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REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of Payment Segment Revenue (Details) - Payments - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total fee income	$ 5,781	$ 4,089	$ 11,252	$ 7,787
Broker fee income
Disaggregation of Revenue [Line Items]
Total fee income	4,392	2,607	8,507	4,963
Factor fee income
Disaggregation of Revenue [Line Items]
Total fee income	1,296	1,367	2,591	2,643
Other fee income
Disaggregation of Revenue [Line Items]
Total fee income	$ 93	$ 115	$ 154	$ 181

- 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

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible assets consist of the following:


(Dollars in thousands)	June 30, 2024		December 31, 2023
Goodwill	$	233,709	$	233,709


	June 30, 2024						December 31, 2023
(Dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Core deposit intangibles	$	43,578	$	(39,203)	$	4,375	$	43,578	$	(38,084)	$	5,494
Customer relationship intangibles	29,954		(21,537)		8,417		29,954		(19,901)		10,053
Software intangible assets	16,932		(13,052)		3,880		16,932		(10,935)		5,997
Other intangible assets	6,419		(2,148)		4,271		3,498		(1,396)		2,102
	$	96,883	$	(75,940)	$	20,943	$	93,962	$	(70,316)	$	23,646

The changes in goodwill and intangible assets during the three and six months ended June 30, 2024 and 2023 are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Beginning balance	$	257,551	$	265,959	$	257,355	$	265,767

Acquired intangible assets	—		—		2,920		3,042





Amortization of intangibles	(2,869)		(3,001)		(5,593)		(5,851)
Amortization of intangibles included in lease income	(30)		—		(30)		—
Ending balance	$	254,652	$	262,958	$	254,652	$	262,958

STOCK BASED COMPENSATION - Schedule of Fair Value of Stock Options Granted, Weighted-Average Assumptions (Details) - Stock options	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.52%	3.38%
Expected term	6 years 3 months	6 years 3 months
Expected stock price volatility	46.50%	45.65%
Dividend yield	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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of Loans Held for Sale

The following table presents loans held for sale:


(Dollars in thousands)	June 30, 2024		December 31, 2023
1-4 family residential	$	1,875	$	1,230
Commercial	(824)		6
Total loans held for sale	$	1,051	$	1,236

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

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


	June 30, 2024						December 31, 2023
(Dollars in thousands)	Amortized Cost		Unpaid Principal		Difference		Amortized Cost		Unpaid Principal		Difference
Commercial real estate	$	842,342	$	843,323	$	(981)	$	812,704	$	813,623	$	(919)
Construction, land development, land	216,531		216,944		(413)		136,720		137,209		(489)
1-4 family residential	128,508		128,631		(123)		125,916		126,096		(180)
Farmland	58,495		58,639		(144)		63,568		63,728		(160)
Commercial	1,092,280		1,095,214		(2,934)		1,170,365		1,176,243		(5,878)
Factored receivables	1,207,480		1,211,145		(3,665)		1,116,654		1,119,544		(2,890)
Consumer	7,596		7,597		(1)		8,326		8,328		(2)
Mortgage warehouse	735,185		735,185		—		728,847		728,847		—
Total loans held for investment	4,288,417		$	4,296,678	$	(8,261)	4,163,100		$	4,173,618	$	(10,518)
Allowance for credit losses	(39,591)						(35,219)
	$	4,248,826					$	4,127,881

Schedule 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		Charge-offs		Recoveries		Ending Balance
Three months ended June 30, 2024
Commercial real estate	$	5,666	$	(228)	$	—	$	—	$	5,438
Construction, land development, land	2,666		(71)		—		1		2,596
1-4 family residential	979		6		(14)		1		972
Farmland	407		(12)		—		—		395
Commercial	16,560		2,018		(1,237)		31		17,372
Factored receivables	11,192		2,166		(1,774)		344		11,928
Consumer	135		96		(77)		2		156
Mortgage warehouse	641		93		—		—		734
	$	38,246	$	4,068	$	(3,102)	$	379	$	39,591


(Dollars in thousands)	Beginning Balance		Credit Loss Expense		Charge-offs		Recoveries		Ending Balance
Three months ended June 30, 2023
Commercial real estate	$	4,292	$	491	$	—	$	—	$	4,783
Construction, land development, land	1,139		95		—		1		1,235
1-4 family residential	1,004		34		—		8		1,046
Farmland	472		4		—		—		476
Commercial	16,683		1,368		(5,124)		50		12,977
Factored receivables	17,581		1,521		(5,820)		159		13,441
Consumer	185		44		(133)		70		166
Mortgage warehouse	889		(43)		—		—		846
	$	42,245	$	3,514	$	(11,077)	$	288	$	34,970


(Dollars in thousands)	Beginning Balance		Credit Loss Expense		Charge-offs		Recoveries		Ending Balance
Six Months Ended June 30, 2024
Commercial real estate	$	6,030	$	(592)	$	—	$	—	$	5,438
Construction, land development, land	965		1,630		—		1		2,596
1-4 family residential	927		56		(14)		3		972
Farmland	442		(47)		—		—		395
Commercial	14,060		5,069		(1,821)		64		17,372
Factored receivables	11,896		2,722		(3,332)		642		11,928
Consumer	171		133		(194)		46		156
Mortgage warehouse	728		6		—		—		734
	$	35,219	$	8,977	$	(5,361)	$	756	$	39,591


(Dollars in thousands)	Beginning Balance		Credit Loss Expense		Charge-offs		Recoveries		Ending Balance
Six months ended June 30, 2023
Commercial real estate	$	4,459	$	254	$	—	$	70	$	4,783
Construction, land development, land	1,155		78		—		2		1,235
1-4 family residential	838		203		(5)		10		1,046
Farmland	483		(7)		—		—		476
Commercial	15,918		2,315		(5,346)		90		12,977
Factored receivables	19,121		2,071		(8,113)		362		13,441
Consumer	175		65		(271)		197		166
Mortgage warehouse	658		188		—		—		846
	$	42,807	$	5,167	$	(13,735)	$	731	$	34,970

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

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
June 30, 2024
Commercial real estate	$	5,788	$	—	$	—	$	4,505	$	10,293	$	644
Construction, land development, land	306		—		—		—		306		—
1-4 family residential	757		—		—		—		757		97
Farmland	2,763		—		81		73		2,917		—
Commercial	100		—		28,233		18,404		46,737		5,310
Factored receivables	—		36,447		—		—		36,447		6,233
Consumer	—		—		—		159		159		—
Mortgage warehouse	—		—		—		—		—		—
Total	$	9,714	$	36,447	$	28,314	$	23,141	$	97,616	$	12,284


(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

Schedule 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 and Accruing
June 30, 2024
Commercial real estate	$	59	$	—	$	9,289	$	9,348	$	832,994	$	842,342	$	—
Construction, land development, land	—		—		—		—		216,531		216,531		—
1-4 family residential	1,923		354		361		2,638		125,870		128,508		—
Farmland	250		2,238		293		2,781		55,714		58,495		—
Commercial	5,794		9,461		18,846		34,101		1,058,179		1,092,280		—
Factored receivables	18,494		2,642		24,572		45,708		1,161,772		1,207,480		24,572
Consumer	3		10		18		31		7,565		7,596		—
Mortgage warehouse	—		—		—		—		735,185		735,185		—
Total	$	26,523	$	14,705	$	53,379	$	94,607	$	4,193,810	$	4,288,417	$	24,572


(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 and 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	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		—
Total	$	37,659	$	11,946	$	33,464	$	83,069	$	4,080,031	$	4,163,100	$	26,332

Schedule of Amortized Cost Basis of Loans on Nonaccrual Status

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:


	June 30, 2024				December 31, 2023
(Dollars in thousands)	Total Nonaccrual		Nonaccrual With No ACL		Total Nonaccrual		Nonaccrual With No ACL
Commercial real estate	$	10,228	$	8,049	$	2,447	$	190
Construction, land development, land	306		306		—		—
1-4 family residential	757		629		1,178		1,028
Farmland	2,917		2,917		968		968
Commercial	46,736		25,759		40,951		33,188
Factored receivables	—		—		—		—
Consumer	159		159		133		133
Mortgage warehouse	—		—		—		—
	$	61,103	$	37,819	$	45,677	$	35,507

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:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Commercial real estate	$	—	$	—	$	—	$	16
Construction, land development, land	—		—		2		—
1-4 family residential	—		6		1		6
Farmland	13		—		13		22
Commercial	5		1		188		8
Factored receivables	—		—		—		—
Consumer	—		1		—		1
Mortgage warehouse	—		—		—		—
	$	18	$	8	$	204	$	53

Schedule of Nonperforming Loans

The following table presents information regarding nonperforming loans:


(Dollars in thousands)	June 30, 2024		December 31, 2023
Nonaccrual loans	$	61,103	$	45,677
Factored receivables greater than 90 days past due	22,282		23,181
	$	83,385	$	68,858

Schedule of Risk Category of Loans

As of June 30, 2024 and December 31, 2023, 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
June 30, 2024	2024		2023		2022		2021		2020		Prior
Commercial real estate
Pass	$	181,481	$	142,640	$	82,766	$	95,297	$	109,310	$	45,094	$	91,488	$	14	$	748,090
Classified	—		91,381		662		1,544		665		—		—		—		94,252
Total commercial real estate	$	181,481	$	234,021	$	83,428	$	96,841	$	109,975	$	45,094	$	91,488	$	14	$	842,342
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Construction, land development, land
Pass	$	120,327	$	87,171	$	1,125	$	992	$	275	$	2,624	$	3,711	$	—	$	216,225
Classified	306		—		—		—		—		—		—		—		306
Total construction, land development, land	$	120,633	$	87,171	$	1,125	$	992	$	275	$	2,624	$	3,711	$	—	$	216,531
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

1-4 family residential
Pass	$	11,009	$	22,198	$	15,690	$	18,061	$	6,494	$	20,936	$	33,121	$	212	$	127,721
Classified	19		2		—		90		—		419		257		—		787
Total 1-4 family residential	$	11,028	$	22,200	$	15,690	$	18,151	$	6,494	$	21,355	$	33,378	$	212	$	128,508
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	14	$	—	$	14

Farmland
Pass	$	12,424	$	6,585	$	8,806	$	4,678	$	7,560	$	14,038	$	1,392	$	81	$	55,564
Classified	68		184		2,238		—		14		427		—		—		2,931
Total farmland	$	12,492	$	6,769	$	11,044	$	4,678	$	7,574	$	14,465	$	1,392	$	81	$	58,495
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial
Pass	$	201,925	$	177,970	$	135,676	$	44,201	$	29,181	$	10,688	$	430,463	$	884	$	1,030,988
Classified	4,765		29,728		20,861		2,231		3,473		56		178		—		61,292
Total commercial	$	206,690	$	207,698	$	156,537	$	46,432	$	32,654	$	10,744	$	430,641	$	884	$	1,092,280
YTD gross charge-offs	$	—	$	1,242	$	29	$	43	$	490	$	17	$	—	$	—	$	1,821

Factored receivables
Pass	$	1,166,979	$	—	$	—	$	—	$	2,290	$	—	$	—	$	—	$	1,169,269
Classified	18,850		—		—		—		19,361		—		—		—		38,211
Total factored receivables	$	1,185,829	$	—	$	—	$	—	$	21,651	$	—	$	—	$	—	$	1,207,480
YTD gross charge-offs	$	1,774	$	1,558	$	—	$	—	$	—	$	—	$	—	$	—	$	3,332

Consumer
Pass	$	2,415	$	2,300	$	981	$	416	$	254	$	1,053	$	18	$	—	$	7,437
Classified	—		17		—		72		—		52		18		—		159
Total consumer	$	2,415	$	2,317	$	981	$	488	$	254	$	1,105	$	36	$	—	$	7,596
YTD gross charge-offs	$	—	$	175	$	18	$	—	$	—	$	1	$	—	$	—	$	194

Mortgage warehouse
Pass	$	735,185	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	735,185
Classified	—		—		—		—		—		—		—		—		—
Total mortgage warehouse	$	735,185	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	735,185
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total loans
Pass	$	2,431,745	$	438,864	$	245,044	$	163,645	$	155,364	$	94,433	$	560,193	$	1,191	$	4,090,479
Classified	24,008		121,312		23,761		3,937		23,513		954		453		—		197,938
Total loans	$	2,455,753	$	560,176	$	268,805	$	167,582	$	178,877	$	95,387	$	560,646	$	1,191	$	4,288,417
YTD gross charge-offs	$	1,774	$	2,975	$	47	$	43	$	490	$	18	$	14	$	—	$	5,361


													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

Schedule of Loan Modifications

The following tables present the amortized cost basis of loan modifications to borrowers experiencing financial difficulty made during the reporting period:


	Term Extension
	Three Months Ended				Six Months Ended
(Dollars in thousands)	Amortized Cost		% of Portfolio		Amortized Cost		% of Portfolio
June 30, 2024
Commercial real estate	$	194	—	%	$	194	—	%





Consumer	18		0.2	%	18		0.2	%

	$	212	—	%	$	212	—	%

June 30, 2023
Commercial real estate	$	116	—	%	$	116	—	%



Commercial	—		—	%	1,218		0.1	%



	$	116	—	%	$	1,334	—	%


	Term Extension and Rate Reduction
	Three Months Ended June 30, 2024				Six Months Ended June 30, 2024
(Dollars in thousands)	Amortized Cost		% of Portfolio		Amortized Cost		% of Portfolio
Commercial real estate	$	143	—	%	$	143	—	%







	$	161	—	%	$	161	—	%


	Term Extension and Principal Forgiveness
	Three Months Ended				Six Months Ended
(Dollars in thousands)	Amortized Cost		% of Portfolio		Amortized Cost		% of Portfolio
June 30, 2024




Commercial	$	4,128	0.4	%	$	4,128	0.4	%



	$	4,128	0.1	%	$	4,128	0.1	%


	Payment Delay
	Three Months Ended				Six Months Ended
(Dollars in thousands)	Amortized Cost		% of Portfolio		Amortized Cost		% of Portfolio











June 30, 2023
Commercial real estate	$	—	—	%	$	756	0.1	%







	$	—	—	%	$	756	—	%

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


	Term Extension
	Three Months Ended	Six Months Ended
June 30, 2024
Commercial real estate	Modification added a weighted average 0.5 years to the life of the modified loans.	Modification added a weighted average 0.5 years to the life of the modified loans.





