer, adopted a written plan for the sale of our common stock that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (the “Schreyer Trading Plan”). The Schreyer Trading Plan covers the sale of up to 25,282 shares of the Company’s common stock in several transactions over a period commencing after the later of (1) 90 days from the execution of the Schreyer Trading Plan and (2) the second trading day following the public disclosure of the Company’s financial results on Form 10-Q for the quarter ended September 30, 2023, and will cease upon the earlier of March 1, 2024 or the sale of all shares subject to the Schreyer Trading Plan. As of January 29, 2024, all shares subject to Schreyer Trading Plan had been sold.
Name		Edward J. Schreyer
Title		Executive Vice President and Chief Operating Officer
Rule 10b5-1 Arrangement Adopted		true
Adoption Date		August 23, 2023
Arrangement Duration		191 days
Aggregate Available		25,282
Adam D. Nelson [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement				On September 6, 2023, Mr. Adam D. Nelson, the Company’s Executive Vice President and General Counsel, adopted a written plan for the exercise and sale of non-qualified stock options to purchase our common stock that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (the “Nelson Trading Plan”). The Nelson Trading Plan covers the exercise and sale of up to 20,160 non-qualified stock options to purchase shares of the Company’s common stock in several transactions over a period commencing after the later of (1) 90 days from the execution of the Nelson Trading Plan and (2) the second trading day following the public disclosure of the Company’s financial results on Form 10-Q for the quarter ended September 30, 2023, and will cease upon the earlier of November 29, 2024 or the sale of all shares subject to the Nelson Trading Plan.
Name		Adam D. Nelson
Title		Executive Vice President and General Counsel
Rule 10b5-1 Arrangement Adopted		true
Adoption Date		September 6, 2023
Arrangement Duration		450 days
Aggregate Available		20,160

Revenue Recognition - Summary of Payment Segment Revenue (Details) - Payments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total fee income	$ 17,931	$ 13,696	$ 7,451
Broker fee income
Disaggregation of Revenue [Line Items]
Total fee income	12,215	8,441	3,480
Factor fee income
Disaggregation of Revenue [Line Items]
Total fee income	5,256	5,029	2,588
Other fee income
Disaggregation of Revenue [Line Items]
Total fee income	$ 460	$ 226	$ 1,383

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Borrowings and Borrowing Capacity

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Borrowings And Borrowing Capacity

BORROWINGS AND BORROWING CAPACITY

Customer Repurchase Agreements

Customer repurchase agreements are overnight customer sweep arrangements. Information concerning customer repurchase agreements is summarized as follows:


(Dollars in thousands)	December 31, 2023			December 31, 2022
Amount outstanding at end of the year	$	—		$	340
Weighted average interest rate at end of the year	—		%	0.03		%
Average daily balance during the year	$	723		$	6,701
Weighted average interest rate during the year	0.03		%	0.03		%
Maximum month-end balance during the year	$	3,208		$	13,463

Customer repurchase agreements are secured by pledged securities with carrying amounts as follows:


(Dollars in thousands)	December 31, 2023		December 31, 2022
Asset-backed securities	$	—	$	4,994

FHLB Advances


	Fixed Rate				Variable Rate
(Dollars in thousands)	Balance Outstanding		Weighted Average Interest Rate		Balance Outstanding		Weighted Average Interest Rate
2023	$	225,000	5.65	%	$	—	—	%
2027	—		—	%	30,000		5.64	%
	$	225,000	5.65	%	$	30,000	5.64	%

Information concerning FHLB advances is summarized as follows:


(Dollars in thousands)	December 31, 2023			December 31, 2022
Amount outstanding at end of the year	$	255,000		$	30,000
Weighted average interest rate at end of the year	5.65		%	4.25		%
Average daily balance during the year	$	194,795		$	69,658
Weighted average interest rate during the year	5.30		%	1.19		%
Maximum month-end balance during the year	$	530,000		$	230,000

The Company’s unused borrowing capacity with the FHLB is as follows:


(Dollars in thousands)	December 31, 2023		December 31, 2022
Borrowing capacity	$	842,016	$	676,307
Borrowings outstanding	(255,000)		(30,000)
Unused borrowing capacity	$	587,016	$	646,307

Paycheck Protection Program Liquidity Facility (“PPPLF”)

The PPPLF is a lending facility offered by the Federal Reserve Banks to facilitate lending to small businesses under the Paycheck Protection Program. Borrowings under the PPPLF are secured by Paycheck Protection Program Loans (“PPP loans”) guaranteed by the Small Business Administration (“SBA”) and mature at the same time as the PPP Loan pledged to secure the extension of credit. The maturity dates of the borrowings are accelerated if the underlying PPP Loan goes into default and the Company sells the PPP Loan to the SBA to realize on the SBA guarantee or if the Company receives any loan forgiveness reimbursement from the SBA for the underlying PPP Loan.

Information concerning borrowings under the PPPLF is summarized as follows:


(Dollars in thousands)	December 31, 2023			December 31, 2022			December 31, 2021
Amount outstanding at end of period	$	—		$	—		$	27,144
Weighted average interest rate at end of period	—		%	—		%	0.35		%
Average amount outstanding during the period	—			670			118,880
Weighted average interest rate during the period	—		%	0.32		%	0.35		%
Highest month end balance during the period	—			—			181,635

There were no PPPLF borrowings outstanding at December 31, 2023 and 2022.

Federal Funds Purchased

The Company had no federal funds purchased at December 31, 2023 and 2022. However, as of December 31, 2023, the Company had unsecured federal funds lines of credit with seven unaffiliated banks totaling $227,500,000.

Federal Reserve Bank Discount Window

The Company has entered into agreements with the Federal Reserve Bank of Dallas to borrow from its discount window. The Company had no Federal Reserve Bank discount window borrowings outstanding at December 31, 2023 and 2022. At December 31, 2023, the Company had $569,858,000 of unused borrowing capacity from the Federal Reserve Bank discount window, to which the Company pledged loans with an outstanding balance of $745,799,000.

Subordinated Notes

The following provides a summary of the Company’s subordinated notes:


(Dollars in thousands)	Face Value		Carrying Value		Maturity Date	Current Interest Rate	First Repricing Date	Variable Interest Rate at Repricing Date	Initial Issuance Costs
Subordinated Notes issued November 27, 2019	$	39,500	$	39,180	2029	4.875%	11/27/2024	Three Month LIBOR plus 3.330%	$	1,218
Subordinated Notes issued August 26, 2021	70,000		69,498		2031	3.500%	9/01/2026	Three Month SOFR plus 2.860%	$	1,776
	$	109,500	$	108,678

The Subordinated Notes bear interest payable semi-annually in arrears to, but excluding the first repricing date, and thereafter payable quarterly in arrears at an annual floating rate. The Company may, at its option, beginning on the respective first repricing date and on any scheduled interest payment date thereafter, redeem the Subordinated Notes, in whole or in part, at a redemption price equal to the outstanding principal amount of the Subordinated Notes to be redeemed plus accrued and unpaid interest to, but excluding, the date of redemption.

The Subordinated Notes are included on the consolidated balance sheets as liabilities at their carrying values; however, for regulatory purposes, the $108,678,000 and $107,800,000 carrying value of these obligations at December 31, 2023 and 2022, respectively, were eligible for inclusion in Tier 2 regulatory capital. Issuance costs related to the Subordinated Notes have been netted against the subordinated notes liability on the balance sheet. The debt issuance costs are being amortized using the effective interest method through maturity and recognized as a component of interest expense.

The Subordinated Notes are subordinated in right of payment to the Company’s existing and future senior indebtedness and are structurally subordinated to the Company’s subsidiaries’ existing and future indebtedness and other obligations.

On September 30, 2016, the Company issued $50,000,000 of Fixed-to-Floating Rate Subordinated Notes due 2026 (the “2016 Notes”). The 2016 Notes initially bear interest at 6.50% per annum, payable semi-annually in arrears, to, but excluding, September 30, 2021, and, thereafter and to, but excluding, the maturity date or earlier redemption, interest shall be payable quarterly in arrears, at an annual floating rate equal to three-month LIBOR as determined for the applicable quarterly period, plus 5.345%. The Company redeemed the 2016 Notes in whole on September 30, 2021 at which time $755,000 in remaining deferred costs were recognized through interest expense.

Junior Subordinated Debentures

The following provides a summary of the Company’s junior subordinated debentures:


(Dollars in thousands)	Face Value		Carrying Value		Maturity Date	Variable Interest Rate	Interest Rate At December 31, 2023
National Bancshares Capital Trust II	$	15,464	$	13,632	September 2033	Three Month SOFR + 3.26%	8.65%
National Bancshares Capital Trust III	17,526		13,640		July 2036	Three Month SOFR + 1.64%	7.30%
ColoEast Capital Trust I	5,155		3,838		September 2035	Three Month SOFR + 1.86%	7.19%
ColoEast Capital Trust II	6,700		4,958		March 2037	Three Month SOFR + 2.05%	7.38%
Valley Bancorp Statutory Trust I	3,093		2,921		September 2032	Three Month SOFR + 3.66%	9.02%
Valley Bancorp Statutory Trust II	3,093		2,751		July 2034	Three Month SOFR + 3.01%	8.39%
	$	51,031	$	41,740

These debentures are unsecured obligations due to trusts that are unconsolidated subsidiaries. The debentures were issued in conjunction with the trusts’ issuances of obligated capital securities. The trusts used the proceeds from the issuances of their capital securities to buy floating rate junior subordinated deferrable interest debentures that bear the same interest rate and terms as the capital securities. These debentures are the trusts’ only assets and the interest payments from the debentures finance the distributions paid on the capital securities. These debentures rank junior and are subordinate in the right of payment to all other debt of the Company.

As part of the purchase accounting adjustments made with the National Bancshares, Inc. acquisition on October 15, 2013, the ColoEast acquisition on August 1, 2016, and the Valley acquisition on December 9, 2017, the Company adjusted the carrying value of the junior subordinated debentures to fair value as of the respective acquisition dates. The discount on the debentures will continue to be amortized through maturity and recognized as a component of interest expense.

The debentures may be called by the Company at par plus any accrued but unpaid interest. Interest on the debentures is calculated quarterly. The distribution rate payable on the capital securities is cumulative and payable quarterly in arrears. The Company has the right to defer payments on interest on the debentures at any time by extending the interest payment period for a period not exceeding 20 consecutive quarters with respect to each deferral period, provided that no extension period may extend beyond the redemption or maturity date of the debentures.

The debentures are included on the consolidated balance sheet as liabilities; however, for regulatory purposes, the carrying value of these obligations are eligible for inclusion in Tier I regulatory capital, subject to certain limitations. All of the carrying value of $41,740,000 and $41,158,000 was allowed in the calculation of Tier I regulatory capital as of December 31, 2023 and 2022, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
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+ Details

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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. On December 1, 2022 we completed an extensive marketing rebranding effort, including a change of the company name from Triumph Bancorp, Inc. to Triumph Financial, Inc. and a change of our factoring subsidiary's company name from Triumph Business Capital LLC to Triumph Financial Services LLC ("Triumph Financial Services"). Said rebranding efforts had no impact to the composition of legal entities, financial reporting, employee roles, management structure, or work activities and expectations. See Note 2 – Acquisitions and Divestitures for additional information pertaining to the TPF sale and the impact of the transaction on the Company’s consolidated financial statements. Principles of Consolidation and Basis of Presentation The Company consolidates subsidiaries in which it holds, directly or indirectly, a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity under U.S. generally accepted accounting principles (“GAAP”). Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has at least a majority of the voting interest. Variable interest entities (“VIEs”) are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. In consolidation, all significant intercompany accounts and transactions are eliminated. Investments in unconsolidated entities are accounted for using the equity method of accounting when the Company has the ability to exercise significant influence over operating and financing decisions. Investments that do not meet the criteria for equity method accounting are accounted for using the cost method of accounting. The accounting and reporting policies of the Company and its subsidiaries conform to GAAP and general practice within the banking industry. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The Company uses the accrual basis of accounting for financial reporting purposes. Use of Estimates To prepare financial statements in conformity with GAAP management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. Cash and Cash Equivalents For the purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, other short-term investments and federal funds sold. All highly liquid investments with an initial maturity of less than 90 days are considered to be cash equivalents. Certain items, including loan and deposit transactions, customer repurchase agreements, and FHLB advances and repayments, are presented net in the statement of cash flows. Debt Securities The Company determines the classification of debt securities at the time of purchase. Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in earnings. Debt securities not classified as held to maturity or trading are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), net of tax. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. Amortization of premiums and discounts are recognized in interest income over the period to maturity using the interest method, except for premiums on callable debt securities, which are amortized to their earliest call date. The Company has made a policy election to exclude accrued interest from the amortized cost basis of debt securities and report accrued interest in other assets in the consolidated balance sheets. A debt security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on nonaccrual is reversed against interest income. There was no accrued interest related to debt securities reversed against interest income for the years ended December 31, 2023, 2022 and 2021. Allowance for Credit Losses – Available for Sale Securities For available for sale debt securities in an unrealized loss position, the Company evaluates the securities to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not credit related is recognized in other comprehensive income, net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses (“ACL”) on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Both the ACL and the adjustment to net income may be reversed if conditions change. However, if the Company intends to sell an impaired available for sale debt security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount must be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. Because the security’s amortized cost basis is adjusted to fair value, there is no ACL in such a situation. In evaluating available for sale debt securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, the Company considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the ACL when management believes the uncollectability of an available for sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable is excluded from the estimate of credit losses. Allowance for Credit Losses – Held to Maturity Securities The allowance for credit losses on held to maturity securities is estimated on a collective basis by major security type. At December 31, 2023 and 2022, the Company’s held to maturity securities consisted of 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 securities such as these will be driven by a variety of factors, including credit performance of the underlying loan portfolio, adjustments to the portfolio by the asset manager, and the timing of a potential call. Accrued interest receivable is excluded from the estimate of credit losses. Equity Securities Equity securities with readily determinable fair values are recorded at fair value, with realized and unrealized gains and losses included in earnings. Equity securities without readily determinable fair values are recorded at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. Loans Held for Sale The Company elects the fair value option for recording 1-4 family residential mortgage loans and commercial loans held for sale. The fair value of loans held for sale is determined based on outstanding commitments from investors to purchase such loans or prevailing market rates. Increases or decreases in the fair value of loans held for sale, if any, are charged to earnings and are recorded in noninterest income in the consolidated statements of income. Gains and losses on sales of loans are based on the difference between the final selling price and the carrying value of the related loan sold. Mortgage loans held for sale are generally sold with servicing rights released. Management occasionally transfers loans held for investment to loans held for sale. Gains or losses on the transfer of loans to loans held for sale are recorded in noninterest income in the consolidated statements of income unless such loans have experienced a decline in fair value due to credit quality concerns. For such transfers experiencing a decline in fair value due to credit quality, the Company first applies its charge-off policy which requires recognizing the confirmed loss via a charge-off against the allowance for credit losses which is measured as the excess of the loan's amortized cost basis over the loan's fair value. The charge-off is reflected as a write-down of the loan resulting in a new amortized cost basis. To the extent that the loan’s fair value loss has not already been provided for in the allowance for credit losses, an additional credit loss expense is made to provide sufficient allowance to absorb the charge-off. If the allowance for credit losses amount on the transferred loan at the transfer date to the held for sale category exceeds the amount of the charge-off, any remaining excess allowance for credit loss is reversed into earnings through credit loss expense. After the write-down is taken, the loans is transferred from held to investment to held for sale at its new amortized cost basis which approximates fair value. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their amortized cost basis, which is the unpaid principal balance outstanding, net of unearned income, deferred loan fees and costs, premiums and discounts associated with acquisition date fair value adjustments on acquired loans, and any direct principal charge-offs. The Company has made a policy election to exclude accrued interest from the amortized cost basis of loans and report accrued interest separately from the related loan balance in other assets on consolidated balance sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income over the remaining life of the loan without anticipating prepayments. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. Loans are classified as nonaccrual when, in the opinion of management, collection of principal or interest is doubtful. The accrual of interest income on loans is typically discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection, or if full collection of interest or principal becomes uncertain. Consumer loans are typically charged off no later than 120 days past due. All interest accrued but not received for a loan placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash basis method, interest income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Factored Receivables The Company purchases invoices from its factoring clients in schedules or batches. To a much lesser extent, the Company will also make short-term advances to its clients on transportation contracts for upcoming loads. Cash is advanced to the client to the extent of the applicable advance rate, less fees, as set forth in the individual factoring agreements. The face value of the invoices purchased or amount advanced is recorded by the Company as factored receivables, and the unadvanced portions of the invoices purchased, less fees, are considered client reserves. The client reserves are held to settle any payment disputes or collection shortfalls, may be used to pay clients’ obligations to various third parties as directed by the client, are periodically released to or withdrawn by clients, and are reported as deposits in the consolidated balance sheets. Unearned factoring fees and unearned net origination fees are deferred and recognized over the weighted average collection period for each client. Subsequent factoring fees are recognized in interest income as incurred by the client and deducted from the clients’ reserve balances. Other factoring-related fees, which include wire transfer fees, carrier payment fees, fuel advance fees, and other similar fees, are reported by the Company as non-interest income. Acquired Loans Acquired loans are recorded at fair value at the date of acquisition based on a discounted cash flow methodology that considers various factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not the loan was amortizing, and a discount rate reflecting the Company’s assessment of risk inherent in the cash flow estimates. Certain larger purchased loans are individually evaluated while certain purchased loans are grouped together according to similar risk characteristics and are treated in the aggregate when applying various valuation techniques. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. Loans acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated (“PCD”) loans. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial allowance for credit losses is added to the purchase price, there is no credit loss expense recognized upon acquisition of a PCD loan. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors and results in a discount or premium. Discounts and premiums are recognized through interest income on a level-yield method over the life of the loans. For acquired loans not deemed purchased credit deteriorated at acquisition, the differences between the initial fair value and the unpaid principal balance are recognized as interest income or expense on a level-yield basis over the lives of the related loans. At the acquisition date, an initial allowance for expected credit losses is estimated and recorded as credit loss expense. The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans. Allowance for Credit Losses – Loans Under the current expected credit loss model, the allowance for credit losses on loans is a valuation allowance estimated at each balance sheet date in accordance with US GAAP that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. The Company estimates the ACL on loans based on the underlying assets’ amortized cost basis, which is the amount at which the financing receivable is originated or acquired, adjusted for applicable accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, and charge-offs. In the event that collection of principal becomes uncertain, the Company has policies in place to reverse accrued interest in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the measurement of ACL. Expected credit losses are reflected in the allowance for credit losses through a charge to credit loss expense. When the Company deems all or a portion of a financial asset to be uncollectible the appropriate amount is written off and the ACL is reduced by the same amount. The Company applies judgment to determine when a financial asset is deemed uncollectible; however, generally speaking, an asset will be considered uncollectible no later than when all efforts at collection have been exhausted. Subsequent recoveries, if any, are credited to the ACL when received. The Company measures expected credit losses of financial assets on a collective (pool) basis, when the financial assets share similar risk characteristics. Depending on the nature of the pool of financial assets with similar risk characteristics, the Company uses a discounted cash flow (“DCF”) method or a loss-rate method to estimate expected credit losses. The Company’s methodologies for estimating the ACL consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts. The methodologies apply historical loss information, adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions expected to exist through the contractual lives of the financial assets that are reasonable and supportable, to the identified pools of financial assets with similar risk characteristics for which the historical loss experience was observed. The Company’s methodologies revert back to historical loss information on a straight-line basis over eight quarters when it can no longer develop reasonable and supportable forecasts. The Company has identified the following pools of financial assets with similar risk characteristics for measuring expected credit losses: Commercial Real Estate — This category of loans consists of the following loan types: Non-farm Non-residential — This category includes real estate loans for a variety of commercial property types and purposes, including owner occupied commercial real estate loans primarily secured by commercial office or industrial buildings, warehouses or retail buildings where the owner of the building occupies the property. Repayment terms vary considerably, interest rates are fixed or variable, and are structured for full, partial, or no amortization of principal. This category also includes investment real estate loans that are primarily secured by office and industrial buildings, warehouses, small retail shopping centers and various special purpose properties. Generally, these types of loans are thought to involve a greater degree of credit risk than owner occupied commercial real estate as they are more sensitive to adverse economic conditions. Multi-family residential — Investment real estate loans are primarily secured by non-owner occupied apartment or multifamily residential buildings. Generally, these types of loans are thought to involve a greater degree of credit risk than owner occupied commercial real estate as they are more sensitive to adverse economic conditions. Construction, land development, land —This category of loans consists of loans to finance the ground up construction, improvement and/or carrying for sale after the completion of construction of owner occupied and non-owner occupied residential and commercial properties, and loans secured by raw or improved land. The repayment of construction loans is generally dependent upon the successful completion of the improvements by the builder for the end user, or sale of the property to a third-party. Repayment of land secured loans are dependent upon the successful development and sale of the property, the sale of the land as is, or the outside cash flow of the owners to support the retirement of the debt. 1-4 family residential — This category of loans includes both first and junior liens on residential real estate. Home equity revolving lines of credit and home equity term loans are included in this group of loans. Farmland — These loans are principally loans to purchase farmland. Commercial — Commercial loans are loans for commercial, corporate and business purposes. The Company’s commercial business loan portfolio is comprised of loans for a variety of purposes and across a variety of industries. These loans include general commercial and industrial loans, loans to purchase capital equipment, and other business loans for working capital and operational purposes. Commercial loans are generally secured by accounts receivable, inventory and other business assets. Agriculture — These are commercial loans made principally to finance agricultural operations. Equipment — Equipment finance loans are commercial loans primarily secured by new or used revenue producing, essential-use equipment from major manufacturers that is movable, may be used in more than one type of business, and generally has broad resale markets. Core markets include transportation, construction, and waste. Loan terms do not exceed the economic life of the equipment and typically are 60 months or less. Asset-based Lending — These loans are originated to borrowers to support general working capital needs. The asset-based loan structure involves advances of loan proceeds against a borrowing base which typically consists of accounts receivable, identified readily marketable inventory, or other collateral of the borrower. The maximum amount a customer may borrow at any time is fixed as a percentage of the borrowing base outstanding. Liquid Credit — Broadly syndicated leveraged loans collateralized by a variety of collateral types. Factored Receivables — The Company operates as a factor by purchasing accounts receivable from its clients, then collecting the receivable from the account debtor. The Company’s smaller factoring relationships are typically structured as “non-recourse” relationships (i.e., the Company retains the credit risk associated with the ability of the account debtor on a purchased invoice to ultimately make payment) and the Company’s larger factoring relationships are typically structured as “recourse” relationships (i.e., the Company’s client agrees to repurchase any invoices for which payment is not ultimately received from the account debtor). Advances initially made to the client to acquire the receivables are typically at a discount to the invoice value. The discount balance is held in client reserves, net of the Company’s compensation. The client reserves are held to settle any payment disputes or collection shortfalls, may be used to pay clients’ obligations to various third parties as directed by the client, are periodically released to or withdrawn by clients, and are reported as deposits. Consumer — Loans used for personal use, typically on an unsecured basis, and client overdrafts. Mortgage Warehouse — Mortgage Warehouse facilities are provided to unaffiliated mortgage origination companies and are collateralized by 1-4 family residential loans. The originator closes new mortgage loans with the intent to sell these loans to third-party investors for a profit. The Company provides funding to the mortgage companies for the period between the origination and their sale of the loan. The Company has a policy that requires that it separately validate that each residential mortgage loan was underwritten consistent with the underwriting requirements of the final investor or market standards prior to advancing funds. The Company is repaid with the proceeds received from sale of the mortgage loan to the final investor. Discounted Cash Flow Method The Company uses the discounted cash flow method to estimate expected credit losses for the commercial real estate, construction, land development, land, 1-4 family residential, commercial (excluding liquid credit), and consumer loan pools. For each of these loan segments, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, probability of default, and loss given default. The modeling of expected prepayment speeds, curtailment rates, and time to recovery tends to be less sensitive than other assumptions and such assumptions are based on historical internal data. The Company uses regression analysis of historical internal and peer data to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the loss drivers. For all loan pools utilizing the DCF method, management utilizes and forecasts national unemployment as a loss driver. Management also utilizes and forecasts either one-year percentage change in national retail sales, one-year percentage change in the national home price index, or one-year percentage change in national gross domestic product as a second loss driver depending on the nature of the underlying loan pool and how well that loss driver correlates to expected future losses. For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts back to a historical loss rate over eight quarters on a straight-line basis. Management leverages economic projections from a reputable and independent third-party to inform its loss driver forecasts over the four-quarter forecast period. Other internal and external indicators of economic forecasts are also considered by management when developing the forecast metrics. The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level net present value of expected cash flows (“NPV”). An ACL is established for the difference between the instrument’s NPV and its amortized cost basis. Loss-Rate Method The Company uses a loss-rate method to estimate expected credit losses for the farmland, liquid credit, premium finance, factored receivable, and mortgage warehouse loan pools. For each of these loan segments, the Company applies an expected loss ratio based on internal and peer historical losses adjusted as appropriate for qualitative factors. Qualitative loss factors are based on management's judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions. Collateral Dependent Financial Assets Loans the Company has identified as collateral dependent that do not share risk characteristics are evaluated on an individual basis. For collateral dependent financial assets, the ACL is measured based on the difference between the fair value of the collateral plus other sources of repayment and the amortized cost basis of the asset as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the present value of expected cash flows from the operation of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized costs basis of the financial asset exceeds the fair value of the underlying collateral less estimated cost to sell. The ACL may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the financial asset. The Company’s estimate of the ACL reflects losses expected over the remaining contractual life of the assets. The contractual term does not consider extensions, renewals or modifications. Prior to January 1, 2023, a loan that had been modified or renewed was considered a troubled debt restructuring (“TDR”) when two conditions were met: 1) the borrower was experiencing financial difficulty and 2) concessions were made for the borrower's benefit that would not otherwise have been considered for a borrower or transaction with similar credit risk characteristics. The Company’s ACL reflected all effects of a TDR when an individual asset was specifically identified as a reasonably expected TDR. The Company had determined that a TDR was reasonably expected no later than the point when the lender concluded that modification was the best course of action and it was at least reasonably possible that the troubled borrower would accept some form of concession from the lender to avoid a default. Reasonably expected TDRs and executed non-performing TDRs were evaluated individually to determine the required ACL. Subsequent to December 31, 2022, the TDR concept, and its impact on the ACL calculation, was eliminated in favor of disclosure of loan modifications made to troubled borrowers. Such modifications made to troubled borrowers are now subject to the Company's standard ACL process as previously disclosed. Paycheck Protection Program ("PPP") With the passage of the PPP, the Company has actively participated in assisting its customers with applications for loans through the program. Loans funded through the PPP program are fully guaranteed by the U.S. government subject to certain representations and warranties. This guarantee exists at the inception of the loans and throughout the lives of the loans and was not entered into separately and apart from the loans. ASC 326 requires credit enhancements that mitigate credit losses, such as the U.S. government guarantee on PPP loans, to be considered in estimating credit losses. The guarantee is considered “embedded” and, therefore, is considered when estimating credit loss on the PPP loans. Given that the loans are fully guaranteed by the U.S. government and absent any specific loss information on any of our PPP loans, the Company did not carry an ACL on its PPP loans at December 31, 2023 and 2022. The balance of PPP loans at December 31, 2023 was insignificant. Loan Commitments and Allowance for Credit Losses on Off-Balance Sheet Credit Exposures Financial instruments include off-balance sheet credit instruments, such as commitments to make loans, commitments to purchase broadly syndicated loans, and commercial letters of credit, issued to meet customer financing needs. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records an allowance for credit losses on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancellable, through a charge to credit loss expense in the Company’s consolidated statements of income. The ACL on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit loss model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur, and is included in other liabilities on the Company’s consolidated balance sheets. Federal Home Loan Bank (“FHLB”) Stock The Company is a member of the FHLB system. Members of the FHLB are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, is restricted as to redemption, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. Premises and Equipment Land is carried at cost. Depreciable assets are stated at cost less accumulated depreciation. Leasehold improvements are capitalized and depreciated using the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. Buildings and related components are generally depreciated using the straight-line method with useful lives ranging from five to forty years. Automobiles are depreciated using the straight-line method with five year useful lives, and the aircraft is depreciated using an accelerated method with a twenty year useful life. Furniture, fixtures and equipment are depreciated using the straight-line method with useful lives ranging from three to ten years. The Company leases certain properties and equipment under operating leases. The Company recognizes a liability to make lease payments, the “lease liability”, and an asset representing the right to use the underlying asset during the lease term, the “right-of-use asset”. The lease liability is measured at the present value of the remaining lease payments, discounted at the Company’s incremental borrowing rate. The right-of-use asset is measured at the amount of the lease liability adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the right-of-use-asset. Operating lease expense consists of a single lease cost calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis, variable lease payments not included in the lease liability, and any impairment of the right-of-use asset. Certain of the Company’s leases contain options to renew the lease; however, these renewal options are not included in the calculation of the lease liabilities as they are not reasonably certain to be exercised. The Company’s leases do not contain residual value guarantees or material variable lease payments. The Company does not have any material restrictions or covenants imposed by leases that would impact the Company’s ability to pay dividends or cause the Company to incur additional financial obligations. The Company has made an accounting policy election to not apply the recognition requirements to short-term leases. The Company has also elected to use the practical expedient to make an accounting policy election for property leases to include both lease and non-lease components as a single component and account for it as a lease. The Company’s leases are not complex; therefore there were no significant assumptions or judgements made as part of the determination of whether the contracts contained a lease, the allocation of consideration in the contracts between lease and non-lease components, and the determination of the discount rates for the leases. Foreclosed Assets Assets acquired through loan foreclosure are initially recorded at fair value less costs to sell, establishing a new cost basis. Any write-down in the carrying value of a property at the time of acquisition is charged-off to the allowance for loan and lease losses. After foreclosure, foreclosed assets are carried at the lower of the recorded investment in the asset or the fair value less costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed. Goodwill Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired. The Company evaluates goodwill for impairment on an annual basis or on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value below its carrying amount. The Company’s annual goodwill impairment testing date is October 1st. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining the need to perform the test for goodwill impairment (the qualitative method). If the qualitative method cannot be used or if it determines, based on the qualitative method, that the fair value is more likely than not less than the carrying amount, the Company compares the estimated fair value of a reporting unit with its carrying amount, including goodwill. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. If the carrying amount of a reporting unit exceeds its estimated fair value, the Company will record an impairment charge based on that difference. Our annual goodwill impairment test did not identify any goodwill impairment for the years ended December 31, 2023, 2022 and 2021. Identifiable Intangible Assets Intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. The Company's intangible assets primarily relate to core deposits, customer relationships and software. Intangible assets with definite useful lives are amortized on an accelerated basis over their estimated life. Intangible assets, premises and equipment and other long-lived assets are tested for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value with a charge to amortization of intangible assets. Intangible assets with indefinite lives are not significant. Software Developed for Internal Use The Company capitalizes internal and external costs related to internal-use software during the application development stage, including consulting costs and compensation expenses related to employees who devote time to the development of the projects. The Company records capitalized software development costs in other assets in the Consolidated Balance Sheets. Costs incurred in preliminary stages of development activities and post implementation activities are expensed in the period incurred. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Once the software is substantially complete and ready for its intended use, capitalization ceases and the asset is amortized straight line over its estimated useful life, which ranges between three and five years. Bank Owned Life Insurance The Company has purchased life insurance policies on certain key employees. The purchase of these life insurance policies allows the Company to use tax-advantaged rates of return. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Derivative Financial Instruments The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. The Company did not have any derivatives at December 31, 2023 and 2022. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. Unrealized gains or losses are reported as other comprehensive income or loss. To qualify for the use of hedge accounting, a derivative must be effective at inception and expected to be continuously effective in offsetting the risk being hedged. A statistical regression analysis is performed at inception and at each reporting period thereafter to evaluate hedge effectiveness. In accordance with the FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Income Taxes The Company files a consolidated tax return with its subsidiaries and is taxed as a C corporation. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and penalties related to income tax matters in income tax expense. Fair Values of Financial Instruments In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that may use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and/or the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. Changes in assumptions or in market conditions could significantly affect these estimates. In the ordinary course of business, the Company generally does not sell or transfer non-impaired loans and deposits. As such, the disclosures that present the December 31, 2023 and 2022 estimated fair value for non-impaired loans and deposits are judgmental and may not represent amounts to be received if the Company were to sell or transfer such items. Revenue from Contracts with Customers See Note 23 – Revenue Recognition for information related to the Company's revenue recognition. 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. Payments’ factored receivables consist of (i) invoices where we offer a Carrier a quick pay 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 (ii) factoring transactions where we purchase receivables payable to such freight brokers from their shipper clients. Payments also offers commercial loans that result from our offering certain Brokers an additional liquidity option through the ability to settle their invoices with us on an extended term following our payment to their Carriers. 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 24 – Business Segment Information. Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other comprehensive income (loss). Other comprehensive income includes unrealized gains and losses on debt securities available for sale and cash flow hedges, net of taxes, which are also recognized as a separate component of equity. Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe such matters exist that will have a material effect on the financial statements. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be relinquished when (i) the assets have been isolated from the Company, (ii) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) the Company does not maintain effective control over the transferred assets through either (a) an agreement that entitles and obligates the Company to repurchase or redeem them before their maturity or (b) the ability to unilaterally cause the transferee to return specific assets. Stock Based Compensation Compensation cost is recognized for stock based payment awards issued to employees and directors, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, a Monte Carlo simulation is utilized to estimate the fair value of market based performance stock units, and the market price of the Company’s common stock at the date of grant is used for restricted stock awards, restricted stock units, and performance based performance stock units. Compensation cost is recognized over the required service period, generally defined as the vesting period. The Company recognizes forfeitures of nonvested awards as they occur. Earnings Per Common Share Basic earnings per common share is net income less dividends on preferred stock divided by the weighted average number of common shares outstanding during the period excluding nonvested restricted stock awards. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock warrants, restricted stock, stock options, and preferred shares that are convertible to common shares. Advertising Costs Advertising costs are expensed as incurred. 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. See Note 4 – Loans and Allowance for Credit Losses for new disclosures required by ASU 2022-02. 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.

Securities - Summary of Activity in Allowance for Credit Losses for Held To Maturity Debt Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Beginning balance	$ 2,444	$ 2,082	$ 2,026
Credit loss expense (benefit)	746	362	56
Allowance for credit losses ending balance	$ 3,190	$ 2,444	$ 2,082

Borrowings and Borrowing Capacity - Summary of Subordinated Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Face Value	$ 109,500
Carrying Value	108,678	$ 107,800
Fixed-to-Floating Rate Subordinated Notes due 2029
Debt Instrument [Line Items]
Face Value	39,500
Carrying Value	$ 39,180
Current Interest Rate	4.875%
Initial Issuance Costs	$ 1,218
Fixed-to-Floating Rate Subordinated Notes due 2029 \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Spread on variable interest rate	3.33%
Fixed-to-Floating Rate Subordinated Notes due 2031
Debt Instrument [Line Items]
Face Value	$ 70,000
Carrying Value	$ 69,498
Current Interest Rate	3.50%
Initial Issuance Costs	$ 1,776
Fixed-to-Floating Rate Subordinated Notes due 2031 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Spread on variable interest rate	2.86%

Parent Company Only Condensed Financial Information - Condensed Parent Company Only Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 41,081	$ 102,311	$ 112,974
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net accretion of securities	(844)	(882)	(992)
Amortization of junior subordinated debentures	582	556	530
Amortization of subordinated notes issuance costs	878	843	1,224
Stock based compensation	13,228	21,176	20,315
Change in other assets	(45,117)	(35,176)	(8,684)
Net cash provided by (used in) operating activities	43,200	74,487	136,959
Cash flows from investing activities:
Proceeds from maturities, calls, and pay downs of securities held to maturity	529	679	1,003
Net cash provided by (used in) investing activities	(112,695)	672,382	77,656
Cash flows from financing activities:
Dividends on preferred stock	(3,206)	(3,206)	(3,206)
Purchase of treasury stock	(81,623)	(76,714)	(1,241)
Stock option exercises	144		577
Stock option exercises		(74)
Proceeds from employee stock purchase plan common stock issuance	1,831	1,548	449
Net cash provided by (used in) financing activities	(52,052)	(721,865)	(145,830)
Net increase (decrease) in cash and cash equivalents	(121,547)	25,004	68,785
Cash and cash equivalents at end of period	286,635	408,182	383,178
Cash and cash equivalents at beginning of period	408,182	383,178	314,393
Parent Company
Cash flows from operating activities:
Net income	41,081	102,311	112,974
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed subsidiary income	(10,293)	1,427	(121,892)
Net accretion of securities	(175)	(171)	(87)
Amortization of junior subordinated debentures	582	556	530
Amortization of subordinated notes issuance costs	878	843	1,224
Stock based compensation	719	686	420
Credit loss expense (benefit)	746	362	56
Change in other assets	1,638	(4,089)	387
Change in accrued expenses and other liabilities	(1,127)	3,650	546
Net cash provided by (used in) operating activities	34,049	105,575	(5,842)
Cash flows from investing activities:
Investment in subsidiaries	(33)	0	3,383
Proceeds from maturities, calls, and pay downs of securities held to maturity	529	679	1,003
Net cash provided by (used in) investing activities	496	679	4,386
Cash flows from financing activities:
Proceeds from issuance of subordinated notes, net	0	0	68,224
Repayment of subordinated notes	0	0	(50,000)
Dividends on preferred stock	(3,206)	(3,206)	(3,206)
Purchase of treasury stock	(81,623)	(76,714)	(1,241)
Stock option exercises	144		577
Stock option exercises		(74)
Proceeds from employee stock purchase plan common stock issuance	1,831	1,548	449
Net cash provided by (used in) financing activities	(82,854)	(78,446)	14,803
Net increase (decrease) in cash and cash equivalents	(48,309)	27,808	13,347
Cash and cash equivalents at end of period	44,029	92,338	64,530
Cash and cash equivalents at beginning of period	$ 92,338	$ 64,530	$ 51,183

Securities - Gross Realized and Unrealized Gains (Losses) on Equity Securities without Readily Determinable Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Unrealized gains (losses) on equity securities still held at the reporting date	$ 0	$ 10,163	$ 0
Realized gains (losses) on equity securities sold during the period	0	0	0
Equity securities without readily determinable fair value, upward price adjustment, annual amount	$ 0	$ 10,163	$ 0

Off-Balance Sheet Loan Commitments

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Off-Balance Sheet Loan Commitments

OFF-BALANCE SHEET LOAN COMMITMENTS

From time to time, the Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments.

The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet financial instruments.

The contractual amounts of financial instruments with off-balance sheet risk were as follows:


	December 31, 2023						December 31, 2022
(Dollars in thousands)	Fixed Rate		Variable Rate		Total		Fixed Rate		Variable Rate		Total
Unused lines of credit	$	53,822	$	527,300	$	581,122	$	1,417	$	487,965	$	489,382
Standby letters of credit	$	15,013	$	9,356	$	24,369	$	12,309	$	4,897	$	17,206
Commitments to purchase loans	$	—	$	17,125	$	17,125	$	—	$	53,572	$	53,572
Mortgage warehouse commitments	$	—	$	895,896	$	895,896	$	—	$	1,055,117	$	1,055,117

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being fully drawn upon, the total commitment amounts disclosed above do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if considered necessary by the Company, upon extension of credit, is based on management’s credit evaluation of the customer.

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third-party. In the event of nonperformance by the customer, the Company has rights to the underlying collateral, which can include commercial real estate, physical plant and property, inventory, receivables, cash and marketable securities. The credit risk to the Company in issuing standby letters of credit is essentially the same as that involved in extending loan facilities to its customers.

Commitments to purchase loans represent loans purchased by the Company that have not yet settled.

Mortgage warehouse commitments are unconditionally cancellable and represent the unused capacity on mortgage warehouse facilities the Company has approved. The Company reserves the right to refuse to buy any mortgage loans offered for sale by a customer, for any reason, at the Company’s sole and absolute discretion.

The Company records an allowance for credit losses on off-balance sheet credit exposures through a charge to credit loss expense on the Company’s consolidated statements of income. At December 31, 2023 and 2022, the allowance for credit losses on off balance sheet credit exposures totaled $2,838,000 and $3,606,000, respectively, and was included in other liabilities on the Company’s consolidated balance sheets. The following table presents credit loss expense for off balance sheet credit exposures:


	Year Ended December 31,
(Dollars in thousands)	2023		2022		2021
Credit loss expense (benefit)	$	(769)	$	(476)	$	(922)

Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Divestitures

ACQUISITIONS AND DIVESTITURES

Equipment Loan Sale

During the year ended December 31, 2022, the Company made the decision to sell a portfolio of equipment loans for cash consideration. The sale closed on June 23, 2022. A summary of the carrying amount of the assets sold and the gain on sale is as follows:


(Dollars in thousands)
Equipment loans	$	191,167
Accrued interest receivable	$	1,587
Assets sold	$	192,754

Cash consideration	$	197,454
Return of premium liability	$	(708)
Total consideration	$	196,746
Transaction costs	$	73
Gain on sale, net of transaction costs	$	3,919

The associated agreement contains a provision that in the event that a sold loan is prepaid in full prior to the due date of the final scheduled contractual payment, the Company will return a pro-rata portion of the premium calculated as of the date of such prepayment in full. As this transaction qualified as a sale of a group of entire financial assets, management must recognize, as proceeds, any assets obtained and liabilities incurred. Thus, management recorded a $708,000 liability for the potential return of premium measured at fair value as of the date of close. Management has elected the fair value option to account for the liability. It is recorded in other liabilities in the Company's Consolidated Balance Sheet and is marked to fair value through earnings at each reporting period and its balance was not significant at December 31, 2023 or 2022.

The gain on sale, net of transaction costs, was included in net gains (losses) on sale of loans in the Company’s Consolidated Statements of Income and was allocated to the Banking segment.

Factored Receivable Disposal Group

On June 30, 2022 and September 6, 2022, the Company entered into and closed two separate agreements to sell two separate portfolios of factored receivables. A summary of the carrying amounts of the assets and liabilities sold and the gains on sale are as follows:


(Dollars in thousands)	June 30, 2022		September 6, 2022		Total
Factored receivables	$	67,888	$	20,131	$	88,019
Accrued interest and fee income	—		17		17
Assets held for sale	$	67,888	$	20,148	$	88,036

Customer reserve noninterest bearing deposits	$	9,682	$	1,149	$	10,831
Liabilities held for sale	$	9,682	$	1,149	$	10,831
Net assets sold	$	58,206	$	18,999	$	77,205
Cash consideration	$	66,292	$	19,054	$	85,346
Revenue share asset	5,210		1,027		6,237
Total consideration	$	71,502	$	20,081	$	91,583
Transaction costs	82		49		131
Gain on sale, net of transaction costs	$	13,214	$	1,033	$	14,247

The June 30, 2022 agreement contains a revenue share provision that entitles the Company to an amount equal to fifteen percent of the future gross monthly revenue of the clients associated with the sold factored receivable portfolio. As this transaction qualified as a sale of a group of entire financial assets, management recognized, as proceeds, the assets obtained and liabilities incurred. Thus, management recorded a $5,210,000 asset for the contractual right to receive future cash flows from a third party measured at fair value as of the date of close. This is a financial asset for which management elected the fair value option. It is recorded in other assets in the Company's Consolidated Balance Sheet and is marked to fair value through earnings at each reporting period.

The September 6, 2022 agreement contains a revenue share provision that entitles the Company to an amount equal to a range of fifteen to twenty percent, depending on client, of the future gross monthly revenue of the clients associated with the sold factored receivable portfolio. As this transaction qualified as a sale of a group of entire financial assets, management recognized, as proceeds, the assets obtained and liabilities incurred. Thus, management recorded a $1,027,000 asset for the contractual right to receive future cash flows from a third party measured at fair value as of the date of close. This is a financial asset for which management elected the fair value option. It is recorded in other assets in the Company's Consolidated Balance Sheet and will be marked to fair value through earnings at each reporting period.

For further discussion of changes in the fair value of the revenue share provisions and the period end balance, see Note 16 – Fair Value Disclosures.

The gains on sale, net of transaction costs, were included in net gains (losses) on sale of loans in the Company’s Consolidated Statements of Income and were allocated to the Factoring segment.

HubTran Inc.

On June 1, 2021, the Company, through TriumphPay, a division of the Company's wholly-owned subsidiary TBK Bank, SSB, acquired HubTran, Inc. ("HubTran"), a cloud-based provider of automation software for the trucking industry's back-office.

A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows:


(Dollars in thousands)	Initial Values		Measurement Period Adjustments		Adjusted Values
Assets acquired:
Cash	$	170	$	—	$	170
Intangible assets - capitalized software	16,932		—		16,932
Intangible assets - customer relationship	10,360		—		10,360
Other assets	1,546		24		1,570
	29,008		24		29,032
Liabilities assumed:
Deferred income taxes	4,703		(3,248)		1,455
Other liabilities	906		16		922
	5,609		(3,232)		2,377
Fair value of net assets acquired	$	23,399	$	3,256	$	26,655
Consideration:
Cash paid	$	97,096	$	—	$	97,096
Goodwill	$	73,697	$	(3,256)	$	70,441

The Company has recognized goodwill of $70,441,000, which included measurement period adjustments related to customary settlement adjustments and the finalization of the HubTran stub period tax return and its impact on the acquired deferred tax liability. Goodwill was calculated as the excess of the fair value of consideration exchanged as compared to the fair value of identifiable net assets acquired and was allocated to the Company’s Payments segment. The goodwill in this acquisition resulted from expected synergies and progress in the development of a fully integrated open loop payments network for the transportation industry. The goodwill will not be deducted for tax purposes.

The intangible assets recognized include a capitalized software intangible asset with an acquisition date fair value of $16,932,000 which will be amortized on a straight-line basis over its four year estimated useful life and customer relationship intangible assets with a total acquisition date fair value of $10,360,000 which will be amortized utilizing an accelerated method over their eleven year estimated useful lives.

Revenue and earnings of HubTran since the acquisition date have not been disclosed as the acquired company was merged into the Company and separate financial information is not readily available.

Expenses related to the acquisition, including professional fees and other transaction costs, totaling $2,992,000 were recorded in noninterest expense in the consolidated statements of income during the year ended December 31, 2021.

Legal Contingencies	12 Months Ended
Legal Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Legal Contingencies	LEGAL CONTINGENCIES The Company, through its direct and indirect wholly owned subsidiaries, has purchased and received payments on accounts receivable payable to Surge Transportation, Inc. (‘Surge’), a licensed freight broker, as part of factoring services provided to such entity. On July 24, 2023, Surge filed for Chapter 11 Bankruptcy in the US Bankruptcy Court in the Middle District of Florida. In connection with the bankruptcy proceedings, certain claimants comprised of motor carriers, contingency collection agents, and factoring companies have filed complaints alleging that such entities have an ownership interest in, or other rights to, amounts paid to the Company in respect of such purchased accounts receivable. The Court has not yet ruled on such complaints. In the event of an adverse ruling with respect to such complaints, Triumph may be required to disgorge or pay to such claimants all or a portion of the amounts it has collected on such receivables. Due to the uncertainty of the existence of or extent of any loss exposure, Triumph is unable to calculate any reserve loss at this time. Additionally, other various legal claims arise from time to time in the normal course of business which, in the opinion of management as of December 31, 2023, will have no material effect on the Company’s consolidated financial statements.

Loans and Allowance for Credit Losses - Amortized Cost Basis of Loan Modifications (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Term Extension
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 2,838
% of Portfolio	0.10%
Payment Delay
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 22,547
% of Portfolio	0.50%
Term Extension and Rate Reduction
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 83,845
% of Portfolio	2.00%
Payment Delay and Rate Reduction
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 23,001
% of Portfolio	0.60%
Commercial real estate \| Term Extension
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 415
% of Portfolio	0.10%
Commercial real estate \| Term Extension and Rate Reduction
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 83,349
% of Portfolio	10.30%
Commercial real estate \| Payment Delay and Rate Reduction
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 23,001
% of Portfolio	2.80%
1-4 family residential \| Term Extension
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 271
% of Portfolio	0.20%
Farmland \| Term Extension
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 604
% of Portfolio	1.00%
Commercial \| Term Extension
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 1,548
% of Portfolio	0.10%
Commercial \| Payment Delay
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 22,547
% of Portfolio	1.90%
Commercial \| Term Extension and Rate Reduction
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 496
% of Portfolio	0.00%

Stock Based Compensation - Schedule of Market Based Performance Stock Units, Valuation Assumptions (Details) - Market Based Performance Stock Units (Market Based PSUs) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years	3 years	3 years
Stock price (in dollars per share)	$ 51.25	$ 69.44	$ 88.63
Stock price volatility	49.33%	55.17%	51.71%
Risk-free rate	3.76%	2.84%	0.35%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 1D
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Loans and Allowance for Credit Losses - Financial Effect of Loan Modifications (Details)	12 Months Ended
	Dec. 31, 2023
Commercial real estate \| Term Extension
Financing Receivable, Modified [Line Items]
Weighted average years added to life of modified loans	1 year 1 month 6 days
Commercial real estate \| Term Extension and Rate Reduction
Financing Receivable, Modified [Line Items]
Weighted average years added to life of modified loans	6 months
Weighted average contractual interest rate, before modification	10.10%
Weighted average contractual interest rate, after modification	5.10%
Commercial real estate \| Payment Delay and Rate Reduction
Financing Receivable, Modified [Line Items]
Weighted average years added to life of modified loans	9 months 18 days
Weighted average contractual interest rate, before modification	9.40%
Weighted average contractual interest rate, after modification	6.00%
1-4 family residential \| Term Extension
Financing Receivable, Modified [Line Items]
Weighted average years added to life of modified loans	6 months
Farmland \| Term Extension
Financing Receivable, Modified [Line Items]
Weighted average years added to life of modified loans	6 months
Commercial \| Term Extension
Financing Receivable, Modified [Line Items]
Weighted average years added to life of modified loans	1 year 6 months
Commercial \| Payment Delay
Financing Receivable, Modified [Line Items]
Weighted average years added to life of modified loans	7 months 6 days
Commercial \| Term Extension and Rate Reduction
Financing Receivable, Modified [Line Items]
Weighted average years added to life of modified loans	3 months 18 days
Weighted average contractual interest rate, before modification	10.50%
Weighted average contractual interest rate, after modification	9.50%

Revenue Recognition

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

The Company records revenue from contracts with customers in accordance with Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers” (“Topic 606”). Under Topic 606, the Company must identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies a performance obligation. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices can be fixed or variable; charged either on a periodic basis or based on activity. Except as disclosed below, the Company presents disaggregated revenue from contracts with customers in the consolidated statements of income.

Banking and Factoring Segments

The Banking segment derives its revenue principally from investments in interest-earning assets as well as noninterest income typical for the banking industry, and the Factoring segment derives the large majority of its revenue from interest income on purchased factored receivables. The majority of such revenue streams fall under Accounting Standards Codification Topic 310, “Receivables” (“Topic 310”) which is outside the scope of Topic 606. There are, however, certain Banking and Factoring activities that generate revenue under Topic 606. Descriptions of the Company's significant Banking and Factoring revenue-generating activities within the scope of Topic 606, which are included in non-interest income in the Company's consolidated statements of income, are as follows:

•Service charges on deposits. Service charges on deposits primarily consists of fees from the Company's deposit customers for account maintenance, account analysis, and overdraft services. Account maintenance fees and analysis fees are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs.

•Card income. Card income primarily consists of interchange fees. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized when the transaction processing services are provided to the cardholder.

•Net OREO gains (losses) and valuation adjustments. The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer.

•Fee income. Fee income for the Banking and Factoring segments primarily consists of transaction-based fees, including wire transfer fees, ACH and check fees, early termination fees, and other fees, earned from the Company's banking and factoring customers. Transaction based fees are recognized at the time the transaction is executed as that is the point in time the Company satisfies its performance obligations.

•Insurance commissions. Insurance commissions are earned for brokering insurance policies. The Company's primary performance obligations for insurance commissions are satisfied and revenue is recognized when the brokered insurance policies are executed.

Payments Segment

The Payments segment derives a portion of its revenue from interest income on factored receivables and commercial loans related to invoice payments. These factored receivables consist of (i) invoices where we offer a Carrier a quick pay 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 (ii) factoring transactions where we purchase receivables payable to such freight brokers from their shipper clients. The Payments segment also offers commercial loans that result from our offering certain Brokers an additional liquidity option through the ability to settle their invoices with us on an extended term following our payment to their Carriers. The balance of such commercial loans was $0 at December 31, 2023. Such revenue falls under Topic 310 and is outside the scope of Topic 606.

The Payments segment under its brand name, TriumphPay, connects Brokers, Shippers, Factors and Carriers through forward-thinking solutions that help each party successfully manage the life cycle of invoice presentment for services provided by Carrier through TriumphPay’s processing and audit of such invoice to its ultimate payment to the Carrier or the Factor. The Payments segment earns transaction revenue for such services from fees paid by its customers to receive auditing and payment processing of their invoices. Transaction revenue is recorded in Fee Income on the Consolidated Statements of Income and is subject to Topic 606. Transaction fees can be variable in nature. When such fees are variable, they are typically based upon the number of audit and payment transactions executed during a stated period; generally a calendar month. The customer is charged either a set fee per transaction or a set minimum fee for a stated number of transactions with the variable component being a per-invoice amount for transactions exceeding the stated minimum number. When applicable, the stated minimum number of transactions typically resets on a monthly basis. Transaction volume and related variable fees are known and recognized at each reporting period. Transaction fees can also be fixed in nature with such fees reflecting a set annual amount that is recognized ratably over the terms of the related contracts. In both variable and fixed arrangements, customers are typically billed monthly in arrears with payment due on 30 day terms and as such, no revenue is deferred.

The Payments segment also earns network fees for providing its customers access to the TriumphPay network. Network fees are recorded in Fee Income on the Consolidated Statements of Income and are subject to Topic 606. Network fees are generally a fixed annual amount and are recognized ratably over the terms of the related contracts. Customers are typically billed monthly in arrears with payment due on 30 day terms and as such, no revenue is deferred.

The Payments segment's service comprises a single performance obligation to provide stand-ready access to its payments and audit platforms for its customers which is satisfied over time as services are rendered. Given the nature of its services and related revenue, no significant judgments are made in applying Topic 606 and there are no refund, warranty, or similar obligations.

The Payments segment's contracts with its customers are usually short-term in nature and can generally be terminated by either party without a termination penalty or refund after the notice period has lapsed. Therefore, the contracts are defined at the transaction level and do not extend beyond the service already provided. The contracts generally renew automatically without any significant material rights. Some of the contracts include tiered pricing, which is based primarily on volume. The fee charged per transaction is adjusted up or down based on the volume processed for a specified period. Management has concluded that this volume-based pricing approach does not constitute a future material right since changes in the fee ranges are typically offered to classes of customers with similar volume.

The Payments segment recognizes fees charged to its customers on a gross basis as transaction revenue as it is the principal in respect of completing Payments segment transactions. As a principal to the transaction, the Payments segment controls the services on its platforms. The Payments segment bears primary responsibility for the fulfillment of the services, contracts directly with its customers, controls the product specifications, and defines the value proposal from its services. Further, the Payments segment has full discretion in determining the fee charged to its customers. The Payments segment is also responsible for providing customer support.

Capitalized contract costs consist of (i) deferred sales commissions that are incremental costs of obtaining customer contracts and (ii) deferred set-up costs, primarily direct payroll costs, for implementation services provided to customers prior to the launching of the Company’s products for general availability (go-live) to customers. Deferred sales commissions are amortized ratably over two years, taking into consideration the initial contract term, expected renewal periods, and sales commissions paid on such renewal periods. Deferred set-up costs are amortized ratably over four years which estimates the benefit period of the capitalized costs starting on the go-live date of the service. Deferred sales commissions and deferred set-up costs were included in other assets in the accompanying consolidated balance sheets and were $394,000 and $505,000, respectively, at December 31, 2023. Such deferred costs were not significant at December 31, 2022. The amortization of deferred sales commissions and deferred set-up costs is included in salaries and employee benefits in the consolidated statements of income and was not significant for the years ended December 31, 2023, 2022, and 2021.

Given the nature of services provided, the Payments segment does not carry any material contract balances.

The table below shows the Payments segment’s revenue from transaction and network fees from external customers, which are disaggregated by customer category.


(Dollars in thousands)	2023		2022		2021
Broker fee income	$	12,215	$	8,441	$	3,480
Factor fee income	5,256		5,029		2,588
Other fee income	460		226		$	1,383
Total fee income	$	17,931	$	13,696	$	7,451

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS' EQUITY

The following summarizes the Company’s capital structure.

Preferred Stock Series C


	December 31,
(Dollars in thousands, except per share amounts)	2023			2022
Shares authorized	51,750			51,750
Shares issued	45,000			45,000
Shares outstanding	45,000			45,000
Par value per share	$	0.01		$	0.01
Liquidation preference per share	$	1,000		$	1,000
Liquidation preference amount	$	45,000		$	45,000
Dividend rate	7.125		%	7.125		%
Dividend payment dates	Quarterly			Quarterly

On June 19, 2020, the Company issued 45,000 shares of 7.125% Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share through an underwritten public offering of 1,800,000 depositary shares, each representing a 1/40th ownership interest in a share of the Series C Preferred Stock. Total gross proceeds from the preferred stock offering were $45,000,000. Net proceeds after underwriting discounts and offering expenses were $42,364,000. The net proceeds will be used for general corporate purposes.

Series C Preferred Stockholders are entitled to quarterly cash dividends accruing at the rate per annum of 7.125% beginning September 30, 2020, applied to the liquidation preference value of the stock. Any dividends not paid shall not accumulate but will be waived and not payable by the Company. Payments of dividends are subject to declaration by the board of the Company. The Series C Preferred Stock is not redeemable by the holder and is senior to the Company’s common stock. The Series C Preferred stock may be redeemed in whole or in part by the Company at liquidation value (i) on any dividend payment date on or after June 30, 2025 or (ii) within 90 days following a regulatory capital treatment event (as defined in the Statement of Designation), subject to regulatory approval.

Common Stock


	December 31,
(Dollars in thousands, except per share amounts)	2023		2022
Shares authorized	50,000,000		50,000,000
Shares issued	28,986,255		28,321,716
Treasury shares	(5,683,841)		(4,268,131)
Shares outstanding	23,302,414		24,053,585
Par value per share	$	0.01	$	0.01

Stock Repurchase Program

On February 1, 2023, the Company entered into an accelerated share repurchase (“ASR”) agreement to repurchase $70,000,000 of the Company’s common stock. The ASR is part of the Company’s previously announced plan to repurchase up to $100,000,000 of the Company’s common stock and is within the remaining amount authorized by the Company’s Board of Directors pursuant to such plan. Under the terms of the ASR agreement, the Company received an initial delivery of 961,373 common shares representing approximately 80% of the expected total to be repurchased. On April 28, 2023, the ASR was completed and the Company received an additional delivery of 247,954 common shares.

In connection with the completion of the ASR, on May 4, 2023, the Company announced that its board of directors had authorized the Company to repurchase up to an additional $50,000,000 of its outstanding common stock in open market transactions or through privately negotiated transactions at the Company's discretion. The amount, timing and nature of any share repurchases will be based on a variety of factors, including the trading price of the Company's common stock, applicable securities laws restrictions, regulatory limitations and market and economic factors. The repurchase program is authorized for a period of up to one year and does not require the Company to repurchase any specific number of shares. The repurchase program may be modified, suspended or discontinued at any time. The Company has not repurchased any shares under the new share repurchase program.

On February 7, 2022, the Company announced that its board of directors had authorized the Company to repurchase up to $50,000,000 of its outstanding common stock. During the year ended December 31, 2022, the Company purchased 709,795 shares into treasury stock under the Company's stock repurchase program at an average price of $70.41, for a total of $50,000,000, completing the stock repurchase program.

On May 23, 2022, the Company announced that its board of directors had authorized the Company to repurchase up to an additional $75,000,000 of its outstanding common stock. On November 7, 2022 the repurchase authorization was increased to $100,000,000 in connection with the commencement of a modified "Dutch auction" tender offer (the "Tender Offer"). In December 2022, the Company repurchased 408,615 shares of its common stock in the Tender Offer at a price of $58.00 per share, for an aggregate cost of $24,772,000, including fees and expenses related to the tender offer of $1,072,000.

There were no stock repurchases made under stock repurchase programs during the year ended December 31, 2021.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (a)
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Borrowings and Borrowing Capacity - Narrative (Details) $ in Thousands			12 Months Ended
	Sep. 30, 2021 USD ($)	Sep. 30, 2016 USD ($)	Dec. 31, 2023 USD ($) bank quarter	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Federal funds purchased			$ 0	$ 0
Number of banks containing unsecured federal funds lines of credit \| bank			7
Unsecured federal funds line of credit			$ 227,500
Loans pledged as collateral			4,127,881	4,077,484
Subordinated notes			108,678	107,800
Subordinated notes issued			109,500
Deferred costs recognized as interest expense	$ 755
Junior subordinated debentures			$ 41,740	41,158
Maximum
Debt Instrument [Line Items]
Maximum interest deferment period on junior subordinated debentures \| quarter			20
Federal Reserve Bank Discount Window Facility
Debt Instrument [Line Items]
Borrowings outstanding			$ 0	0
Unused borrowing capacity, amount			569,858
Federal Reserve Bank Discount Window Facility \| Asset Pledged as Collateral
Debt Instrument [Line Items]
Loans pledged as collateral			745,799
Paycheck Protection Program
Debt Instrument [Line Items]
Borrowings outstanding			$ 0	$ 0	$ 27,144
Fixed-to-Floating Rate Subordinated Notes due 2026
Debt Instrument [Line Items]
Subordinated notes issued		$ 50,000
Current Interest Rate		6.50%
Fixed-to-Floating Rate Subordinated Notes due 2026 \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Spread on variable interest rate		5.345%

Fair Value Disclosures - Reconciliation of Fair Value of Contingent Consideration (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Indemnification Asset
Indemnification Asset and Revenue Share Asset
Beginning balance	$ 3,896	$ 4,786	$ 36,225
Asset recognized	0	0	0
Change in estimated fair value of asset recognized in earnings	(734)	(890)	4,194
Recognized / payments received	(1,665)	0	(35,633)
Ending balance	1,497	3,896	4,786
Revenue Share Asset
Indemnification Asset and Revenue Share Asset
Beginning balance	5,515	0	0
Asset recognized	0	6,237	0
Change in estimated fair value of asset recognized in earnings	(1,743)	(62)	0
Recognized / payments received	(1,256)	(660)	0
Ending balance	$ 2,516	$ 5,515	$ 0

Regulatory Matters

12 Months Ended

Dec. 31, 2023

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Regulatory Matters

REGULATORY MATTERS

The Company (on a consolidated basis) and TBK Bank are subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s or TBK Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and TBK Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Company and TBK Bank to maintain minimum amounts and ratios (set forth in the table below) of total, common equity Tier 1, and Tier 1 capital to risk weighted assets, and of Tier 1 capital to average assets. Management believes, as of December 31, 2023, the Company and TBK Bank meet all capital adequacy requirements to which they are subject.

As of December 31, 2023, TBK Bank’s capital ratios exceeded those levels necessary to be categorized as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” TBK Bank must maintain minimum total risk based, common equity Tier 1 risk based, Tier 1 risk based, and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since December 31, 2023 that management believes have changed TBK Bank’s category.

The actual capital amounts and ratios for the Company and TBK Bank are presented in the following table:


	Actual		Minimum for Capital Adequacy Purposes		To Be Well Capitalized Under Prompt Corrective Action Provisions
(Dollars in thousands)	Amount	Ratio	Amount	Ratio	Amount	Ratio
As of December 31, 2023
Total capital (to risk weighted assets)
Triumph Financial, Inc.	$806,667	16.7%	$385,370	8.0%	N/A	N/A
TBK Bank, SSB	$758,656	15.9%	$382,508	8.0%	$478,135	10.0%

Tier 1 capital (to risk weighted assets)
Triumph Financial, Inc.	$661,833	13.7%	$289,027	6.0%	N/A	N/A
TBK Bank, SSB	$725,383	15.2%	$286,881	6.0%	$382,508	8.0%

Common equity Tier 1 capital (to risk weighted assets)
Triumph Financial, Inc.	$575,093	11.9%	$216,770	4.5%	N/A	N/A
TBK Bank, SSB	$725,383	15.2%	$215,161	4.5%	$310,787	6.5%

Tier 1 capital (to average assets)
Triumph Financial, Inc.	$661,833	12.6%	$209,518	4.0%	N/A	N/A
TBK Bank, SSB	$725,383	13.9%	$209,406	4.0%	$261,758	5.0%

As of December 31, 2022
Total capital (to risk weighted assets)
Triumph Financial, Inc.	$829,928	17.7%	$375,109	8.0%	N/A	N/A
TBK Bank, SSB	$732,785	15.8%	$371,030	8.0%	$463,788	10.0%

Tier 1 capital (to risk weighted assets)
Triumph Financial, Inc.	$684,381	14.6%	$281,252	6.0%	N/A	N/A
TBK Bank, SSB	$697,022	15.0%	$278,809	6.0%	$371,745	8.0%

Common equity Tier 1 capital (to risk weighted assets)
Triumph Financial, Inc.	$598,223	12.7%	$211,969	4.5%	N/A	N/A
TBK Bank, SSB	$697,022	15.0%	$209,107	4.5%	$302,043	6.5%

Tier 1 capital (to average assets)
Triumph Financial, Inc.	$684,381	13.0%	$210,579	4.0%	N/A	N/A
TBK Bank, SSB	$697,022	13.2%	$211,219	4.0%	$264,023	5.0%

As permitted by the interim final rule issued on March 27, 2020 by the federal banking regulatory agencies, the Company elected the option to delay the estimated impact on regulatory capital of ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which was effective January 1, 2020. The initial impact of adoption of ASU 2016-13 as well as 25% of the quarterly increases in the allowance for credit losses subsequent to adoption of ASU 2016-13 (collectively the “transition adjustments”) was delayed for two years. After two years, the cumulative amount of the transition adjustments became fixed and will be phased out of the regulatory capital calculations evenly over a three year period, with 75% recognized in year three, 50% recognized in year four, and 25% recognized in year five. After five years, the temporary regulatory capital benefits will be fully reversed.