Consumer	Modification added a weighted average 6.1 years to the life of the modified loans.	Modification added a weighted average 6.1 years to the life of the modified loans.


June 30, 2023
Commercial real estate	Modification added a weighted average 0.3 years to the life of the modified loans.	Modification added a weighted average 0.3 years to the life of the modified loans.



Commercial	N/A	Modification added a weighted average 0.3 years to the life of the modified loans.

Term Extension and rate Reduction

Three Months Ended

Six Months Ended

June 30, 2024

Commercial real estate

Modification added a weighted average 1.0 year to the life of the modified loans and reduced the weighted average contractual interest rate from 12.5% to 10.0%.


	Term Extension and Principal Forgiveness
	Three Months Ended	Six Months Ended
June 30, 2024




Commercial	Modification added a weighted average 1.8 years to the life of the modified loan and resulted in principal forgiveness totaling $507,000.	Modification added a weighted average 1.8 years to the life of the modified loan and resulted in principal forgiveness totaling 507,000.


	Payment Delay
	Three Months Ended	Six Months Ended










June 30, 2023
Commercial real estate	N/A	Modification provided a weighted average payment delay of 0.5 years.

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


	June 30, 2024
(Dollars in thousands)	Current		Past Due 30-89 Days		Past Due 90 Days or More
Commercial real estate	$	107,095	$	—	$	—



Commercial	20,806		3,559		—

Consumer	18		—		—

	$	127,919	$	3,559	$	—

OFF-BALANCE SHEET LOAN COMMITMENTS - Schedule of Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Unused lines of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed Rate	$ 73,545	$ 53,822
Variable Rate	505,552	527,300
Total	579,097	581,122
Standby letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed Rate	15,224	15,013
Variable Rate	8,060	9,356
Total	23,284	24,369
Commitments to purchase loans
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed Rate	0	0
Variable Rate	17,210	17,125
Total	17,210	17,125
Mortgage warehouse commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed Rate	0	0
Variable Rate	859,228	895,896
Total	$ 859,228	$ 895,896

REGULATORY MATTERS (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Triumph Financial, Inc.
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Total Capital (to Risk Weighted Assets) Actual Amount	$ 828,069	$ 806,667
Total Capital (to Risk Weighted Assets) Actual Ratio	0.165	0.167
Total Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount	$ 401,355	$ 385,370
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	$ 674,558	$ 661,833
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio	0.134	0.137
Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount	$ 301,017	$ 289,027
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	$ 587,516	$ 575,093
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio	0.117	0.119
Common Equity Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount	$ 225,762	$ 216,770
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum	0.045	0.045
Tier 1 Capital (to Average Assets) Actual Amount	$ 674,558	$ 661,833
Tier 1 Capital (to Average Assets) Actual Ratio	0.124	0.126
Tier 1 Capital (to Average Assets) Minimum for Capital Adequacy Purposes Amount	$ 216,501	$ 209,518
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	$ 786,774	$ 758,656
Total Capital (to Risk Weighted Assets) Actual Ratio	0.158	0.159
Total Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount	$ 398,535	$ 382,508
Total Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Ratio	0.080	0.080
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 498,168	$ 478,135
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.100	0.100
Tier 1 Capital (to Risk Weighted Assets) Actual Amount	$ 745,209	$ 725,383
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio	0.150	0.152
Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount	$ 298,901	$ 286,881
Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Ratio	0.060	0.060
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 398,535	$ 382,508
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.080	0.080
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount	$ 745,209	$ 725,383
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio	0.150	0.152
Common Equity Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount	$ 224,176	$ 215,161
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum	0.045	0.045
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 323,809	$ 310,787
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum	0.065	0.065
Tier 1 Capital (to Average Assets) Actual Amount	$ 745,209	$ 725,383
Tier 1 Capital (to Average Assets) Actual Ratio	0.137	0.139
Tier 1 Capital (to Average Assets) Minimum for Capital Adequacy Purposes Amount	$ 216,357	$ 209,406
Tier 1 Capital (to Average Assets) Minimum for Capital Adequacy Purposes Ratio	0.040	0.040
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount	$ 270,447	$ 261,758
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio	0.050	0.050

SECURITIES - Schedule of Gross Realized and Unrealized Gains (Losses) Recognized on Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Unrealized gains (losses) on equity securities held at the reporting date	$ (19)	$ (72)	$ (66)	$ 0
Realized gains (losses) on equity securities sold during the period	0	0	0	18
Gross realized and unrealized gains (losses) recognized on equity securities	$ (19)	$ (72)	$ (66)	$ 18

VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Total held to maturity securities, net of ACL	$ 2,787	$ 2,977
Collateralized Loan Obligation Funds
Variable Interest Entity [Line Items]
Total held to maturity securities, net of ACL	$ 2,787	$ 2,977

- 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

SECURITIES - Schedule of Available-for-Sale Debt Securities in an Unrealized Loss Position with No Allowance (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	$ 38,308	$ 18,094
Less than 12 months, unrealized losses	(577)	(365)
12 months or more, fair value	30,863	79,103
12 months or more, unrealized losses	(5,308)	(4,913)
Total, fair value	69,171	97,197
Total, unrealized losses	(5,885)	(5,278)
Mortgage-backed securities, residential
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	36,508	13,157
Less than 12 months, unrealized losses	(560)	(312)
12 months or more, fair value	27,500	32,885
12 months or more, unrealized losses	(5,117)	(4,481)
Total, fair value	64,008	46,042
Total, unrealized losses	(5,677)	(4,793)
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	1,033	1,170
Less than 12 months, unrealized losses	(2)	(18)
12 months or more, fair value	0	0
12 months or more, unrealized losses	0	0
Total, fair value	1,033	1,170
Total, unrealized losses	(2)	(18)
State and municipal
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	508	975
Less than 12 months, unrealized losses	(7)	(13)
12 months or more, fair value	2,345	2,424
12 months or more, unrealized losses	(93)	(33)
Total, fair value	2,853	3,399
Total, unrealized losses	(100)	(46)
CLO securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	0	2,576
Less than 12 months, unrealized losses	0	(13)
12 months or more, fair value	0	42,735
12 months or more, unrealized losses	0	(317)
Total, fair value	0	45,311
Total, unrealized losses	0	(330)
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	259	0
Less than 12 months, unrealized losses	(8)	0
12 months or more, fair value	0	0
12 months or more, unrealized losses	0	0
Total, fair value	259	0
Total, unrealized losses	(8)	0
SBA pooled securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	0	216
Less than 12 months, unrealized losses	0	(9)
12 months or more, fair value	1,018	1,059
12 months or more, unrealized losses	(98)	(82)
Total, fair value	1,018	1,275
Total, unrealized losses	$ (98)	$ (91)

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Amortized Cost Basis of Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Nonaccrual	$ 61,103	$ 45,677
Nonaccrual With No ACL	37,819	35,507
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Nonaccrual	10,228	2,447
Nonaccrual With No ACL	8,049	190
Construction, land development, land
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Nonaccrual	306	0
Nonaccrual With No ACL	306	0
1-4 family residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Nonaccrual	757	1,178
Nonaccrual With No ACL	629	1,028
Farmland
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Nonaccrual	2,917	968
Nonaccrual With No ACL	2,917	968
Commercial
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Nonaccrual	46,736	40,951
Nonaccrual With No ACL	25,759	33,188
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	159	133
Nonaccrual With No ACL	159	133
Mortgage warehouse
Financing Receivable, Allowance for Credit Loss [Line Items]
Total Nonaccrual	0	0
Nonaccrual With No ACL	$ 0	$ 0

Insider Trading Arrangements - shares	3 Months Ended		6 Months Ended
Insider Trading Arrangements - shares	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	true
Non-Rule 10b5-1 Arrangement Terminated	false
Termination Date	July 11, 2024
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. As of July 11, 2024, all options had been exercised (and the resulting shares of common stock sold) under the Nelson Trading Plan.
Name		Adam D. Nelson
Title		Executive Vice President and General Counsel
Aggregate Available		20,160
Edward J. Schreyer [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement			On May 6, 2024, 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 12,257 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 June 30, 2024, and will cease upon the earlier of January 31, 2025 or the sale of all shares subject to the Schreyer Trading Plan.
Name	Edward J. Schreyer
Title	Executive Vice President and Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 6, 2024
Arrangement Duration	270 days
Aggregate Available	12,257		12,257

STOCKHOLDERS' EQUITY - Narrative (Details) - Accelerated share repurchase - USD ($)	Apr. 28, 2023	Feb. 01, 2023	Nov. 07, 2022
Class of Stock [Line Items]
Amount authorized under stock repurchase program		$ 70,000,000	$ 100,000,000
Shares repurchased into treasury stock (in shares)	247,954	961,373
Stock repurchase program, percent of authorized shares repurchased		80.00%

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: 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 - Schedule of Financial Effect of Loan Modifications (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Commercial real estate \| Term Extension
Financing Receivable, Modified [Line Items]
Weighted average years	6 months	3 months 18 days	6 months	3 months 18 days
Commercial real estate \| Term Extension and Rate Reduction
Financing Receivable, Modified [Line Items]
Weighted average years	1 year		1 year
Commercial real estate \| Term Extension and Rate Reduction \| Maximum
Financing Receivable, Modified [Line Items]
Weighted average contractual interest rate	12.50%		12.50%
Commercial real estate \| Term Extension and Rate Reduction \| Minimum
Financing Receivable, Modified [Line Items]
Weighted average contractual interest rate	10.00%		10.00%
Commercial real estate \| Payment Delay
Financing Receivable, Modified [Line Items]
Weighted average years				6 months
Consumer \| Term Extension
Financing Receivable, Modified [Line Items]
Weighted average years	6 years 1 month 6 days		6 years 1 month 6 days
Commercial \| Term Extension
Financing Receivable, Modified [Line Items]
Weighted average years				3 months 18 days
Commercial \| Term Extension and Principal Forgiveness
Financing Receivable, Modified [Line Items]
Weighted average years	1 year 9 months 18 days		1 year 9 months 18 days
Principal forgiveness	$ 507		$ 507

STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

STOCKHOLDERS' EQUITY

The following summarizes the capital structure of Triumph Financial, Inc.

Preferred Stock Series C


(Dollars in thousands, except per share amounts)	June 30, 2024			December 31, 2023
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


	June 30, 2024		December 31, 2023
Shares authorized	50,000,000		50,000,000
Shares issued	29,083,262		28,986,255
Treasury shares	(5,729,743)		(5,683,841)
Shares outstanding	23,353,519		23,302,414
Par value per share	$	0.01	$	0.01

Stock Repurchase Programs

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.