Dividends paid by TBK Bank are limited to, without prior regulatory approval, current year earnings and earnings less dividends paid during the preceding two years.

The capital conservation buffer set forth by the Basel III regulatory capital framework was 2.5% at December 31, 2023 and 2022. The capital conservation buffer is designed to absorb losses during periods of economic stress and requires increased capital levels for the purpose of capital distributions and other payments. Failure to meet the full amount of the buffer will result in restrictions on the Company’s ability to make capital distributions, including dividend payments and stock repurchases, and to pay discretionary bonuses to executive officers. At December 31, 2023, the Company’s and TBK Bank’s risk based capital exceeded the required capital conservation buffer.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Regulatory Matters (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Triumph Financial, Inc.
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Total capital (to risk weighted assets), actual amount	$ 806,667	$ 829,928
Total capital (to risk weighted assets), actual ratio	0.167	0.177
Total capital (to risk weighted assets), minimum for capital adequacy purposes amount	$ 385,370	$ 375,109
Total capital (to risk weighted assets), minimum for capital adequacy purposes ratio	0.080	0.080
Tier 1 capital (to risk weighted assets), actual amount	$ 661,833	$ 684,381
Tier 1 capital (to risk weighted assets), actual ratio	0.137	0.146
Tier 1 capital (to risk weighted assets), minimum for capital adequacy purposes amount	$ 289,027	$ 281,252
Tier 1 capital (to risk weighted assets), minimum for capital adequacy purposes ratio	0.060	0.060
Common equity Tier 1 capital (to risk weighted assets), actual amount	$ 575,093	$ 598,223
Common equity Tier 1 capital (to risk weighted assets), actual ratio	0.119	0.127
Common equity Tier 1 capital (to risk weighted assets), minimum for capital adequacy purposes amount	$ 216,770	$ 211,969
Common equity Tier 1 capital (to risk weighted assets), minimum for capital adequacy purposes ratio	0.045	0.045
Tier 1 capital (to average assets), actual amount	$ 661,833	$ 684,381
Tier 1 capital (to average assets) , actual ratio	0.126	0.130
Tier 1 capital (to average assets), minimum for capital adequacy purposes amount	$ 209,518	$ 210,579
Tier 1 capital (to average assets), minimum for capital adequacy purposes ratio	0.040	0.040
TBK Bank, SSB
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Total capital (to risk weighted assets), actual amount	$ 758,656	$ 732,785
Total capital (to risk weighted assets), actual ratio	0.159	0.158
Total capital (to risk weighted assets), minimum for capital adequacy purposes amount	$ 382,508	$ 371,030
Total capital (to risk weighted assets), minimum for capital adequacy purposes ratio	0.080	0.080
Total capital (to risk weighted assets), amount to be well capitalized under prompt corrective action provisions	$ 478,135	$ 463,788
Total capital (to risk weighted assets), ratio to be well capitalized under prompt corrective action provisions	0.100	0.100
Tier 1 capital (to risk weighted assets), actual amount	$ 725,383	$ 697,022
Tier 1 capital (to risk weighted assets), actual ratio	0.152	0.150
Tier 1 capital (to risk weighted assets), minimum for capital adequacy purposes amount	$ 286,881	$ 278,809
Tier 1 capital (to risk weighted assets), minimum for capital adequacy purposes ratio	0.060	0.060
Tier 1 capital (to risk weighted assets), amount to be well capitalized under prompt corrective action provisions	$ 382,508	$ 371,745
Tier 1 capital (to risk weighted assets), ratio to be well capitalized under prompt corrective action provisions	0.080	0.080
Common equity Tier 1 capital (to risk weighted assets), actual amount	$ 725,383	$ 697,022
Common equity Tier 1 capital (to risk weighted assets), actual ratio	0.152	0.150
Common equity Tier 1 capital (to risk weighted assets), minimum for capital adequacy purposes amount	$ 215,161	$ 209,107
Common equity Tier 1 capital (to risk weighted assets), minimum for capital adequacy purposes ratio	0.045	0.045
Common equity Tier 1 capital (to risk weighted assets), amount to be well capitalized under prompt corrective action provisions	$ 310,787	$ 302,043
Common equity Tier 1 capital (to risk weighted assets), ratio to be well capitalized under prompt corrective action provisions	0.065	0.065
Tier 1 capital (to average assets), actual amount	$ 725,383	$ 697,022
Tier 1 capital (to average assets) , actual ratio	0.139	0.132
Tier 1 capital (to average assets), minimum for capital adequacy purposes amount	$ 209,406	$ 211,219
Tier 1 capital (to average assets), minimum for capital adequacy purposes ratio	0.040	0.040
Tier 1 capital (to average assets), amount to be well capitalized under prompt corrective action provisions	$ 261,758	$ 264,023
Tier 1 capital (to average assets), ratio to be well capitalized under prompt corrective action provisions	0.050	0.050

Parent Company Only Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Parent Company Only Balance Sheets

Condensed Parent Company Only Balance Sheets:


(Dollars in thousands)	December 31, 2023		December 31, 2022
ASSETS
Cash and cash equivalents	$	44,029	$	92,338
Securities - held to maturity	2,977		4,077
Investment in bank subsidiary	969,894		943,084
Investment in non-bank subsidiaries	193		194
Other assets	2,930		4,568
Total assets	$	1,020,023	$	1,044,261
LIABILITIES AND EQUITY
Subordinated notes	$	108,678	$	107,800
Junior subordinated debentures	41,740		41,158
Intercompany payables	346		365
Accrued expenses and other liabilities	4,859		5,967
Total liabilities	155,623		155,290
Stockholders' equity	864,400		888,971
Total liabilities and equity	$	1,020,023	$	1,044,261

Condensed Parent Company Only Statements of Income

Condensed Parent Company Only Statements of Income:


	Years Ended December 31,
(Dollars in thousands)	2023		2022		2021
Interest income	$	175	$	174	$	100
Interest expense	(9,702)		(7,874)		(8,220)
Credit loss (expense) benefit	(746)		(362)		(56)
Other income	134		80		53
Salaries and employee benefits expense	(639)		(729)		(618)
Other expense	(3,378)		(2,701)		(2,379)
Income (loss) before income tax and income from subsidiaries	(14,156)		(11,412)		(11,120)
Income tax (expense) benefit	2,944		2,150		2,202
Dividends from subsidiaries and equity in undistributed subsidiary income	52,293		111,573		121,892
Net income	41,081		102,311		112,974
Dividends on preferred stock	(3,206)		(3,206)		(3,206)
Net income available to common stockholders	$	37,875	$	99,105	$	109,768
Comprehensive income attributable to Parent	$	45,055	$	87,377	$	115,189

Condensed Parent Company Only Statements of Cash Flows

Condensed Parent Company Only Statements of Cash Flows:


	Years Ended December 31,
(Dollars in thousands)	2023		2022		2021
Cash flows from operating activities:
Net income	$	41,081	$	102,311	$	112,974
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed subsidiary income	(10,293)		1,427		(121,892)
Net accretion of securities	(175)		(171)		(87)
Amortization of junior subordinated debentures	582		556		530
Amortization of subordinated notes issuance costs	878		843		1,224
Stock based compensation	719		686		420
Credit loss expense (benefit)	746		362		56
Change in other assets	1,638		(4,089)		387
Change in accrued expenses and other liabilities	(1,127)		3,650		546
Net cash provided by (used in) operating activities	34,049		105,575		(5,842)
Cash flows from investing activities:
Investment in subsidiaries	(33)		—		3,383
Proceeds from maturities, calls, and pay downs of securities held to maturity	529		679		1,003

Net cash provided by (used in) investing activities	496		679		4,386
Cash flows from financing activities:
Proceeds from issuance of subordinated notes, net	—		—		68,224
Repayment of subordinated notes	—		—		(50,000)


Dividends on preferred stock	(3,206)		(3,206)		(3,206)
Purchase of treasury stock	(81,623)		(76,714)		(1,241)
Stock option exercises	144		(74)		577
Proceeds from employee stock purchase plan common stock issuance	1,831		1,548		449
Net cash provided by (used in) financing activities	(82,854)		(78,446)		14,803
Net increase (decrease) in cash and cash equivalents	(48,309)		27,808		13,347
Cash and cash equivalents at beginning of period	92,338		64,530		51,183
Cash and cash equivalents at end of period	$	44,029	$	92,338	$	64,530

Regulatory Matters (Tables)

12 Months Ended

Dec. 31, 2023

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations

The actual capital amounts and ratios for the Company and TBK Bank are presented in the following table:


	Actual		Minimum for Capital Adequacy Purposes		To Be Well Capitalized Under Prompt Corrective Action Provisions
(Dollars in thousands)	Amount	Ratio	Amount	Ratio	Amount	Ratio
As of December 31, 2023
Total capital (to risk weighted assets)
Triumph Financial, Inc.	$806,667	16.7%	$385,370	8.0%	N/A	N/A
TBK Bank, SSB	$758,656	15.9%	$382,508	8.0%	$478,135	10.0%

Tier 1 capital (to risk weighted assets)
Triumph Financial, Inc.	$661,833	13.7%	$289,027	6.0%	N/A	N/A
TBK Bank, SSB	$725,383	15.2%	$286,881	6.0%	$382,508	8.0%

Common equity Tier 1 capital (to risk weighted assets)
Triumph Financial, Inc.	$575,093	11.9%	$216,770	4.5%	N/A	N/A
TBK Bank, SSB	$725,383	15.2%	$215,161	4.5%	$310,787	6.5%

Tier 1 capital (to average assets)
Triumph Financial, Inc.	$661,833	12.6%	$209,518	4.0%	N/A	N/A
TBK Bank, SSB	$725,383	13.9%	$209,406	4.0%	$261,758	5.0%

As of December 31, 2022
Total capital (to risk weighted assets)
Triumph Financial, Inc.	$829,928	17.7%	$375,109	8.0%	N/A	N/A
TBK Bank, SSB	$732,785	15.8%	$371,030	8.0%	$463,788	10.0%

Tier 1 capital (to risk weighted assets)
Triumph Financial, Inc.	$684,381	14.6%	$281,252	6.0%	N/A	N/A
TBK Bank, SSB	$697,022	15.0%	$278,809	6.0%	$371,745	8.0%

Common equity Tier 1 capital (to risk weighted assets)
Triumph Financial, Inc.	$598,223	12.7%	$211,969	4.5%	N/A	N/A
TBK Bank, SSB	$697,022	15.0%	$209,107	4.5%	$302,043	6.5%

Tier 1 capital (to average assets)
Triumph Financial, Inc.	$684,381	13.0%	$210,579	4.0%	N/A	N/A
TBK Bank, SSB	$697,022	13.2%	$211,219	4.0%	$264,023	5.0%

Fair Value Disclosures - Estimated Fair Value of Company's Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial assets:
Cash and cash equivalents, carrying amount	$ 286,635	$ 408,182
FHLB and other restricted stock, carrying amount	14,278	6,252
Securities - held to maturity, fair value	4,015	5,476
Financial liabilities:
Customer repurchase agreements	0	340
Federal Home Loan Bank advances	255,000	30,000
Subordinated notes, carrying amount	108,678	107,800
Junior subordinated debentures, carrying amount	41,740	41,158
Carrying Amount
Financial assets:
Cash and cash equivalents, carrying amount	286,635	408,182
Securities - held to maturity, carrying amount	2,977	4,077
Loans not previously presented, gross, carrying amount	4,107,853	4,088,411
FHLB and other restricted stock, carrying amount	14,278	6,252
Accrued interest receivable, carrying amount	34,597	21,977
Financial liabilities:
Deposits, carrying amount	3,977,478	4,171,336
Customer repurchase agreements		340
Federal Home Loan Bank advances	255,000	30,000
Subordinated notes, carrying amount	108,678	107,800
Junior subordinated debentures, carrying amount	41,740	41,158
Accrued interest payable, carrying amount	7,429	2,830
Total Fair Value
Financial assets:
Cash and cash equivalents, fair value	286,635	408,182
Securities - held to maturity, fair value	4,015	5,476
Loans not previously presented, gross, fair value	4,049,338	3,993,430
Accrued interest receivable, fair value	34,597	21,977
Financial liabilities:
Deposits, fair value	3,971,391	4,159,695
Customer repurchase agreements, fair value		340
Federal Home Loan Bank advances, fair value	255,000	30,000
Subordinated notes, fair value	90,084	104,400
Junior subordinated debentures, fair value	43,072	42,721
Accrued interest payable, fair value	7,429	2,830
Level 1
Financial assets:
Cash and cash equivalents, fair value	286,635	408,182
Securities - held to maturity, fair value	0	0
Loans not previously presented, gross, fair value	105,145	187,729
Accrued interest receivable, fair value	34,597	21,977
Financial liabilities:
Deposits, fair value	0	0
Customer repurchase agreements, fair value		0
Federal Home Loan Bank advances, fair value	0	0
Subordinated notes, fair value	0	0
Junior subordinated debentures, fair value	0	0
Accrued interest payable, fair value	7,429	2,830
Level 2
Financial assets:
Cash and cash equivalents, fair value	0	0
Securities - held to maturity, fair value	0	0
Loans not previously presented, gross, fair value	0	0
Accrued interest receivable, fair value	0	0
Financial liabilities:
Deposits, fair value	3,971,391	4,159,695
Customer repurchase agreements, fair value		340
Federal Home Loan Bank advances, fair value	255,000	30,000
Subordinated notes, fair value	90,084	104,400
Junior subordinated debentures, fair value	43,072	42,721
Accrued interest payable, fair value	0	0
Level 3
Financial assets:
Cash and cash equivalents, fair value	0	0
Securities - held to maturity, fair value	4,015	5,476
Loans not previously presented, gross, fair value	3,944,193	3,805,701
Accrued interest receivable, fair value	0	0
Financial liabilities:
Deposits, fair value	0	0
Customer repurchase agreements, fair value		0
Federal Home Loan Bank advances, fair value	0	0
Subordinated notes, fair value	0	0
Junior subordinated debentures, fair value	0	0
Accrued interest payable, fair value	$ 0	$ 0

Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Securities

SECURITIES

Equity Securities with Readily Determinable Fair Values

The Company held equity securities with fair values of $4,488,000 and $5,191,000 at December 31, 2023 and 2022, respectively. The gross realized and unrealized gains (losses) recognized on equity securities with readily determinable fair values in noninterest income in the Company’s consolidated statements of income were as follows:


(Dollars in thousands)	2023		2022		2021
Unrealized gains (losses) on equity securities still held at the reporting date	$	62	$	(313)	$	(322)
Realized gains (losses) on equity securities sold during the period	18		—		—
	$	80	$	(313)	$	(322)

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)	December 31, 2023		December 31, 2022
Equity Securities without readily determinable fair value, at cost	$	65,814	$	39,019
Upward adjustments based on observable price changes, cumulative	10,163		10,163
Equity Securities without readily determinable fair value, carrying value	$	75,977	$	49,182

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., discussed below, and other investments, which are included in other assets in the Company's consolidated balance sheets.

The gross realized and unrealized gains (losses) recognized on equity securities without readily determinable fair values in noninterest income in the Company’s consolidated statements of income were as follows:


	Year Ended December 31,
(Dollars in thousands)	2023		2022		2021
Unrealized gains (losses) on equity securities still held at the reporting date	$	—	$	10,163	$	—
Realized gains (losses) on equity securities sold during the period	—		—		—
	$	—	$	10,163	$	—

Trax Group, Inc.

On June 22, 2023, the Company made a $9,700,000 minority investment in Trax Group, Inc. ("Trax"), a leader in transportation spend management solutions. The investment in Trax is accounted for as an equity investment without a readily determinable fair value measured under the measurement alternative and is included in other assets in the Company's consolidated balance sheets.

Warehouse Solutions Inc.

On October 17, 2019, the Company made a minority equity investment of $8,000,000 in Warehouse Solutions Inc. (“WSI”), purchasing 8% of the common stock of WSI and receiving warrants to purchase an additional 10% of the common stock of WSI upon exercise of the warrants at a later date. WSI provides technology solutions to help reduce supply chain costs for a global client base across multiple industries.

Although the Company held less than 20% of the voting stock of WSI, the investment in common stock was initially accounted for using the equity method as the Company’s representation on WSI’s board of directors, which was disproportionately larger in size than the common stock investment held, demonstrated that it had significant influence over the investee.

On June 10, 2022, the Company entered into two separate agreements with WSI. First, the Company entered into an Affiliate Agreement. The Affiliate Agreement canceled the Company’s outstanding warrants and modified the structure of the existing operating agreement to be consistent with TriumphPay operating as an open loop payments network. By modifying the operating agreement, the Company’s Payments segment operations now have greater ability to operate in the freight shipper audit space. As a result of the Affiliate Agreement, the Company recognized a total loss on impairment of the warrants of $3,224,000, which represented the full book balance of the warrants on the date the Affiliate Agreement was executed. The impairment loss was included in other noninterest income on the Company's consolidated statements of income during the year ended December 31, 2022.

Separately, the Company also entered into an Amended and Restated Investor Rights Agreement (the “Investor Rights Agreement”). The Investor Rights Agreement eliminated the Company’s representation on WSI’s board of directors making the Company a completely passive investor. The Investor Rights Agreement also provided for the Company’s purchase of an additional 10% of WSI’s common stock for $23,000,000 raising the Company’s ownership of WSI’s common stock to 18%. As a passive investor, the Company no longer holds significant influence over the investee and the investment in WSI’s common stock no longer qualifies for equity method accounting. The investment in WSI’s common stock is now accounted for as an equity security without a readily determinable fair value measured under the measurement alternative. The measurement alternative requires the Company to remeasure its investment in the common stock of WSI only upon the execution of an orderly and observable transaction in an identical or similar instrument.

The Company's additional investment in WSI under the Investor Rights Agreement qualified as an orderly and observable transaction for an identical investment in WSI, therefore the fair value of the Company's original 8% common stock investment was required to be adjusted from $4,925,000 at March 31, 2022 to $15,088,000, resulting in a gain of $10,163,000 that was recorded in other noninterest income on the Company's consolidated statements of income during the year ended December 31, 2022. The Company's investment in WSI totaled $38,088,000 at December 31, 2023 and 2022 and has been allocated to the Payments segment.

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
December 31, 2023
Available for sale securities:
Mortgage-backed securities, residential	$	60,411	$	221	$	(4,793)	$	—	$	55,839
Asset-backed securities	1,188		—		(18)		—		1,170
State and municipal	4,560		1		(46)		—		4,515
CLO Securities	235,484		1,137		(330)		—		236,291
Corporate bonds	268		7		—		—		275
SBA pooled securities	1,642		3		(91)		—		1,554
Total available for sale securities	$	303,553	$	1,369	$	(5,278)	$	—	$	299,644


(Dollars in thousands)	Amortized Cost		Gross Unrecognized 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


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
December 31, 2022
Available for sale securities:
Mortgage-backed securities, residential	$	55,329	$	235	$	(4,931)	$	—	$	50,633
Asset-backed securities	6,389		—		(58)		—		6,331
State and municipal	13,553		1		(116)		—		13,438
CLO Securities	185,068		161		(4,218)		—		181,011
Corporate bonds	1,270		1		(8)		—		1,263
SBA pooled securities	1,910		29		(111)		—		1,828
Total available for sale securities	$	263,519	$	427	$	(9,442)	$	—	$	254,504


(Dollars in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
December 31, 2022
Held to maturity securities:
CLO securities	$	6,521	$	458	$	(1,503)	$	5,476
Allowance for credit losses	(2,444)
Total held to maturity securities, net of ACL	$	4,077

The amortized cost and estimated fair value of debt securities at December 31, 2023, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Available for Sale Securities				Held to Maturity Securities
(Dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	357	$	356	$	—	$	—
Due from one year to five years	2,434		2,404		4,766		2,584
Due from five years to ten years	69,494		69,516		1,401		1,431
Due after ten years	168,027		168,805		—		—
	240,312		241,081		6,167		4,015
Mortgage-backed securities, residential	60,411		55,839		—		—
Asset-backed securities	1,188		1,170		—		—
SBA pooled securities	1,642		1,554		—		—
	$	303,553	$	299,644	$	6,167	$	4,015

Proceeds from sales of debt securities and the associated gross gains and losses are as follows:


(Dollars in thousands)	2023		2022		2021
Proceeds	$	15,996	$	40,163	$	—
Gross gains	103		2,514		—
Gross losses	—		—		—
Net gains and losses from calls of securities	(1)		(2)		5

Debt securities with a carrying amount of approximately $42,445,000 and $93,813,000 at December 31, 2023 and 2022, 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 $3,789,000 and $2,593,000 at December 31, 2023 and 2022, respectively, and was included in other assets in the Consolidated Balance Sheets.

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 Months				12 Months or More				Total
(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 securities	1,170		(18)		—		—		1,170		(18)
State and municipal	975		(13)		2,424		(33)		3,399		(46)
CLO Securities	2,576		(13)		42,735		(317)		45,311		(330)
Corporate bonds	—		—		—		—		—		—
SBA pooled securities	216		(9)		1,059		(82)		1,275		(91)
Total available for sale securities	$	18,094	$	(365)	$	79,103	$	(4,913)	$	97,197	$	(5,278)


	Less than 12 Months				12 Months or More				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2022
Available for sale securities:
Mortgage-backed securities, residential	26,030		(1,507)		15,828		(3,424)		41,858		(4,931)
Asset-backed securities	1,337		(52)		4,994		(6)		6,331		(58)
State and municipal	12,680		(116)		—		—		12,680		(116)
CLO Securities	151,572		(3,407)		19,439		(811)		171,011		(4,218)
Corporate bonds	261		(8)		—		—		261		(8)
SBA pooled securities	1,262		(111)		—		—		1,262		(111)
Total available for sale securities	$	193,142	$	(5,201)	$	40,261	$	(4,241)	$	233,403	$	(9,442)

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 December 31, 2023, the Company had 97 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 December 31, 2023, 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 no losses have been recognized in the Company’s consolidated statements of income.

The following table presents the activity in the allowance for credit losses for held to maturity debt securities:


(Dollars in thousands)	Year Ended December 31,
Held to Maturity CLO Securities	2023		2022		2021
Allowance for credit losses:
Beginning balance	$	2,444	$	2,082	$	2,026
Credit loss expense (benefit)	746		362		56
Allowance for credit losses ending balance	$	3,190	$	2,444	$	2,082

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 December 31, 2023 and 2022, 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 securities such as these will be driven by a variety of factors, including credit performance of the underlying loan portfolio, adjustments to the portfolio by the asset manager, and the timing of a potential call. As of December 31, 2023, $4,766,000 of the Company’s held to maturity securities were classified as nonaccrual.

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Feb. 09, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36722
Entity Registrant Name	TRIUMPH FINANCIAL, INC.
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	20-0477066
Entity Address, Address Line One	12700 Park Central Drive, Suite 1700
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75251
City Area Code	214)
Local Phone Number	365-6900
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1,317,529,000
Entity Common Stock, Shares Outstanding		23,329,596
Documents Incorporated by Reference	Portions of the Registrant’s Definitive Proxy Statement relating to the Annual Meeting of Stockholders, which will be filed within 120 days after December 31, 2023, are incorporated by reference into Part III of this Report.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001539638
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, Par Value $0.01 Per Share
Trading Symbol	TFIN
Security Exchange Name	NASDAQ
Series C Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	7.125% Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock
Trading Symbol	TFINP
Security Exchange Name	NASDAQ

Acquisitions and Divestitures - Narrative (Details) $ in Thousands					2 Months Ended
	Sep. 30, 2022	Sep. 06, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 23, 2022 USD ($)	Sep. 06, 2022 USD ($) agreement portfolio	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 01, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 01, 2021 USD ($)
Business Acquisition [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Net gains (losses) on sale of loans	Net gains (losses) on sale of loans	Net gains (losses) on sale of loans	Net gains (losses) on sale of loans
Number of agreements to sell factored receivables \| agreement					2
Number of portfolios of factored receivables sold \| portfolio					2
Goodwill						$ 233,709	$ 233,709
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Equipment Loans Disposal Group
Business Acquisition [Line Items]
Return of premium liability				$ 708		0	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Factored Receivable Disposal Group
Business Acquisition [Line Items]
Revenue share asset		$ 1,027	$ 5,210		$ 1,027	$ 6,237
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Factored Receivable Disposal Group \| Factored receivables
Business Acquisition [Line Items]
Future gross monthly revenue to be received (as a percent)			15.00%
Maximum
Business Acquisition [Line Items]
Estimated useful lives						11 years
Maximum \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Factored Receivable Disposal Group \| Factored receivables
Business Acquisition [Line Items]
Future gross monthly revenue to be received (as a percent)		20.00%			20.00%
Minimum
Business Acquisition [Line Items]
Estimated useful lives						4 years
Minimum \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Factored Receivable Disposal Group \| Factored receivables
Business Acquisition [Line Items]
Future gross monthly revenue to be received (as a percent)		15.00%			15.00%
Capitalized Software \| Maximum
Business Acquisition [Line Items]
Estimated useful lives						5 years
Capitalized Software \| Minimum
Business Acquisition [Line Items]
Estimated useful lives						3 years
HubTran, Inc.
Business Acquisition [Line Items]
Goodwill								$ 70,441		$ 73,697
Acquisition-related expenses									$ 2,992
HubTran, Inc. \| Capitalized Software
Business Acquisition [Line Items]
Intangible assets								16,932		$ 16,932
Estimated useful lives										4 years
HubTran, Inc. \| Customer Relationships
Business Acquisition [Line Items]
Intangible assets								$ 10,360		$ 10,360
Estimated useful lives										11 years

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 41,081	$ 102,311	$ 112,974
Unrealized gains (losses) on securities:
Unrealized holding gains (losses) arising during the period	5,208	(10,865)	(2,424)
Tax effect	(1,155)	2,512	577
Unrealized holding gains (losses) arising during the period, net of taxes	4,053	(8,353)	(1,847)
Reclassification of amount realized through sale or call of securities	(102)	(2,512)	(5)
Tax effect	23	636	1
Reclassification of amount realized through sale or call of securities, net of taxes	(79)	(1,876)	(4)
Change in unrealized gains (losses) on securities, net of tax	3,974	(10,229)	(1,851)
Unrealized gains (losses) on derivative financial instruments:
Unrealized holding gains (losses) arising during the period	0	3,152	5,255
Tax effect	0	(754)	(1,260)
Unrealized holding gains (losses) arising during the period, net of taxes	0	2,398	3,995
Reclassification of amount of (gains) losses recognized into income	0	(9,316)	93
Tax effect	0	2,213	(22)
Reclassification of amount of (gains) losses recognized into income, net of taxes	0	(7,103)	71
Change in unrealized gains (losses) on derivative financial instruments	0	(4,705)	4,066
Total other comprehensive income (loss)	3,974	(14,934)	2,215
Comprehensive income	$ 45,055	$ 87,377	$ 115,189

Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deposits [Abstract]
Noninterest-bearing demand	$ 1,632,022	$ 1,756,680
Interest-bearing demand	757,455	856,512
Individual retirement accounts	52,195	68,125
Money market	568,772	508,534
Savings	555,047	551,780
Certificates of deposit	265,525	319,150
Brokered time deposits	146,458	110,555
Other brokered deposits	4	0
Total deposits	$ 3,977,478	$ 4,171,336

Deposits - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deposits [Abstract]
Time deposits with individual balances of $250,000 and greater	$ 66,172	$ 58,462

Related-Party Transactions - Schedule of Loans to Executive Officers, Directors, and Affiliates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transactions [Roll Forward]
Beginning balance	$ 0	$ 0
New loans and advances	49,583	0
Repayments and sales	(442)	0
Ending balance	$ 49,141	$ 0

Stock Based Compensation - Summary of Changes in Company's Stock Options (Details) - Stock options $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Shares
Beginning balance (in shares) \| shares	195,398
Granted (in shares) \| shares	57,930
Exercised (in shares) \| shares	(17,139)
Forfeited (in shares) \| shares	(3,195)
Expired (in shares) \| shares	0
Ending balance (in shares) \| shares	232,994
Fully vested and shares expected to vest (in shares) \| shares	232,994
Shares exercisable (in shares) \| shares	137,216
Weighted Average Exercise Price
Beginning balance (in dollars per shares) \| $ / shares	$ 39.48
Granted (in dollars per shares) \| $ / shares	51.25
Exercised (in dollars per shares) \| $ / shares	22.74
Forfeited (in dollars per shares) \| $ / shares	56.73
Expired (in dollars per shares) \| $ / shares	0
Ending balance (in dollars per shares) \| $ / shares	43.40
Fully vested shares and shares expected to vest (in dollars per shares) \| $ / shares	43.40
Shares exercisable (in dollars per shares) \| $ / shares	$ 34.01
Outstanding, weighed average remaining contractual term	6 years 2 months 15 days
Fully vested shares and shares expected to vest, weighed average remaining contractual term	6 years 2 months 15 days
Shares exercisable, weighed average remaining contractual term	4 years 6 months
Outstanding, aggregate intrinsic value \| $	$ 8,713
Fully vested shares and shares expected to vest, aggregate intrinsic value \| $	8,713
Shares exercisable, aggregate intrinsic value \| $	$ 6,407

Related-Party Transactions - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related Party Transactions [Abstract]
Deposits	$ 162,868	$ 100,742

Loans and Allowance for Credit Losses - Summary of Amortized Cost Basis of Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Nonaccrual	$ 45,677	$ 18,296
Nonaccrual With No ACL	35,507	5,860
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Nonaccrual	2,447	871
Nonaccrual With No ACL	190	319
Construction, land development, land
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Nonaccrual	0	150
Nonaccrual With No ACL	0	150
1-4 family residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Nonaccrual	1,178	1,391
Nonaccrual With No ACL	1,028	1,238
Farmland
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Nonaccrual	968	400
Nonaccrual With No ACL	968	400
Commercial
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Nonaccrual	40,951	15,393
Nonaccrual With No ACL	33,188	3,662
Factored receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Nonaccrual	0	0
Nonaccrual With No ACL	0	0
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Nonaccrual	133	91
Nonaccrual With No ACL	133	91
Mortgage warehouse
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Nonaccrual	0	0
Nonaccrual With No ACL	$ 0	$ 0

Loans and Allowance for Credit Losses - Schedule of Nonperforming Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	$ 45,677	$ 18,296
Factored receivables greater than 90 days past due	26,332	37,142
Factored receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	0	0
Factored receivables greater than 90 days past due	26,332	37,142
Nonperforming Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	45,677	18,296
Other nonperforming factored receivables	0	491
Troubled debt restructurings accruing interest	0	503
Total loans	68,858	48,230
Nonperforming Loans \| Factored receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Factored receivables greater than 90 days past due	$ 23,181	$ 28,940

Loans and Allowance for Credit Losses

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Loans and Allowance for Credit Losses

LOANS AND ALLOWANCE FOR CREDIT LOSSES

Loans Held for Sale

The following table presents loans held for sale:


(Dollars in thousands)	December 31, 2023		December 31, 2022
1-4 family residential	$	1,230	$	—
Commercial	6		5,641
Total loans held for sale	$	1,236	$	5,641

Loans Held for Investment and Allowance for Credit Losses

The following table presents the amortized cost and unpaid principal for loans held for investment:


	December 31, 2023						December 31, 2022
(Dollars in thousands)	Amortized Cost		Unpaid Principal		Difference		Amortized Cost		Unpaid Principal		Difference
Commercial real estate	$	812,704	$	813,623	$	(919)	$	678,144	$	679,239	$	(1,095)
Construction, land development, land	136,720		137,209		(489)		90,976		91,147		(171)
1-4 family residential properties	125,916		126,096		(180)		125,981		126,185		(204)
Farmland	63,568		63,728		(160)		68,934		69,185		(251)
Commercial	1,170,365		1,176,243		(5,878)		1,251,110		1,262,493		(11,383)
Factored receivables	1,116,654		1,119,544		(2,890)		1,237,449		1,241,032		(3,583)
Consumer	8,326		8,328		(2)		8,868		8,871		(3)
Mortgage warehouse	728,847		728,847		—		658,829		658,829		—
Total	4,163,100		$	4,173,618	$	(10,518)	4,120,291		$	4,136,981	$	(16,690)
Allowance for credit losses	(35,219)						(42,807)
	$	4,127,881					$	4,077,484

The difference between the amortized cost and unpaid principal balance is due to (1) premiums and discounts associated with acquired loans totaling $6,861,000 and $13,383,000 at December 31, 2023 and 2022, respectively, and (2) net deferred origination and factoring fees totaling $3,657,000 and $3,307,000 at December 31, 2023 and 2022, respectively.

Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $30,686,000 and $19,279,000 at December 31, 2023 and 2022, respectively, and was included in other assets in the Consolidated Balance Sheets.

As of December 31, 2023, most of the Company’s non-factoring business activity is with customers located within certain states. The states of Texas (17%), Colorado (15%), Illinois (12%), and Iowa (6%), make up 50% of the Company’s gross loans, excluding factored receivables. Therefore, the Company’s exposure to credit risk is affected by changes in the economies in these states. At December 31, 2022, the states of Texas (23%), Colorado (11%), Illinois (11%), and Iowa (6%) made up 51% of the Company’s gross loans, excluding factored receivables.

A majority (97%) of the Company’s factored receivables, representing approximately 26% of the total loan portfolio as of December 31, 2023, are transportation receivables. At December 31, 2022, 96% of our factored receivables, representing approximately 29% of our total loan portfolio, were transportation receivables.

At December 31, 2023 and 2022, the Company had $253,492,000 and $249,288,000, respectively, of customer reserves associated with factored receivables which are held to settle any payment disputes or collection shortfalls, may be used to pay customers’ obligations to various third parties as directed by the customer and are periodically released to or withdrawn by customers. Customer reserves are reported as deposits in the consolidated balance sheets.

At December 31, 2023 and 2022 the balance of the Over-Formula Advance Portfolio, acquired from Transport Financial Solutions during 2020, included in factored receivables was $3,151,000 and $8,202,000, respectively. These amounts were fully reserved at both dates. During the year ended December 31, 2023, new adverse developments with one of the two remaining Over-Formula Advance clients caused the Company to charge-off the entire Over-Formula Advance amount due from that client. This resulted in a net charge-off of $3,330,000; however, this net charge-off had no impact on credit loss expense as the entire amount had been reserved in a prior period. In accordance with the Agreement reached with Covenant, Covenant reimbursed the Company for $1,665,000 of this charge-off.

As of December 31, 2023 the Company carried a separate $19,361,000 receivable (the “Misdirected Payments”) payable by the United States Postal Service (“USPS”) arising from accounts factored to the largest Over-Formula Advance Portfolio carrier. This amount is separate from the acquired Over-Formula Advances. The amounts represented by this receivable were paid by the USPS directly to such customer in contravention of notices of assignment delivered to, and previously honored by, the USPS, which amount was then not remitted back to us by such customer as required. The USPS disputes their obligation to make such payment, citing purported deficiencies in the notices delivered to them. We are a party to litigation in the United States Court of Federal Claims against the USPS seeking a ruling that the USPS was obligated to make the payments represented by this receivable directly to us. Based on our legal analysis and discussions with our counsel advising us on this matter, we continue to believe it is probable that we will prevail in such action and that the USPS will have the capacity to make payment on such receivable. Consequently, we have not reserved for such balance as of December 31, 2023.

Loans with carrying amounts of $1,588,532,000 and $1,356,922,000 at December 31, 2023 and 2022, respectively, were pledged to secure Federal Home Loan Bank borrowing capacity and Federal Reserve Bank discount window borrowing capacity.

Allowance for Credit Losses

The Company’s estimate of the ACL reflects losses expected over the remaining contractual life of the assets. The contractual term does not consider extensions, renewals or modifications. The activity in the allowance for credit losses (“ACL”) related to loans held for investment is as follows:


(Dollars in thousands)	Beginning Balance		Credit Loss Expense (Benefit)		Charge-offs		Recoveries		Ending Balance
Year ended December 31, 2023
Commercial real estate	$	4,459	$	1,593	$	(108)	$	86	$	6,030
Construction, land development, land	1,155		(195)		—		5		965
1-4 family residential properties	838		82		(5)		12		927
Farmland	483		(41)		—		—		442
Commercial	15,918		7,712		(9,804)		234		14,060
Factored receivables	19,121		2,961		(10,997)		811		11,896
Consumer	175		44		(563)		515		171
Mortgage warehouse	658		70		—		—		728
	$	42,807	$	12,226	$	(21,477)	$	1,663	$	35,219


(Dollars in thousands)	Beginning Balance		Credit Loss Expense (Benefit)		Charge-offs		Recoveries		Ending Balance
Year ended December 31, 2022
Commercial real estate	$	3,961	$	546	$	(108)	$	60	$	4,459
Construction, land development, land	827		323		—		5		1,155
1-4 family residential properties	468		363		—		7		838
Farmland	562		(79)		—		—		483
Commercial	14,485		2,713		(2,205)		925		15,918
Factored receivables	20,915		3,045		(5,853)		1,014		19,121
Consumer	226		239		(435)		145		175
Mortgage warehouse	769		(111)		—		—		658
	$	42,213	$	7,039	$	(8,601)	$	2,156	$	42,807


(Dollars in thousands)	Beginning Balance		Provision		Charge-offs		Recoveries		Ending Balance
Year ended December 31, 2021
Commercial real estate	$	10,182	$	(6,214)	$	(17)	$	10	$	3,961
Construction, land development, land	3,418		(2,584)		(12)		5		827
1-4 family residential properties	1,225		(849)		(34)		126		468
Farmland	832		(270)		—		—		562
Commercial	22,040		(7,725)		(481)		651		14,485
Factored receivables	56,463		10,038		(46,043)		457		20,915
Consumer	542		(92)		(359)		135		226
Mortgage warehouse	1,037		(268)		—		—		769
	$	95,739	$	(7,964)	$	(46,946)	$	1,384	$	42,213

The decrease in required ACL during the year ended December 31, 2023 is a function of net charge-offs of $19,814,000 and credit loss expense of $12,226,000.

The increase in required ACL during the year ended December 31, 2022 is a function of net charge-offs of $6,445,000 and credit loss expense of $7,039,000.

The Company uses the discounted cash flow (DCF) method to estimate ACL for the commercial real estate, construction, land development, land, 1-4 family residential, commercial (excluding liquid credit), and consumer loan pools. For all loan pools utilizing the DCF method, the Company utilizes and forecasts national unemployment as a loss driver. The Company also utilizes and forecasts either one-year percentage change in national retail sales (commercial real estate – non multifamily, commercial general, commercial agriculture, commercial asset-based lending, commercial equipment finance, consumer), one-year percentage change in the national home price index (1-4 family residential and construction, land development, land), or one-year percentage change in national gross domestic product (commercial real estate – multifamily) as a second loss driver depending on the nature of the underlying loan pool and how well that loss driver correlates to expected future losses. Consistent forecasts of the loss drivers are used across the loan segments. The Company also forecasts prepayments speeds for use in the DCF models with higher prepayment speeds resulting in lower required ACL levels and vice versa for shorter prepayment speeds. These assumed prepayment speeds are based upon our historical prepayment speeds by loan type adjusted for the expected impact of the current interest rate environment. Generally, the impact of these assumed prepayment speeds is lesser in magnitude than the aforementioned loss driver assumptions.

For all DCF models at December 31, 2023, the Company has determined that four quarters represents a reasonable and supportable forecast period and reverts back to a historical loss rate over eight quarters on a straight-line basis. The Company leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four-quarter forecast period. Other internal and external indicators of economic forecasts are also considered by the Company when developing the forecast metrics. At December 31, 2023 as compared to December 31, 2022, the Company's forecasted national unemployment and one-year percentage change in national retail sales were virtually unchanged. The Company projected modest increases in one-year percentage change in the national home price index and one-year percentage change in national gross domestic product. At December 31, 2023 for national unemployment, the Company projected a low percentage in the first quarter followed by a gradual rise in the following three quarters. For percentage change in national retail sales, the Company projected a small increase in the first two projected quarters followed by a decline to negative levels over the last two projected quarters to a level below recent actual periods. For percentage change in national home price index, the Company projected a positive increase in the first projected quarter followed by a steep drop to negative levels for the remaining three quarters with such negative levels peaking in the fourth projected quarter. For percentage change in national gross domestic product, management projected low-to-near-zero growth for each projected quarter. At December 31, 2023, the Company slowed its historical prepayment speeds in response to the expected interest rate environment in the macro economy.

The Company uses a loss-rate method to estimate expected credit losses for the farmland, liquid credit, factored receivable, and mortgage warehouse loan pools. For each of these loan segments, the Company applies an expected loss ratio based on internal and peer historical losses adjusted as appropriate for qualitative factors. Qualitative loss factors are based on the Company's judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions. Loss factors used to calculate the required ACL on pools that use the loss-rate method reflect the forecasted economic conditions described above.

For the year ended December 31, 2023, changes in projected loss drivers and prepayment assumptions over the reasonable and supportable forecast period increased the required ACL by $1,978,000. Changes in the loan volume and mix of our portfolio decreased the required ACL by $2,325,000 and specific reserves decreased $7,241,000. Net charge-offs during the period were $19,814,000.

The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans:


(Dollars in thousands)	Real Estate		Accounts Receivable		Equipment		Other		Total		ACL Allocation
December 31, 2023
Commercial real estate	$	2,518	$	—	$	—	$	—	$	2,518	$	777
Construction, land development, land	—		—		—		—		—		—
1-4 family residential	1,156		—		—		22		1,178		113
Farmland	291		—		—		677		968		—
Commercial	920		—		18,259		21,772		40,951		3,322
Factored receivables	—		39,577		—		—		39,577		6,717
Consumer	—		—		—		133		133		—
Mortgage warehouse	—		—		—		—		—		—
Total	$	4,885	$	39,577	$	18,259	$	22,604	$	85,325	$	10,929

Commercial loans secured by Other collateral primarily consist of large liquid credit loans secured by the underlying enterprise values of the borrowers.

At December 31, 2023 the balance of the Over-Formula Advance Portfolio included in factored receivables was $3,151,000 and was fully reserved. At December 31, 2023 the balance of Misdirected Payments included in factored receivables was $19,361,000 and carried no ACL allocation.


(Dollars in thousands)	Real Estate		Accounts Receivable		Equipment		Other		Total		ACL Allocation
December 31, 2022
Commercial real estate	$	1,003	$	—	$	—	$	140	$	1,143	$	283
Construction, land development, land	150		—		—		—		150		—
1-4 family residential	1,342		—		—		49		1,391		108
Farmland	196		—		108		96		400		—
Commercial	193		—		5,334		10,370		15,897		4,737
Factored receivables	—		42,409		—		—		42,409		13,042
Consumer	—		—		—		91		91		—
Mortgage warehouse	—		—		—		—		—		—
Total	$	2,884	$	42,409	$	5,442	$	10,746	$	61,481	$	18,170

At December 31, 2022 the balance of the Over-Formula Advance Portfolio included in factored receivables was $8,202,000 and was fully reserved. At December 31, 2022 the balance of Misdirected Payments included in factored receivables was $19,361,000 and carried no ACL allocation.

Past Due and Nonaccrual Loans

The following tables present an aging of contractually past due loans:


(Dollars in thousands)	Past Due 30-59 Days		Past Due 60-90 Days		Past Due 90 Days or More		Total Past Due		Current		Total		Past Due 90 Days or More Still Accruing
December 31, 2023
Commercial real estate	$	—	$	74	$	1,369	$	1,443	$	811,261	$	812,704	$	—
Construction, land development, land	—		—		—		—		136,720		136,720		—
1-4 family residential properties	680		639		309		1,628		124,288		125,916		—
Farmland	173		—		—		173		63,395		63,568		—
Commercial	4,585		4,699		5,423		14,707		1,155,658		1,170,365		—
Factored receivables	32,177		6,438		26,332		64,947		1,051,707		1,116,654		26,332
Consumer	44		96		31		171		8,155		8,326		—
Mortgage warehouse	—		—		—		—		728,847		728,847		—
	$	37,659	$	11,946	$	33,464	$	83,069	$	4,080,031	$	4,163,100	$	26,332


(Dollars in thousands)	Past Due 30-59 Days		Past Due 60-90 Days		Past Due 90 Days or More		Total Past Due		Current		Total		Past Due 90 Days or More Still Accruing
December 31, 2022
Commercial real estate	$	1,301	$	—	$	455	$	1,756	$	676,388	$	678,144	$	—
Construction, land development, land	—		—		145		145		90,831		90,976		—
1-4 family residential properties	936		531		776		2,243		123,738		125,981		—
Farmland	—		—		—		—		68,934		68,934		—
Commercial	1,630		3,139		2,847		7,616		1,243,494		1,251,110		—
Factored receivables	42,797		12,651		37,142		92,590		1,144,859		1,237,449		37,142
Consumer	52		41		2		95		8,773		8,868		—
Mortgage warehouse	—		—		—		—		658,829		658,829		—
	$	46,716	$	16,362	$	41,367	$	104,445	$	4,015,846	$	4,120,291	$	37,142

At December 31, 2023 and 2022, total past due Over-Formula Advances recorded in factored receivables was $3,151,000 and $8,202,000, respectively, all of which was considered past due 90 days or more. At December 31, 2023 and 2022, the Misdirected Payments totaled $19,361,000, all of which was considered past due 90 days or more. Given the nature of factored receivables, these assets are disclosed as past due 90 days or more still accruing; however, the Company is not recognizing income on the assets. Historically, any income recognized on factored receivables that are past due 90 days or more has not been material.

The following table presents the amortized cost basis of loans on nonaccrual status and the amortized cost basis of loans on nonaccrual status for which there was no related allowance for credit losses:


	December 31, 2023				December 31, 2022
(Dollars in thousands)	Total Nonaccrual		Nonaccrual With No ACL		Total Nonaccrual		Nonaccrual With No ACL
Commercial real estate	$	2,447	$	190	$	871	$	319
Construction, land development, land	—		—		150		150
1-4 family residential	1,178		1,028		1,391		1,238
Farmland	968		968		400		400
Commercial	40,951		33,188		15,393		3,662
Factored receivables	—		—		—		—
Consumer	133		133		91		91
Mortgage warehouse	—		—		—		—
	$	45,677	$	35,507	$	18,296	$	5,860

The following table presents accrued interest on nonaccrual loans reversed through interest income:


	Year Ended December 31,
(Dollars in thousands)	2023		2022		2021
Commercial real estate	$	17	$	—	$	8
Construction, land development, land	—		2		—
1-4 family residential	8		1		3
Farmland	57		—		6
Commercial	105		28		36
Factored receivables	—		—		—
Consumer	4		—		3
Mortgage warehouse	—		—		—
	$	191	$	31	$	56

There was no interest earned on nonaccrual loans during the years ended December 31, 2023, 2022, and 2021.

The following table presents information regarding nonperforming loans:


(Dollars in thousands)	December 31, 2023		December 31, 2022
Nonaccrual loans	$	45,677	$	18,296
Factored receivables greater than 90 days past due	23,181		28,940
Other nonperforming factored receivables(1)	—		491
Troubled debt restructurings accruing interest	—		503
	$	68,858	$	48,230

(1) Other nonperforming factored receivables represent the portion of the Over-Formula Advance Portfolio that is not covered by Covenant's indemnification. This amount is also considered Classified from a risk rating perspective.

Credit Quality Information

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including: current collateral and financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk on a regular basis. Large groups of smaller balance homogeneous loans, such as consumer loans, are analyzed primarily based on payment status. The Company uses the following definitions for risk ratings:

Pass – Pass rated loans have low to average risk and are not otherwise classified.

Classified – Classified loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Certain classified loans have the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.

Management considers the guidance in ASC 310-20 when determining whether a modification, extension, or renewal of loan constitutes a current period origination. As of December 31, 2023 and 2022, based on the most recent analysis performed, the risk category of loans is as follows:


													Revolving Loans		Revolving Loans Converted To Term Loans		Total
(Dollars in thousands)	Year of Origination
December 31, 2023	2023		2022		2021		2020		2019		Prior
Commercial real estate
Pass	$	244,388	$	119,169	$	98,484	$	116,078	$	16,351	$	34,724	$	88,547	$	159	$	717,900
Classified	91,456		665		1,630		1,016		37		—		—		—		94,804
Total commercial real estate	$	335,844	$	119,834	$	100,114	$	117,094	$	16,388	$	34,724	$	88,547	$	159	$	812,704
YTD gross charge-offs	$	108	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	108

Construction, land development, land
Pass	$	91,557	$	34,683	$	1,668	$	2,996	$	2,928	$	276	$	2,612	$	—	$	136,720
Classified	—		—		—		—		—		—		—		—		—
Total construction, land development, land	$	91,557	$	34,683	$	1,668	$	2,996	$	2,928	$	276	$	2,612	$	—	$	136,720
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

1-4 family residential
Pass	$	22,637	$	16,336	$	19,542	$	7,229	$	2,462	$	20,950	$	35,373	$	174	$	124,703
Classified	296		1		99		—		40		590		187		—		1,213
Total 1-4 family residential	$	22,933	$	16,337	$	19,641	$	7,229	$	2,502	$	21,540	$	35,560	$	174	$	125,916
YTD gross charge-offs	$	5	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	5

Farmland
Pass	$	13,140	$	13,628	$	5,586	$	7,876	$	2,296	$	18,542	$	1,359	$	155	$	62,582
Classified	677		—		—		18		86		205		—		—		986
Total farmland	$	13,817	$	13,628	$	5,586	$	7,894	$	2,382	$	18,747	$	1,359	$	155	$	63,568
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial
Pass	$	269,496	$	196,731	$	79,125	$	61,440	$	24,583	$	10,476	$	472,269	$	370	$	1,114,490
Classified	27,547		19,441		5,462		3,291		24		80		30		—		55,875
Total commercial	$	297,043	$	216,172	$	84,587	$	64,731	$	24,607	$	10,556	$	472,299	$	370	$	1,170,365
YTD gross charge-offs	$	100	$	4,619	$	4,493	$	499	$	44	$	49	$	—	$	—	$	9,804

Factored receivables
Pass	$	1,075,428	$	—	$	—	$	3,151	$	—	$	—	$	—	$	—	$	1,078,579
Classified	18,714		—		—		19,361		—		—		—		—		38,075
Total factored receivables	$	1,094,142	$	—	$	—	$	22,512	$	—	$	—	$	—	$	—	$	1,116,654
YTD gross charge-offs	$	5,374	$	2,293	$	—	$	3,330	$	—	$	—	$	—	$	—	$	10,997

Consumer
Pass	$	4,141	$	1,442	$	593	$	406	$	83	$	1,488	$	40	$	—	$	8,193
Classified	19		—		83		1		—		30		—		—		133
Total consumer	$	4,160	$	1,442	$	676	$	407	$	83	$	1,518	$	40	$	—	$	8,326
YTD gross charge-offs	$	519	$	25	$	12	$	3	$	—	$	4	$	—	$	—	$	563

Mortgage warehouse
Pass	$	728,847	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	728,847
Classified	—		—		—		—		—		—		—		—		—
Total mortgage warehouse	$	728,847	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	728,847
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total loans
Pass	$	2,449,634	$	381,989	$	204,998	$	199,176	$	48,703	$	86,456	$	600,200	$	858	$	3,972,014
Classified	138,709		20,107		7,274		23,687		187		905		217		—		191,086
Total loans	$	2,588,343	$	402,096	$	212,272	$	222,863	$	48,890	$	87,361	$	600,417	$	858	$	4,163,100
YTD gross charge-offs	$	6,106	$	6,937	$	4,505	$	3,832	$	44	$	53	$	—	$	—	$	21,477


													Revolving Loans		Revolving Loans Converted To Term Loans		Total
(Dollars in thousands)	Year of Origination
December 31, 2022	2022		2021		2020		2019		2018		Prior
Commercial real estate
Pass	$	231,427	$	156,895	$	198,541	$	28,033	$	17,786	$	35,658	$	3,675	$	—	$	672,015
Classified	3,668		551		1,855		39		—		16		—		—		6,129
Total commercial real estate	$	235,095	$	157,446	$	200,396	$	28,072	$	17,786	$	35,674	$	3,675	$	—	$	678,144

Construction, land development, land
Pass	$	71,236	$	11,328	$	4,535	$	3,186	$	35	$	506	$	—	$	—	$	90,826
Classified	—		—		5		—		—		145		—		—		150
Total construction, land development, land	$	71,236	$	11,328	$	4,540	$	3,186	$	35	$	651	$	—	$	—	$	90,976

1-4 family residential
Pass	$	26,306	$	22,639	$	9,536	$	2,929	$	3,528	$	20,910	$	38,361	$	300	$	124,509
Classified	137		199		7		53		1		1,006		69		—		1,472
Total 1-4 family residential	$	26,443	$	22,838	$	9,543	$	2,982	$	3,529	$	21,916	$	38,430	$	300	$	125,981

Farmland
Pass	$	18,190	$	7,291	$	10,027	$	2,699	$	6,742	$	18,569	$	1,016	$	204	$	64,738
Classified	1,062		2,796		120		108		—		110		—		—		4,196
Total farmland	$	19,252	$	10,087	$	10,147	$	2,807	$	6,742	$	18,679	$	1,016	$	204	$	68,934

Commercial
Pass	$	358,983	$	181,933	$	136,635	$	41,912	$	5,842	$	12,145	$	486,889	$	161	$	1,224,500
Classified	10,721		10,579		3,767		1,038		96		116		293		—		26,610
Total commercial	$	369,704	$	192,512	$	140,402	$	42,950	$	5,938	$	12,261	$	487,182	$	161	$	1,251,110

Factored receivables
Pass	$	1,196,912	$	—	$	7,710	$	—	$	—	$	—	$	—	$	—	$	1,204,622
Classified	12,974		—		19,853		—		—		—		—		—		32,827
Total factored receivables	$	1,209,886	$	—	$	27,563	$	—	$	—	$	—	$	—	$	—	$	1,237,449

Consumer
Pass	$	2,768	$	1,981	$	894	$	304	$	266	$	2,418	$	147	$	—	$	8,778
Classified	—		1		2		—		8		79		—		—		90
Total consumer	$	2,768	$	1,982	$	896	$	304	$	274	$	2,497	$	147	$	—	$	8,868

Mortgage warehouse
Pass	$	658,829	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	658,829
Classified	—		—		—		—		—		—		—		—		—
Total mortgage warehouse	$	658,829	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	658,829

Total loans
Pass	$	2,564,651	$	382,067	$	367,878	$	79,063	$	34,199	$	90,206	$	530,088	$	665	$	4,048,817
Classified	28,562		14,126		25,609		1,238		105		1,472		362		—		71,474
Total loans	$	2,593,213	$	396,193	$	393,487	$	80,301	$	34,304	$	91,678	$	530,450	$	665	$	4,120,291

Loan Modifications to Borrowers Experiencing Financial Difficulty

The following tables present the amortized cost basis at the end of the reporting period of the loans modifications to borrowers experiencing financial difficulty:


	Term Extension
	Year Ended December 31, 2023
(Dollars in thousands)	Amortized Cost		% of Portfolio
Commercial real estate	$	415	0.1	%

1-4 family residential	271		0.2	%
Farmland	604		1.0	%
Commercial	1,548		0.1	%



	$	2,838	0.1	%


	Payment Delay
	Year Ended December 31, 2023
(Dollars in thousands)	Amortized Cost		% of Portfolio




Commercial	22,547		1.9	%



	$	22,547	0.5	%


	Term Extension and Rate Reduction
	Year Ended December 31, 2023
(Dollars in thousands)	Amortized Cost		% of Portfolio
Commercial real estate	$	83,349	10.3	%



Commercial	496		—	%



	$	83,845	2.0	%


	Payment Delay and Rate Reduction
	Year Ended December 31, 2023
(Dollars in thousands)	Amortized Cost		% of Portfolio
Commercial real estate	$	23,001	2.8	%







	$	23,001	0.6	%

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty:

Term Extension

Year Ended December 31, 2023

Commercial real estate

Modification added a weighted average 1.1 years to the life of the modified loans.

1-4 family residential

Modification added a weighted average 0.5 years to the life of the modified loans.

Farmland

Modification added a weighted average 0.5 years to the life of the modified loans.

Commercial

Modification added a weighted average 1.5 years to the life of the modified loans.

Payment Delay

Year Ended December 31, 2023

Commercial

Modification provided a weighted average payment delay of 0.6 years.

Term Extension and Rate Reduction

Year Ended December 31, 2023

Commercial real estate

Modification added a weighted average 0.5 years to the life of the modified loans and reduced the weighted average contractual interest rate from 10.1% to 5.1%.

Commercial

Modification added a weighted average 0.3 years to the life of the modified loans and reduced the weighted average contractual interest rate from 10.5% to 9.5%.

Payment Delay and Rate Reduction

Year Ended December 31, 2023

Commercial real estate

Modification provided a weighted average payment delay of 0.8 years and reduced the weighted average contractual interest rate from 9.4% to 6.0%.

Generally, if a loan to a borrower experiencing financial difficulty is modified, the Company will seek to obtain credit enhancements when possible.

The following table presents the payment status of loans that have been modified in the last twelve months:


	December 31, 2023
(Dollars in thousands)	Current		Past Due 30-89 Days		Past Due 90 Days or More
Commercial real estate	$	106,765	$	—	$	—

1-4 family residential	271		—		—
Farmland	604		—		—
Commercial	23,838		753		—



	$	131,478	$	753	$	—

At December 31, 2023, the Company had no commitments to lend additional funds to borrowers experiencing financial difficulty for which the Company modified the terms of the loans in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, or a term extension during the current period.

There were no loans to borrowers experiencing financial difficulty that had a payment default during the year ended December 31, 2023 and were modified in the twelve months prior to that default. Default is determined at 90 or more days past due, upon charge-off, or upon foreclosure. Modified loans in default are individually evaluated for the allowance for credit losses or if the modified loan is deemed uncollectible, the loan, or a portion of the loan, is written off and the allowance for credit losses is adjusted accordingly.

Residential Real Estate Loans In Process of Foreclosure

At December 31, 2023 and 2022, the Company had $0 and $129,000, respectively, in 1-4 family residential real estate loans for which formal foreclosure proceedings were in process.

Stockholders' Equity - Narrative (Details)					1 Months Ended	12 Months Ended
Stockholders' Equity - Narrative (Details)	May 04, 2023 USD ($)	Apr. 28, 2023 shares	Feb. 01, 2023 USD ($) shares	Jun. 19, 2020 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares	Nov. 07, 2022 USD ($)	May 23, 2022 USD ($)	Feb. 07, 2022 USD ($)
Class of Stock [Line Items]
Payments for repurchase of common stock						$ 81,623,000	$ 76,714,000	$ 1,241,000
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock issued (in shares) \| shares				45,000	45,000	45,000	45,000
Dividend rate				7.125%		7.125%	7.125%
Par value per share (in dollars per share) \| $ / shares				$ 0.01	$ 0.01	$ 0.01	$ 0.01
Liquidation preference per share (in dollars per share) \| $ / shares				$ 1,000	$ 1,000	$ 1,000	$ 1,000
Depositary shares (in shares) \| shares				1,800,000
Depositary shares, ownership interest				0.025
Proceeds from issuance of preferred stock, gross				$ 45,000,000
Issuance of preferred stock, net of issuance costs				$ 42,364,000
Stock Repurchase Program
Class of Stock [Line Items]
Amount authorized under stock repurchase program	$ 50,000,000									$ 75,000,000	$ 50,000,000
Shares repurchased into treasury stock (in shares) \| shares							709,795	0
Repurchase program authorization period	1 year
Average price of shares repurchased into treasury stock (in dollars per share) \| $ / shares							$ 70.41
Payments for repurchase of common stock							$ 50,000,000
Dutch Auction Tender Offer
Class of Stock [Line Items]
Shares repurchased into treasury stock (in shares) \| shares					408,615
Average price of shares repurchased into treasury stock (in dollars per share) \| $ / shares					$ 58.00
Payments for repurchase of common stock					$ 24,772,000
Tender offer fees and expenses					$ 1,072,000
ASR Agreement
Class of Stock [Line Items]
Amount authorized under stock repurchase program			$ 70,000,000						$ 100,000,000
Shares repurchased into treasury stock (in shares) \| shares		247,954	961,373
Percent of authorized shares repurchased			80.00%

Securities - Summary of Equity Securities without Readily Determinable Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Equity Securities without readily determinable fair value, at cost	$ 65,814	$ 39,019
Upward adjustments based on observable price changes, cumulative	10,163	10,163
Equity Securities without readily determinable fair value, carrying value	$ 75,977	$ 49,182

Premises and Equipment - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 174,641	$ 150,881
Accumulated depreciation	(61,184)	(47,542)
Premises and equipment, net	113,457	103,339
Land
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	13,080	13,080
Buildings
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	58,282	55,001
Leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	39,499	37,406
Automobiles and aircraft
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	22,966	9,929
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 40,814	$ 35,465

Securities - Narrative (Details) $ in Thousands		12 Months Ended
Securities - Narrative (Details) $ in Thousands	Jun. 10, 2022 USD ($) agreement	Dec. 31, 2023 USD ($) security investment	Dec. 31, 2022 USD ($) investment	Dec. 31, 2021 USD ($)	Mar. 31, 2022 USD ($)	Oct. 17, 2019 USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Equity securities with readily determinable fair values		$ 4,488	$ 5,191
Investment		75,977	49,182
Equity securities without readily determinable fair value, upward price adjustment, annual amount		0	10,163	$ 0
Accrued interest on available for sale securities		$ 3,789	$ 2,593
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]		Other assets	Other assets
Number of securities in an unrealized loss position \| security		97
Unrealized losses recognized		$ 0
Number of investments \| investment		3	3
Debt securities, held-to-maturity, nonaccrual		$ 4,766
WSI
Debt and Equity Securities, FV-NI [Line Items]
Investment		38,088	$ 38,088
Equity method investments and warrants						$ 8,000
Equity method investment, ownership percentage						8.00%
Equity method investment, ownership percentage to be purchased through exercise of warrant						10.00%
Number of agreements with affiliate \| agreement	2
Equity method investment, loss on impairment of warrants			3,224
Equity securities without readily determinable fair value, percentage of common stock agreed to purchase	10.00%
Payment to acquire interest in common stock	$ 23,000
Sale of stock, percentage of ownership after transaction	18.00%
Equity method investments, fair value disclosure					$ 4,925
Equity securities without readily determinable fair value, discontinuation of equity method, amount after adjustment			15,088
Equity securities without readily determinable fair value, upward price adjustment, annual amount			10,163
Trax Group, Inc.
Debt and Equity Securities, FV-NI [Line Items]
Investment						$ 9,700
Asset Pledged as Collateral
Debt and Equity Securities, FV-NI [Line Items]
Debt securities		$ 42,445	$ 93,813

Securities - Schedule of Gross Realized and Unrealized Gains (Losses) Recognized on Equity Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Unrealized gains (losses) on equity securities still held at the reporting date	$ 62	$ (313)	$ (322)
Realized gains (losses) on equity securities sold during the period	18	0	0
Gross realized and unrealized gains (losses) recognized on equity securities	$ 80	$ (313)	$ (322)

Stockholders' Equity - Summary of Preferred Stock (Details) - Series C Preferred Stock - USD ($)		12 Months Ended
	Jun. 19, 2020	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Shares authorized (in shares)		51,750	51,750
Shares issued (in shares)	45,000	45,000	45,000
Shares outstanding (in shares)		45,000	45,000
Par value per share (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Liquidation preference per share (in dollars per share)	$ 1,000	$ 1,000	$ 1,000
Liquidation preference amount		$ 45,000,000	$ 45,000,000
Dividend rate	7.125%	7.125%	7.125%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Stock Based Compensation - Schedule of Information Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received from option exercises, net	$ 144		$ 577
Cash received from option exercises, net		$ (74)
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of options exercised	723	280	5,304
Cash received from option exercises, net	144		577
Cash received from option exercises, net		(74)
Tax benefit realized from option exercises	$ 152	$ 59	$ 1,114
Weighted average fair value of options granted (per share) (in dollars per share)	$ 25.20	$ 32.15	$ 35.37
Fair value of vested awards	$ 532	$ 423	$ 381

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Securities - held to maturity, allowance for credit losses	$ 3,190	$ 2,444	$ 2,082	$ 2,026
Securities - held to maturity, fair value	4,015	5,476
Loans, allowance for credit losses	$ 35,219	$ 42,807
Common stock, outstanding (in shares)	23,302,414	24,053,585

Acquisitions and Divestitures - Summary of Assets and Liabilities in Disposal Group, Equipment Loan Sale (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 06, 2022	Jun. 30, 2022	Jun. 23, 2022	Dec. 31, 2022
Equipment Loans Disposal Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equipment loans				$ 191,167
Accrued interest receivable				1,587
Assets sold				192,754
Cash consideration				197,454
Return of premium liability	$ 0			(708)	$ 0
Total consideration				196,746
Transaction costs				73
Gain on sale, net of transaction costs				$ 3,919
Factored Receivable Disposal Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets sold	88,036	$ 20,148	$ 67,888
Cash consideration	85,346	19,054	66,292
Total consideration	91,583	20,081	71,502
Transaction costs	131	49	82
Gain on sale, net of transaction costs	14,247	1,033	13,214
Customer reserve noninterest bearing deposits	10,831	1,149	9,682
Liabilities held for sale	10,831	1,149	9,682
Net assets sold	77,205	18,999	58,206
Revenue share asset	6,237	1,027	5,210
Factored Receivable Disposal Group \| Factored receivables
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equipment loans	88,019	20,131	67,888
Accrued interest and fee income	$ 17	$ 17	$ 0