- 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
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-Publisher FASB
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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 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
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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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/disclosureRef
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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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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCK BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule 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 six months ended June 30, 2024 were as follows:


Nonvested RSAs	Shares	Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2024	122,931	77.14
Granted	—	—
Vested	(73,726)	68.57
Forfeited	(278)	54.52
Nonvested at June 30, 2024	48,927	90.18

Schedule 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 six months ended June 30, 2024 were as follows:


Nonvested RSUs	Shares	Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2024	230,034	63.30
Granted	68,346	71.79
Vested	(64,291)	64.03
Forfeited	(4,510)	54.96
Nonvested at June 30, 2024	229,579	65.79

Schedule 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 six months ended June 30, 2024 were as follows:


Nonvested Market Based PSUs	Shares	Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2024	115,888	$	81.72
Granted	63,720	114.72
Performance adjustment	(2,841)	—
Vested	(8,987)	98.03
Forfeited	—	—
Nonvested at June 30, 2024	167,780	$	93.10

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:


	Six Months Ended June 30,
	2024			2023
Grant date	May 1, 2023			May 1, 2023
Performance period	3.00 years			3.00 years
Stock price	$	72.00		$	51.25
Triumph Financial stock price volatility	42.31		%	49.33		%
Risk-free rate	4.67		%	3.76		%

Schedule of Changes in Company's Stock Options

A summary of the changes in the Company’s stock options under the Omnibus Incentive Plan for the six months ended June 30, 2024 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, 2024	232,994	$	43.40
Granted	47,376	72.00
Exercised	(5,401)	26.71
Forfeited or expired	—	—
Outstanding at June 30, 2024	274,969	$	48.65	6.49	$	9,217

Fully vested shares and shares expected to vest at June 30, 2024	274,969	$	48.65	6.49	$	9,217

Shares exercisable at June 30, 2024	165,998	$	38.37	4.80	$	7,289

Schedule of Information Related to Stock Options

Information related to the stock options for the six months ended June 30, 2024 and 2023 was as follows:


	Six Months Ended June 30,
(Dollars in thousands, except per share amounts)	2024		2023
Aggregate intrinsic value of options exercised	$	289	$	140
Cash received from option exercises, net	144		(52)
Tax benefit realized from option exercises	61		29
Weighted average fair value per share of options granted	$	37.30	$	25.20

Schedule of 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:


	Six Months Ended June 30,
	2024		2023
Risk-free interest rate	4.52	%	3.38	%
Expected term	6.25 years		6.25 years
Expected stock price volatility	46.50	%	45.65	%
Dividend yield	—		—

VARIABLE INTEREST ENTITIES - Schedule of Closed Collateralized Loan Obligation ("CLO") Funds (Details) - Collateralized Loan Obligation Funds - USD ($) $ in Thousands	Jun. 20, 2017	Sep. 22, 2016	Jun. 02, 2016
Trinitas IV
Variable Interest Entity [Line Items]
Offering Amount			$ 406,650
Trinitas V
Variable Interest Entity [Line Items]
Offering Amount		$ 409,000
Trinitas VI
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

SECURITIES - Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Available for Sale Securities, Amortized Cost
Due in one year or less, amortized cost	$ 573
Due from one year to five years, amortized cost	2,153
Due from five years to ten years, amortized cost	46,719
Due after ten years, amortized cost	221,476
Available for sale securities, with single maturity date, amortized cost	270,921
Amortized Cost	344,124	$ 303,553
Available for Sale Securities, Fair Value
Due in one year or less, fair value	572
Due from one year to five years, fair value	2,092
Due from five years to ten years, fair value	46,832
Due after ten years, fair value	222,726
Available for sale securities, with single maturity date, fair value	272,222
Available for Sale Securities, Fair Value	339,661	299,644
Held to Maturity Securities, Amortized Cost
Due in one year or less, amortized cost	0
Due from one year to five years, amortized cost	4,614
Due from five years to ten years, amortized cost	1,335
Due after ten years, amortized cost	0
Held to maturity securities, with single maturity date, amortized cost	5,949
Amortized Cost	5,949
Held to Maturity Securities, Fair Value
Due in one year or less, fair value	0
Due from one year to five years, fair value	2,314
Due from five years to ten years, fair value	1,262
Due after ten years, fair value	0
Held to maturity securities, with single maturity date, fair value	3,576
Held to Maturity Securities, Fair Value	3,576	4,015
Mortgage-backed securities, residential
Available for Sale Securities, Amortized Cost
Available for sale securities, without single maturity date, amortized cost	70,783
Amortized Cost	70,783	60,411
Available for Sale Securities, Fair Value
Securities- held to maturity, net of allowance for credit losses, fair value	65,115
Available for Sale Securities, Fair Value	65,115	55,839
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	1,035
Amortized Cost	1,035	1,188
Available for Sale Securities, Fair Value
Securities- held to maturity, net of allowance for credit losses, fair value	1,033
Available for Sale Securities, Fair Value	1,033	1,170
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	1,385
Amortized Cost	1,385	1,642
Available for Sale Securities, Fair Value
Securities- held to maturity, net of allowance for credit losses, fair value	1,291
Available for Sale Securities, Fair Value	1,291	$ 1,554
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

FAIR VALUE DISCLOSURES - Schedule of Fair Value of Assets Measured on Non-recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	$ 61,574	$ 55,247
Collateral dependent loans \| Commercial real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	1,534	1,480
Collateral dependent loans \| 1-4 family residential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	32	37
Collateral dependent loans \| Commercial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	29,794	20,870
Collateral dependent loans \| Factored receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	30,214	32,860
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	0	0
Level 1 \| Collateral dependent loans \| Commercial real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	0	0
Level 1 \| Collateral dependent loans \| 1-4 family residential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	0	0
Level 1 \| Collateral dependent loans \| Commercial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	0	0
Level 1 \| Collateral dependent loans \| Factored receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	0	0
Level 2 \| Collateral dependent loans \| Commercial real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	0	0
Level 2 \| Collateral dependent loans \| 1-4 family residential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	0	0
Level 2 \| Collateral dependent loans \| Commercial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	0	0
Level 2 \| Collateral dependent loans \| Factored receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	61,574	55,247
Level 3 \| Collateral dependent loans \| Commercial real estate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	1,534	1,480
Level 3 \| Collateral dependent loans \| 1-4 family residential
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	32	37
Level 3 \| Collateral dependent loans \| Commercial
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	29,794	20,870
Level 3 \| Collateral dependent loans \| Factored receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure, nonrecurring	$ 30,214	$ 32,860

BUSINESS SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

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 related to invoice payments. These factored receivables consist of both invoices where we offer a Carrier a quickpay opportunity to receive payment at a discount in advance of the standard payment term for such invoice in exchange for the assignment of such invoice to us and from offering Brokers the ability to settle their invoices with us on an extended term following our payment to their Carriers as an additional liquidity option for such Brokers.

Expenses that are directly attributable to the Company's Banking, Factoring, and Payments segments are allocated as such. The Company continues to make considerable investments in shared services that benefit the entire organization and these expenses are allocated to the Corporate segment. The Company allocates such expenses to the Corporate segment in order for the Company's chief operating decision maker and investors to have clear visibility into the operating performance of each reportable segment.

The Company allocates 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 customer deposit funding in excess of its factored receivables, intersegment interest income is allocated based on the Federal Funds effective rate. Management believes that such intersegment interest allocations appropriately reflect the current interest rate environment.

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. The accounting policies of the segments are substantially the same as those described in the “Summary of Significant Accounting Policies” in Note 1 of the Company’s 2023 Form 10-K.

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. 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 our Factoring segment to our Payments segment to align with TriumphPay's supply chain finance product offerings. Servicing fees are paid by the Payments segment to the Factoring segment for servicing such product. Beginning prospectively on January 1, 2024, the Factoring and Payments segments began paying fees to our Banking segment for the Banking segment's execution of various banking services that benefit those segments. 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.


(Dollars in thousands)
Three months ended June 30, 2024	Banking		Factoring		Payments		Corporate		Consolidated
Total interest income	$	66,900	$	34,307	$	5,721	$	87	$	107,015
Intersegment interest allocations	7,188		(9,198)		2,010		—		—
Total interest expense	16,713		—		—		2,387		19,100
Net interest income (expense)	57,375		25,109		7,731		(2,300)		87,915
Credit loss expense (benefit)	1,961		2,176		(9)		27		4,155
Net interest income after credit loss expense	55,414		22,933		7,740		(2,327)		83,760
Noninterest income	7,599		2,016		5,867		1,685		17,167
Noninterest expense	32,865		20,695		17,070		26,713		97,343
Net intersegment noninterest income (expense)(1)	137		373		(510)		—		—
Net income (loss) before income tax expense	$	30,285	$	4,627	$	(3,973)	$	(27,355)	$	3,584


(Dollars in thousands)
Three months ended June 30, 2023	Banking		Factoring		Payments		Corporate		Consolidated
Total interest income	$	65,624	$	36,368	$	3,451	$	43	$	105,486
Intersegment interest allocations	7,478		(9,358)		1,880		—		—
Total interest expense	11,634		—		—		2,401		14,035
Net interest income (expense)	61,468		27,010		5,331		(2,358)		91,451
Credit loss expense (benefit)	831		1,481		41		290		2,643
Net interest income after credit loss expense	60,637		25,529		5,290		(2,648)		88,808
Noninterest income	6,347		980		4,119		65		11,511
Noninterest expense	31,934		20,218		16,939		21,305		90,396
Net intersegment noninterest income (expense)(1)	—		(97)		97		—		—
Net income (loss) before income tax expense	$	35,050	$	6,194	$	(7,433)	$	(23,888)	$	9,923


(Dollars in thousands)
Six months ended June 30, 2024	Banking		Factoring		Payments		Corporate		Consolidated
Total interest income	$	130,894	$	67,059	$	10,878	$	131	$	208,962
Intersegment interest allocations	13,932		(18,103)		4,171		—		—
Total interest expense	30,217		—		—		4,795		35,012
Net interest income (expense)	114,609		48,956		15,049		(4,664)		173,950
Credit loss expense (benefit)	6,488		3,531		60		(28)		10,051
Net interest income after credit loss expense	108,121		45,425		14,989		(4,636)		163,899
Noninterest income	14,075		4,919		11,410		1,762		32,166
Noninterest expense	63,994		39,388		33,555		50,777		187,714
Net intersegment noninterest income (expense)(1)	258		762		(1,020)		—		—
Net income (loss) before income tax expense	$	58,460	$	11,718	$	(8,176)	$	(53,651)	$	8,351


(Dollars in thousands)
Six months ended June 30, 2023	Banking		Factoring		Payments		Corporate		Consolidated
Total interest income	$	125,350	$	74,525	$	6,198	$	87	$	206,160
Intersegment interest allocations	15,090		(18,512)		3,422		—		—
Total interest expense	16,582		—		—		4,745		21,327
Net interest income (expense)	123,858		56,013		9,620		(4,658)		184,833
Credit loss expense (benefit)	2,754		2,030		41		431		5,256
Net interest income after credit loss expense	121,104		53,983		9,579		(5,089)		179,577
Noninterest income	12,020		2,558		7,826		129		22,533
Noninterest expense	64,174		41,987		32,356		41,160		179,677
Net intersegment noninterest income (expense)(1)	—		(362)		362		—		—
Net income (loss) before income tax expense	$	68,950	$	14,192	$	(14,589)	$	(46,120)	$	22,433

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


(Dollars in thousands)	Banking		Factoring		Payments
Three Months Ended June 30, 2024
Factoring revenue received from Payments	$	—	$	750	$	(750)
Payments revenue received from Factoring	—		(264)		264
Banking revenue received from Payments and Factoring	137		(113)		(24)
Net intersegment noninterest income (expense)	$	137	$	373	$	(510)

Three Months Ended June 30, 2023
Factoring revenue received from Payments	$	—	$	170	$	(170)
Payments revenue received from Factoring	—		(267)		267
Banking revenue received from Payments and Factoring	—		—		—
Net intersegment noninterest income (expense)	$	—	$	(97)	$	97

Six months ended June 30, 2024
Factoring revenue received from Payments	$	—	$	1,500	$	(1,500)
Payments revenue received from Factoring	—		(529)		529
Banking revenue received from Payments and Factoring	258		(209)		(49)
Net intersegment noninterest income (expense)	$	258	$	762	$	(1,020)

Six months ended June 30, 2023
Factoring revenue received from Payments	$	—	$	170	$	(170)
Payments revenue received from Factoring	—		(532)		532
Banking revenue received from Payments and Factoring	—		—		—
Net intersegment noninterest income (expense)	$	—	$	(362)	$	362

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


(Dollars in thousands)
June 30, 2024	Banking		Factoring		Payments		Corporate		Eliminations		Consolidated
Total assets	$	5,252,768	$	1,148,844	$	520,737	$	1,146,291	$	(2,285,306)	$	5,783,334
Gross loans	$	3,671,871	$	1,035,159	$	172,321	$	—	$	(590,934)	$	4,288,417


(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

- 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.