Goodwill and Intangible Assets - Schedule of Changes in Goodwill and Intangible Assets by Operating Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill and intangible assets, beginning balance	$ 265,767	$ 276,856	$ 189,922
Acquired goodwill			73,697
Acquired goodwill - measurement period adjustment		(18)	(3,179)
Acquired intangibles	3,042	851	27,292
Amortization of intangibles	(11,454)	(11,922)	(10,876)
Goodwill and intangible assets, ending balance	257,355	265,767	276,856
Operating Segments \| Banking
Goodwill [Roll Forward]
Goodwill and intangible assets, beginning balance	116,296	119,306	123,882
Acquired goodwill			0
Acquired goodwill - measurement period adjustment		0	0
Acquired intangibles	0	751	0
Amortization of intangibles	(2,950)	(3,761)	(4,576)
Goodwill and intangible assets, ending balance	113,346	116,296	119,306
Operating Segments \| Factoring
Goodwill [Roll Forward]
Goodwill and intangible assets, beginning balance	60,982	63,275	66,040
Acquired goodwill			0
Acquired goodwill - measurement period adjustment		0	59
Acquired intangibles	0	0	0
Amortization of intangibles	(1,821)	(2,293)	(2,824)
Goodwill and intangible assets, ending balance	59,161	60,982	63,275
Operating Segments \| Payments
Goodwill [Roll Forward]
Goodwill and intangible assets, beginning balance	88,389	94,275	0
Acquired goodwill			73,697
Acquired goodwill - measurement period adjustment		(18)	(3,238)
Acquired intangibles	3,042	0	27,292
Amortization of intangibles	(6,683)	(5,868)	(3,476)
Goodwill and intangible assets, ending balance	84,748	88,389	94,275
Operating Segments \| Corporate
Goodwill [Roll Forward]
Goodwill and intangible assets, beginning balance	100	0	0
Acquired goodwill			0
Acquired goodwill - measurement period adjustment		0	0
Acquired intangibles	0	100	0
Amortization of intangibles	0	0	0
Goodwill and intangible assets, ending balance	$ 100	$ 100	$ 0

Income Taxes - Summary of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Tax provision computed at federal statutory rate	$ 11,091	$ 28,771	$ 30,440
State taxes, net	1,920	4,849	3,335
Stock-based compensation	(2,661)	(369)	(1,778)
Non-deductible executive compensation	1,943	1,510	492
Non-deductible meals and entertainment	808	441	508
Federal tax credits	(835)	(372)	(372)
Bank-owned life insurance	(78)	(89)	(332)
Tax exempt interest	(60)	(100)	(201)
Change in valuation allowance for deferred tax asset	(10)	49	0
Other	(384)	3	(112)
Income tax expense	$ 11,734	$ 34,693	$ 31,980

Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Net carrying amount of investment in CLO funds	$ 2,977	$ 4,077
CLO securities
Variable Interest Entity [Line Items]
Net carrying amount of investment in CLO funds	$ 2,977	$ 4,077

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes - Summary of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income tax expense:
Current	$ 5,195	$ 36,472	$ 37,812
Deferred	6,549	(1,828)	(5,832)
Change in valuation allowance for deferred tax asset	(10)	49	0
Income tax expense	$ 11,734	$ 34,693	$ 31,980

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Income tax expense consisted of the following:


	Years Ended December 31,
(Dollars in thousands)	2023		2022		2021
Income tax expense:
Current	$	5,195	$	36,472	$	37,812
Deferred	6,549		(1,828)		(5,832)
Change in valuation allowance for deferred tax asset	(10)		49		—
Income tax expense	$	11,734	$	34,693	$	31,980

Effective tax rates differ from federal statutory rates applied to income before income taxes due to the following:


	Years Ended December 31,
(Dollars in thousands)	2023		2022		2021
Tax provision computed at federal statutory rate	$	11,091	$	28,771	$	30,440
Effect of:
State taxes, net	1,920		4,849		3,335
Stock-based compensation	(2,661)		(369)		(1,778)
Non-deductible executive compensation	1,943		1,510		492
Non-deductible meals and entertainment	808		441		508
Federal tax credits	(835)		(372)		(372)
Bank-owned life insurance	(78)		(89)		(332)
Tax exempt interest	(60)		(100)		(201)
Change in valuation allowance for deferred tax asset	(10)		49		—
Other	(384)		3		(112)
Income tax expense	$	11,734	$	34,693	$	31,980


(Dollars in thousands)	2023		2022
Deferred tax assets
Federal net operating loss carryforwards	$	5,562	$	6,396
State net operating loss carryforwards	1,502		1,534
Stock-based compensation	3,658		7,825
Unrealized loss on securities available for sale	936		2,163
Allowance for credit losses	10,098		11,825
Accrued liabilities	5,362		4,179
Lease liability	7,620		8,062
Other	6,594		3,405
Total deferred tax assets	41,332		45,389
Deferred tax liabilities
Goodwill and intangible assets	10,328		9,934
Fair value adjustment on junior subordinated debentures	2,103		2,237
Premises and equipment	10,220		6,339
Acquired loan basis	331		371

Lease right-of-use asset	6,988		7,339


Indemnification asset	358		935
Other	1,887		1,434
Total deferred tax liabilities	32,215		28,589
Net deferred tax asset before valuation allowance	9,117		16,800
Valuation allowance	(317)		(327)
Net deferred tax asset	$	8,800	$	16,473

The Company's federal and state net operating loss carryforwards as of December 31, 2023 were $26,484,000 and $26,220,000, respectively, which will expire at various dates from 2031 through 2035, with the exception of $15,855,000 of net operating loss carryforwards that will not expire. The Company has a valuation allowance on certain net operating loss carryforwards that are not expected to be realized before expiration.

The Company's federal and state net operating loss carryforwards as of December 31, 2022 were $30,458,000 and $26,695,000, respectively.

An Internal Revenue Code Section 382 (“Section 382”) ownership change was triggered as part of previous acquisitions. A significant portion of the deferred tax asset relating to the Company's net operating loss carryforwards is subject to the annual limitation rules under Section 382. The utilization of tax carryforward attributes acquired from the EJ Financial Corp. (2010) acquisition is subject to an annual limitation of $341,000, with $2,326,000 of carryforwards remaining at December 31, 2023. The utilization of tax carryforward attributes acquired from the National Bancshares, Inc. (2013) acquisition is subject to an annual limitation of $2,040,000, with $9,896,000 of carryforwards remaining at December 31, 2023. The utilization of tax carryforward attributes acquired from HubTran, Inc. (2021) is subject to an annual limitation of $1,594,000, with $14,262,000 of carryforwards remaining at December 31, 2023.

The utilization of deferred tax assets related to the state net operating loss and tax credit carryforwards acquired from the ColoEast (2016) stock acquisition are subject to an annual limitation of $1,906,000 under Section 382 rules, with $2,445,000 of state carryforwards remaining at December 31, 2023.

At December 31, 2023 and 2022, the Company had no amounts recorded for uncertain tax positions and does not expect any material changes in uncertain tax benefits during the next 12 months. The Company recognizes interest and penalties related to income tax matters in income tax expense.

The Company is subject to U.S. federal income tax as well as income tax in various states. The Company is generally not subject to examination by taxing authorities for years prior to 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Gross Realized and Unrealized Gains (Losses) Recognized on Equity Securities

The gross realized and unrealized gains (losses) recognized on equity securities with readily determinable fair values in noninterest income in the Company’s consolidated statements of income were as follows:


(Dollars in thousands)	2023		2022		2021
Unrealized gains (losses) on equity securities still held at the reporting date	$	62	$	(313)	$	(322)
Realized gains (losses) on equity securities sold during the period	18		—		—
	$	80	$	(313)	$	(322)


	Year Ended December 31,
(Dollars in thousands)	2023		2022		2021
Unrealized gains (losses) on equity securities still held at the reporting date	$	—	$	10,163	$	—
Realized gains (losses) on equity securities sold during the period	—		—		—
	$	—	$	10,163	$	—

Summary of Equity Securities without Readily Determinable Fair Value

The following table summarizes the Company's investments in equity securities without readily determinable fair values:


(Dollars in thousands)	December 31, 2023		December 31, 2022
Equity Securities without readily determinable fair value, at cost	$	65,814	$	39,019
Upward adjustments based on observable price changes, cumulative	10,163		10,163
Equity Securities without readily determinable fair value, carrying value	$	75,977	$	49,182

Schedule of Amortized Cost of Securities and Their Estimated Fair Values


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
December 31, 2023
Available for sale securities:
Mortgage-backed securities, residential	$	60,411	$	221	$	(4,793)	$	—	$	55,839
Asset-backed securities	1,188		—		(18)		—		1,170
State and municipal	4,560		1		(46)		—		4,515
CLO Securities	235,484		1,137		(330)		—		236,291
Corporate bonds	268		7		—		—		275
SBA pooled securities	1,642		3		(91)		—		1,554
Total available for sale securities	$	303,553	$	1,369	$	(5,278)	$	—	$	299,644


(Dollars in thousands)	Amortized Cost		Gross Unrecognized 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


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
December 31, 2022
Available for sale securities:
Mortgage-backed securities, residential	$	55,329	$	235	$	(4,931)	$	—	$	50,633
Asset-backed securities	6,389		—		(58)		—		6,331
State and municipal	13,553		1		(116)		—		13,438
CLO Securities	185,068		161		(4,218)		—		181,011
Corporate bonds	1,270		1		(8)		—		1,263
SBA pooled securities	1,910		29		(111)		—		1,828
Total available for sale securities	$	263,519	$	427	$	(9,442)	$	—	$	254,504


(Dollars in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
December 31, 2022
Held to maturity securities:
CLO securities	$	6,521	$	458	$	(1,503)	$	5,476
Allowance for credit losses	(2,444)
Total held to maturity securities, net of ACL	$	4,077

Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity


	Available for Sale Securities				Held to Maturity Securities
(Dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	357	$	356	$	—	$	—
Due from one year to five years	2,434		2,404		4,766		2,584
Due from five years to ten years	69,494		69,516		1,401		1,431
Due after ten years	168,027		168,805		—		—
	240,312		241,081		6,167		4,015
Mortgage-backed securities, residential	60,411		55,839		—		—
Asset-backed securities	1,188		1,170		—		—
SBA pooled securities	1,642		1,554		—		—
	$	303,553	$	299,644	$	6,167	$	4,015

Schedule of Proceeds from Sales of Debt Securities and the Associated Gross Gains and Losses

Proceeds from sales of debt securities and the associated gross gains and losses are as follows:


(Dollars in thousands)	2023		2022		2021
Proceeds	$	15,996	$	40,163	$	—
Gross gains	103		2,514		—
Gross losses	—		—		—
Net gains and losses from calls of securities	(1)		(2)		5

Schedule of Available-for-Sale Debt Securities in an Unrealized Loss Position with No Allowance


	Less than 12 Months				12 Months or More				Total
(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 securities	1,170		(18)		—		—		1,170		(18)
State and municipal	975		(13)		2,424		(33)		3,399		(46)
CLO Securities	2,576		(13)		42,735		(317)		45,311		(330)
Corporate bonds	—		—		—		—		—		—
SBA pooled securities	216		(9)		1,059		(82)		1,275		(91)
Total available for sale securities	$	18,094	$	(365)	$	79,103	$	(4,913)	$	97,197	$	(5,278)


	Less than 12 Months				12 Months or More				Total
(Dollars in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2022
Available for sale securities:
Mortgage-backed securities, residential	26,030		(1,507)		15,828		(3,424)		41,858		(4,931)
Asset-backed securities	1,337		(52)		4,994		(6)		6,331		(58)
State and municipal	12,680		(116)		—		—		12,680		(116)
CLO Securities	151,572		(3,407)		19,439		(811)		171,011		(4,218)
Corporate bonds	261		(8)		—		—		261		(8)
SBA pooled securities	1,262		(111)		—		—		1,262		(111)
Total available for sale securities	$	193,142	$	(5,201)	$	40,261	$	(4,241)	$	233,403	$	(9,442)

Summary of Activity in Allowance for Credit Losses for Held To Maturity Debt Securities

The following table presents the activity in the allowance for credit losses for held to maturity debt securities:


(Dollars in thousands)	Year Ended December 31,
Held to Maturity CLO Securities	2023		2022		2021
Allowance for credit losses:
Beginning balance	$	2,444	$	2,082	$	2,026
Credit loss expense (benefit)	746		362		56
Allowance for credit losses ending balance	$	3,190	$	2,444	$	2,082

Loans and Allowance for Credit Losses - Summary of Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 42,807
Credit Loss Expense (Benefit)	12,203	$ 6,925	$ (8,830)
Charge-offs	(21,477)
Ending Balance	35,219	42,807
Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	42,807	42,213	95,739
Credit Loss Expense (Benefit)	12,226	7,039	(7,964)
Charge-offs	(21,477)	(8,601)	(46,946)
Recoveries	1,663	2,156	1,384
Ending Balance	35,219	42,807	42,213
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Charge-offs	(108)
Commercial real estate \| Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	4,459	3,961	10,182
Credit Loss Expense (Benefit)	1,593	546	(6,214)
Charge-offs	(108)	(108)	(17)
Recoveries	86	60	10
Ending Balance	6,030	4,459	3,961
Construction, land development, land
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Charge-offs	0
Construction, land development, land \| Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	1,155	827	3,418
Credit Loss Expense (Benefit)	(195)	323	(2,584)
Charge-offs	0	0	(12)
Recoveries	5	5	5
Ending Balance	965	1,155	827
1-4 family residential properties
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Charge-offs	(5)
1-4 family residential properties \| Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	838	468	1,225
Credit Loss Expense (Benefit)	82	363	(849)
Charge-offs	(5)	0	(34)
Recoveries	12	7	126
Ending Balance	927	838	468
Farmland
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Charge-offs	0
Farmland \| Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	483	562	832
Credit Loss Expense (Benefit)	(41)	(79)	(270)
Charge-offs	0	0	0
Recoveries	0	0	0
Ending Balance	442	483	562
Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Charge-offs	(9,804)
Commercial \| Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	15,918	14,485	22,040
Credit Loss Expense (Benefit)	7,712	2,713	(7,725)
Charge-offs	(9,804)	(2,205)	(481)
Recoveries	234	925	651
Ending Balance	14,060	15,918	14,485
Factored receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Charge-offs	(10,997)
Factored receivables \| Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	19,121	20,915	56,463
Credit Loss Expense (Benefit)	2,961	3,045	10,038
Charge-offs	(10,997)	(5,853)	(46,043)
Recoveries	811	1,014	457
Ending Balance	11,896	19,121	20,915
Consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Charge-offs	(563)
Consumer \| Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	175	226	542
Credit Loss Expense (Benefit)	44	239	(92)
Charge-offs	(563)	(435)	(359)
Recoveries	515	145	135
Ending Balance	171	175	226
Mortgage warehouse
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Charge-offs	0
Mortgage warehouse \| Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	658	769	1,037
Credit Loss Expense (Benefit)	70	(111)	(268)
Charge-offs	0	0	0
Recoveries	0	0	0
Ending Balance	$ 728	$ 658	$ 769

Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Condensed Financial Information

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

The following tables present parent company only condensed financial information.

Condensed Parent Company Only Balance Sheets:


(Dollars in thousands)	December 31, 2023		December 31, 2022
ASSETS
Cash and cash equivalents	$	44,029	$	92,338
Securities - held to maturity	2,977		4,077
Investment in bank subsidiary	969,894		943,084
Investment in non-bank subsidiaries	193		194
Other assets	2,930		4,568
Total assets	$	1,020,023	$	1,044,261
LIABILITIES AND EQUITY
Subordinated notes	$	108,678	$	107,800
Junior subordinated debentures	41,740		41,158
Intercompany payables	346		365
Accrued expenses and other liabilities	4,859		5,967
Total liabilities	155,623		155,290
Stockholders' equity	864,400		888,971
Total liabilities and equity	$	1,020,023	$	1,044,261

Condensed Parent Company Only Statements of Income:


	Years Ended December 31,
(Dollars in thousands)	2023		2022		2021
Interest income	$	175	$	174	$	100
Interest expense	(9,702)		(7,874)		(8,220)
Credit loss (expense) benefit	(746)		(362)		(56)
Other income	134		80		53
Salaries and employee benefits expense	(639)		(729)		(618)
Other expense	(3,378)		(2,701)		(2,379)
Income (loss) before income tax and income from subsidiaries	(14,156)		(11,412)		(11,120)
Income tax (expense) benefit	2,944		2,150		2,202
Dividends from subsidiaries and equity in undistributed subsidiary income	52,293		111,573		121,892
Net income	41,081		102,311		112,974
Dividends on preferred stock	(3,206)		(3,206)		(3,206)
Net income available to common stockholders	$	37,875	$	99,105	$	109,768
Comprehensive income attributable to Parent	$	45,055	$	87,377	$	115,189

Condensed Parent Company Only Statements of Cash Flows:


	Years Ended December 31,
(Dollars in thousands)	2023		2022		2021
Cash flows from operating activities:
Net income	$	41,081	$	102,311	$	112,974
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed subsidiary income	(10,293)		1,427		(121,892)
Net accretion of securities	(175)		(171)		(87)
Amortization of junior subordinated debentures	582		556		530
Amortization of subordinated notes issuance costs	878		843		1,224
Stock based compensation	719		686		420
Credit loss expense (benefit)	746		362		56
Change in other assets	1,638		(4,089)		387
Change in accrued expenses and other liabilities	(1,127)		3,650		546
Net cash provided by (used in) operating activities	34,049		105,575		(5,842)
Cash flows from investing activities:
Investment in subsidiaries	(33)		—		3,383
Proceeds from maturities, calls, and pay downs of securities held to maturity	529		679		1,003

Net cash provided by (used in) investing activities	496		679		4,386
Cash flows from financing activities:
Proceeds from issuance of subordinated notes, net	—		—		68,224
Repayment of subordinated notes	—		—		(50,000)


Dividends on preferred stock	(3,206)		(3,206)		(3,206)
Purchase of treasury stock	(81,623)		(76,714)		(1,241)
Stock option exercises	144		(74)		577
Proceeds from employee stock purchase plan common stock issuance	1,831		1,548		449
Net cash provided by (used in) financing activities	(82,854)		(78,446)		14,803
Net increase (decrease) in cash and cash equivalents	(48,309)		27,808		13,347
Cash and cash equivalents at beginning of period	92,338		64,530		51,183
Cash and cash equivalents at end of period	$	44,029	$	92,338	$	64,530

Deposits - Scheduled Maturities of Time Deposits, Including Certificates of Deposits, Individual Retirement Accounts and Brokered Deposits (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Deposits [Abstract]
Within one year	$ 423,753
After one but within two years	27,762
After two but within three years	6,651
After three but within four years	4,043
After four but within five years	1,969
Total	$ 464,178

Related-Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Loans to Executive Officers, Directors, and Affiliates

In the ordinary course of business, we have granted loans to executive officers, directors, and their affiliates were as follows:


	Years Ended December 31,
(Dollars in thousands)	2023		2022
Beginning balance	$	—	$	—
New loans and advances	49,583		—
Repayments and sales	(442)		—

Ending balance	$	49,141	$	—

Variable Interest Entities - Summary of Closed CLO Funds (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 20, 2017	Sep. 22, 2016	Jun. 02, 2016
Variable Interest Entity [Line Items]
Offering Amount	$ 109,500
Trinitas IV \| CLO securities
Variable Interest Entity [Line Items]
Offering Amount				$ 406,650
Trinitas V \| CLO securities
Variable Interest Entity [Line Items]
Offering Amount			$ 409,000
Trinitas VI \| CLO securities
Variable Interest Entity [Line Items]
Offering Amount		$ 717,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Acquisitions and Divestitures - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed, HubTran, Inc. (Details) - USD ($) $ in Thousands			12 Months Ended
	Jun. 01, 2022	Jun. 01, 2021	Dec. 31, 2022	Jun. 01, 2022	Dec. 31, 2021	Dec. 31, 2023
Consideration:
Goodwill			$ 233,709			$ 233,709
Goodwill, measurement period adjustments			$ (18)		$ (3,179)
HubTran, Inc.
Assets acquired:
Cash	$ 170	$ 170		$ 170
Other assets	1,570	1,546		1,570
Other assets, measurement period adjustments				24
Total assets	29,032	29,008		29,032
Total assets, measurement period adjustments				24
Liabilities assumed:
Deferred income taxes	1,455	4,703		1,455
Deferred income taxes, measurement period adjustments				(3,248)
Other liabilities	922	906		922
Other liabilities, measurement period adjustments				16
Total liabilities	2,377	5,609		2,377
Total liabilities, measurement period adjustments				(3,232)
Fair value of net assets acquired	26,655	23,399		26,655
Fair value of net assets acquired, measurement period adjustments				3,256
Consideration:
Cash paid	97,096	97,096
Goodwill	70,441	73,697		70,441
Goodwill, measurement period adjustments				(3,256)
HubTran, Inc. \| Capitalized Software
Assets acquired:
Intangible assets	16,932	16,932		16,932
HubTran, Inc. \| Customer Relationships
Assets acquired:
Intangible assets	$ 10,360	$ 10,360		$ 10,360

Borrowings and Borrowing Capacity - Schedule of FHLB Advances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Borrowing capacity	$ 842,016	$ 676,307
Borrowings outstanding	(255,000)	(30,000)
Unused borrowing capacity	$ 587,016	$ 646,307

Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Federal net operating loss carryforwards	$ 5,562	$ 6,396
State net operating loss carryforwards	1,502	1,534
Stock-based compensation	3,658	7,825
Unrealized loss on securities available for sale	936	2,163
Allowance for credit losses	10,098	11,825
Accrued liabilities	5,362	4,179
Lease liability	7,620	8,062
Other	6,594	3,405
Total deferred tax assets	41,332	45,389
Deferred tax liabilities
Goodwill and intangible assets	10,328	9,934
Fair value adjustment on junior subordinated debentures	2,103	2,237
Premises and equipment	10,220	6,339
Acquired loan basis	331	371
Lease right-of-use asset	6,988	7,339
Indemnification asset	358	935
Other	1,887	1,434
Total deferred tax liabilities	32,215	28,589
Net deferred tax asset before valuation allowance	9,117	16,800
Valuation allowance	(317)	(327)
Net deferred tax asset	$ 8,800	$ 16,473

Earnings Per Share - Schedule of Shares not Considered in Computing Diluted Earnings per Common Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	100,818	49,379	16,939
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	6,348	8,463
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	7,500	11,250	15,000
Performance stock units - market based
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	12,020	45,296	0
Performance stock units - performance based
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	259,383
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest and dividend income:
Loans, including fees	$ 228,428	$ 181,188	$ 183,555
Factored receivables, including fees	160,607	223,193	197,835
Securities	19,795	8,187	5,401
FHLB and other restricted stock	1,030	258	156
Cash deposits	12,561	6,413	608
Total interest and dividend income	422,421	419,239	387,555
Interest expense:
Deposits	34,318	10,038	9,697
Subordinated notes	5,253	5,212	6,445
Junior subordinated debentures	4,449	2,662	1,775
Other borrowings	10,322	835	508
Total interest expense	54,342	18,747	18,425
Net interest income (expense)	368,079	400,492	369,130
Credit loss expense (benefit)	12,203	6,925	(8,830)
Net interest income (expense) after credit loss expense	355,876	393,567	377,960
Noninterest income:
Net OREO gains (losses) and valuation adjustments	0	(133)	(347)
Net gains (losses) on sale or call of securities	102	2,512	5
Net gains (losses) on sale of loans	119	18,228	3,105
Insurance commissions	5,028	5,145	5,127
Other	(503)	19,100	12,448
Total noninterest income	50,173	84,068	54,501
Noninterest expense:
Salaries and employee benefits	210,607	201,487	173,951
Occupancy, furniture and equipment	28,885	26,774	24,473
FDIC insurance and other regulatory assessments	2,624	1,815	2,251
Professional fees	13,177	15,644	12,592
Amortization of intangible assets	11,454	11,922	10,876
Advertising and promotion	6,740	7,760	5,298
Communications and technology	45,679	42,083	28,498
Other	34,068	33,146	29,568
Total noninterest expense	353,234	340,631	287,507
Net income (loss) before income tax expense	52,815	137,004	144,954
Income tax expense	11,734	34,693	31,980
Net income	41,081	102,311	112,974
Dividends on preferred stock	(3,206)	(3,206)	(3,206)
Net income available to common stockholders	$ 37,875	$ 99,105	$ 109,768
Earnings per common share
Basic (in dollars per share)	$ 1.63	$ 4.06	$ 4.44
Diluted (in dollars per share)	$ 1.61	$ 3.96	$ 4.35
Service charges on deposits
Noninterest income:
Revenue	$ 7,001	$ 6,844	$ 7,724
Card income
Noninterest income:
Revenue	8,181	8,150	8,811
Fee income
Noninterest income:
Revenue	$ 30,245	$ 24,222	$ 17,628

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Changes in Company's Nonvested Restricted Stock Awards

A summary of changes in the Company’s nonvested Restricted Stock Awards (“RSAs”) under the Omnibus Incentive Plan for the year ended December 31, 2023 were as follows:


Nonvested RSAs	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	230,486	$	70.34
Granted	13,374	59.69
Vested	(107,623)	60.34
Forfeited	(13,306)	74.95
Nonvested at December 31, 2023	122,931	$	77.14

Summary of Changes in Company's Nonvested Restricted Stock Units

A summary of changes in the Company’s nonvested Restricted Stock Units (“RSUs”) under the Omnibus Incentive Plan for the year ended December 31, 2023 were as follows:


Nonvested RSUs	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	211,300	$	59.45
Granted	139,836	52.59
Vested	(114,509)	43.19
Forfeited	(6,593)	61.87
Nonvested at December 31, 2023	230,034	$	63.30

Summary of Changes in Company's Nonvested Performance Stock Units

A summary of changes in the Company’s nonvested Market Based Performance Stock Units (“Market Based PSUs”) under the Omnibus Incentive Plan for the year ended December 31, 2023 were as follows:


Nonvested Market Based PSUs	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	112,486	$	55.57
Granted	78,872	78.15
Incremental shares earned	52,694	N/A
Vested	(122,969)	36.10
Forfeited	(5,003)	77.71
Nonvested at December 31, 2023	116,080	$	81.74

A summary of changes in the Company’s nonvested Performance Based Performance Stock Units (“Performance Based PSUs”) under the Omnibus Incentive Plan for the year ended December 31, 2023 were as follows:


Nonvested Performance Based PSUs	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	255,738	$	39.57
Granted	—	—
Incremental shares earned	107,404	N/A
Vested	(363,142)	39.57
Forfeited	—	—
Nonvested at December 31, 2023	—	$	—

Schedule of Fair Value of Market Based Performance Stock Units, Weighted Average Assumptions

The fair value of the Market Based PSUs granted was determined using the following weighted average assumptions:


	Year Ended December 31,
	2023			2022			2021
Grant date	May 1, 2023			May 1, 2022			May 1, 2021
Performance period	3.00 years			3.00 years			3.00 years
Stock price	$	51.25		$	69.44		$	88.63
Stock price volatility	49.33		%	55.17		%	51.71		%
Risk-free rate	3.76		%	2.84		%	0.35		%

Summary of Changes in Company's Stock Options

A summary of changes in the Company’s stock options under the Omnibus Incentive Plan for the year ended December 31, 2023 were as follows:


Stock Options	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at January 1, 2023	195,398	$	39.48
Granted	57,930	51.25
Exercised	(17,139)	22.74
Forfeited	(3,195)	56.73
Expired	—	—
Outstanding at December 31, 2023	232,994	$	43.40	6.21	$	8,713

Fully vested shares and shares expected to vest at December 31, 2023	232,994	$	43.40	6.21	$	8,713

Shares exercisable at December 31, 2023	137,216	$	34.01	4.50	$	6,407

Schedule of Information Related to Stock Options

Information related to the stock options for the years ended December 31, 2023, 2022, and 2021 was as follows:


	Year Ended December 31,
(Dollars in thousands, except per share amounts)	2023		2022		2021
Aggregate intrinsic value of options exercised	$	723	$	280	$	5,304
Cash received from option exercises, net	$	144	$	(74)	$	577
Tax benefit realized from option exercises	$	152	$	59	$	1,114
Weighted average fair value of options granted (per share)	$	25.20	$	32.15	$	35.37
Fair value of vested awards	$	532	$	423	$	381

Fair Value of Stock Options Granted Weighted-Average Assumptions

The fair value of the stock options granted was determined using the following weighted average assumptions:


	2023		2022		2021
Risk-free interest rate	3.38	%	2.77	%	1.16	%
Expected term	6.25 years		6.25 years		6.25 years
Expected stock price volatility	45.65	%	43.33	%	39.26	%
Dividend yield	—		—		—

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Factors Used in Computation of Earnings Per Share

The factors used in the earnings per share computation follow:


	Year Ended December 31,
(Dollars in thousands)	2023		2022		2021
Basic
Net income to common stockholders	$	37,875	$	99,105	$	109,768
Weighted average common shares outstanding	23,208,086		24,393,954		24,736,713
Basic earnings per common share	$	1.63	$	4.06	$	4.44

Diluted
Net income to common stockholders	$	37,875	$	99,105	$	109,768
Weighted average common shares outstanding	23,208,086		24,393,954		24,736,713
Dilutive effects of:
Assumed exercises of stock options	78,679		90,841		130,198
Restricted stock awards	98,408		148,630		170,276
Restricted stock units	91,454		98,139		76,049
Performance stock units - market based	84,869		122,123		136,199
Performance stock units - performance based	—		167,187		—
Employee stock purchase plan	881		2,694		2,617
Average shares and dilutive potential common shares	23,562,377		25,023,568		25,252,052
Diluted earnings per common share	$	1.61	$	3.96	$	4.35

Schedule of Shares not Considered in Computing Diluted Earnings per Common Share

Shares that were not considered in computing diluted earnings per common share because they were antidilutive or have not met the thresholds to be considered in the dilutive calculation are as follows:


	Year Ended December 31,
	2023	2022	2021
Stock options	100,818	49,379	16,939
Restricted stock awards	—	6,348	8,463
Restricted stock units	7,500	11,250	15,000
Performance stock units - market based	12,020	45,296	—
Performance stock units - performance based	—	—	259,383
Employee stock purchase plan	—	—	—

Stock Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

STOCK BASED COMPENSATION

Stock based compensation expense that has been charged against income was $13,228,000, $21,176,000 and $20,315,000 for the years ended December 31, 2023, 2022, and 2021, respectively.

2014 Omnibus Incentive Plan

The Company’s 2014 Omnibus Incentive Plan (“Omnibus Incentive Plan”) provides for the grant of nonqualified and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other awards that may be settled in, or based upon the value of, the Company’s common stock. The aggregate number of shares of common stock available for issuance under the Omnibus Incentive Plan is 2,900,000 shares.

Restricted Stock Awards

A summary of changes in the Company’s nonvested Restricted Stock Awards (“RSAs”) under the Omnibus Incentive Plan for the year ended December 31, 2023 were as follows:


Nonvested RSAs	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	230,486	$	70.34
Granted	13,374	59.69
Vested	(107,623)	60.34
Forfeited	(13,306)	74.95
Nonvested at December 31, 2023	122,931	$	77.14

RSAs granted to employees under the Omnibus Incentive Plan generally vest immediately or over four years, but vesting periods may vary. The fair value of shares vested during the years ended December 31, 2023, 2022, and 2021, totaled $5,629,000, $8,918,000, and $6,604,000, respectively. Compensation expense for RSAs will be recognized on an accelerated basis over the vesting period of the awards based on the fair value of the stock at the issue date. As of December 31, 2023, there was $1,862,000 of total unrecognized compensation cost related to nonvested RSAs. The cost is expected to be recognized over a remaining weighted average period of 1.31 years.

Restricted Stock Units

A summary of changes in the Company’s nonvested Restricted Stock Units (“RSUs”) under the Omnibus Incentive Plan for the year ended December 31, 2023 were as follows:


Nonvested RSUs	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	211,300	$	59.45
Granted	139,836	52.59
Vested	(114,509)	43.19
Forfeited	(6,593)	61.87
Nonvested at December 31, 2023	230,034	$	63.30

RSUs granted to employees under the Omnibus Incentive Plan typically vest after four or five years. The fair value of shares vested during the year ended December 31, 2023 totaled $5,863,000. No RSU shares vested during the years ended December 31, 2022 and 2021. Compensation expense for the RSUs will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. As of December 31, 2023, there was $7,679,000 of unrecognized compensation cost related to the nonvested RSUs. The cost is expected to be recognized over a remaining period of 2.78 years.

Market Based Performance Stock Units

A summary of changes in the Company’s nonvested Market Based Performance Stock Units (“Market Based PSUs”) under the Omnibus Incentive Plan for the year ended December 31, 2023 were as follows:


Nonvested Market Based PSUs	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	112,486	$	55.57
Granted	78,872	78.15
Incremental shares earned	52,694	N/A
Vested	(122,969)	36.10
Forfeited	(5,003)	77.71
Nonvested at December 31, 2023	116,080	$	81.74

Market Based PSUs granted to employees under the Omnibus Incentive Plan vest after three to five years. The number of shares issued upon vesting will range from 0% to 175% of the Market Based PSUs granted based on the Company’s relative total shareholder return (“TSR”) as compared to the TSR of specified groups of peer banks and financial technology companies, and with respect to the Company's 2023 awards may include an additional multiplier of up to 200% of the otherwise earned award based on the Company's absolute TSR. Compensation expense for the Market Based PSUs will be recognized over the vesting period of the awards based on the fair value of the award at the grant date. The fair value of Market Based PSUs granted is estimated using a Monte Carlo simulation.

The fair value of the Market Based PSUs granted was determined using the following weighted average assumptions:


	Year Ended December 31,
	2023			2022			2021
Grant date	May 1, 2023			May 1, 2022			May 1, 2021
Performance period	3.00 years			3.00 years			3.00 years
Stock price	$	51.25		$	69.44		$	88.63
Stock price volatility	49.33		%	55.17		%	51.71		%
Risk-free rate	3.76		%	2.84		%	0.35		%

Expected volatilities were determined based on the historical volatilities of the Company and the specified peer group. The risk-free interest rate for the performance period was derived from the Treasury constant maturities yield curve on the valuation date.

The fair value of shares vested during the years ended December 31, 2023 and 2022 totaled $6,302,000 and $1,458,000, respectively. No Market Based PSUs vested during the year ended December 31, 2021. As of December 31, 2023, there was $5,740,000 of unrecognized compensation cost related to the nonvested Market Based PSUs. The cost is expected to be recognized over a remaining period of 2.10 years.

Performance Based Performance Stock Units


Nonvested Performance Based PSUs	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	255,738	$	39.57
Granted	—	—
Incremental shares earned	107,404	N/A
Vested	(363,142)	39.57
Forfeited	—	—
Nonvested at December 31, 2023	—	$	—

Performance Based PSUs granted to employees under the Omnibus Incentive Plan vested after the conclusion of a three year performance period. Under the terms of the agreement, the number of shares issued upon vesting could range from 0% to 200% of the shares granted based on the Company’s cumulative diluted earnings per share over the performance period. The performance period for the outstanding Performance Based PSUs ended on December 31, 2022, and the awards subsequently vested at 142% of the target shares granted.

Compensation expense for the Performance Based PSUs was estimated during the performance period based on the fair value of the stock at the grant date and the most probable outcome of the performance condition at each period end, adjusted for the passage of time within the vesting period of the awards. During the years ended December 31, 2023, 2022 and 2021, the Company recognized $0, $6,966,000, and $7,405,000, respectively, of stock based compensation expense related to Performance based PSUs. As of December 31, 2023, there was no unrecognized compensation cost related to the nonvested Performance Based PSUs.

Stock Options

A summary of changes in the Company’s stock options under the Omnibus Incentive Plan for the year ended December 31, 2023 were as follows:


Stock Options	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value (In Thousands)
Outstanding at January 1, 2023	195,398	$	39.48
Granted	57,930	51.25
Exercised	(17,139)	22.74
Forfeited	(3,195)	56.73
Expired	—	—
Outstanding at December 31, 2023	232,994	$	43.40	6.21	$	8,713

Fully vested shares and shares expected to vest at December 31, 2023	232,994	$	43.40	6.21	$	8,713

Shares exercisable at December 31, 2023	137,216	$	34.01	4.50	$	6,407

Information related to the stock options for the years ended December 31, 2023, 2022, and 2021 was as follows:


	Year Ended December 31,
(Dollars in thousands, except per share amounts)	2023		2022		2021
Aggregate intrinsic value of options exercised	$	723	$	280	$	5,304
Cash received from option exercises, net	$	144	$	(74)	$	577
Tax benefit realized from option exercises	$	152	$	59	$	1,114
Weighted average fair value of options granted (per share)	$	25.20	$	32.15	$	35.37
Fair value of vested awards	$	532	$	423	$	381

Stock options awarded to employees under the Omnibus Incentive Plan are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant, vest over four years, and have ten years contractual terms. The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model.

The fair value of the stock options granted was determined using the following weighted average assumptions:


	2023		2022		2021
Risk-free interest rate	3.38	%	2.77	%	1.16	%
Expected term	6.25 years		6.25 years		6.25 years
Expected stock price volatility	45.65	%	43.33	%	39.26	%
Dividend yield	—		—		—

Beginning in 2022, expected volatilities are determined based on the Company’s historical volatility. Prior to 2022, expected volatilities were determined based on a blend of the Company’s historical volatility and historical volatilities of a peer group of companies with a similar size, industry, stage of life cycle, and capital structure. The expected term of the options granted was determined based on the SEC simplified method, which calculates the expected term as the mid-point between the weighted average time to vesting and the contractual term. The risk-free interest rate for the expected term of the options was derived from the Treasury constant maturity yield curve on the valuation date.

As of December 31, 2023, there was $1,191,000 of unrecognized compensation cost related to nonvested stock options. The cost is expected to be recognized over a remaining weighted average period of 2.90 years.

Employee Stock Purchase Plan

During the year ended December 31, 2019, the Company’s Board of Directors adopted, and the Company’s stockholders approved, the Company's 2019 Employee Stock Purchase Plan (“ESPP”). Under the ESPP, 2,500,000 shares of common stock were reserved for issuance. The ESPP enables eligible employees to purchase the Company’s common stock at a price per share equal to 85% of the lower of the fair market value of the common stock at the beginning or end of each six month offering period. During the years ended December 31, 2023, 2022 and 2021, 37,909, 24,516 and 9,101 shares were issued under the plan, respectively.

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2023 USD ($) derivativeInstument reportableSegment	Dec. 31, 2022 USD ($) derivativeInstument	Dec. 31, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Accrued interest reversed	$ 0	$ 0	$ 0
Number of days within which accrual of interest income discontinues	90 days
Period after which consumer loans are charged off	120 days
Interest income not recognized until loan balance reduced, amount	$ 0
Equipment loan term	60 months
Change in national retail sales forecast period	1 year
Change in national home price index forecast period	1 year
Change in national gross domestic product forecast period	1 year
Number of derivative instruments \| derivativeInstument	0	0
Number of reportable segments \| reportableSegment	4
Automobiles
Summary Of Significant Accounting Policies [Line Items]
Useful life of assets	5 years
Aircraft
Summary Of Significant Accounting Policies [Line Items]
Useful life of assets	20 years
Minimum
Summary Of Significant Accounting Policies [Line Items]
Nonaccrual status term	90 days
Useful life of software	4 years
Minimum \| Capitalized Software
Summary Of Significant Accounting Policies [Line Items]
Useful life of software	3 years
Minimum \| Buildings
Summary Of Significant Accounting Policies [Line Items]
Useful life of assets	5 years
Minimum \| Furniture, fixtures and equipment
Summary Of Significant Accounting Policies [Line Items]
Useful life of assets	3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Useful life of software	11 years
Maximum \| Capitalized Software
Summary Of Significant Accounting Policies [Line Items]
Useful life of software	5 years
Maximum \| Buildings
Summary Of Significant Accounting Policies [Line Items]
Useful life of assets	40 years
Maximum \| Furniture, fixtures and equipment
Summary Of Significant Accounting Policies [Line Items]
Useful life of assets	10 years

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The factors used in the earnings per share computation follow:


	Year Ended December 31,
(Dollars in thousands)	2023		2022		2021
Basic
Net income to common stockholders	$	37,875	$	99,105	$	109,768
Weighted average common shares outstanding	23,208,086		24,393,954		24,736,713
Basic earnings per common share	$	1.63	$	4.06	$	4.44

Diluted
Net income to common stockholders	$	37,875	$	99,105	$	109,768
Weighted average common shares outstanding	23,208,086		24,393,954		24,736,713
Dilutive effects of:
Assumed exercises of stock options	78,679		90,841		130,198
Restricted stock awards	98,408		148,630		170,276
Restricted stock units	91,454		98,139		76,049
Performance stock units - market based	84,869		122,123		136,199
Performance stock units - performance based	—		167,187		—
Employee stock purchase plan	881		2,694		2,617
Average shares and dilutive potential common shares	23,562,377		25,023,568		25,252,052
Diluted earnings per common share	$	1.61	$	3.96	$	4.35


	Year Ended December 31,
	2023	2022	2021
Stock options	100,818	49,379	16,939
Restricted stock awards	—	6,348	8,463
Restricted stock units	7,500	11,250	15,000
Performance stock units - market based	12,020	45,296	—
Performance stock units - performance based	—	—	259,383
Employee stock purchase plan	—	—	—

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Operating loss carryforwards, not subject to expiration	$ 15,855
Uncertain tax position	0	$ 0
EJ Acquisition
Income Taxes [Line Items]
Tax credit carryforwards, annual limitation on use amount	341
Tax credit carryforwards remaining	2,326
NBI Acquisition
Income Taxes [Line Items]
Tax credit carryforwards, annual limitation on use amount	2,040
Tax credit carryforwards remaining	9,896
HubTran, Inc.
Income Taxes [Line Items]
Tax credit carryforwards, annual limitation on use amount	1,594
Tax credit carryforwards remaining	14,262
Federal
Income Taxes [Line Items]
Operating loss carryforwards, net	26,484	30,458
State
Income Taxes [Line Items]
Operating loss carryforwards, net	26,220	$ 26,695
State \| ColoEast Acquisition
Income Taxes [Line Items]
Tax credit carryforwards, annual limitation on use amount	1,906
Tax credit carryforwards remaining	$ 2,445

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Nature of Operations	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. On December 1, 2022 we completed an extensive marketing rebranding effort, including a change of the company name from Triumph Bancorp, Inc. to Triumph Financial, Inc. and a change of our factoring subsidiary's company name from Triumph Business Capital LLC to Triumph Financial Services LLC ("Triumph Financial Services"). Said rebranding efforts had no impact to the composition of legal entities, financial reporting, employee roles, management structure, or work activities and expectations. See Note 2 – Acquisitions and Divestitures for additional information pertaining to the TPF sale and the impact of the transaction on the Company’s consolidated financial statements.
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The Company consolidates subsidiaries in which it holds, directly or indirectly, a controlling financial interest. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity under U.S. generally accepted accounting principles (“GAAP”). Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. The Company consolidates voting interest entities in which it has at least a majority of the voting interest. Variable interest entities (“VIEs”) are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. In consolidation, all significant intercompany accounts and transactions are eliminated. Investments in unconsolidated entities are accounted for using the equity method of accounting when the Company has the ability to exercise significant influence over operating and financing decisions. Investments that do not meet the criteria for equity method accounting are accounted for using the cost method of accounting. The accounting and reporting policies of the Company and its subsidiaries conform to GAAP and general practice within the banking industry. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The Company uses the accrual basis of accounting for financial reporting purposes.
Use of Estimates	Use of Estimates To prepare financial statements in conformity with GAAP management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ.
Cash and Cash Equivalents	Cash and Cash Equivalents For the purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, other short-term investments and federal funds sold. All highly liquid investments with an initial maturity of less than 90 days are considered to be cash equivalents. Certain items, including loan and deposit transactions, customer repurchase agreements, and FHLB advances and repayments, are presented net in the statement of cash flows.
Debt Securities	Debt Securities The Company determines the classification of debt securities at the time of purchase. Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in earnings. Debt securities not classified as held to maturity or trading are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss), net of tax. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method. Amortization of premiums and discounts are recognized in interest income over the period to maturity using the interest method, except for premiums on callable debt securities, which are amortized to their earliest call date. The Company has made a policy election to exclude accrued interest from the amortized cost basis of debt securities and report accrued interest in other assets in the consolidated balance sheets. A debt security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on nonaccrual is reversed against interest income. There was no accrued interest related to debt securities reversed against interest income for the years ended December 31, 2023, 2022 and 2021. Allowance for Credit Losses – Available for Sale Securities For available for sale debt securities in an unrealized loss position, the Company evaluates the securities to determine whether the decline in the fair value below the amortized cost basis (impairment) is due to credit-related factors or noncredit-related factors. Any impairment that is not credit related is recognized in other comprehensive income, net of applicable taxes. Credit-related impairment is recognized as an allowance for credit losses (“ACL”) on the balance sheet, limited to the amount by which the amortized cost basis exceeds the fair value, with a corresponding adjustment to earnings. Both the ACL and the adjustment to net income may be reversed if conditions change. However, if the Company intends to sell an impaired available for sale debt security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire impairment amount must be recognized in earnings with a corresponding adjustment to the security’s amortized cost basis. Because the security’s amortized cost basis is adjusted to fair value, there is no ACL in such a situation. In evaluating available for sale debt securities in unrealized loss positions for impairment and the criteria regarding its intent or requirement to sell such securities, the Company considers the extent to which fair value is less than amortized cost, whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuers’ financial condition, among other factors. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the ACL when management believes the uncollectability of an available for sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable is excluded from the estimate of credit losses. Allowance for Credit Losses – Held to Maturity Securities The allowance for credit losses on held to maturity securities is estimated on a collective basis by major security type. At December 31, 2023 and 2022, the Company’s held to maturity securities consisted of 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 securities such as these will be driven by a variety of factors, including credit performance of the underlying loan portfolio, adjustments to the portfolio by the asset manager, and the timing of a potential call. Accrued interest receivable is excluded from the estimate of credit losses.
Equity Securities	Equity Securities Equity securities with readily determinable fair values are recorded at fair value, with realized and unrealized gains and losses included in earnings. Equity securities without readily determinable fair values are recorded at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific-identification method.
Loans Held for Sale	Loans Held for Sale The Company elects the fair value option for recording 1-4 family residential mortgage loans and commercial loans held for sale. The fair value of loans held for sale is determined based on outstanding commitments from investors to purchase such loans or prevailing market rates. Increases or decreases in the fair value of loans held for sale, if any, are charged to earnings and are recorded in noninterest income in the consolidated statements of income. Gains and losses on sales of loans are based on the difference between the final selling price and the carrying value of the related loan sold. Mortgage loans held for sale are generally sold with servicing rights released. Management occasionally transfers loans held for investment to loans held for sale. Gains or losses on the transfer of loans to loans held for sale are recorded in noninterest income in the consolidated statements of income unless such loans have experienced a decline in fair value due to credit quality concerns. For such transfers experiencing a decline in fair value due to credit quality, the Company first applies its charge-off policy which requires recognizing the confirmed loss via a charge-off against the allowance for credit losses which is measured as the excess of the loan's amortized cost basis over the loan's fair value. The charge-off is reflected as a write-down of the loan resulting in a new amortized cost basis. To the extent that the loan’s fair value loss has not already been provided for in the allowance for credit losses, an additional credit loss expense is made to provide sufficient allowance to absorb the charge-off. If the allowance for credit losses amount on the transferred loan at the transfer date to the held for sale category exceeds the amount of the charge-off, any remaining excess allowance for credit loss is reversed into earnings through credit loss expense. After the write-down is taken, the loans is transferred from held to investment to held for sale at its new amortized cost basis which approximates fair value.
Loans	Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their amortized cost basis, which is the unpaid principal balance outstanding, net of unearned income, deferred loan fees and costs, premiums and discounts associated with acquisition date fair value adjustments on acquired loans, and any direct principal charge-offs. The Company has made a policy election to exclude accrued interest from the amortized cost basis of loans and report accrued interest separately from the related loan balance in other assets on consolidated balance sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income over the remaining life of the loan without anticipating prepayments. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. Loans are classified as nonaccrual when, in the opinion of management, collection of principal or interest is doubtful. The accrual of interest income on loans is typically discontinued at the time the loan is 90 days delinquent unless the loan is well-secured and in process of collection, or if full collection of interest or principal becomes uncertain. Consumer loans are typically charged off no later than 120 days past due. All interest accrued but not received for a loan placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash basis method, interest income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Factored Receivables The Company purchases invoices from its factoring clients in schedules or batches. To a much lesser extent, the Company will also make short-term advances to its clients on transportation contracts for upcoming loads. Cash is advanced to the client to the extent of the applicable advance rate, less fees, as set forth in the individual factoring agreements. The face value of the invoices purchased or amount advanced is recorded by the Company as factored receivables, and the unadvanced portions of the invoices purchased, less fees, are considered client reserves. The client reserves are held to settle any payment disputes or collection shortfalls, may be used to pay clients’ obligations to various third parties as directed by the client, are periodically released to or withdrawn by clients, and are reported as deposits in the consolidated balance sheets. Unearned factoring fees and unearned net origination fees are deferred and recognized over the weighted average collection period for each client. Subsequent factoring fees are recognized in interest income as incurred by the client and deducted from the clients’ reserve balances. Other factoring-related fees, which include wire transfer fees, carrier payment fees, fuel advance fees, and other similar fees, are reported by the Company as non-interest income. Acquired Loans Acquired loans are recorded at fair value at the date of acquisition based on a discounted cash flow methodology that considers various factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not the loan was amortizing, and a discount rate reflecting the Company’s assessment of risk inherent in the cash flow estimates. Certain larger purchased loans are individually evaluated while certain purchased loans are grouped together according to similar risk characteristics and are treated in the aggregate when applying various valuation techniques. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. Loans acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated (“PCD”) loans. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial allowance for credit losses is added to the purchase price, there is no credit loss expense recognized upon acquisition of a PCD loan. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors and results in a discount or premium. Discounts and premiums are recognized through interest income on a level-yield method over the life of the loans. For acquired loans not deemed purchased credit deteriorated at acquisition, the differences between the initial fair value and the unpaid principal balance are recognized as interest income or expense on a level-yield basis over the lives of the related loans. At the acquisition date, an initial allowance for expected credit losses is estimated and recorded as credit loss expense. The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans. Allowance for Credit Losses – Loans Under the current expected credit loss model, the allowance for credit losses on loans is a valuation allowance estimated at each balance sheet date in accordance with US GAAP that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. The Company estimates the ACL on loans based on the underlying assets’ amortized cost basis, which is the amount at which the financing receivable is originated or acquired, adjusted for applicable accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, and charge-offs. In the event that collection of principal becomes uncertain, the Company has policies in place to reverse accrued interest in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the measurement of ACL. Expected credit losses are reflected in the allowance for credit losses through a charge to credit loss expense. When the Company deems all or a portion of a financial asset to be uncollectible the appropriate amount is written off and the ACL is reduced by the same amount. The Company applies judgment to determine when a financial asset is deemed uncollectible; however, generally speaking, an asset will be considered uncollectible no later than when all efforts at collection have been exhausted. Subsequent recoveries, if any, are credited to the ACL when received. The Company measures expected credit losses of financial assets on a collective (pool) basis, when the financial assets share similar risk characteristics. Depending on the nature of the pool of financial assets with similar risk characteristics, the Company uses a discounted cash flow (“DCF”) method or a loss-rate method to estimate expected credit losses. The Company’s methodologies for estimating the ACL consider available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts. The methodologies apply historical loss information, adjusted for asset-specific characteristics, economic conditions at the measurement date, and forecasts about future economic conditions expected to exist through the contractual lives of the financial assets that are reasonable and supportable, to the identified pools of financial assets with similar risk characteristics for which the historical loss experience was observed. The Company’s methodologies revert back to historical loss information on a straight-line basis over eight quarters when it can no longer develop reasonable and supportable forecasts. The Company has identified the following pools of financial assets with similar risk characteristics for measuring expected credit losses: Commercial Real Estate — This category of loans consists of the following loan types: Non-farm Non-residential — This category includes real estate loans for a variety of commercial property types and purposes, including owner occupied commercial real estate loans primarily secured by commercial office or industrial buildings, warehouses or retail buildings where the owner of the building occupies the property. Repayment terms vary considerably, interest rates are fixed or variable, and are structured for full, partial, or no amortization of principal. This category also includes investment real estate loans that are primarily secured by office and industrial buildings, warehouses, small retail shopping centers and various special purpose properties. Generally, these types of loans are thought to involve a greater degree of credit risk than owner occupied commercial real estate as they are more sensitive to adverse economic conditions. Multi-family residential — Investment real estate loans are primarily secured by non-owner occupied apartment or multifamily residential buildings. Generally, these types of loans are thought to involve a greater degree of credit risk than owner occupied commercial real estate as they are more sensitive to adverse economic conditions. Construction, land development, land —This category of loans consists of loans to finance the ground up construction, improvement and/or carrying for sale after the completion of construction of owner occupied and non-owner occupied residential and commercial properties, and loans secured by raw or improved land. The repayment of construction loans is generally dependent upon the successful completion of the improvements by the builder for the end user, or sale of the property to a third-party. Repayment of land secured loans are dependent upon the successful development and sale of the property, the sale of the land as is, or the outside cash flow of the owners to support the retirement of the debt. 1-4 family residential — This category of loans includes both first and junior liens on residential real estate. Home equity revolving lines of credit and home equity term loans are included in this group of loans. Farmland — These loans are principally loans to purchase farmland. Commercial — Commercial loans are loans for commercial, corporate and business purposes. The Company’s commercial business loan portfolio is comprised of loans for a variety of purposes and across a variety of industries. These loans include general commercial and industrial loans, loans to purchase capital equipment, and other business loans for working capital and operational purposes. Commercial loans are generally secured by accounts receivable, inventory and other business assets. Agriculture — These are commercial loans made principally to finance agricultural operations. Equipment — Equipment finance loans are commercial loans primarily secured by new or used revenue producing, essential-use equipment from major manufacturers that is movable, may be used in more than one type of business, and generally has broad resale markets. Core markets include transportation, construction, and waste. Loan terms do not exceed the economic life of the equipment and typically are 60 months or less. Asset-based Lending — These loans are originated to borrowers to support general working capital needs. The asset-based loan structure involves advances of loan proceeds against a borrowing base which typically consists of accounts receivable, identified readily marketable inventory, or other collateral of the borrower. The maximum amount a customer may borrow at any time is fixed as a percentage of the borrowing base outstanding. Liquid Credit — Broadly syndicated leveraged loans collateralized by a variety of collateral types. Factored Receivables — The Company operates as a factor by purchasing accounts receivable from its clients, then collecting the receivable from the account debtor. The Company’s smaller factoring relationships are typically structured as “non-recourse” relationships (i.e., the Company retains the credit risk associated with the ability of the account debtor on a purchased invoice to ultimately make payment) and the Company’s larger factoring relationships are typically structured as “recourse” relationships (i.e., the Company’s client agrees to repurchase any invoices for which payment is not ultimately received from the account debtor). Advances initially made to the client to acquire the receivables are typically at a discount to the invoice value. The discount balance is held in client reserves, net of the Company’s compensation. The client reserves are held to settle any payment disputes or collection shortfalls, may be used to pay clients’ obligations to various third parties as directed by the client, are periodically released to or withdrawn by clients, and are reported as deposits. Consumer — Loans used for personal use, typically on an unsecured basis, and client overdrafts. Mortgage Warehouse — Mortgage Warehouse facilities are provided to unaffiliated mortgage origination companies and are collateralized by 1-4 family residential loans. The originator closes new mortgage loans with the intent to sell these loans to third-party investors for a profit. The Company provides funding to the mortgage companies for the period between the origination and their sale of the loan. The Company has a policy that requires that it separately validate that each residential mortgage loan was underwritten consistent with the underwriting requirements of the final investor or market standards prior to advancing funds. The Company is repaid with the proceeds received from sale of the mortgage loan to the final investor. Discounted Cash Flow Method The Company uses the discounted cash flow method to estimate expected credit losses for the commercial real estate, construction, land development, land, 1-4 family residential, commercial (excluding liquid credit), and consumer loan pools. For each of these loan segments, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, probability of default, and loss given default. The modeling of expected prepayment speeds, curtailment rates, and time to recovery tends to be less sensitive than other assumptions and such assumptions are based on historical internal data. The Company uses regression analysis of historical internal and peer data to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the loss drivers. For all loan pools utilizing the DCF method, management utilizes and forecasts national unemployment as a loss driver. Management also utilizes and forecasts either one-year percentage change in national retail sales, one-year percentage change in the national home price index, or one-year percentage change in national gross domestic product as a second loss driver depending on the nature of the underlying loan pool and how well that loss driver correlates to expected future losses. For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts back to a historical loss rate over eight quarters on a straight-line basis. Management leverages economic projections from a reputable and independent third-party to inform its loss driver forecasts over the four-quarter forecast period. Other internal and external indicators of economic forecasts are also considered by management when developing the forecast metrics. The combination of adjustments for credit expectations (default and loss) and timing expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level net present value of expected cash flows (“NPV”). An ACL is established for the difference between the instrument’s NPV and its amortized cost basis. Loss-Rate Method The Company uses a loss-rate method to estimate expected credit losses for the farmland, liquid credit, premium finance, factored receivable, and mortgage warehouse loan pools. For each of these loan segments, the Company applies an expected loss ratio based on internal and peer historical losses adjusted as appropriate for qualitative factors. Qualitative loss factors are based on management's judgment of company, market, industry or business specific data, changes in underlying loan composition of specific portfolios, trends relating to credit quality, delinquency, non-performing and adversely rated loans, and reasonable and supportable forecasts of economic conditions. Collateral Dependent Financial Assets Loans the Company has identified as collateral dependent that do not share risk characteristics are evaluated on an individual basis. For collateral dependent financial assets, the ACL is measured based on the difference between the fair value of the collateral plus other sources of repayment and the amortized cost basis of the asset as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the financial asset exceeds the present value of expected cash flows from the operation of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized costs basis of the financial asset exceeds the fair value of the underlying collateral less estimated cost to sell. The ACL may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the financial asset. The Company’s estimate of the ACL reflects losses expected over the remaining contractual life of the assets. The contractual term does not consider extensions, renewals or modifications. Prior to January 1, 2023, a loan that had been modified or renewed was considered a troubled debt restructuring (“TDR”) when two conditions were met: 1) the borrower was experiencing financial difficulty and 2) concessions were made for the borrower's benefit that would not otherwise have been considered for a borrower or transaction with similar credit risk characteristics. The Company’s ACL reflected all effects of a TDR when an individual asset was specifically identified as a reasonably expected TDR. The Company had determined that a TDR was reasonably expected no later than the point when the lender concluded that modification was the best course of action and it was at least reasonably possible that the troubled borrower would accept some form of concession from the lender to avoid a default. Reasonably expected TDRs and executed non-performing TDRs were evaluated individually to determine the required ACL. Subsequent to December 31, 2022, the TDR concept, and its impact on the ACL calculation, was eliminated in favor of disclosure of loan modifications made to troubled borrowers. Such modifications made to troubled borrowers are now subject to the Company's standard ACL process as previously disclosed. Paycheck Protection Program ("PPP") With the passage of the PPP, the Company has actively participated in assisting its customers with applications for loans through the program. Loans funded through the PPP program are fully guaranteed by the U.S. government subject to certain representations and warranties. This guarantee exists at the inception of the loans and throughout the lives of the loans and was not entered into separately and apart from the loans. ASC 326 requires credit enhancements that mitigate credit losses, such as the U.S. government guarantee on PPP loans, to be considered in estimating credit losses. The guarantee is considered “embedded” and, therefore, is considered when estimating credit loss on the PPP loans. Given that the loans are fully guaranteed by the U.S. government and absent any specific loss information on any of our PPP loans, the Company did not carry an ACL on its PPP loans at December 31, 2023 and 2022. The balance of PPP loans at December 31, 2023 was insignificant. Loan Commitments and Allowance for Credit Losses on Off-Balance Sheet Credit Exposures Financial instruments include off-balance sheet credit instruments, such as commitments to make loans, commitments to purchase broadly syndicated loans, and commercial letters of credit, issued to meet customer financing needs. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records an allowance for credit losses on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancellable, through a charge to credit loss expense in the Company’s consolidated statements of income. The ACL on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit loss model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur, and is included in other liabilities on the Company’s consolidated balance sheets.
Federal Home Loan Bank ("FHLB") Stock	Federal Home Loan Bank (“FHLB”) Stock The Company is a member of the FHLB system. Members of the FHLB are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, is restricted as to redemption, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income.
Premises and Equipment	Premises and Equipment Land is carried at cost. Depreciable assets are stated at cost less accumulated depreciation. Leasehold improvements are capitalized and depreciated using the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. Buildings and related components are generally depreciated using the straight-line method with useful lives ranging from five to forty years. Automobiles are depreciated using the straight-line method with five year useful lives, and the aircraft is depreciated using an accelerated method with a twenty year useful life. Furniture, fixtures and equipment are depreciated using the straight-line method with useful lives ranging from three to ten years. The Company leases certain properties and equipment under operating leases. The Company recognizes a liability to make lease payments, the “lease liability”, and an asset representing the right to use the underlying asset during the lease term, the “right-of-use asset”. The lease liability is measured at the present value of the remaining lease payments, discounted at the Company’s incremental borrowing rate. The right-of-use asset is measured at the amount of the lease liability adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the right-of-use-asset. Operating lease expense consists of a single lease cost calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis, variable lease payments not included in the lease liability, and any impairment of the right-of-use asset. Certain of the Company’s leases contain options to renew the lease; however, these renewal options are not included in the calculation of the lease liabilities as they are not reasonably certain to be exercised. The Company’s leases do not contain residual value guarantees or material variable lease payments. The Company does not have any material restrictions or covenants imposed by leases that would impact the Company’s ability to pay dividends or cause the Company to incur additional financial obligations. The Company has made an accounting policy election to not apply the recognition requirements to short-term leases. The Company has also elected to use the practical expedient to make an accounting policy election for property leases to include both lease and non-lease components as a single component and account for it as a lease. The Company’s leases are not complex; therefore there were no significant assumptions or judgements made as part of the determination of whether the contracts contained a lease, the allocation of consideration in the contracts between lease and non-lease components, and the determination of the discount rates for the leases.
Foreclosed Assets	Foreclosed Assets Assets acquired through loan foreclosure are initially recorded at fair value less costs to sell, establishing a new cost basis. Any write-down in the carrying value of a property at the time of acquisition is charged-off to the allowance for loan and lease losses. After foreclosure, foreclosed assets are carried at the lower of the recorded investment in the asset or the fair value less costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after acquisition are expensed.
Goodwill	Goodwill Goodwill represents the excess of the cost of businesses acquired over the fair value of the net assets acquired. The Company evaluates goodwill for impairment on an annual basis or on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value below its carrying amount. The Company’s annual goodwill impairment testing date is October 1st. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining the need to perform the test for goodwill impairment (the qualitative method). If the qualitative method cannot be used or if it determines, based on the qualitative method, that the fair value is more likely than not less than the carrying amount, the Company compares the estimated fair value of a reporting unit with its carrying amount, including goodwill. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired. If the carrying amount of a reporting unit exceeds its estimated fair value, the Company will record an impairment charge based on that difference. Our annual goodwill impairment test did not identify any goodwill impairment for the years ended December 31, 2023, 2022 and 2021.
Identifiable Intangible Assets	Identifiable Intangible Assets Intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. The Company's intangible assets primarily relate to core deposits, customer relationships and software. Intangible assets with definite useful lives are amortized on an accelerated basis over their estimated life. Intangible assets, premises and equipment and other long-lived assets are tested for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value with a charge to amortization of intangible assets. Intangible assets with indefinite lives are not significant.
Software Developed for Internal Use	Software Developed for Internal Use The Company capitalizes internal and external costs related to internal-use software during the application development stage, including consulting costs and compensation expenses related to employees who devote time to the development of the projects. The Company records capitalized software development costs in other assets in the Consolidated Balance Sheets. Costs incurred in preliminary stages of development activities and post implementation activities are expensed in the period incurred. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Once the software is substantially complete and ready for its intended use, capitalization ceases and the asset is amortized straight line over its estimated useful life, which ranges between three and five years.
Bank Owned Life Insurance	Bank Owned Life Insurance The Company has purchased life insurance policies on certain key employees. The purchase of these life insurance policies allows the Company to use tax-advantaged rates of return. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement.
Derivative Financial Instruments	Derivative Financial Instruments The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. The Company did not have any derivatives at December 31, 2023 and 2022. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. Unrealized gains or losses are reported as other comprehensive income or loss. To qualify for the use of hedge accounting, a derivative must be effective at inception and expected to be continuously effective in offsetting the risk being hedged. A statistical regression analysis is performed at inception and at each reporting period thereafter to evaluate hedge effectiveness. In accordance with the FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.
Income Taxes	Income Taxes The Company files a consolidated tax return with its subsidiaries and is taxed as a C corporation. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and penalties related to income tax matters in income tax expense.
Fair Values of Financial Instruments	Fair Values of Financial Instruments In general, fair values of financial instruments are based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that may use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and/or the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. Changes in assumptions or in market conditions could significantly affect these estimates. In the ordinary course of business, the Company generally does not sell or transfer non-impaired loans and deposits. As such, the disclosures that present the December 31, 2023 and 2022 estimated fair value for non-impaired loans and deposits are judgmental and may not represent amounts to be received if the Company were to sell or transfer such items.
Operating Segments	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. Payments’ factored receivables consist of (i) invoices where we offer a Carrier a quick pay 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 (ii) factoring transactions where we purchase receivables payable to such freight brokers from their shipper clients. Payments also offers commercial loans that result from our offering certain Brokers an additional liquidity option through the ability to settle their invoices with us on an extended term following our payment to their Carriers. 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 24 – Business Segment Information. The Company's reportable segments are Banking, Factoring, Payments, and Corporate, 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 includes the operations of Triumph Financial Services with revenue derived from factoring services. The Payments segment includes the operations of TBK Bank's TriumphPay division, which provides a presentment, audit, and payment solution 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 and commercial loans related to invoice payments. Payments’ factored receivables consist of (i) invoices where we offer a Carrier a quick pay 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 (ii) factoring transactions where we purchase receivables payable to such freight brokers from their shipper clients. The Payments segment also offers commercial loans that result from our offering certain Brokers an additional liquidity option through the ability to settle their invoices with us on an extended term following our payment to their Carriers. The balance of such commercial loans was $0 at December 31, 2023. Prior to January 1, 2023, 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, were allocated to the Banking segment. During the quarter ended March 31, 2023 management began allocating such shared service costs to its Corporate segment. The Company continues to make considerable investments in shared services that benefit the entire organization and by moving such expenses to the Corporate segment, the Company's chief operating decision maker and investors now have greater visibility into the operating performance of each reportable segment. Prior periods were revised to reflect such allocations and achieve appropriate comparability. Separately, prior to January 1, 2023, intersegment interest expense was allocated to the Factoring and Payments segments (when the Payments segment was not self-funded) based on a rolling average of Federal Home Loan Bank advance rates. When the Payments segment was self-funded with funding in excess of its factored receivables, intersegment interest income (i.e., float) was allocated based on the Federal Funds effective rate. During the quarter ended March 31, 2023, the Company began allocating 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 funding in excess of its factored receivables, intersegment interest income will continue to be allocated based on the Federal Funds effective rate. Management believes that such intersegment interest allocations are more intuitive in the current interest rate environment. Prior periods were revised to reflect such allocations and achieve appropriate comparability. 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. 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. Beginning January 1, 2023, payment network fees are paid by the Factoring segment to the Payments segment for use of the payments network. Beginning prospectively on June 1, 2023, factoring transactions with freight broker clients were transferred from the Factoring segment to the Payments segment to align with TriumphPay's supply chain finance product offerings. Such receivables are serviced by the Factoring segment for which the Payments segment pays a servicing fee. Credit loss expense is allocated based on the segment’s ACL determination. Noninterest income and expense directly attributable to a segment are assigned to it with various shared service costs such as human resources, accounting, finance, risk management and information technology expense assigned to the Corporate segment. Taxes are paid on a consolidated basis and are not allocated for segment purposes.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other comprehensive income (loss). Other comprehensive income includes unrealized gains and losses on debt securities available for sale and cash flow hedges, net of taxes, which are also recognized as a separate component of equity.
Loss Contingencies	Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe such matters exist that will have a material effect on the financial statements.
Transfers of Financial Assets	Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be relinquished when (i) the assets have been isolated from the Company, (ii) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) the Company does not maintain effective control over the transferred assets through either (a) an agreement that entitles and obligates the Company to repurchase or redeem them before their maturity or (b) the ability to unilaterally cause the transferee to return specific assets.
Stock-Based Compensation	Stock Based Compensation Compensation cost is recognized for stock based payment awards issued to employees and directors, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, a Monte Carlo simulation is utilized to estimate the fair value of market based performance stock units, and the market price of the Company’s common stock at the date of grant is used for restricted stock awards, restricted stock units, and performance based performance stock units. Compensation cost is recognized over the required service period, generally defined as the vesting period. The Company recognizes forfeitures of nonvested awards as they occur.
Earnings Per Common Share	Earnings Per Common Share Basic earnings per common share is net income less dividends on preferred stock divided by the weighted average number of common shares outstanding during the period excluding nonvested restricted stock awards. Diluted earnings per common share includes the dilutive effect of additional potential common shares issuable under stock warrants, restricted stock, stock options, and preferred shares that are convertible to common shares.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred.
Adoption of New Accounting Standards and Newly Issued, But Not Yet Effective Accounting Standards	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. See Note 4 – Loans and Allowance for Credit Losses for new disclosures required by ASU 2022-02. 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.
Revenue Recognition	The Company records revenue from contracts with customers in accordance with Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers” (“Topic 606”). Under Topic 606, the Company must identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies a performance obligation. The Company generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices can be fixed or variable; charged either on a periodic basis or based on activity. Except as disclosed below, the Company presents disaggregated revenue from contracts with customers in the consolidated statements of income. Banking and Factoring Segments The Banking segment derives its revenue principally from investments in interest-earning assets as well as noninterest income typical for the banking industry, and the Factoring segment derives the large majority of its revenue from interest income on purchased factored receivables. The majority of such revenue streams fall under Accounting Standards Codification Topic 310, “Receivables” (“Topic 310”) which is outside the scope of Topic 606. There are, however, certain Banking and Factoring activities that generate revenue under Topic 606. Descriptions of the Company's significant Banking and Factoring revenue-generating activities within the scope of Topic 606, which are included in non-interest income in the Company's consolidated statements of income, are as follows: •Service charges on deposits. Service charges on deposits primarily consists of fees from the Company's deposit customers for account maintenance, account analysis, and overdraft services. Account maintenance fees and analysis fees are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. •Card income. Card income primarily consists of interchange fees. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized when the transaction processing services are provided to the cardholder. •Net OREO gains (losses) and valuation adjustments. The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. •Fee income. Fee income for the Banking and Factoring segments primarily consists of transaction-based fees, including wire transfer fees, ACH and check fees, early termination fees, and other fees, earned from the Company's banking and factoring customers. Transaction based fees are recognized at the time the transaction is executed as that is the point in time the Company satisfies its performance obligations. •Insurance commissions. Insurance commissions are earned for brokering insurance policies. The Company's primary performance obligations for insurance commissions are satisfied and revenue is recognized when the brokered insurance policies are executed. Payments Segment The Payments segment derives a portion of its revenue from interest income on factored receivables and commercial loans related to invoice payments. These factored receivables consist of (i) invoices where we offer a Carrier a quick pay 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 (ii) factoring transactions where we purchase receivables payable to such freight brokers from their shipper clients. The Payments segment also offers commercial loans that result from our offering certain Brokers an additional liquidity option through the ability to settle their invoices with us on an extended term following our payment to their Carriers. The balance of such commercial loans was $0 at December 31, 2023. Such revenue falls under Topic 310 and is outside the scope of Topic 606. The Payments segment under its brand name, TriumphPay, connects Brokers, Shippers, Factors and Carriers through forward-thinking solutions that help each party successfully manage the life cycle of invoice presentment for services provided by Carrier through TriumphPay’s processing and audit of such invoice to its ultimate payment to the Carrier or the Factor. The Payments segment earns transaction revenue for such services from fees paid by its customers to receive auditing and payment processing of their invoices. Transaction revenue is recorded in Fee Income on the Consolidated Statements of Income and is subject to Topic 606. Transaction fees can be variable in nature. When such fees are variable, they are typically based upon the number of audit and payment transactions executed during a stated period; generally a calendar month. The customer is charged either a set fee per transaction or a set minimum fee for a stated number of transactions with the variable component being a per-invoice amount for transactions exceeding the stated minimum number. When applicable, the stated minimum number of transactions typically resets on a monthly basis. Transaction volume and related variable fees are known and recognized at each reporting period. Transaction fees can also be fixed in nature with such fees reflecting a set annual amount that is recognized ratably over the terms of the related contracts. In both variable and fixed arrangements, customers are typically billed monthly in arrears with payment due on 30 day terms and as such, no revenue is deferred. The Payments segment also earns network fees for providing its customers access to the TriumphPay network. Network fees are recorded in Fee Income on the Consolidated Statements of Income and are subject to Topic 606. Network fees are generally a fixed annual amount and are recognized ratably over the terms of the related contracts. Customers are typically billed monthly in arrears with payment due on 30 day terms and as such, no revenue is deferred. The Payments segment's service comprises a single performance obligation to provide stand-ready access to its payments and audit platforms for its customers which is satisfied over time as services are rendered. Given the nature of its services and related revenue, no significant judgments are made in applying Topic 606 and there are no refund, warranty, or similar obligations. The Payments segment's contracts with its customers are usually short-term in nature and can generally be terminated by either party without a termination penalty or refund after the notice period has lapsed. Therefore, the contracts are defined at the transaction level and do not extend beyond the service already provided. The contracts generally renew automatically without any significant material rights. Some of the contracts include tiered pricing, which is based primarily on volume. The fee charged per transaction is adjusted up or down based on the volume processed for a specified period. Management has concluded that this volume-based pricing approach does not constitute a future material right since changes in the fee ranges are typically offered to classes of customers with similar volume. The Payments segment recognizes fees charged to its customers on a gross basis as transaction revenue as it is the principal in respect of completing Payments segment transactions. As a principal to the transaction, the Payments segment controls the services on its platforms. The Payments segment bears primary responsibility for the fulfillment of the services, contracts directly with its customers, controls the product specifications, and defines the value proposal from its services. Further, the Payments segment has full discretion in determining the fee charged to its customers. The Payments segment is also responsible for providing customer support. Capitalized contract costs consist of (i) deferred sales commissions that are incremental costs of obtaining customer contracts and (ii) deferred set-up costs, primarily direct payroll costs, for implementation services provided to customers prior to the launching of the Company’s products for general availability (go-live) to customers. Deferred sales commissions are amortized ratably over two years, taking into consideration the initial contract term, expected renewal periods, and sales commissions paid on such renewal periods. Deferred set-up costs are amortized ratably over four years which estimates the benefit period of the capitalized costs starting on the go-live date of the service.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 41,081	$ 102,311	$ 112,974