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+ Details

FAIR VALUE DISCLOSURES - Schedule of Estimated Fair Value of Company's Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial assets:
Cash and cash equivalents, carrying amount	$ 500,663	$ 286,635
FHLB and other restricted stock, carrying amount	14,040	14,278
Securities - held to maturity, fair value	3,576	4,015
Financial liabilities:
Federal Home Loan Bank advances, carrying amount	280,000	255,000
Subordinated notes, carrying amount	108,939	108,678
Junior subordinated debentures, carrying amount	42,042	41,740
Carrying Amount
Financial assets:
Cash and cash equivalents, carrying amount	500,663	286,635
Securities - held to maturity, carrying amount	2,787	2,977
Loans not previously presented, gross, carrying amount	4,226,843	4,107,853
FHLB and other restricted stock, carrying amount	14,040	14,278
Accrued interest receivable, carrying amount	37,515	34,597
Financial liabilities:
Deposits, carrying amount	4,392,018	3,977,478
Federal Home Loan Bank advances, carrying amount	280,000	255,000
Subordinated notes, carrying amount	108,939	108,678
Junior subordinated debentures, carrying amount	42,042	41,740
Accrued interest payable, carrying amount	8,054	7,429
Total Fair Value
Financial assets:
Cash and cash equivalents, fair value	500,663	286,635
Securities - held to maturity, fair value	3,576	4,015
Loans not previously presented, gross, fair value	4,166,727	4,049,338
Accrued interest receivable, fair value	37,515	34,597
Financial liabilities:
Deposits, fair value	4,386,008	3,971,391
Federal Home Loan Bank advances, fair value	280,000	255,000
Subordinated notes, fair value	93,909	90,084
Junior subordinated debentures, fair value	43,561	43,072
Accrued interest payable, fair value	8,054	7,429
Level 1
Financial assets:
Cash and cash equivalents, fair value	500,663	286,635
Securities - held to maturity, fair value	0	0
Loans not previously presented, gross, fair value	86,057	105,145
Accrued interest receivable, fair value	37,515	34,597
Financial liabilities:
Deposits, fair value	0	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	8,054	7,429
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	4,386,008	3,971,391
Federal Home Loan Bank advances, fair value	280,000	255,000
Subordinated notes, fair value	93,909	90,084
Junior subordinated debentures, fair value	43,561	43,072
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	3,576	4,015
Loans not previously presented, gross, fair value	4,080,670	3,944,193
Accrued interest receivable, fair value	0	0
Financial liabilities:
Deposits, fair value	0	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

BUSINESS SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information


(Dollars in thousands)
Three months ended June 30, 2024	Banking		Factoring		Payments		Corporate		Consolidated
Total interest income	$	66,900	$	34,307	$	5,721	$	87	$	107,015
Intersegment interest allocations	7,188		(9,198)		2,010		—		—
Total interest expense	16,713		—		—		2,387		19,100
Net interest income (expense)	57,375		25,109		7,731		(2,300)		87,915
Credit loss expense (benefit)	1,961		2,176		(9)		27		4,155
Net interest income after credit loss expense	55,414		22,933		7,740		(2,327)		83,760
Noninterest income	7,599		2,016		5,867		1,685		17,167
Noninterest expense	32,865		20,695		17,070		26,713		97,343
Net intersegment noninterest income (expense)(1)	137		373		(510)		—		—
Net income (loss) before income tax expense	$	30,285	$	4,627	$	(3,973)	$	(27,355)	$	3,584


(Dollars in thousands)
Three months ended June 30, 2023	Banking		Factoring		Payments		Corporate		Consolidated
Total interest income	$	65,624	$	36,368	$	3,451	$	43	$	105,486
Intersegment interest allocations	7,478		(9,358)		1,880		—		—
Total interest expense	11,634		—		—		2,401		14,035
Net interest income (expense)	61,468		27,010		5,331		(2,358)		91,451
Credit loss expense (benefit)	831		1,481		41		290		2,643
Net interest income after credit loss expense	60,637		25,529		5,290		(2,648)		88,808
Noninterest income	6,347		980		4,119		65		11,511
Noninterest expense	31,934		20,218		16,939		21,305		90,396
Net intersegment noninterest income (expense)(1)	—		(97)		97		—		—
Net income (loss) before income tax expense	$	35,050	$	6,194	$	(7,433)	$	(23,888)	$	9,923


(Dollars in thousands)
Six months ended June 30, 2024	Banking		Factoring		Payments		Corporate		Consolidated
Total interest income	$	130,894	$	67,059	$	10,878	$	131	$	208,962
Intersegment interest allocations	13,932		(18,103)		4,171		—		—
Total interest expense	30,217		—		—		4,795		35,012
Net interest income (expense)	114,609		48,956		15,049		(4,664)		173,950
Credit loss expense (benefit)	6,488		3,531		60		(28)		10,051
Net interest income after credit loss expense	108,121		45,425		14,989		(4,636)		163,899
Noninterest income	14,075		4,919		11,410		1,762		32,166
Noninterest expense	63,994		39,388		33,555		50,777		187,714
Net intersegment noninterest income (expense)(1)	258		762		(1,020)		—		—
Net income (loss) before income tax expense	$	58,460	$	11,718	$	(8,176)	$	(53,651)	$	8,351


(Dollars in thousands)
Six months ended June 30, 2023	Banking		Factoring		Payments		Corporate		Consolidated
Total interest income	$	125,350	$	74,525	$	6,198	$	87	$	206,160
Intersegment interest allocations	15,090		(18,512)		3,422		—		—
Total interest expense	16,582		—		—		4,745		21,327
Net interest income (expense)	123,858		56,013		9,620		(4,658)		184,833
Credit loss expense (benefit)	2,754		2,030		41		431		5,256
Net interest income after credit loss expense	121,104		53,983		9,579		(5,089)		179,577
Noninterest income	12,020		2,558		7,826		129		22,533
Noninterest expense	64,174		41,987		32,356		41,160		179,677
Net intersegment noninterest income (expense)(1)	—		(362)		362		—		—
Net income (loss) before income tax expense	$	68,950	$	14,192	$	(14,589)	$	(46,120)	$	22,433

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


(Dollars in thousands)	Banking		Factoring		Payments
Three Months Ended June 30, 2024
Factoring revenue received from Payments	$	—	$	750	$	(750)
Payments revenue received from Factoring	—		(264)		264
Banking revenue received from Payments and Factoring	137		(113)		(24)
Net intersegment noninterest income (expense)	$	137	$	373	$	(510)

Three Months Ended June 30, 2023
Factoring revenue received from Payments	$	—	$	170	$	(170)
Payments revenue received from Factoring	—		(267)		267
Banking revenue received from Payments and Factoring	—		—		—
Net intersegment noninterest income (expense)	$	—	$	(97)	$	97

Six months ended June 30, 2024
Factoring revenue received from Payments	$	—	$	1,500	$	(1,500)
Payments revenue received from Factoring	—		(529)		529
Banking revenue received from Payments and Factoring	258		(209)		(49)
Net intersegment noninterest income (expense)	$	258	$	762	$	(1,020)

Six months ended June 30, 2023
Factoring revenue received from Payments	$	—	$	170	$	(170)
Payments revenue received from Factoring	—		(532)		532
Banking revenue received from Payments and Factoring	—		—		—
Net intersegment noninterest income (expense)	$	—	$	(362)	$	362

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


(Dollars in thousands)
June 30, 2024	Banking		Factoring		Payments		Corporate		Eliminations		Consolidated
Total assets	$	5,252,768	$	1,148,844	$	520,737	$	1,146,291	$	(2,285,306)	$	5,783,334
Gross loans	$	3,671,871	$	1,035,159	$	172,321	$	—	$	(590,934)	$	4,288,417


(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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 2,747	$ 4,158	$ 7,650	$ 11,010	$ 6,905	$ 18,660

- 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
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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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 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

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

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


(Dollars in thousands)	Fair Value Measurements Using						Total Fair Value
June 30, 2024	Level 1		Level 2		Level 3
Assets measured at fair value on a recurring basis
Securities available for sale
Mortgage-backed securities, residential	$	—	$	65,115	$	—	$	65,115
Asset-backed securities	—		1,033		—		1,033
State and municipal	—		3,390		—		3,390
CLO securities	—		268,573		—		268,573
Corporate bonds	—		259		—		259
SBA pooled securities	—		1,291		—		1,291
	$	—	$	339,661	$	—	$	339,661

Equity securities with readily determinable fair values
Mutual fund	$	4,422	$	—	$	—	$	4,422

Loans held for sale	$	—	$	1,051	$	—	$	1,051

Indemnification asset	$	—	$	—	$	1,088	$	1,088

Revenue share asset	$	—	$	—	$	2,789	$	2,789


(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

Schedule of Reconciliation of Opening Balance to Closing Balance of Fair Value of Contingent Consideration, Assets

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


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Beginning balance	$	1,292	$	3,691	$	1,497	$	3,896
Indemnification asset recognized in business combination	—		—		—		—
Change in fair value of indemnification asset recognized in earnings	(204)		(121)		(409)		(326)
Indemnification reduction	—		(1,665)		—		(1,665)
Ending balance	$	1,088	$	1,905	$	1,088	$	1,905

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


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Beginning balance	$	2,689	$	4,532	$	2,516	$	5,515
Revenue share asset recognized	—		—		—		—
Change in fair value of revenue share asset recognized in earnings	407		(1,169)		879		(1,789)
Revenue share payments received	(307)		(310)		(606)		(673)
Ending balance	$	2,789	$	3,053	$	2,789	$	3,053

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

Assets measured at 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 June 30, 2024 and December 31, 2023.


(Dollars in thousands)	Fair Value Measurements Using						Total Fair Value
June 30, 2024	Level 1		Level 2		Level 3
Collateral dependent loans
Commercial real estate	$	—	$	—	$	1,534	$	1,534
1-4 family residential	—		—		32		32
Commercial	—		—		29,794		29,794
Factored receivables	—		—		30,214		30,214



	$	—	$	—	$	61,574	$	61,574


(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

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 at June 30, 2024 and December 31, 2023 were as follows:


(Dollars in thousands)	Carrying Amount		Fair Value Measurements Using						Total Fair Value
June 30, 2024			Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	500,663	$	500,663	$	—	$	—	$	500,663
Securities - held to maturity	2,787		—		—		3,576		3,576
Loans not previously presented, gross	4,226,843		86,057		—		4,080,670		4,166,727
FHLB and other restricted stock	14,040		N/A		N/A		N/A		N/A
Accrued interest receivable	37,515		37,515		—		—		37,515

Financial liabilities:
Deposits	4,392,018		—		4,386,008		—		4,386,008

Federal Home Loan Bank advances	280,000		—		280,000		—		280,000
Subordinated notes	108,939		—		93,909		—		93,909
Junior subordinated debentures	42,042		—		43,561		—		43,561
Accrued interest payable	8,054		8,054		—		—		8,054


(Dollars in thousands)	Carrying Amount		Fair Value Measurements Using						Total Fair Value
December 31, 2023			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

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Jun. 30, 2024 segment
Accounting Policies [Abstract]
Number of reportable segments	4

REGULATORY MATTERS (Tables)

6 Months Ended

Jun. 30, 2024

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.


(Dollars in thousands)	Actual			Minimum for Capital Adequacy Purposes			To Be Well Capitalized Under Prompt Corrective Action Provisions
June 30, 2024	Amount		Ratio	Amount		Ratio	Amount		Ratio
Total capital (to risk weighted assets)
Triumph Financial, Inc.	$	828,069	16.5%	$	401,355	8.0%	N/A		N/A
TBK Bank, SSB	$	786,774	15.8%	$	398,535	8.0%	$	498,168	10.0%

Tier 1 capital (to risk weighted assets)
Triumph Financial, Inc.	$	674,558	13.4%	$	301,017	6.0%	N/A		N/A
TBK Bank, SSB	$	745,209	15.0%	$	298,901	6.0%	$	398,535	8.0%

Common equity Tier 1 capital (to risk weighted assets)
Triumph Financial, Inc.	$	587,516	11.7%	$	225,762	4.5%	N/A		N/A
TBK Bank, SSB	$	745,209	15.0%	$	224,176	4.5%	$	323,809	6.5%

Tier 1 capital (to average assets)
Triumph Financial, Inc.	$	674,558	12.4%	$	216,501	4.0%	N/A		N/A
TBK Bank, SSB	$	745,209	13.7%	$	216,357	4.0%	$	270,447	5.0%