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

Goodwill and intangible assets consist of the following:


(Dollars in thousands)	December 31, 2023		December 31, 2022
Goodwill	$	233,709	$	233,709


	December 31, 2023						December 31, 2022
(Dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Core deposit intangibles	$	43,578	$	(38,084)	$	5,494	$	43,578	$	(35,347)	$	8,231
Software intangible asset	16,932		(10,935)		5,997		16,932		(6,702)		10,230
Other intangible assets	33,452		(21,297)		12,155		30,410		(16,813)		13,597
	$	93,962	$	(70,316)	$	23,646	$	90,920	$	(58,862)	$	32,058

Schedule of Changes in Goodwill and Intangible Assets by Operating Segment

The changes in goodwill and intangible assets by operating segment during the year are as follows:


(Dollars in thousands)
December 31, 2023	Banking		Factoring		Payments		Corporate		Total
Beginning balance	$	116,296	$	60,982	$	88,389	$	100	$	265,767


Acquired intangibles	—		—		3,042		—		3,042
Amortization of intangibles	(2,950)		(1,821)		(6,683)		—		(11,454)
Ending balance	$	113,346	$	59,161	$	84,748	$	100	$	257,355


(Dollars in thousands)
December 31, 2022	Banking		Factoring		Payments		Corporate		Total
Beginning balance	$	119,306	$	63,275	$	94,275	$	—	$	276,856

Acquired goodwill - measurement period adjustment	—		—		(18)		—		(18)
Acquired intangibles	751		—		—		100		851
Amortization of intangibles	(3,761)		(2,293)		(5,868)		—		(11,922)
Ending balance	$	116,296	$	60,982	$	88,389	$	100	$	265,767


(Dollars in thousands)
December 31, 2021	Banking		Factoring		Payments		Corporate		Total
Beginning balance	$	123,882	$	66,040	$	—	$	—	$	189,922
Acquired goodwill	—		—		73,697		—		73,697
Acquired goodwill - measurement period adjustment	—		59		(3,238)		—		(3,179)
Acquired intangibles	—		—		27,292		—		27,292
Amortization of intangibles	(4,576)		(2,824)		(3,476)		—		(10,876)
Ending balance	$	119,306	$	63,275	$	94,275	$	—	$	276,856

Schedule of Future Amortization Schedule for the Company's Intangible Assets

The future amortization schedule for the Company’s intangible assets with finite lives is as follows:


(Dollars in thousands)
2024	$	10,312
2025	5,735
2026	2,611
2027	1,681
2028	1,007
Thereafter	1,449
	$	22,795

Amortization schedule excludes $851,000 of indefinite lived intangible assets.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS 401(k) Plan The Company sponsors a 401(k) benefit plan that allows employee contributions up to the maximum tax-deferred limitations established by the Internal Revenue Code, which are matched by the Company equal to 100% of the first 4% of the compensation contributed. Expense related to the 401(k) matching contributions for the years ended December 31, 2023, 2022, and 2021 was $4,320,000, $3,569,000 and $2,976,000, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and due from banks	$ 93,072	$ 133,889
Interest-bearing deposits with other banks	193,563	274,293
Total cash and cash equivalents	286,635	408,182
Securities - equity investments	4,488	5,191
Securities - available for sale	299,644	254,504
Securities - held to maturity, net of allowance for credit losses of $3,190 and $2,444, respectively, fair value $4,015 and $5,476, respectively	2,977	4,077
Loans held for sale	1,236	5,641
Loans, net of allowance for credit losses of $35,219 and $42,807, respectively	4,127,881	4,077,484
Federal Home Loan Bank and other restricted stock, at cost	14,278	6,252
Premises and equipment, net	113,457	103,339
Other real estate owned, net	37	0
Goodwill	233,709	233,709
Intangible assets, net	23,646	32,058
Bank-owned life insurance	41,946	41,493
Deferred tax asset, net	8,800	16,473
Other assets	188,600	145,380
Total assets	5,347,334	5,333,783
Deposits
Noninterest-bearing	1,632,022	1,756,680
Interest-bearing	2,345,456	2,414,656
Total deposits	3,977,478	4,171,336
Customer repurchase agreements	0	340
Federal Home Loan Bank advances	255,000	30,000
Subordinated notes	108,678	107,800
Junior subordinated debentures	41,740	41,158
Other liabilities	100,038	94,178
Total liabilities	4,482,934	4,444,812
Commitments and contingencies - See Notes 14 and 15
Stockholders' equity - See Note 19
Preferred stock	45,000	45,000
Common stock, 23,302,414 and 24,053,585 shares outstanding, respectively	290	283
Additional paid-in-capital	550,743	534,790
Treasury stock, at cost	(265,038)	(182,658)
Retained earnings	536,331	498,456
Accumulated other comprehensive income	(2,926)	(6,900)
Total stockholders’ equity	864,400	888,971
Total liabilities and stockholders' equity	$ 5,347,334	$ 5,333,783

Borrowings and Borrowing Capacity - Summary of Information Concerning FHLB Advances (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Amount outstanding at end of the year	$ 255,000,000	$ 30,000,000
Weighted average interest rate at end of the year	5.65%	4.25%
Average daily balance during the year	$ 194,795,000	$ 69,658,000
Weighted average interest rate during the year	5.30%	1.19%
Maximum month-end balance during the year	$ 530,000,000	$ 230,000,000

Loans and Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Premiums and discounts on acquired loans	$ 6,861	$ 13,383
Net deferred origination and factoring fees	3,657	3,307
Accrued interest on loans	$ 30,686	$ 19,279
Percentage of factored receivables	97.00%	96.00%
Percentage of factored receivables to total loan portfolio	26.00%	29.00%
Misdirected payments	$ 4,163,100	$ 4,120,291
Pledged loans	1,588,532	1,356,922
Credit loss expense	12,203	6,925	$ (8,830)
ACL allocation	35,219	42,807
Total past due advances	45,677	18,296
Interest earned on nonaccrual loans	0	0	0
Commitments to lend	0
Loans to borrowers experiencing financial difficulty that had payment default	0
Past Due 90 Days or More
Accounts, Notes, Loans and Financing Receivable [Line Items]
Misdirected payments	33,464	41,367
Loans Held for Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net charge-offs	19,814	6,445
Credit loss expense	12,226	7,039	(7,964)
ACL allocation	35,219	42,807	42,213	$ 95,739
Changes In Allowance For Credit Losses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in allowance for credit losses due to changes in projected loss drivers and prepayment assumptions	1,978
Decrease in allowance for credit losses due to changes in loan volume and mix	2,325
Decrease in allowance for credit losses due to decrease in specific reserves	7,241
Factored receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customer reserves associated with factored receivables	253,492	249,288
Misdirected payments	1,116,654	1,237,449
Total past due advances	0	0
Factored receivables \| Past Due 90 Days or More
Accounts, Notes, Loans and Financing Receivable [Line Items]
Misdirected payments	26,332	37,142
Factored receivables \| Over-Formula Advances
Accounts, Notes, Loans and Financing Receivable [Line Items]
Misdirected payments	3,151	8,202
Net charge-offs	3,330
Impact of net charge-off on credit loss expense	0
Reimbursement for charge-off	1,665
Factored receivables \| Over-Formula Advances \| Past Due 90 Days or More
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due advances	3,151	8,202
Factored receivables \| Misdirected Payments Receivable \| United States Postal Service
Accounts, Notes, Loans and Financing Receivable [Line Items]
Misdirected payments	19,361	19,361
ACL allocation	0	0
Factored receivables \| Loans Held for Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit loss expense	2,961	3,045	10,038
ACL allocation	11,896	19,121	20,915	56,463
1-4 family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Misdirected payments	125,916	125,981
Total past due advances	1,178	1,391
1-4 family residential \| Past Due 90 Days or More
Accounts, Notes, Loans and Financing Receivable [Line Items]
Misdirected payments	309	776
1-4 family residential \| Loans Held for Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit loss expense	82	363	(849)
ACL allocation	927	838	$ 468	$ 1,225
1-4 family residential \| Real Eatate Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential real estate loans in process of foreclosure	$ 0	$ 129
Texas \| Accounts Receivable \| Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of customers located within states	17.00%	23.00%
Colorado \| Accounts Receivable \| Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of customers located within states	15.00%	11.00%
Illinois \| Accounts Receivable \| Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of customers located within states	12.00%	11.00%
Iowa \| Accounts Receivable \| Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of customers located within states	6.00%	6.00%
Texas, Colorado, Illinois, And Iowa \| Accounts Receivable \| Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of customers located within states	50.00%	51.00%

Deposits (Tables)

12 Months Ended

Dec. 31, 2023

Deposits [Abstract]

Summary of Deposits

Deposits are summarized as follows:


(Dollars in thousands)	December 31, 2023		December 31, 2022
Noninterest-bearing demand	$	1,632,022	$	1,756,680
Interest-bearing demand	757,455		856,512
Individual retirement accounts	52,195		68,125
Money market	568,772		508,534
Savings	555,047		551,780
Certificates of deposit	265,525		319,150
Brokered time deposits	146,458		110,555
Other brokered deposits	4		—
Total deposits	$	3,977,478	$	4,171,336

Scheduled Maturities of Time Deposits, Including Certificates of Deposits, Individual Retirement Accounts and Brokered Deposits

At December 31, 2023, scheduled maturities of time deposits, including certificates of deposits, individual retirement accounts and brokered time deposits, are as follows:


(Dollars in thousands)	December 31, 2023
Within one year	$	423,753
After one but within two years	27,762
After two but within three years	6,651
After three but within four years	4,043
After four but within five years	1,969
Total	$	464,178

- Definition

Tabular disclosure of type of deposit liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (4)
-Publisher SEC

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (a)
-Subparagraph (5)
-Publisher SEC

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (c)
-Publisher SEC

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (d)
-Publisher SEC

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (e)
-Publisher SEC

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (1)
-Publisher SEC

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)
-Publisher SEC

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)
-Publisher SEC

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(ii)
-Publisher SEC

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(iii)
-Publisher SEC

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1406
-Paragraph (f)
-Subparagraph (2)(i)(iv)
-Publisher SEC

+ Details

Stock Based Compensation - Fair Value of Stock Options Granted Using Weighted-Average Assumptions (Details) - Stock options	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.38%	2.77%	1.16%
Expected term	6 years 3 months	6 years 3 months	6 years 3 months
Expected stock price volatility	45.65%	43.33%	39.26%
Dividend yield	0.00%	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	May 04, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative, notional amount		$ 0	$ 0
Reclassification into earnings		$ 0	9,316	$ (93)
Discontinued Cash Flow Hedge \| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Derivative [Line Items]
Derivative termination value			9,316
Other Assets \| Interest rate swaps \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount			200,000
Interest Expense \| Discontinued Cash Flow Hedge
Derivative [Line Items]
Hedging termination fee	$ 732
Interest Expense \| Interest rate swaps
Derivative [Line Items]
Reclassification into earnings			$ 465
Other Noninterest Income \| Discontinued Cash Flow Hedge
Derivative [Line Items]
Reclassification into earnings	$ 8,851

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 41,081	$ 102,311	$ 112,974
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	13,801	13,302	12,037
Net accretion on loans	(5,242)	(8,643)	(9,289)
Amortization of subordinated notes issuance costs	878	843	1,224
Amortization of junior subordinated debentures	582	556	530
Net amortization on securities	(844)	(882)	(992)
Amortization of intangible assets	11,454	11,922	10,876
Deferred taxes, net	6,539	(1,779)	(5,832)
Credit loss expense (benefit)	12,203	6,925	(8,830)
Stock based compensation	13,228	21,176	20,315
Net (gains) losses on sale or call of debt securities	(102)	(2,512)	(5)
Net (gains) losses on equity securities	(80)	(9,850)	322
Net OREO (gains) losses and valuation adjustments	0	133	347
Origination of loans held for sale	(5,273)	(12,024)	(37,542)
Purchases of loans held for sale	0	(14,069)	(21,746)
Proceeds from sale of loans originated or purchased for sale	4,134	26,544	60,037
Net (gains) losses on sale of loans	(119)	(18,228)	(3,105)
Net change in operating leases	(278)	190	2,242
(Increase) decrease in other assets	(45,117)	(35,176)	(8,684)
Increase (decrease) in other liabilities	(3,645)	(6,252)	12,080
Net cash provided by (used in) operating activities	43,200	74,487	136,959
Cash flows from investing activities:
Purchases of securities available for sale	(72,041)	(140,774)	(58,787)
Proceeds from sales of securities available for sale	15,996	40,163	0
Proceeds from maturities, calls, and pay downs of securities available for sale	28,780	26,339	99,152
Proceeds from maturities, calls, and pay downs of securities held to maturity	529	679	1,003
Proceeds from sales of equity securities	783	0	0
Purchases of loans held for investment	(18,842)	(147,809)	(94,314)
Proceeds from sale of loans	59,196	232,842	87,813
Net change in loans	(92,109)	581,599	153,946
Purchases of premises and equipment, net	(23,919)	(10,912)	(14,362)
Net proceeds from sale of OREO	0	438	1,253
(Purchases) redemptions of FHLB and other restricted stock, net	(8,026)	3,894	(3,395)
Proceeds from BOLI	0	0	2,273
Acquired intangible assets	(3,042)	0	0
Net cash (paid for) received in acquisitions	0	0	(96,926)
Proceeds from sale of disposal group	0	85,923	0
Net cash provided by (used in) investing activities	(112,695)	672,382	77,656
Cash flows from financing activities:
Net increase (decrease) in deposits	(193,858)	(464,512)	(69,921)
Increase (decrease) in customer repurchase agreements	(340)	(1,763)	(996)
Increase (decrease) in Federal Home Loan Bank advances	225,000	(150,000)	75,000
Proceeds from other borrowings, net	0	0	294,854
Repayment of other borrowings	0	(27,144)	(441,346)
Preferred stock dividends	(3,206)	(3,206)	(3,206)
Stock option exercises, net	144		577
Stock option exercises, net		(74)
Proceeds from employee stock purchase plan common stock issuance	1,831	1,548	449
Purchase of treasury stock, net	(81,623)	(76,714)	(1,241)
Net cash provided by (used in) financing activities	(52,052)	(721,865)	(145,830)
Net increase (decrease) in cash and cash equivalents	(121,547)	25,004	68,785
Cash and cash equivalents at beginning of period	408,182	383,178	314,393
Cash and cash equivalents at end of period	286,635	408,182	383,178
Supplemental cash flow information:
Interest paid	48,283	16,328	18,950
Income taxes paid, net	14,141	47,215	40,004
Cash paid for operating lease liabilities	5,573	4,052	2,296
Supplemental noncash disclosures:
Loans transferred to OREO	37	47	692
Loans held for investment transferred to loans held for sale	53,590	229,105	83,975
Assets transferred to assets held for sale	0	80,819	0
Deposits transferred to deposits held for sale	0	10,434	0
Lease liabilities arising from obtaining right-of-use assets	3,507	5,267	19,571
Securities available for sale purchased, not settled	11,998	7,960	0
Non-cash consideration received from sale of loan portfolio or disposal group	0	5,529	0
Indemnification Asset
Supplemental noncash disclosures:
Indemnification reduction	$ 0	$ 0	$ 35,633

Borrowings and Borrowing Capacity - Summary of Junior Subordinated Debentures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Face Value	$ 51,031
Carrying Value	41,740	$ 41,158
National Bancshares Capital Trust II
Debt Instrument [Line Items]
Face Value	15,464
Carrying Value	$ 13,632
Interest rate	8.65%
National Bancshares Capital Trust II \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Spread on variable interest rate	3.26%
National Bancshares Capital Trust III
Debt Instrument [Line Items]
Face Value	$ 17,526
Carrying Value	$ 13,640
Interest rate	7.30%
National Bancshares Capital Trust III \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Spread on variable interest rate	1.64%
ColoEast Capital Trust I
Debt Instrument [Line Items]
Face Value	$ 5,155
Carrying Value	$ 3,838
Interest rate	7.19%
ColoEast Capital Trust I \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Spread on variable interest rate	1.86%
ColoEast Capital Trust II
Debt Instrument [Line Items]
Face Value	$ 6,700
Carrying Value	$ 4,958
Interest rate	7.38%
ColoEast Capital Trust II \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Spread on variable interest rate	2.05%
Valley Bancorp Statutory Trust I
Debt Instrument [Line Items]
Face Value	$ 3,093
Carrying Value	$ 2,921
Interest rate	9.02%
Valley Bancorp Statutory Trust I \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Spread on variable interest rate	3.66%
Valley Bancorp Statutory Trust II
Debt Instrument [Line Items]
Face Value	$ 3,093
Carrying Value	$ 2,751
Interest rate	8.39%
Valley Bancorp Statutory Trust II \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Spread on variable interest rate	3.01%

Loans and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Loans Held for Sale

The following table presents loans held for sale:


(Dollars in thousands)	December 31, 2023		December 31, 2022
1-4 family residential	$	1,230	$	—
Commercial	6		5,641
Total loans held for sale	$	1,236	$	5,641

Schedule of Amortized Cost and Unpaid Principal for Loans Held for Investment

The following table presents the amortized cost and unpaid principal for loans held for investment:


	December 31, 2023						December 31, 2022
(Dollars in thousands)	Amortized Cost		Unpaid Principal		Difference		Amortized Cost		Unpaid Principal		Difference
Commercial real estate	$	812,704	$	813,623	$	(919)	$	678,144	$	679,239	$	(1,095)
Construction, land development, land	136,720		137,209		(489)		90,976		91,147		(171)
1-4 family residential properties	125,916		126,096		(180)		125,981		126,185		(204)
Farmland	63,568		63,728		(160)		68,934		69,185		(251)
Commercial	1,170,365		1,176,243		(5,878)		1,251,110		1,262,493		(11,383)
Factored receivables	1,116,654		1,119,544		(2,890)		1,237,449		1,241,032		(3,583)
Consumer	8,326		8,328		(2)		8,868		8,871		(3)
Mortgage warehouse	728,847		728,847		—		658,829		658,829		—
Total	4,163,100		$	4,173,618	$	(10,518)	4,120,291		$	4,136,981	$	(16,690)
Allowance for credit losses	(35,219)						(42,807)
	$	4,127,881					$	4,077,484

Summary of Allowance for Loan and Lease Losses

The activity in the allowance for credit losses (“ACL”) related to loans held for investment is as follows:


(Dollars in thousands)	Beginning Balance		Credit Loss Expense (Benefit)		Charge-offs		Recoveries		Ending Balance
Year ended December 31, 2023
Commercial real estate	$	4,459	$	1,593	$	(108)	$	86	$	6,030
Construction, land development, land	1,155		(195)		—		5		965
1-4 family residential properties	838		82		(5)		12		927
Farmland	483		(41)		—		—		442
Commercial	15,918		7,712		(9,804)		234		14,060
Factored receivables	19,121		2,961		(10,997)		811		11,896
Consumer	175		44		(563)		515		171
Mortgage warehouse	658		70		—		—		728
	$	42,807	$	12,226	$	(21,477)	$	1,663	$	35,219


(Dollars in thousands)	Beginning Balance		Credit Loss Expense (Benefit)		Charge-offs		Recoveries		Ending Balance
Year ended December 31, 2022
Commercial real estate	$	3,961	$	546	$	(108)	$	60	$	4,459
Construction, land development, land	827		323		—		5		1,155
1-4 family residential properties	468		363		—		7		838
Farmland	562		(79)		—		—		483
Commercial	14,485		2,713		(2,205)		925		15,918
Factored receivables	20,915		3,045		(5,853)		1,014		19,121
Consumer	226		239		(435)		145		175
Mortgage warehouse	769		(111)		—		—		658
	$	42,213	$	7,039	$	(8,601)	$	2,156	$	42,807


(Dollars in thousands)	Beginning Balance		Provision		Charge-offs		Recoveries		Ending Balance
Year ended December 31, 2021
Commercial real estate	$	10,182	$	(6,214)	$	(17)	$	10	$	3,961
Construction, land development, land	3,418		(2,584)		(12)		5		827
1-4 family residential properties	1,225		(849)		(34)		126		468
Farmland	832		(270)		—		—		562
Commercial	22,040		(7,725)		(481)		651		14,485
Factored receivables	56,463		10,038		(46,043)		457		20,915
Consumer	542		(92)		(359)		135		226
Mortgage warehouse	1,037		(268)		—		—		769
	$	95,739	$	(7,964)	$	(46,946)	$	1,384	$	42,213

Individual And Collective Allowance For Credit Losses On Financing Receivables And Loan Balances


(Dollars in thousands)	Real Estate		Accounts Receivable		Equipment		Other		Total		ACL Allocation
December 31, 2023
Commercial real estate	$	2,518	$	—	$	—	$	—	$	2,518	$	777
Construction, land development, land	—		—		—		—		—		—
1-4 family residential	1,156		—		—		22		1,178		113
Farmland	291		—		—		677		968		—
Commercial	920		—		18,259		21,772		40,951		3,322
Factored receivables	—		39,577		—		—		39,577		6,717
Consumer	—		—		—		133		133		—
Mortgage warehouse	—		—		—		—		—		—
Total	$	4,885	$	39,577	$	18,259	$	22,604	$	85,325	$	10,929


(Dollars in thousands)	Real Estate		Accounts Receivable		Equipment		Other		Total		ACL Allocation
December 31, 2022
Commercial real estate	$	1,003	$	—	$	—	$	140	$	1,143	$	283
Construction, land development, land	150		—		—		—		150		—
1-4 family residential	1,342		—		—		49		1,391		108
Farmland	196		—		108		96		400		—
Commercial	193		—		5,334		10,370		15,897		4,737
Factored receivables	—		42,409		—		—		42,409		13,042
Consumer	—		—		—		91		91		—
Mortgage warehouse	—		—		—		—		—		—
Total	$	2,884	$	42,409	$	5,442	$	10,746	$	61,481	$	18,170

Summary of Contractually Past Due and Nonaccrual Loans

The following tables present an aging of contractually past due loans:


(Dollars in thousands)	Past Due 30-59 Days		Past Due 60-90 Days		Past Due 90 Days or More		Total Past Due		Current		Total		Past Due 90 Days or More Still Accruing
December 31, 2023
Commercial real estate	$	—	$	74	$	1,369	$	1,443	$	811,261	$	812,704	$	—
Construction, land development, land	—		—		—		—		136,720		136,720		—
1-4 family residential properties	680		639		309		1,628		124,288		125,916		—
Farmland	173		—		—		173		63,395		63,568		—
Commercial	4,585		4,699		5,423		14,707		1,155,658		1,170,365		—
Factored receivables	32,177		6,438		26,332		64,947		1,051,707		1,116,654		26,332
Consumer	44		96		31		171		8,155		8,326		—
Mortgage warehouse	—		—		—		—		728,847		728,847		—
	$	37,659	$	11,946	$	33,464	$	83,069	$	4,080,031	$	4,163,100	$	26,332


(Dollars in thousands)	Past Due 30-59 Days		Past Due 60-90 Days		Past Due 90 Days or More		Total Past Due		Current		Total		Past Due 90 Days or More Still Accruing
December 31, 2022
Commercial real estate	$	1,301	$	—	$	455	$	1,756	$	676,388	$	678,144	$	—
Construction, land development, land	—		—		145		145		90,831		90,976		—
1-4 family residential properties	936		531		776		2,243		123,738		125,981		—
Farmland	—		—		—		—		68,934		68,934		—
Commercial	1,630		3,139		2,847		7,616		1,243,494		1,251,110		—
Factored receivables	42,797		12,651		37,142		92,590		1,144,859		1,237,449		37,142
Consumer	52		41		2		95		8,773		8,868		—
Mortgage warehouse	—		—		—		—		658,829		658,829		—
	$	46,716	$	16,362	$	41,367	$	104,445	$	4,015,846	$	4,120,291	$	37,142

Summary of Amortized Cost Basis of Loans on Nonaccrual Status


	December 31, 2023				December 31, 2022
(Dollars in thousands)	Total Nonaccrual		Nonaccrual With No ACL		Total Nonaccrual		Nonaccrual With No ACL
Commercial real estate	$	2,447	$	190	$	871	$	319
Construction, land development, land	—		—		150		150
1-4 family residential	1,178		1,028		1,391		1,238
Farmland	968		968		400		400
Commercial	40,951		33,188		15,393		3,662
Factored receivables	—		—		—		—
Consumer	133		133		91		91
Mortgage warehouse	—		—		—		—
	$	45,677	$	35,507	$	18,296	$	5,860

Schedule of Accrued Interest on Non Accrual Loans Reversed Through Interest Income

The following table presents accrued interest on nonaccrual loans reversed through interest income:


	Year Ended December 31,
(Dollars in thousands)	2023		2022		2021
Commercial real estate	$	17	$	—	$	8
Construction, land development, land	—		2		—
1-4 family residential	8		1		3
Farmland	57		—		6
Commercial	105		28		36
Factored receivables	—		—		—
Consumer	4		—		3
Mortgage warehouse	—		—		—
	$	191	$	31	$	56

Schedule of Nonperforming Loans

The following table presents information regarding nonperforming loans:


(Dollars in thousands)	December 31, 2023		December 31, 2022
Nonaccrual loans	$	45,677	$	18,296
Factored receivables greater than 90 days past due	23,181		28,940
Other nonperforming factored receivables(1)	—		491
Troubled debt restructurings accruing interest	—		503
	$	68,858	$	48,230

Summary of Risk Category of Loans

As of December 31, 2023 and 2022, based on the most recent analysis performed, the risk category of loans is as follows:


													Revolving Loans		Revolving Loans Converted To Term Loans		Total
(Dollars in thousands)	Year of Origination
December 31, 2023	2023		2022		2021		2020		2019		Prior
Commercial real estate
Pass	$	244,388	$	119,169	$	98,484	$	116,078	$	16,351	$	34,724	$	88,547	$	159	$	717,900
Classified	91,456		665		1,630		1,016		37		—		—		—		94,804
Total commercial real estate	$	335,844	$	119,834	$	100,114	$	117,094	$	16,388	$	34,724	$	88,547	$	159	$	812,704
YTD gross charge-offs	$	108	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	108

Construction, land development, land
Pass	$	91,557	$	34,683	$	1,668	$	2,996	$	2,928	$	276	$	2,612	$	—	$	136,720
Classified	—		—		—		—		—		—		—		—		—
Total construction, land development, land	$	91,557	$	34,683	$	1,668	$	2,996	$	2,928	$	276	$	2,612	$	—	$	136,720
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

1-4 family residential
Pass	$	22,637	$	16,336	$	19,542	$	7,229	$	2,462	$	20,950	$	35,373	$	174	$	124,703
Classified	296		1		99		—		40		590		187		—		1,213
Total 1-4 family residential	$	22,933	$	16,337	$	19,641	$	7,229	$	2,502	$	21,540	$	35,560	$	174	$	125,916
YTD gross charge-offs	$	5	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	5

Farmland
Pass	$	13,140	$	13,628	$	5,586	$	7,876	$	2,296	$	18,542	$	1,359	$	155	$	62,582
Classified	677		—		—		18		86		205		—		—		986
Total farmland	$	13,817	$	13,628	$	5,586	$	7,894	$	2,382	$	18,747	$	1,359	$	155	$	63,568
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial
Pass	$	269,496	$	196,731	$	79,125	$	61,440	$	24,583	$	10,476	$	472,269	$	370	$	1,114,490
Classified	27,547		19,441		5,462		3,291		24		80		30		—		55,875
Total commercial	$	297,043	$	216,172	$	84,587	$	64,731	$	24,607	$	10,556	$	472,299	$	370	$	1,170,365
YTD gross charge-offs	$	100	$	4,619	$	4,493	$	499	$	44	$	49	$	—	$	—	$	9,804

Factored receivables
Pass	$	1,075,428	$	—	$	—	$	3,151	$	—	$	—	$	—	$	—	$	1,078,579
Classified	18,714		—		—		19,361		—		—		—		—		38,075
Total factored receivables	$	1,094,142	$	—	$	—	$	22,512	$	—	$	—	$	—	$	—	$	1,116,654
YTD gross charge-offs	$	5,374	$	2,293	$	—	$	3,330	$	—	$	—	$	—	$	—	$	10,997

Consumer
Pass	$	4,141	$	1,442	$	593	$	406	$	83	$	1,488	$	40	$	—	$	8,193
Classified	19		—		83		1		—		30		—		—		133
Total consumer	$	4,160	$	1,442	$	676	$	407	$	83	$	1,518	$	40	$	—	$	8,326
YTD gross charge-offs	$	519	$	25	$	12	$	3	$	—	$	4	$	—	$	—	$	563

Mortgage warehouse
Pass	$	728,847	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	728,847
Classified	—		—		—		—		—		—		—		—		—
Total mortgage warehouse	$	728,847	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	728,847
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total loans
Pass	$	2,449,634	$	381,989	$	204,998	$	199,176	$	48,703	$	86,456	$	600,200	$	858	$	3,972,014
Classified	138,709		20,107		7,274		23,687		187		905		217		—		191,086
Total loans	$	2,588,343	$	402,096	$	212,272	$	222,863	$	48,890	$	87,361	$	600,417	$	858	$	4,163,100
YTD gross charge-offs	$	6,106	$	6,937	$	4,505	$	3,832	$	44	$	53	$	—	$	—	$	21,477


													Revolving Loans		Revolving Loans Converted To Term Loans		Total
(Dollars in thousands)	Year of Origination
December 31, 2022	2022		2021		2020		2019		2018		Prior
Commercial real estate
Pass	$	231,427	$	156,895	$	198,541	$	28,033	$	17,786	$	35,658	$	3,675	$	—	$	672,015
Classified	3,668		551		1,855		39		—		16		—		—		6,129
Total commercial real estate	$	235,095	$	157,446	$	200,396	$	28,072	$	17,786	$	35,674	$	3,675	$	—	$	678,144

Construction, land development, land
Pass	$	71,236	$	11,328	$	4,535	$	3,186	$	35	$	506	$	—	$	—	$	90,826
Classified	—		—		5		—		—		145		—		—		150
Total construction, land development, land	$	71,236	$	11,328	$	4,540	$	3,186	$	35	$	651	$	—	$	—	$	90,976

1-4 family residential
Pass	$	26,306	$	22,639	$	9,536	$	2,929	$	3,528	$	20,910	$	38,361	$	300	$	124,509
Classified	137		199		7		53		1		1,006		69		—		1,472
Total 1-4 family residential	$	26,443	$	22,838	$	9,543	$	2,982	$	3,529	$	21,916	$	38,430	$	300	$	125,981

Farmland
Pass	$	18,190	$	7,291	$	10,027	$	2,699	$	6,742	$	18,569	$	1,016	$	204	$	64,738
Classified	1,062		2,796		120		108		—		110		—		—		4,196
Total farmland	$	19,252	$	10,087	$	10,147	$	2,807	$	6,742	$	18,679	$	1,016	$	204	$	68,934

Commercial
Pass	$	358,983	$	181,933	$	136,635	$	41,912	$	5,842	$	12,145	$	486,889	$	161	$	1,224,500
Classified	10,721		10,579		3,767		1,038		96		116		293		—		26,610
Total commercial	$	369,704	$	192,512	$	140,402	$	42,950	$	5,938	$	12,261	$	487,182	$	161	$	1,251,110

Factored receivables
Pass	$	1,196,912	$	—	$	7,710	$	—	$	—	$	—	$	—	$	—	$	1,204,622
Classified	12,974		—		19,853		—		—		—		—		—		32,827
Total factored receivables	$	1,209,886	$	—	$	27,563	$	—	$	—	$	—	$	—	$	—	$	1,237,449

Consumer
Pass	$	2,768	$	1,981	$	894	$	304	$	266	$	2,418	$	147	$	—	$	8,778
Classified	—		1		2		—		8		79		—		—		90
Total consumer	$	2,768	$	1,982	$	896	$	304	$	274	$	2,497	$	147	$	—	$	8,868

Mortgage warehouse
Pass	$	658,829	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	658,829
Classified	—		—		—		—		—		—		—		—		—
Total mortgage warehouse	$	658,829	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	658,829

Total loans
Pass	$	2,564,651	$	382,067	$	367,878	$	79,063	$	34,199	$	90,206	$	530,088	$	665	$	4,048,817
Classified	28,562		14,126		25,609		1,238		105		1,472		362		—		71,474
Total loans	$	2,593,213	$	396,193	$	393,487	$	80,301	$	34,304	$	91,678	$	530,450	$	665	$	4,120,291

Summary of Loan Modifications

The following tables present the amortized cost basis at the end of the reporting period of the loans modifications to borrowers experiencing financial difficulty:


	Term Extension
	Year Ended December 31, 2023
(Dollars in thousands)	Amortized Cost		% of Portfolio
Commercial real estate	$	415	0.1	%

1-4 family residential	271		0.2	%
Farmland	604		1.0	%
Commercial	1,548		0.1	%



	$	2,838	0.1	%


	Payment Delay
	Year Ended December 31, 2023
(Dollars in thousands)	Amortized Cost		% of Portfolio




Commercial	22,547		1.9	%



	$	22,547	0.5	%


	Term Extension and Rate Reduction
	Year Ended December 31, 2023
(Dollars in thousands)	Amortized Cost		% of Portfolio
Commercial real estate	$	83,349	10.3	%



Commercial	496		—	%



	$	83,845	2.0	%


	Payment Delay and Rate Reduction
	Year Ended December 31, 2023
(Dollars in thousands)	Amortized Cost		% of Portfolio
Commercial real estate	$	23,001	2.8	%







	$	23,001	0.6	%

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty:

Term Extension

Year Ended December 31, 2023

Commercial real estate

Modification added a weighted average 1.1 years to the life of the modified loans.

1-4 family residential

Modification added a weighted average 0.5 years to the life of the modified loans.

Farmland

Modification added a weighted average 0.5 years to the life of the modified loans.

Commercial

Modification added a weighted average 1.5 years to the life of the modified loans.

Payment Delay

Year Ended December 31, 2023

Commercial

Modification provided a weighted average payment delay of 0.6 years.

Term Extension and Rate Reduction

Year Ended December 31, 2023

Commercial real estate

Modification added a weighted average 0.5 years to the life of the modified loans and reduced the weighted average contractual interest rate from 10.1% to 5.1%.

Commercial

Modification added a weighted average 0.3 years to the life of the modified loans and reduced the weighted average contractual interest rate from 10.5% to 9.5%.

Payment Delay and Rate Reduction

Year Ended December 31, 2023

Commercial real estate

Modification provided a weighted average payment delay of 0.8 years and reduced the weighted average contractual interest rate from 9.4% to 6.0%.

The following table presents the payment status of loans that have been modified in the last twelve months:


	December 31, 2023
(Dollars in thousands)	Current		Past Due 30-89 Days		Past Due 90 Days or More
Commercial real estate	$	106,765	$	—	$	—

1-4 family residential	271		—		—
Farmland	604		—		—
Commercial	23,838		753		—



	$	131,478	$	753	$	—

Stock Based Compensation - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense		$ 13,228	$ 21,176	$ 20,315
Issuance of common stock pursuant to the employee stock purchase plan (in shares)		37,909	24,516	9,101
2014 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares approved for issuance (in shares)		2,900,000
2014 Omnibus Incentive Plan \| Restricted Stock Awards (RSAs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, fair value of shares vested		$ 5,629	$ 8,918	$ 6,604
Total unrecognized compensation cost		$ 1,862
Weighted-average period to recognize cost		1 year 3 months 21 days
2014 Omnibus Incentive Plan \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, fair value of shares vested		$ 5,863	0	0
Weighted-average period to recognize cost		2 years 9 months 10 days
Total unrecognized compensation cost, options		$ 7,679
2014 Omnibus Incentive Plan \| Performance stock units - market based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, fair value of shares vested		6,302	1,458	0
Total unrecognized compensation cost		$ 5,740
Weighted-average period to recognize cost		2 years 1 month 6 days
2014 Omnibus Incentive Plan \| Performance Based Performance Stock Units (Performance Based PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense		$ 0	$ 6,966	$ 7,405
Total unrecognized compensation cost		$ 0
Stock based compensation, award vesting percentage	142.00%
Award performance period before vesting period	3 years
2014 Omnibus Incentive Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, award vesting period		4 years
Weighted-average period to recognize cost		2 years 10 months 24 days
Total unrecognized compensation cost, options		$ 1,191
Employees stock options contractual terms		10 years
2014 Omnibus Incentive Plan \| Maximum \| Restricted Stock Awards (RSAs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, award vesting period		4 years
2014 Omnibus Incentive Plan \| Maximum \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, award vesting period		5 years
2014 Omnibus Incentive Plan \| Maximum \| Performance stock units - market based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, award vesting period		5 years
Stock based compensation, award vesting percentage		175.00%
Stock based compensation, award vesting percentage, potential multiplier		200.00%
2014 Omnibus Incentive Plan \| Maximum \| Performance Based Performance Stock Units (Performance Based PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, award vesting percentage	200.00%
2014 Omnibus Incentive Plan \| Minimum \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, award vesting period		4 years
2014 Omnibus Incentive Plan \| Minimum \| Performance stock units - market based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, award vesting period		3 years
Stock based compensation, award vesting percentage		0.00%
2014 Omnibus Incentive Plan \| Minimum \| Performance Based Performance Stock Units (Performance Based PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, award vesting percentage	0.00%
2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)					2,500,000
Purchase price of common stock, percentage					85.00%
Purchase offering period					6 months

Off-Balance Sheet Loan Commitments - Summary of Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Unused lines of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed Rate	$ 53,822	$ 1,417
Variable Rate	527,300	487,965
Total	581,122	489,382
Standby letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed Rate	15,013	12,309
Variable Rate	9,356	4,897
Total	24,369	17,206
Commitments to purchase loans
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed Rate	0	0
Variable Rate	17,125	53,572
Total	17,125	53,572
Mortgage warehouse commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed Rate	0	0
Variable Rate	895,896	1,055,117
Total	$ 895,896	$ 1,055,117

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Crowe LLP
Auditor Location	Dallas, TX
Auditor Firm ID	173

Off-Balance Sheet Loan Commitments - Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Noninterest Expense
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Credit loss expense (benefit)	$ (769)	$ (476)	$ (922)
Other Liabilities
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Allowance for credit losses on off balance sheet credit exposures	$ 2,838	$ 3,606

Business Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Business Segment Information

BUSINESS SEGMENT INFORMATION

The Company's reportable segments are Banking, Factoring, Payments, and Corporate, 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 includes the operations of Triumph Financial Services with revenue derived from factoring services. The Payments segment includes the operations of TBK Bank's TriumphPay division, which provides a presentment, audit, and payment solution 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 and commercial loans related to invoice payments. Payments’ factored receivables consist of (i) invoices where we offer a Carrier a quick pay 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 (ii) factoring transactions where we purchase receivables payable to such freight brokers from their shipper clients. The Payments segment also offers commercial loans that result from our offering certain Brokers an additional liquidity option through the ability to settle their invoices with us on an extended term following our payment to their Carriers. The balance of such commercial loans was $0 at December 31, 2023.

Prior to January 1, 2023, 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, were allocated to the Banking segment. During the quarter ended March 31, 2023 management began allocating such shared service costs to its Corporate segment. The Company continues to make considerable investments in shared services that benefit the entire organization and by moving such expenses to the Corporate segment, the Company's chief operating decision maker and investors now have greater visibility into the operating performance of each reportable segment. Prior periods were revised to reflect such allocations and achieve appropriate comparability.

Separately, prior to January 1, 2023, intersegment interest expense was allocated to the Factoring and Payments segments (when the Payments segment was not self-funded) based on a rolling average of Federal Home Loan Bank advance rates. When the Payments segment was self-funded with funding in excess of its factored receivables, intersegment interest income (i.e., float) was allocated based on the Federal Funds effective rate. During the quarter ended March 31, 2023, the Company began allocating 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 funding in excess of its factored receivables, intersegment interest income will continue to be allocated based on the Federal Funds effective rate. Management believes that such intersegment interest allocations are more intuitive in the current interest rate environment. Prior periods were revised to reflect such allocations and achieve appropriate comparability.

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.

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. Beginning January 1, 2023, payment network fees are paid by the Factoring segment to the Payments segment for use of the payments network. Beginning prospectively on June 1, 2023, factoring transactions with freight broker clients were transferred from the Factoring segment to the Payments segment to align with TriumphPay's supply chain finance product offerings. Such receivables are serviced by the Factoring segment for which the Payments segment pays a servicing fee. Credit loss expense is allocated based on the segment’s ACL determination. Noninterest income and expense directly attributable to a segment are assigned to it with various shared service costs such as human resources, accounting, finance, risk management and information technology expense assigned to the Corporate segment. Taxes are paid on a consolidated basis and are not allocated for segment purposes.

The following presents the primary operating results of Company’s operating segments.


(Dollars in thousands)
Year Ended December 31, 2023	Banking		Factoring		Payments		Corporate		Consolidated
Total interest income	$	261,639	$	144,217	$	16,390	$	175	$	422,421
Intersegment interest allocations	31,450		(38,157)		6,707		—		—
Total interest expense	44,640		—		—		9,702		54,342
Net interest income (expense)	248,449		106,060		23,097		(9,527)		368,079
Credit loss expense (benefit)	8,498		2,900		60		745		12,203
Net interest income (expense) after credit loss expense	239,951		103,160		23,037		(10,272)		355,876
Noninterest income	23,964		7,829		18,087		293		50,173
Noninterest expense	127,713		79,612		61,695		84,214		353,234
Net intersegment noninterest income (expense)(1)	—		123		(123)		—		—
Net income (loss) before income tax expense	$	136,202	$	31,500	$	(20,694)	$	(94,193)	$	52,815


(Dollars in thousands)
Year Ended December 31, 2022	Banking		Factoring		Payments		Corporate		Consolidated
Total interest income	$	195,871	$	207,114	$	16,079	$	175	$	419,239
Intersegment interest allocations	19,912		(19,382)		(530)		—		—
Total interest expense	10,874		—		—		7,873		18,747
Net interest income (expense)	204,909		187,732		15,549		(7,698)		400,492
Credit loss expense (benefit)	2,753		2,895		218		1,059		6,925
Net interest income (expense) after credit loss expense	202,156		184,837		15,331		(8,757)		393,567
Noninterest income	40,984		22,272		20,620		192		84,068
Noninterest expense	121,916		91,673		63,231		63,811		340,631
Net intersegment noninterest income (expense)(1)	—		—		—		—		—
Net income (loss) before income tax expense	$	121,224	$	115,436	$	(27,280)	$	(72,376)	$	137,004


(Dollars in thousands)
Year Ended December 31, 2021	Banking		Factoring		Payments		Corporate		Consolidated
Total interest income	$	189,621	$	185,741	$	12,093	$	100	$	387,555
Intersegment interest allocations	1,132		(1,057)		(75)		—		—
Total interest expense	10,205		—		—		8,220		18,425
Net interest income (expense)	180,548		184,684		12,018		(8,120)		369,130
Credit loss expense (benefit)	(19,016)		9,691		438		57		(8,830)
Net interest income (expense) after credit loss expense	199,564		174,993		11,580		(8,177)		377,960
Gain on sale of subsidiary or division	—		—		—		—		—
Other noninterest income	33,374		13,005		7,451		671		54,501
Noninterest expense	121,325		74,928		39,768		51,486		287,507
Net intersegment noninterest income (expense)(1)	—		—		—		—		—
Net income (loss) before income tax expense	$	111,613	$	113,070	$	(20,737)	$	(58,992)	$	144,954

(1) Net intersegment noninterest income (expense) includes:


(Dollars in thousands)	Factoring		Payments
Year Ended December 31, 2023
Factoring revenue received from Payments	$	1,190	$	(1,190)
Payments revenue received from Factoring	(1,067)		1,067
Net intersegment noninterest income (expense)	$	123	$	(123)

Total assets and gross loans below include intersegment loans, which eliminate in consolidation.


(Dollars in thousands)
December 31, 2023	Banking		Factoring		Payments		Corporate		Eliminations		Consolidated
Total assets	$	4,918,527	$	1,077,367	$	546,985	$	1,056,646	$	(2,252,191)	$	5,347,334
Gross loans	$	3,595,527	$	941,926	$	174,728	$	—	$	(549,081)	$	4,163,100


(Dollars in thousands)
December 31, 2022	Banking		Factoring		Payments		Corporate		Eliminations		Consolidated
Total assets	$	4,910,628	$	1,260,209	$	371,948	$	1,061,662	$	(2,270,664)	$	5,333,783
Gross loans	$	3,572,716	$	1,151,727	$	85,722	$	—	$	(689,874)	$	4,120,291

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Premises and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Premises and Equipment

PREMISES AND EQUIPMENT

Premises and Equipment

Premises and equipment consisted of the following:


(Dollars in thousands)	December 31, 2023		December 31, 2022
Land	$	13,080	$	13,080
Buildings	58,282		55,001
Leasehold improvements	39,499		37,406
Automobiles and aircraft	22,966		9,929
Furniture, fixtures and equipment	40,814		35,465
	174,641		150,881
Accumulated depreciation	(61,184)		(47,542)
	$	113,457	$	103,339

Depreciation expense was $13,801,000, $13,302,000 and $12,037,000 for the years ended December 31, 2023, 2022, and 2021, respectively.

Leases

The Company leases certain premises and equipment under operating leases. At December 31, 2023 and 2022, the Company had lease liabilities totaling $32,311,000 and $34,035,000, respectively, and right-of-use assets totaling $29,527,000 and $30,973,000, respectively, related to these leases. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. For the years ended December 31, 2023 and 2022, the weighted average remaining lease term for operating leases was 6.59 and 7.7 years, respectively, and the weighted average discount rate used in the measurement of operating lease liabilities was 3.0% and 2.9%, respectively.

Lease costs were as follows:


	Year Ended December 31,
(Dollars in thousands)	2023		2022		2021
Operating lease cost	$	5,294	$	4,242	$	4,538
Short-term lease cost	460		—		—
Variable lease cost	145		880		443
Total lease cost	$	5,899	$	5,122	$	4,981

There were no sale and leaseback transactions, leveraged leases, or lease transactions with related parties during the year ended December 31, 2023. At December 31, 2023, the Company did not have any leases that had not yet commenced, but will create significant rights and obligations for the Company.

A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:


(Dollars in thousands)	December 31, 2023
Lease payments due:
Within one year	$	6,443
After one but within two years	6,299
After two but within three years	5,376
After three but within four years	4,856
After four but within five years	3,979
After five years	8,971
Total undiscounted cash flows	35,924
Discount on cash flows	(3,613)
Total lease liability	$	32,311

Securities - Schedule of Information Pertaining to Debt Securities with Gross Unrealized Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	$ 18,094	$ 193,142
Less than 12 months, unrealized losses	(365)	(5,201)
12 months or more, fair value	79,103	40,261
12 months or more, unrealized losses	(4,913)	(4,241)
Total, fair value	97,197	233,403
Total, unrealized losses	(5,278)	(9,442)
Mortgage-backed securities, residential
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	13,157	26,030
Less than 12 months, unrealized losses	(312)	(1,507)
12 months or more, fair value	32,885	15,828
12 months or more, unrealized losses	(4,481)	(3,424)
Total, fair value	46,042	41,858
Total, unrealized losses	(4,793)	(4,931)
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	1,170	1,337
Less than 12 months, unrealized losses	(18)	(52)
12 months or more, fair value	0	4,994
12 months or more, unrealized losses	0	(6)
Total, fair value	1,170	6,331
Total, unrealized losses	(18)	(58)
State and municipal
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	975	12,680
Less than 12 months, unrealized losses	(13)	(116)
12 months or more, fair value	2,424	0
12 months or more, unrealized losses	(33)	0
Total, fair value	3,399	12,680
Total, unrealized losses	(46)	(116)
CLO Securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	2,576	151,572
Less than 12 months, unrealized losses	(13)	(3,407)
12 months or more, fair value	42,735	19,439
12 months or more, unrealized losses	(317)	(811)
Total, fair value	45,311	171,011
Total, unrealized losses	(330)	(4,218)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	0	261
Less than 12 months, unrealized losses	0	(8)
12 months or more, fair value	0	0
12 months or more, unrealized losses	0	0
Total, fair value	0	261
Total, unrealized losses	0	(8)
SBA pooled securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	216	1,262
Less than 12 months, unrealized losses	(9)	(111)
12 months or more, fair value	1,059	0
12 months or more, unrealized losses	(82)	0
Total, fair value	1,275	1,262
Total, unrealized losses	$ (91)	$ (111)

Earnings Per Share - Factors Used in Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic
Net income to common stockholders	$ 37,875	$ 99,105	$ 109,768
Weighted average common shares outstanding (in shares)	23,208,086	24,393,954	24,736,713
Basic earnings per common share (in dollars per share)	$ 1.63	$ 4.06	$ 4.44
Diluted
Net income to common stockholders	$ 37,875	$ 99,105	$ 109,768
Weighted average common shares outstanding (in shares)	23,208,086	24,393,954	24,736,713
Dilutive effects of:
Average shares and dilutive potential common shares (in shares)	23,562,377	25,023,568	25,252,052
Diluted earnings per common share (in dollars per share)	$ 1.61	$ 3.96	$ 4.35
Stock options
Dilutive effects of:
Stock based compensation (in shares)	78,679	90,841	130,198
Restricted stock awards
Dilutive effects of:
Stock based compensation (in shares)	98,408	148,630	170,276
Restricted stock units
Dilutive effects of:
Stock based compensation (in shares)	91,454	98,139	76,049
Performance stock units - market based
Dilutive effects of:
Stock based compensation (in shares)	84,869	122,123	136,199
Performance stock units - performance based
Dilutive effects of:
Stock based compensation (in shares)	0	167,187	0
Employee stock purchase plan
Dilutive effects of:
Stock based compensation (in shares)	881	2,694	2,617

Parent Company Only Condensed Financial Information - Condensed Parent Company Only Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Income Statements, Captions [Line Items]
Interest income	$ 422,421	$ 419,239	$ 387,555
Interest expense	(54,342)	(18,747)	(18,425)
Credit loss (expense) benefit	(12,203)	(6,925)	8,830
Other income			54,501
Salaries and employee benefits expense	(210,607)	(201,487)	(173,951)
Other expense	(34,068)	(33,146)	(29,568)
Income tax (expense) benefit	(11,734)	(34,693)	(31,980)
Net income	41,081	102,311	112,974
Dividends on preferred stock	(3,206)	(3,206)	(3,206)
Net income available to common stockholders	37,875	99,105	109,768
Comprehensive income attributable to Parent	45,055	87,377	115,189
Parent Company
Condensed Income Statements, Captions [Line Items]
Interest income	175	174	100
Interest expense	(9,702)	(7,874)	(8,220)
Credit loss (expense) benefit	(746)	(362)	(56)
Other income	134	80	53
Salaries and employee benefits expense	(639)	(729)	(618)
Other expense	(3,378)	(2,701)	(2,379)
Income (loss) before income tax and income from subsidiaries	(14,156)	(11,412)	(11,120)
Income tax (expense) benefit	2,944	2,150	2,202
Dividends from subsidiaries and equity in undistributed subsidiary income	52,293	111,573	121,892
Net income	41,081	102,311	112,974
Dividends on preferred stock	(3,206)	(3,206)	(3,206)
Net income available to common stockholders	37,875	99,105	109,768
Comprehensive income attributable to Parent	$ 45,055	$ 87,377	$ 115,189

Parent Company Only Condensed Financial Information - Condensed Parent Company Only Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 286,635	$ 408,182
Securities - held to maturity	2,977	4,077
Other assets	188,600	145,380
Total assets	5,347,334	5,333,783
LIABILITIES AND EQUITY
Subordinated notes	108,678	107,800
Junior subordinated debentures	41,740	41,158
Total liabilities	4,482,934	4,444,812
Stockholders' equity	864,400	888,971	$ 858,864	$ 726,781
Total liabilities and stockholders' equity	5,347,334	5,333,783
Parent Company
ASSETS
Cash and cash equivalents	44,029	92,338
Securities - held to maturity	2,977	4,077
Investment in bank subsidiary	969,894	943,084
Investment in non-bank subsidiaries	193	194
Other assets	2,930	4,568
Total assets	1,020,023	1,044,261
LIABILITIES AND EQUITY
Subordinated notes	108,678	107,800
Junior subordinated debentures	41,740	41,158
Intercompany payables	346	365
Accrued expenses and other liabilities	4,859	5,967
Total liabilities	155,623	155,290
Stockholders' equity	864,400	888,971
Total liabilities and stockholders' equity	$ 1,020,023	$ 1,044,261

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Summary of Capital Structure

The following summarizes the Company’s capital structure.

Preferred Stock Series C


	December 31,
(Dollars in thousands, except per share amounts)	2023			2022
Shares authorized	51,750			51,750
Shares issued	45,000			45,000
Shares outstanding	45,000			45,000
Par value per share	$	0.01		$	0.01
Liquidation preference per share	$	1,000		$	1,000
Liquidation preference amount	$	45,000		$	45,000
Dividend rate	7.125		%	7.125		%
Dividend payment dates	Quarterly			Quarterly

Common Stock


	December 31,
(Dollars in thousands, except per share amounts)	2023		2022
Shares authorized	50,000,000		50,000,000
Shares issued	28,986,255		28,321,716
Treasury shares	(5,683,841)		(4,268,131)
Shares outstanding	23,302,414		24,053,585
Par value per share	$	0.01	$	0.01

Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets measured at fair value on a recurring basis
Securities available for sale	$ 299,644	$ 254,504
Equity securities with readily determinable fair values	4,488	5,191
Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	299,644	254,504
Equity securities with readily determinable fair values	4,488	5,191
Loans held for sale	1,236	5,641
Indemnification asset	1,497	3,896
Revenue share asset	2,516	5,515
Mortgage-backed securities, residential
Assets measured at fair value on a recurring basis
Securities available for sale	55,839	50,633
Mortgage-backed securities, residential \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	55,839	50,633
Asset-backed securities
Assets measured at fair value on a recurring basis
Securities available for sale	1,170	6,331
Asset-backed securities \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	1,170	6,331
State and municipal
Assets measured at fair value on a recurring basis
Securities available for sale	4,515	13,438
State and municipal \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	4,515	13,438
CLO Securities
Assets measured at fair value on a recurring basis
Securities available for sale	236,291	181,011
CLO Securities \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	236,291	181,011
Corporate bonds
Assets measured at fair value on a recurring basis
Securities available for sale	275	1,263
Corporate bonds \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	275	1,263
SBA pooled securities
Assets measured at fair value on a recurring basis
Securities available for sale	1,554	1,828
SBA pooled securities \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	1,554	1,828
Level 1 \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	0	0
Equity securities with readily determinable fair values	4,488	5,191
Loans held for sale	0	0
Indemnification asset	0	0
Revenue share asset	0	0
Level 1 \| Mortgage-backed securities, residential \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	0	0
Level 1 \| Asset-backed securities \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	0	0
Level 1 \| State and municipal \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	0	0
Level 1 \| CLO Securities \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	0	0
Level 1 \| Corporate bonds \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	0	0
Level 1 \| SBA pooled securities \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	0	0
Level 2 \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	299,644	254,504
Equity securities with readily determinable fair values	0	0
Loans held for sale	1,236	5,641
Indemnification asset	0	0
Revenue share asset	0	0
Level 2 \| Mortgage-backed securities, residential \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	55,839	50,633
Level 2 \| Asset-backed securities \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	1,170	6,331
Level 2 \| State and municipal \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	4,515	13,438
Level 2 \| CLO Securities \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	236,291	181,011
Level 2 \| Corporate bonds \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	275	1,263
Level 2 \| SBA pooled securities \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	1,554	1,828
Level 3 \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	0	0
Equity securities with readily determinable fair values	0	0
Loans held for sale	0	0
Indemnification asset	1,497	3,896
Revenue share asset	2,516	5,515
Level 3 \| Mortgage-backed securities, residential \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	0	0
Level 3 \| Asset-backed securities \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	0	0
Level 3 \| State and municipal \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	0	0
Level 3 \| CLO Securities \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	0	0
Level 3 \| Corporate bonds \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	0	0
Level 3 \| SBA pooled securities \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	$ 0	$ 0