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%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2024
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. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission (“SEC”). Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary for a fair presentation. Transactions between the subsidiaries have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Operating Segments The Company’s reportable segments are comprised of strategic business units primarily based upon industry categories and, to a lesser extent, the core competencies relating to product origination, distribution methods, operations and servicing. Segment determination also considers organizational structure and is consistent with the presentation of financial information to the chief operating decision maker to evaluate segment performance, develop strategy, and allocate resources. The Company's chief operating decision maker is the Chief Executive Officer of Triumph Financial, Inc. Management has determined that the Company has four reportable segments consisting of Banking, Factoring, Payments, and Corporate. The Banking segment includes the operations of TBK Bank. The Banking segment derives its revenue principally from investments in interest-earning assets as well as noninterest income typical for the banking industry. The Factoring segment includes the operations of Triumph Financial Services with revenue derived from factoring services. The Payments segment includes the operations of the TBK Bank's TriumphPay division, which is the payments network for presentment, audit, and payment of over-the-road trucking invoices. The Payments segment derives its revenue from transaction fees and interest income on factored receivables related to invoice payments. These factored receivables consist of (i) invoices where we offer a carrier a quickpay opportunity to receive payment at a discount in advance of the standard payment term for such invoice in exchange for the assignment of such invoice to us, (ii) offering freight brokers the ability to settle their invoices with us on an extended term following our payment to their carriers as an additional liquidity option for such freight brokers, and (iii) factoring transactions where we purchase receivables payable to such freight brokers from their shipper clients. The Corporate segment includes holding company financing and investment activities as well as management and administrative expenses that support the overall operations of the Company such as human resources, accounting, finance, risk management and information technology expense. For further discussion of management's operating segments and allocation methodology, see Note 15 – Business Segment Information. Adoption of New Accounting Standards In March 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-02, "Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures" ("ASU 2022-02"). ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings ("TDRs") in ASC 310-40, "Receivables - Troubled Debt Restructurings by Creditors" for entities that have adopted the current expected credit loss ("CECL") model introduced by ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (ASU 2016-13"). ASU 2022-02 also requires that public business entities disclose current-period gross charge-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, "Financial Instruments—Credit Losses—Measured at Amortized Cost". The Company adopted ASU 2022-02 effective January 1, 2023 on a prospective basis. Adoption of ASU 2022-02 did not have a material impact on the Company's consolidated financial statements. Newly Issued, But Not Yet Effective Accounting Standards In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 Requires public entities to disclose significant segment expenses, an amount and description for other segment items, the title and position of the entity’s chief operating decision maker ("CODM") and an explanation of how the CODM uses the reported measures of profit or loss to assess segment performance, and, on an interim basis, certain segment related disclosures that previously were required only on an annual basis. ASU 2023-07 also clarifies that entities with a single reportable segment are subject to both new and existing segment reporting requirements and that an entity is permitted to disclose multiple measures of segment profit or loss, provided that certain criteria are met. ASU 2023-07 is effective for the Company for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company will update its segment related disclosures upon adoption. In December 2023, the FASB issued Accounting Standards Update 2023-09, “Income Taxes (Topic 740), Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 requires public entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if items meet a quantitative threshold. ASU 2023-09 also requires all entities to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold, among other things. ASU 2023-09 is effective for the Company for fiscal years beginning after December 15, 2024 with early adoption permitted. The Company will update its income tax disclosures upon adoption.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and due from banks	$ 76,251	$ 93,072
Interest bearing deposits with other banks	424,412	193,563
Total cash and cash equivalents	500,663	286,635
Securities - equity investments with readily determinable fair values	4,422	4,488
Securities - available for sale	339,661	299,644
Securities - held to maturity, net of allowance for credit losses of $3,162 and $3,190, respectively, fair value of $3,576 and $4,015, respectively	2,787	2,977
Loans held for sale	1,051	1,236
Loans, net of allowance for credit losses of $39,591 and $35,219, respectively	4,248,826	4,127,881
Federal Home Loan Bank and other restricted stock	14,040	14,278
Premises and equipment, net	159,588	113,457
Capitalized software, net	30,582	22,365
Goodwill	233,709	233,709
Intangible assets, net	20,943	23,646
Bank-owned life insurance	42,225	41,946
Deferred tax asset, net	6,641	8,800
Other assets	178,196	166,272
Total assets	5,783,334	5,347,334
Deposits
Noninterest bearing	1,689,531	1,632,022
Interest bearing	2,702,487	2,345,456
Total deposits	4,392,018	3,977,478
Federal Home Loan Bank advances	280,000	255,000
Subordinated notes	108,939	108,678
Junior subordinated debentures	42,042	41,740
Other liabilities	86,086	100,038
Total liabilities	4,909,085	4,482,934
Commitments and contingencies - See Note 6 and Note 7
Stockholders' equity - See Note 10
Preferred stock	45,000	45,000
Common stock, 23,353,519 and 23,302,414 shares outstanding, respectively	291	290
Additional paid-in-capital	559,072	550,743
Treasury stock, at cost	(268,352)	(265,038)
Retained earnings	541,633	536,331
Accumulated other comprehensive income (loss)	(3,395)	(2,926)
Total stockholders’ equity	874,249	864,400
Total liabilities and stockholders' equity	$ 5,783,334	$ 5,347,334

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Amortized Cost and Unpaid Principal for Loans Held for Investment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized Cost	$ 4,288,417	$ 4,163,100
Unpaid Principal	4,296,678	4,173,618
Difference	(8,261)	(10,518)
Allowance for credit losses	(39,591)	(35,219)
Loans, net	4,248,826	4,127,881
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized Cost	842,342	812,704
Unpaid Principal	843,323	813,623
Difference	(981)	(919)
Construction, land development, land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized Cost	216,531	136,720
Unpaid Principal	216,944	137,209
Difference	(413)	(489)
1-4 family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized Cost	128,508	125,916
Unpaid Principal	128,631	126,096
Difference	(123)	(180)
Farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized Cost	58,495	63,568
Unpaid Principal	58,639	63,728
Difference	(144)	(160)
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized Cost	1,092,280	1,170,365
Unpaid Principal	1,095,214	1,176,243
Difference	(2,934)	(5,878)
Factored receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized Cost	1,207,480	1,116,654
Unpaid Principal	1,211,145	1,119,544
Difference	(3,665)	(2,890)
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized Cost	7,596	8,326
Unpaid Principal	7,597	8,328
Difference	(1)	(2)
Mortgage warehouse
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized Cost	735,185	728,847
Unpaid Principal	735,185	728,847
Difference	$ 0	$ 0

STOCK BASED COMPENSATION - Schedule of Changes in Company's Nonvested Restricted Stock Awards (Details) - Restricted Stock Awards (RSAs)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Shares
Beginning balance (in shares) \| shares	122,931
Granted (in shares) \| shares	0
Vested (in shares) \| shares	(73,726)
Forfeited (in shares) \| shares	(278)
Ending balance (in shares) \| shares	48,927
Weighted-Average Grant-Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 77.14
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	68.57
Forfeited (in dollars per share) \| $ / shares	54.52
Ending balance (in dollars per share) \| $ / shares	$ 90.18

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Accrued Interest on Non Accrual Loans Reversed Through Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest reversed through interest income	$ 18	$ 8	$ 204	$ 53
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest reversed through interest income	0	0	0	16
Construction, land development, land
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest reversed through interest income	0	0	2	0
1-4 family residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest reversed through interest income	0	6	1	6
Farmland
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest reversed through interest income	13	0	13	22
Commercial
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest reversed through interest income	5	1	188	8
Factored receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest reversed through interest income	0	0	0	0
Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest reversed through interest income	0	1	0	1
Mortgage warehouse
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest reversed through interest income	$ 0	$ 0	$ 0	$ 0

FAIR VALUE DISCLOSURES - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets measured at fair value on a recurring basis
Securities available for sale	$ 339,661	$ 299,644
Equity securities with readily determinable fair values	4,422	4,488
Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	339,661	299,644
Equity securities with readily determinable fair values	4,422	4,488
Loans held for sale	1,051	1,236
Indemnification asset	1,088	1,497
Revenue share asset	2,789	2,516
Mortgage-backed securities, residential
Assets measured at fair value on a recurring basis
Securities available for sale	65,115	55,839
Mortgage-backed securities, residential \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	65,115	55,839
Asset-backed securities
Assets measured at fair value on a recurring basis
Securities available for sale	1,033	1,170
Asset-backed securities \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	1,033	1,170
State and municipal
Assets measured at fair value on a recurring basis
Securities available for sale	3,390	4,515
State and municipal \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	3,390	4,515
CLO securities
Assets measured at fair value on a recurring basis
Securities available for sale	268,573	236,291
CLO securities \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	268,573	236,291
Corporate bonds
Assets measured at fair value on a recurring basis
Securities available for sale	259	275
Corporate bonds \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	259	275
SBA pooled securities
Assets measured at fair value on a recurring basis
Securities available for sale	1,291	1,554
SBA pooled securities \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	1,291	1,554
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	4,422	4,488
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	339,661	299,644
Equity securities with readily determinable fair values	0	0
Loans held for sale	1,051	1,236
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	65,115	55,839
Level 2 \| Asset-backed securities \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	1,033	1,170
Level 2 \| State and municipal \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	3,390	4,515
Level 2 \| CLO securities \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	268,573	236,291
Level 2 \| Corporate bonds \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	259	275
Level 2 \| SBA pooled securities \| Fair Value, Measurements, Recurring
Assets measured at fair value on a recurring basis
Securities available for sale	1,291	1,554
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	1,088	1,497
Revenue share asset	2,789	2,516
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

Securities - Gross Realized and Unrealized Gains (Losses) on Equity Securities without Readily Determinable Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Unrealized gains (losses) on equity securities still held at the reporting date	$ 0	$ 0	$ 0	$ 0
Realized gains (losses) on equity securities sold during the period	534	0	534	0
Equity securities without readily determinable fair value, upward price adjustment, annual amount	$ 534	$ 0	$ 534	$ 0

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Amortized Cost Basis of Loan Modifications (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Term Extension
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 212	$ 116	$ 212	$ 1,334
% of Portfolio	0.00%	0.00%	0.00%	0.00%
Term Extension and Rate Reduction
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 161		$ 161
% of Portfolio	0.00%		0.00%
Term Extension and Principal Forgiveness
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 4,128		$ 4,128
% of Portfolio	0.10%		0.10%
Payment Delay
Financing Receivable, Modified [Line Items]
Amortized Cost		$ 0		$ 756
% of Portfolio		0.00%		0.00%
Commercial real estate \| Term Extension
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 194	$ 116	$ 194	$ 116
% of Portfolio	0.00%	0.00%	0.00%	0.00%
Commercial real estate \| Term Extension and Rate Reduction
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 143		$ 143
% of Portfolio	0.00%		0.00%
Commercial real estate \| Payment Delay
Financing Receivable, Modified [Line Items]
Amortized Cost		$ 0		$ 756
% of Portfolio		0.00%		0.10%
Consumer \| Term Extension
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 18		$ 18
% of Portfolio	0.20%		0.20%
Commercial \| Term Extension
Financing Receivable, Modified [Line Items]
Amortized Cost		$ 0		$ 1,218
% of Portfolio		0.00%		0.10%
Commercial \| Term Extension and Principal Forgiveness
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 4,128		$ 4,128
% of Portfolio	0.40%		0.40%

STOCKHOLDERS' EQUITY - Schedule of Capital Structure (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Shares authorized (in shares)	50,000,000	50,000,000
Shares issued (in shares)	29,083,262	28,986,255
Treasury shares (in shares)	(5,729,743)	(5,683,841)
Shares outstanding (in shares)	23,353,519	23,302,414
Par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock Series C
Class of Stock [Line Items]
Shares authorized (in shares)	51,750	51,750
Shares issued (in shares)	45,000	45,000
Shares outstanding (in shares)	45,000	45,000
Par value per share (in dollars per share)	$ 0.01	$ 0.01
Liquidation preference per share (in dollars per share)	$ 1,000	$ 1,000
Liquidation preference amount	$ 45,000,000	$ 45,000,000
Dividend rate	7.125%	7.125%

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Analysis Performed Risk Category Loans (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	$ 2,455,753	$ 2,588,343
Financing receivable, year one, originated, fiscal year before current fiscal year, gross charge-offs	1,774	6,106
Financing receivable, year two, originated, fiscal year before current fiscal year	560,176	402,096
Financing receivable, year two, originated, fiscal year before current fiscal year, gross charge-offs	2,975	6,937
Financing receivable, year three, originated, two years before current fiscal year	268,805	212,272
Financing receivable, year three, originated, two years before current fiscal year, gross charge-offs	47	4,505
Financing receivable, year four, originated, three years before current fiscal year	167,582	222,863
Financing receivable, year four, originated, three years before current fiscal year, gross charge-offs	43	3,832
Financing receivable, year five, originated, four years before current fiscal year	178,877	48,890
Financing receivable, year five, originated, four years before current fiscal year, gross charge-offs	490	44
Prior	95,387	87,361
Prior, gross charge-offs	18	53
Revolving Loans	560,646	600,417
Revolving loans, gross charge-offs	14	0
Revolving Loans Converted To Term Loans	1,191	858
Revolving loans converted to term loans, gross charge-offs	0	0
Amortized Cost	4,288,417	4,163,100
Charge-offs	5,361	21,477
Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	2,431,745	2,449,634
Financing receivable, year two, originated, fiscal year before current fiscal year	438,864	381,989
Financing receivable, year three, originated, two years before current fiscal year	245,044	204,998
Financing receivable, year four, originated, three years before current fiscal year	163,645	199,176
Financing receivable, year five, originated, four years before current fiscal year	155,364	48,703
Prior	94,433	86,456
Revolving Loans	560,193	600,200
Revolving Loans Converted To Term Loans	1,191	858
Amortized Cost	4,090,479	3,972,014
Classified
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	24,008	138,709
Financing receivable, year two, originated, fiscal year before current fiscal year	121,312	20,107
Financing receivable, year three, originated, two years before current fiscal year	23,761	7,274
Financing receivable, year four, originated, three years before current fiscal year	3,937	23,687
Financing receivable, year five, originated, four years before current fiscal year	23,513	187
Prior	954	905
Revolving Loans	453	217
Revolving Loans Converted To Term Loans	0	0
Amortized Cost	197,938	191,086
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	181,481	335,844
Financing receivable, year one, originated, fiscal year before current fiscal year, gross charge-offs	0	108
Financing receivable, year two, originated, fiscal year before current fiscal year	234,021	119,834
Financing receivable, year two, originated, fiscal year before current fiscal year, gross charge-offs	0	0
Financing receivable, year three, originated, two years before current fiscal year	83,428	100,114
Financing receivable, year three, originated, two years before current fiscal year, gross charge-offs	0	0
Financing receivable, year four, originated, three years before current fiscal year	96,841	117,094
Financing receivable, year four, originated, three years before current fiscal year, gross charge-offs	0	0
Financing receivable, year five, originated, four years before current fiscal year	109,975	16,388
Financing receivable, year five, originated, four years before current fiscal year, gross charge-offs	0	0
Prior	45,094	34,724
Prior, gross charge-offs	0	0
Revolving Loans	91,488	88,547
Revolving loans, gross charge-offs	0	0
Revolving Loans Converted To Term Loans	14	159
Revolving loans converted to term loans, gross charge-offs	0	0
Amortized Cost	842,342	812,704
Charge-offs	0	108
Commercial real estate \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	181,481	244,388
Financing receivable, year two, originated, fiscal year before current fiscal year	142,640	119,169
Financing receivable, year three, originated, two years before current fiscal year	82,766	98,484
Financing receivable, year four, originated, three years before current fiscal year	95,297	116,078
Financing receivable, year five, originated, four years before current fiscal year	109,310	16,351
Prior	45,094	34,724
Revolving Loans	91,488	88,547
Revolving Loans Converted To Term Loans	14	159
Amortized Cost	748,090	717,900
Commercial real estate \| Classified
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	0	91,456
Financing receivable, year two, originated, fiscal year before current fiscal year	91,381	665
Financing receivable, year three, originated, two years before current fiscal year	662	1,630
Financing receivable, year four, originated, three years before current fiscal year	1,544	1,016
Financing receivable, year five, originated, four years before current fiscal year	665	37
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted To Term Loans	0	0
Amortized Cost	94,252	94,804
Construction, land development, land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	120,633	91,557
Financing receivable, year one, originated, fiscal year before current fiscal year, gross charge-offs	0	0
Financing receivable, year two, originated, fiscal year before current fiscal year	87,171	34,683
Financing receivable, year two, originated, fiscal year before current fiscal year, gross charge-offs	0	0
Financing receivable, year three, originated, two years before current fiscal year	1,125	1,668
Financing receivable, year three, originated, two years before current fiscal year, gross charge-offs	0	0
Financing receivable, year four, originated, three years before current fiscal year	992	2,996
Financing receivable, year four, originated, three years before current fiscal year, gross charge-offs	0	0
Financing receivable, year five, originated, four years before current fiscal year	275	2,928
Financing receivable, year five, originated, four years before current fiscal year, gross charge-offs	0	0
Prior	2,624	276
Prior, gross charge-offs	0	0
Revolving Loans	3,711	2,612
Revolving loans, gross charge-offs	0	0
Revolving Loans Converted To Term Loans	0	0
Revolving loans converted to term loans, gross charge-offs	0	0
Amortized Cost	216,531	136,720
Charge-offs	0	0
Construction, land development, land \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	120,327	91,557
Financing receivable, year two, originated, fiscal year before current fiscal year	87,171	34,683
Financing receivable, year three, originated, two years before current fiscal year	1,125	1,668
Financing receivable, year four, originated, three years before current fiscal year	992	2,996
Financing receivable, year five, originated, four years before current fiscal year	275	2,928
Prior	2,624	276
Revolving Loans	3,711	2,612
Revolving Loans Converted To Term Loans	0	0
Amortized Cost	216,225	136,720
Construction, land development, land \| Classified
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	306	0
Financing receivable, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, year three, originated, two years before current fiscal year	0	0
Financing receivable, year four, originated, three years before current fiscal year	0	0
Financing receivable, year five, originated, four years before current fiscal year	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted To Term Loans	0	0
Amortized Cost	306	0
1-4 family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	11,028	22,933
Financing receivable, year one, originated, fiscal year before current fiscal year, gross charge-offs	0	5
Financing receivable, year two, originated, fiscal year before current fiscal year	22,200	16,337
Financing receivable, year two, originated, fiscal year before current fiscal year, gross charge-offs	0	0
Financing receivable, year three, originated, two years before current fiscal year	15,690	19,641
Financing receivable, year three, originated, two years before current fiscal year, gross charge-offs	0	0
Financing receivable, year four, originated, three years before current fiscal year	18,151	7,229
Financing receivable, year four, originated, three years before current fiscal year, gross charge-offs	0	0
Financing receivable, year five, originated, four years before current fiscal year	6,494	2,502
Financing receivable, year five, originated, four years before current fiscal year, gross charge-offs	0	0
Prior	21,355	21,540
Prior, gross charge-offs	0	0
Revolving Loans	33,378	35,560
Revolving loans, gross charge-offs	14	0
Revolving Loans Converted To Term Loans	212	174
Revolving loans converted to term loans, gross charge-offs	0	0
Amortized Cost	128,508	125,916
Charge-offs	14	5
1-4 family residential \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	11,009	22,637
Financing receivable, year two, originated, fiscal year before current fiscal year	22,198	16,336
Financing receivable, year three, originated, two years before current fiscal year	15,690	19,542
Financing receivable, year four, originated, three years before current fiscal year	18,061	7,229
Financing receivable, year five, originated, four years before current fiscal year	6,494	2,462
Prior	20,936	20,950
Revolving Loans	33,121	35,373
Revolving Loans Converted To Term Loans	212	174
Amortized Cost	127,721	124,703
1-4 family residential \| Classified
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	19	296
Financing receivable, year two, originated, fiscal year before current fiscal year	2	1
Financing receivable, year three, originated, two years before current fiscal year	0	99
Financing receivable, year four, originated, three years before current fiscal year	90	0
Financing receivable, year five, originated, four years before current fiscal year	0	40
Prior	419	590
Revolving Loans	257	187
Revolving Loans Converted To Term Loans	0	0
Amortized Cost	787	1,213
Farmland
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	12,492	13,817
Financing receivable, year one, originated, fiscal year before current fiscal year, gross charge-offs	0	0
Financing receivable, year two, originated, fiscal year before current fiscal year	6,769	13,628
Financing receivable, year two, originated, fiscal year before current fiscal year, gross charge-offs	0	0
Financing receivable, year three, originated, two years before current fiscal year	11,044	5,586
Financing receivable, year three, originated, two years before current fiscal year, gross charge-offs	0	0
Financing receivable, year four, originated, three years before current fiscal year	4,678	7,894
Financing receivable, year four, originated, three years before current fiscal year, gross charge-offs	0	0
Financing receivable, year five, originated, four years before current fiscal year	7,574	2,382
Financing receivable, year five, originated, four years before current fiscal year, gross charge-offs	0	0
Prior	14,465	18,747
Prior, gross charge-offs	0	0
Revolving Loans	1,392	1,359
Revolving loans, gross charge-offs	0	0
Revolving Loans Converted To Term Loans	81	155
Revolving loans converted to term loans, gross charge-offs	0	0
Amortized Cost	58,495	63,568
Charge-offs	0	0
Farmland \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	12,424	13,140
Financing receivable, year two, originated, fiscal year before current fiscal year	6,585	13,628
Financing receivable, year three, originated, two years before current fiscal year	8,806	5,586
Financing receivable, year four, originated, three years before current fiscal year	4,678	7,876
Financing receivable, year five, originated, four years before current fiscal year	7,560	2,296
Prior	14,038	18,542
Revolving Loans	1,392	1,359
Revolving Loans Converted To Term Loans	81	155
Amortized Cost	55,564	62,582
Farmland \| Classified
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	68	677
Financing receivable, year two, originated, fiscal year before current fiscal year	184	0
Financing receivable, year three, originated, two years before current fiscal year	2,238	0
Financing receivable, year four, originated, three years before current fiscal year	0	18
Financing receivable, year five, originated, four years before current fiscal year	14	86
Prior	427	205
Revolving Loans	0	0
Revolving Loans Converted To Term Loans	0	0
Amortized Cost	2,931	986
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	206,690	297,043
Financing receivable, year one, originated, fiscal year before current fiscal year, gross charge-offs	0	100
Financing receivable, year two, originated, fiscal year before current fiscal year	207,698	216,172
Financing receivable, year two, originated, fiscal year before current fiscal year, gross charge-offs	1,242	4,619
Financing receivable, year three, originated, two years before current fiscal year	156,537	84,587
Financing receivable, year three, originated, two years before current fiscal year, gross charge-offs	29	4,493
Financing receivable, year four, originated, three years before current fiscal year	46,432	64,731
Financing receivable, year four, originated, three years before current fiscal year, gross charge-offs	43	499
Financing receivable, year five, originated, four years before current fiscal year	32,654	24,607
Financing receivable, year five, originated, four years before current fiscal year, gross charge-offs	490	44
Prior	10,744	10,556
Prior, gross charge-offs	17	49
Revolving Loans	430,641	472,299
Revolving loans, gross charge-offs	0	0
Revolving Loans Converted To Term Loans	884	370
Revolving loans converted to term loans, gross charge-offs	0	0
Amortized Cost	1,092,280	1,170,365
Charge-offs	1,821	9,804
Commercial \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	201,925	269,496
Financing receivable, year two, originated, fiscal year before current fiscal year	177,970	196,731
Financing receivable, year three, originated, two years before current fiscal year	135,676	79,125
Financing receivable, year four, originated, three years before current fiscal year	44,201	61,440
Financing receivable, year five, originated, four years before current fiscal year	29,181	24,583
Prior	10,688	10,476
Revolving Loans	430,463	472,269
Revolving Loans Converted To Term Loans	884	370
Amortized Cost	1,030,988	1,114,490
Commercial \| Classified
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	4,765	27,547
Financing receivable, year two, originated, fiscal year before current fiscal year	29,728	19,441
Financing receivable, year three, originated, two years before current fiscal year	20,861	5,462
Financing receivable, year four, originated, three years before current fiscal year	2,231	3,291
Financing receivable, year five, originated, four years before current fiscal year	3,473	24
Prior	56	80
Revolving Loans	178	30
Revolving Loans Converted To Term Loans	0	0
Amortized Cost	61,292	55,875
Factored receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	1,185,829	1,094,142
Financing receivable, year one, originated, fiscal year before current fiscal year, gross charge-offs	1,774	5,374
Financing receivable, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, year two, originated, fiscal year before current fiscal year, gross charge-offs	1,558	2,293
Financing receivable, year three, originated, two years before current fiscal year	0	0
Financing receivable, year three, originated, two years before current fiscal year, gross charge-offs	0	0
Financing receivable, year four, originated, three years before current fiscal year	0	22,512
Financing receivable, year four, originated, three years before current fiscal year, gross charge-offs	0	3,330
Financing receivable, year five, originated, four years before current fiscal year	21,651	0
Financing receivable, year five, originated, four years before current fiscal year, gross charge-offs	0	0
Prior	0	0
Prior, gross charge-offs	0	0
Revolving Loans	0	0
Revolving loans, gross charge-offs	0	0
Revolving Loans Converted To Term Loans	0	0
Revolving loans converted to term loans, gross charge-offs	0	0
Amortized Cost	1,207,480	1,116,654
Charge-offs	3,332	10,997
Factored receivables \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	1,166,979	1,075,428
Financing receivable, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, year three, originated, two years before current fiscal year	0	0
Financing receivable, year four, originated, three years before current fiscal year	0	3,151
Financing receivable, year five, originated, four years before current fiscal year	2,290	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted To Term Loans	0	0
Amortized Cost	1,169,269	1,078,579
Factored receivables \| Classified
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	18,850	18,714
Financing receivable, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, year three, originated, two years before current fiscal year	0	0
Financing receivable, year four, originated, three years before current fiscal year	0	19,361
Financing receivable, year five, originated, four years before current fiscal year	19,361	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted To Term Loans	0	0
Amortized Cost	38,211	38,075
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	2,415	4,160
Financing receivable, year one, originated, fiscal year before current fiscal year, gross charge-offs	0	519
Financing receivable, year two, originated, fiscal year before current fiscal year	2,317	1,442
Financing receivable, year two, originated, fiscal year before current fiscal year, gross charge-offs	175	25
Financing receivable, year three, originated, two years before current fiscal year	981	676
Financing receivable, year three, originated, two years before current fiscal year, gross charge-offs	18	12
Financing receivable, year four, originated, three years before current fiscal year	488	407
Financing receivable, year four, originated, three years before current fiscal year, gross charge-offs	0	3
Financing receivable, year five, originated, four years before current fiscal year	254	83
Financing receivable, year five, originated, four years before current fiscal year, gross charge-offs	0	0
Prior	1,105	1,518
Prior, gross charge-offs	1	4
Revolving Loans	36	40
Revolving loans, gross charge-offs	0	0
Revolving Loans Converted To Term Loans	0	0
Revolving loans converted to term loans, gross charge-offs	0	0
Amortized Cost	7,596	8,326
Charge-offs	194	563
Consumer \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	2,415	4,141
Financing receivable, year two, originated, fiscal year before current fiscal year	2,300	1,442
Financing receivable, year three, originated, two years before current fiscal year	981	593
Financing receivable, year four, originated, three years before current fiscal year	416	406
Financing receivable, year five, originated, four years before current fiscal year	254	83
Prior	1,053	1,488
Revolving Loans	18	40
Revolving Loans Converted To Term Loans	0	0
Amortized Cost	7,437	8,193
Consumer \| Classified
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	0	19
Financing receivable, year two, originated, fiscal year before current fiscal year	17	0
Financing receivable, year three, originated, two years before current fiscal year	0	83
Financing receivable, year four, originated, three years before current fiscal year	72	1
Financing receivable, year five, originated, four years before current fiscal year	0	0
Prior	52	30
Revolving Loans	18	0
Revolving Loans Converted To Term Loans	0	0
Amortized Cost	159	133
Mortgage warehouse
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	735,185	728,847
Financing receivable, year one, originated, fiscal year before current fiscal year, gross charge-offs	0	0
Financing receivable, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, year two, originated, fiscal year before current fiscal year, gross charge-offs	0	0
Financing receivable, year three, originated, two years before current fiscal year	0	0
Financing receivable, year three, originated, two years before current fiscal year, gross charge-offs	0	0
Financing receivable, year four, originated, three years before current fiscal year	0	0
Financing receivable, year four, originated, three years before current fiscal year, gross charge-offs	0	0
Financing receivable, year five, originated, four years before current fiscal year	0	0
Financing receivable, year five, originated, four years before current fiscal year, gross charge-offs	0	0
Prior	0	0
Prior, gross charge-offs	0	0
Revolving Loans	0	0
Revolving loans, gross charge-offs	0	0
Revolving Loans Converted To Term Loans	0	0
Revolving loans converted to term loans, gross charge-offs	0	0
Amortized Cost	735,185	728,847
Charge-offs	0	0
Mortgage warehouse \| Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	735,185	728,847
Financing receivable, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, year three, originated, two years before current fiscal year	0	0
Financing receivable, year four, originated, three years before current fiscal year	0	0
Financing receivable, year five, originated, four years before current fiscal year	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted To Term Loans	0	0
Amortized Cost	735,185	728,847
Mortgage warehouse \| Classified
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, year one, originated, current fiscal year	0	0
Financing receivable, year two, originated, fiscal year before current fiscal year	0	0
Financing receivable, year three, originated, two years before current fiscal year	0	0
Financing receivable, year four, originated, three years before current fiscal year	0	0
Financing receivable, year five, originated, four years before current fiscal year	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted To Term Loans	0	0
Amortized Cost	$ 0	$ 0

LESSOR OPERATING LEASES

6 Months Ended

Jun. 30, 2024

Lessor Disclosure [Abstract]

LESSOR OPERATING LEASES

The table below shows the Company's revenue from operating leases, which is included in non-interest income in the Company's consolidated statements of income.


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Fixed payments	$	1,095	$	—	$	1,095	$	—
Variable payments	553		—		553		—
Amortization of intangibles included in lease income	(30)		—		(30)		$	—
Total fee income	$	1,618	$	—	$	1,618	$	—

SECURITIES - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
SECURITIES - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($) security	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) security investment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) investment
Debt and Equity Securities, FV-NI [Line Items]
Equity securities with readily determinable fair values	$ 4,422		$ 4,422		$ 4,488
Equity securities without readily determinable fair values, carrying amount	78,688		78,688		75,977
Accrued interest on available for sale securities	$ 4,021		$ 4,021		$ 3,789
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Other assets		Other assets		Other assets
Debt securities, available-for-sale, accrued interest writeoff	$ 0	$ 0	$ 0	$ 0
Number of securities in an unrealized loss position \| security	92		92
Unrealized losses recognized			$ 0
Number of investments \| investment			3		3
Debt securities, held-to-maturity, nonaccrual	$ 4,615		$ 4,615
Trax Group, Inc.
Debt and Equity Securities, FV-NI [Line Items]
Equity securities without readily determinable fair values, carrying amount	9,700		9,700
Warehouse Solutions Inc.
Debt and Equity Securities, FV-NI [Line Items]
Equity securities without readily determinable fair values, carrying amount	38,088		38,088
Asset Pledged as Collateral
Debt and Equity Securities, FV-NI [Line Items]
Debt securities	$ 29,754		$ 29,754		$ 42,445

OFF-BALANCE SHEET LOAN COMMITMENTS - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Allowance for credit losses on off-balance sheet credit exposure	$ 3,940	$ 2,838

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Capital Structure

The following summarizes the capital structure of Triumph Financial, Inc.

Preferred Stock Series C


(Dollars in thousands, except per share amounts)	June 30, 2024			December 31, 2023
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


	June 30, 2024		December 31, 2023
Shares authorized	50,000,000		50,000,000
Shares issued	29,083,262		28,986,255
Treasury shares	(5,729,743)		(5,683,841)
Shares outstanding	23,353,519		23,302,414
Par value per share	$	0.01	$	0.01

OFF-BALANCE SHEET LOAN COMMITMENTS

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

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:


	June 30, 2024						December 31, 2023
(Dollars in thousands)	Fixed Rate		Variable Rate		Total		Fixed Rate		Variable Rate		Total
Unused lines of credit	$	73,545	$	505,552	$	579,097	$	53,822	$	527,300	$	581,122
Standby letters of credit	$	15,224	$	8,060	$	23,284	$	15,013	$	9,356	$	24,369
Commitments to purchase loans	$	—	$	17,210	$	17,210	$	—	$	17,125	$	17,125
Mortgage warehouse commitments	$	—	$	859,228	$	859,228	$	—	$	895,896	$	895,896

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 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 June 30, 2024 and December 31, 2023, the allowance for credit losses on off-balance sheet credit exposures totaled $3,940,000 and $2,838,000, 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:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Credit loss expense (benefit)	$	60	$	(1,162)	$	1,102	$	(343)

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The factors used in the earnings per share computation follow:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Basic
Net income to common stockholders	$	1,945	$	6,848	$	5,302	$	17,057
Weighted average common shares outstanding	23,274,089		23,138,835		23,237,674		23,249,668
Basic earnings per common share	$	0.08	$	0.30	$	0.23	$	0.73
Diluted
Net income to common stockholders	$	1,945	$	6,848	$	5,302	$	17,057
Weighted average common shares outstanding	23,274,089		23,138,835		23,237,674		23,249,668
Dilutive effects of:
Assumed exercises of stock options	86,645		71,658		86,905		73,884
Restricted stock awards	60,614		90,645		81,499		113,930
Restricted stock units	118,919		65,909		128,243		91,878
Performance stock units - market based	121,907		87,360		120,176		104,203

Employee stock purchase program	2,931		1,064		2,426		780
Average shares and dilutive potential common shares	23,665,105		23,455,471		23,656,923		23,634,343
Diluted earnings per common share	$	0.08	$	0.29	$	0.22	$	0.72

Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Stock options	77,520	107,309	61,644	107,309
Restricted stock awards	—	4,232	—	4,232
Restricted stock units	7,500	11,250	7,500	11,250
Performance stock units - market based	55,677	42,056	27,836	42,056

Employee stock purchase program	—	—	—	—

STOCK BASED COMPENSATION - Schedule of Changes in Company's Nonvested Restricted Stock Units (Details) - Restricted stock units	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Shares
Beginning balance (in shares) \| shares	230,034
Granted (in shares) \| shares	68,346
Vested (in shares) \| shares	(64,291)
Forfeited (in shares) \| shares	(4,510)
Ending balance (in shares) \| shares	229,579
Weighted-Average Grant-Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 63.30
Granted (in dollars per share) \| $ / shares	71.79
Vested (in dollars per share) \| $ / shares	64.03
Forfeited (in dollars per share) \| $ / shares	54.96
Ending balance (in dollars per share) \| $ / shares	$ 65.79

EARNINGS PER SHARE - Schedule of Shares not Considered in Computing Diluted Earnings per Common Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	77,520	107,309	61,644	107,309
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	4,232	0	4,232
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	7,500	11,250	7,500	11,250
Performance stock units - market based
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	55,677	42,056	27,836	42,056
Employee stock purchase program
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	0	0	0	0

REVENUE FROM CONTRACTS WITH CUSTOMERS

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

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 June 30, 2024 and 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 $281,000 and $1,033,000, respectively, at June 30, 2024 and $394,000 and $505,000, respectively, at December 31, 2023. 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 six months ended June 30, 2024 and 2023.

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.


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Broker fee income	$	4,392	$	2,607	$	8,507	$	4,963
Factor fee income	1,296		1,367		2,591		2,643
Other fee income	93		115		154		$	181
Total fee income	$	5,781	$	4,089	$	11,252	$	7,787

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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

SECURITIES - Schedule of Proceeds from Sales of Debt Securities and the Associated Gross Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Proceeds	$ 0	$ 4,000	$ 0	$ 4,000
Gross gains	0	0	0	0
Gross losses	0	0	0	0
Net gains and losses from calls of securities	$ 0	$ 0	$ 0	$ 0

GOODWILL AND INTANGIBLE ASSETS - Schedule of Changes in Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill [Roll Forward]
Beginning balance	$ 257,551	$ 265,959	$ 257,355	$ 265,767
Acquired intangible assets	0	0	2,920	3,042
Amortization of intangibles	(2,869)	(3,001)	(5,593)	(5,851)
Amortization of intangibles included in lease income	(30)	0	(30)	0
Ending balance	$ 254,652	$ 262,958	$ 254,652	$ 262,958

STOCK BASED COMPENSATION

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

STOCK BASED COMPENSATION

Stock based compensation expense that has been charged against income was $3,439,000 and $3,320,000 for the three months ended June 30, 2024 and 2023, respectively, and $7,066,000 and $6,201,000 for the six months ended June 30, 2024 and 2023, 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 maximum 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 six months ended June 30, 2024 were as follows:


Nonvested RSAs	Shares	Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2024	122,931	77.14
Granted	—	—
Vested	(73,726)	68.57
Forfeited	(278)	54.52
Nonvested at June 30, 2024	48,927	90.18

RSAs granted to employees under the Omnibus Incentive Plan typically vest immediately or over four years. Compensation expense for the RSAs will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. As of June 30, 2024, there was $852,000 of unrecognized compensation cost related to the nonvested RSAs. The cost is expected to be recognized over a remaining period of 0.92 years.

Restricted Stock Units

A summary of changes in the Company’s nonvested Restricted Stock Units (“RSUs”) under the Omnibus Incentive Plan for the six months ended June 30, 2024 were as follows:


Nonvested RSUs	Shares	Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2024	230,034	63.30
Granted	68,346	71.79
Vested	(64,291)	64.03
Forfeited	(4,510)	54.96
Nonvested at June 30, 2024	229,579	65.79

RSUs granted to employees under the Omnibus Incentive Plan typically vest over four years. 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 June 30, 2024, there was $9,040,000 of unrecognized compensation cost related to the nonvested RSUs. The cost is expected to be recognized over a remaining period of 2.97 years.

Market Based Performance Stock Units


Nonvested Market Based PSUs	Shares	Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2024	115,888	$	81.72
Granted	63,720	114.72
Performance adjustment	(2,841)	—
Vested	(8,987)	98.03
Forfeited	—	—
Nonvested at June 30, 2024	167,780	$	93.10

Market Based PSUs granted to employees under the Omnibus Incentive Plan vest after three 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 and 2024 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. 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 dates.

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


	Six Months Ended June 30,
	2024			2023
Grant date	May 1, 2023			May 1, 2023
Performance period	3.00 years			3.00 years
Stock price	$	72.00		$	51.25
Triumph Financial stock price volatility	42.31		%	49.33		%
Risk-free rate	4.67		%	3.76		%

As of June 30, 2024, there was $11,165,000 of unrecognized compensation cost related to the nonvested Market Based PSUs. The cost is expected to be recognized over a remaining period of 2.42 years.

Stock Options

A summary of the changes in the Company’s stock options under the Omnibus Incentive Plan for the six months ended June 30, 2024 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, 2024	232,994	$	43.40
Granted	47,376	72.00
Exercised	(5,401)	26.71
Forfeited or expired	—	—
Outstanding at June 30, 2024	274,969	$	48.65	6.49	$	9,217

Fully vested shares and shares expected to vest at June 30, 2024	274,969	$	48.65	6.49	$	9,217

Shares exercisable at June 30, 2024	165,998	$	38.37	4.80	$	7,289

Information related to the stock options for the six months ended June 30, 2024 and 2023 was as follows:


	Six Months Ended June 30,
(Dollars in thousands, except per share amounts)	2024		2023
Aggregate intrinsic value of options exercised	$	289	$	140
Cash received from option exercises, net	144		(52)
Tax benefit realized from option exercises	61		29
Weighted average fair value per share of options granted	$	37.30	$	25.20

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 year contractual terms. The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. Expected volatilities are determined based on the Company’s historical volatility. The expected term of the options granted is 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 is derived from the Treasury constant maturity yield curve on the valuation date.

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


	Six Months Ended June 30,
	2024		2023
Risk-free interest rate	4.52	%	3.38	%
Expected term	6.25 years		6.25 years
Expected stock price volatility	46.50	%	45.65	%
Dividend yield	—		—

As of June 30, 2024, there was $2,352,000 of unrecognized compensation cost related to nonvested stock options granted under the Omnibus Incentive Plan. The cost is expected to be recognized over a remaining period of 3.23 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 six months ended June 30, 2024 and 2023, 18,328 shares and 21,057 shares, respectively, were issued under the plan.

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance			$ 35,219
Credit Loss Expense	$ 4,155	$ 2,643	10,051	$ 5,256
Charge-offs			(5,361)		$ (21,477)
Ending Balance	39,591		39,591		35,219
Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	38,246	42,245	35,219	42,807	42,807
Credit Loss Expense	4,068	3,514	8,977	5,167
Charge-offs	(3,102)	(11,077)	(5,361)	(13,735)
Recoveries	379	288	756	731
Ending Balance	39,591	34,970	39,591	34,970	35,219
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Charge-offs			0		(108)
Commercial real estate \| Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	5,666	4,292	6,030	4,459	4,459
Credit Loss Expense	(228)	491	(592)	254
Charge-offs	0	0	0	0
Recoveries	0	0	0	70
Ending Balance	5,438	4,783	5,438	4,783	6,030
Construction, land development, land
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Charge-offs			0		0
Construction, land development, land \| Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	2,666	1,139	965	1,155	1,155
Credit Loss Expense	(71)	95	1,630	78
Charge-offs	0	0	0	0
Recoveries	1	1	1	2
Ending Balance	2,596	1,235	2,596	1,235	965
1-4 family residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Charge-offs			(14)		(5)
1-4 family residential \| Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	979	1,004	927	838	838
Credit Loss Expense	6	34	56	203
Charge-offs	(14)	0	(14)	(5)
Recoveries	1	8	3	10
Ending Balance	972	1,046	972	1,046	927
Farmland
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Charge-offs			0		0
Farmland \| Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	407	472	442	483	483
Credit Loss Expense	(12)	4	(47)	(7)
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending Balance	395	476	395	476	442
Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Charge-offs			(1,821)		(9,804)
Commercial \| Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	16,560	16,683	14,060	15,918	15,918
Credit Loss Expense	2,018	1,368	5,069	2,315
Charge-offs	(1,237)	(5,124)	(1,821)	(5,346)
Recoveries	31	50	64	90
Ending Balance	17,372	12,977	17,372	12,977	14,060
Factored receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Charge-offs			(3,332)		(10,997)
Factored receivables \| Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	11,192	17,581	11,896	19,121	19,121
Credit Loss Expense	2,166	1,521	2,722	2,071
Charge-offs	(1,774)	(5,820)	(3,332)	(8,113)
Recoveries	344	159	642	362
Ending Balance	11,928	13,441	11,928	13,441	11,896
Consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Charge-offs			(194)		(563)
Consumer \| Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	135	185	171	175	175
Credit Loss Expense	96	44	133	65
Charge-offs	(77)	(133)	(194)	(271)
Recoveries	2	70	46	197
Ending Balance	156	166	156	166	171
Mortgage warehouse
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Charge-offs			0		0
Mortgage warehouse \| Loans Held for Investment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	641	889	728	658	658
Credit Loss Expense	93	(43)	6	188
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending Balance	$ 734	$ 846	$ 734	$ 846	$ 728

SECURITIES - Schedule of Activity in Allowance for Credit Losses for Held To Maturity Debt Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Held to Maturity CLO Securities
Beginning balance	$ 3,135	$ 2,585	$ 3,190	$ 2,444
Credit loss expense	27	291	(28)	432
Allowance for credit losses ending balance	$ 3,162	$ 2,876	$ 3,162	$ 2,876

SECURITIES

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

SECURITIES

Equity Securities With Readily Determinable Fair Values

The Company held equity securities with readily determinable fair values of $4,422,000 and $4,488,000 at June 30, 2024 and December 31, 2023, respectively. The gross realized and unrealized gains and losses recognized on equity securities with readily determinable fair values in noninterest income in the Company’s consolidated statements of income were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Unrealized gains (losses) on equity securities held at the reporting date	$	(19)	$	(72)	$	(66)	$	—
Realized gains (losses) on equity securities sold during the period	—		—		—		18
	$	(19)	$	(72)	$	(66)	$	18

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)	June 30, 2024		December 31, 2023
Equity Securities without readily determinable fair value, at cost	$	68,525	$	65,814
Upward adjustments based on observable price changes, cumulative	10,163		10,163
Equity Securities without readily determinable fair value, carrying value	$	78,688	$	75,977

Equity securities without readily determinable fair values include Federal Home Loan Bank and other restricted stock, which are reported separately in the Company's consolidated balance sheets. Equity securities without readily determinable fair values also include the Company's investments in the common stock of Trax Group, Inc. and Warehouse Solutions Inc., with carrying amounts of $9,700,000 and $38,088,000, respectively, at June 30, 2024. Both investments have been allocated to our Payments segment and 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:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Unrealized gains (losses) on equity securities still held at the reporting date	$	—	$	—	$	—	$	—
Realized gains (losses) on equity securities sold during the period	534		—		534		—
	$	534	$	—	$	534	$	—

Management monitors its equity securities without readily determinable fair values for observable transactions in similar equity instruments as well as indicators of impairment either of which would require it to mark such equity securities to fair value. No such transactions or indicators of impairment were detected during the three and six months ended June 30, 2024.

Debt Securities

Debt securities have been classified in the financial statements as available for sale or held to maturity. The following table summarizes the amortized cost, fair value, and allowance for credit losses of debt securities and the corresponding amounts of gross unrealized gains and losses of available for sale securities recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses of held to maturity securities:


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
June 30, 2024
Available for sale securities:
Mortgage-backed securities, residential	$	70,783	$	9	$	(5,677)	$	—	$	65,115
Asset-backed securities	1,035		—		(2)		—		1,033
State and municipal	3,490		—		(100)		—		3,390
CLO securities	267,164		1,409		—		—		268,573
Corporate bonds	267		—		(8)		—		259
SBA pooled securities	1,385		4		(98)		—		1,291
Total available for sale securities	$	344,124	$	1,422	$	(5,885)	$	—	$	339,661


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrecognized Losses		Fair Value
June 30, 2024
Held to maturity securities:
CLO securities	$	5,949	$	—	$	(2,373)	$	3,576
Allowance for credit losses	(3,162)
Total held to maturity securities, net of ACL	$	2,787


(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 Unrealized Gains		Gross Unrecognized Losses		Fair Value
December 31, 2023
Held to maturity securities:
CLO securities	$	6,167	$	30	$	(2,182)	$	4,015
Allowance for credit losses	(3,190)
Total held to maturity securities, net of ACL	$	2,977

The amortized cost and estimated fair value of securities at June 30, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Available for Sale Securities				Held to Maturity Securities
(Dollars in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	573	$	572	$	—	$	—
Due from one year to five years	2,153		2,092		4,614		2,314
Due from five years to ten years	46,719		46,832		1,335		1,262
Due after ten years	221,476		222,726		—		—
	270,921		272,222		5,949		3,576
Mortgage-backed securities, residential	70,783		65,115		—		—
Asset-backed securities	1,035		1,033		—		—
SBA pooled securities	1,385		1,291		—		—
	$	344,124	$	339,661	$	5,949	$	3,576

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


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Proceeds	$	—	$	4,000	$	—	$	4,000
Gross gains	—		—		—		—
Gross losses	—		—		—		—
Net gains and losses from calls of securities	—		—		—		—

Debt securities with a carrying amount of approximately $29,754,000 and $42,445,000 at June 30, 2024 and December 31, 2023, respectively, were pledged to secure public deposits, customer repurchase agreements, and for other purposes required or permitted by law.

Accrued interest on available for sale securities totaled $4,021,000 and $3,789,000 at June 30, 2024 and December 31, 2023, respectively, and was included in other assets on the Company's consolidated balance sheets. There was no accrued interest related to debt securities reversed against interest income for the three and six months ended June 30, 2024 and 2023.

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
June 30, 2024
Available for sale securities:
Mortgage-backed securities, residential	$	36,508	$	(560)	$	27,500	$	(5,117)	$	64,008	$	(5,677)
Asset-backed securities	1,033		(2)		—		—		1,033		(2)
State and municipal	508		(7)		2,345		(93)		2,853		(100)
CLO securities	—		—		—		—		—		—
Corporate bonds	259		(8)		—		—		259		(8)
SBA pooled securities	—		—		1,018		(98)		1,018		(98)
	$	38,308	$	(577)	$	30,863	$	(5,308)	$	69,171	$	(5,885)


	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)
	$	18,094	$	(365)	$	79,103	$	(4,913)	$	97,197	$	(5,278)

Management evaluates available for sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

At June 30, 2024, the Company had 92 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 June 30, 2024, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions, and therefore the Company carried no allowance for credit losses on available for sale debt securities at June 30, 2024.

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


(Dollars in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
Held to Maturity CLO Securities	2024		2023		2024		2023
Allowance for credit losses:
Beginning balance	$	3,135	$	2,585	$	3,190	$	2,444
Credit loss expense	27		291		(28)		432
Allowance for credit losses ending balance	$	3,162	$	2,876	$	3,162	$	2,876

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 June 30, 2024 and December 31, 2023, the Company’s held to maturity securities consisted of three investments in the subordinated notes of collateralized loan obligation (“CLO”) funds. Expected credit losses for these securities are estimated using a discounted cash flow methodology which considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Ultimately, the realized cash flows on CLO 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. At June 30, 2024, $4,615,000 of the Company’s held to maturity securities were classified as nonaccrual.

STOCK BASED COMPENSATION - Schedule of Fair Value of Market Based Performance Stock Units, Weighted Average Assumptions (Details) - Performance stock units - market based - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years	3 years
Stock price (in dollars per share)	$ 72.00	$ 51.25
Triumph Financial stock price volatility	42.31%	49.33%
Risk-free rate	4.67%	3.76%

- 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

OFF-BALANCE SHEET LOAN COMMITMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Financial Instruments with Off-Balance Sheet Risk

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


	June 30, 2024						December 31, 2023
(Dollars in thousands)	Fixed Rate		Variable Rate		Total		Fixed Rate		Variable Rate		Total
Unused lines of credit	$	73,545	$	505,552	$	579,097	$	53,822	$	527,300	$	581,122
Standby letters of credit	$	15,224	$	8,060	$	23,284	$	15,013	$	9,356	$	24,369
Commitments to purchase loans	$	—	$	17,210	$	17,210	$	—	$	17,125	$	17,125
Mortgage warehouse commitments	$	—	$	859,228	$	859,228	$	—	$	895,896	$	895,896

Schedule of Credit Loss Expense for Off Balance Sheet Credit Exposures

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


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Credit loss expense (benefit)	$	60	$	(1,162)	$	1,102	$	(343)

REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Gross loans	$ 4,288,417	$ 4,163,100
Commercial loans
Disaggregation of Revenue [Line Items]
Gross loans	$ 1,092,280	1,170,365
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	$ 281	394
Deferred set-up costs	1,033	505
Payments Segment \| Broker \| Commercial loans
Disaggregation of Revenue [Line Items]
Gross loans	$ 0	$ 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

STOCK BASED COMPENSATION - Schedule of Changes in Company's Nonvested Performance Stock Units (Details) - Performance stock units - market based	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Shares
Beginning balance (in shares) \| shares	115,888
Granted (in shares) \| shares	63,720
Performance adjustment (in shares) \| shares	(2,841)
Vested (in shares) \| shares	(8,987)
Forfeited (in shares) \| shares	0
Ending balance (in shares) \| shares	167,780
Weighted-Average Grant-Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 81.72
Granted (in dollars per share) \| $ / shares	114.72
Performance adjustment (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	98.03
Forfeited (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 93.10

FAIR VALUE DISCLOSURES - Narrative (Details) $ in Thousands	6 Months Ended
FAIR VALUE DISCLOSURES - Narrative (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 06, 2022 agreement portfolio	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
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%
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%
Factored receivables \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Factored Receivable Disposal Group
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revenue share asset, percent of expected cash payments to be received				15.00%
Factored receivables \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Factored Receivable Disposal Group \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revenue share asset, percent of expected cash payments to be received			15.00%
Factored receivables \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Factored Receivable Disposal Group \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revenue share asset, percent of expected cash payments to be received			20.00%
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indemnification asset, expected cash payments to be received	$ 1,145	$ 1,575
Indemnification asset, discount rate	5.00%	5.00%
Revenue share asset, expected cash payments to be received	$ 3,754	$ 3,329
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%

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Performance of Modified Loans (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Current
Financing Receivable, Modified [Line Items]
Modified loans	$ 127,919
Current \| Commercial real estate
Financing Receivable, Modified [Line Items]
Modified loans	107,095
Current \| Commercial
Financing Receivable, Modified [Line Items]
Modified loans	20,806
Current \| Consumer
Financing Receivable, Modified [Line Items]
Modified loans	18
Past Due 30-89 Days
Financing Receivable, Modified [Line Items]
Modified loans	3,559
Past Due 30-89 Days \| Commercial real estate
Financing Receivable, Modified [Line Items]
Modified loans	0
Past Due 30-89 Days \| Commercial
Financing Receivable, Modified [Line Items]
Modified loans	3,559
Past Due 30-89 Days \| Consumer
Financing Receivable, Modified [Line Items]
Modified loans	0
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 \| Commercial
Financing Receivable, Modified [Line Items]
Modified loans	0
Past Due 90 Days or More \| Consumer
Financing Receivable, Modified [Line Items]
Modified loans	$ 0

STOCK BASED COMPENSATION - Schedule of Changes in Company's Stock Options (Details) - Stock options $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Shares
Beginning balance (in shares) \| shares	232,994
Granted (in shares) \| shares	47,376
Exercised (in shares) \| shares	(5,401)
Forfeited or expired (in shares) \| shares	0
Ending balance (in shares) \| shares	274,969
Fully vested shares and shares expected to vest (in shares) \| shares	274,969
Shares exercisable (in shares) \| shares	165,998
Weighted-Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 43.40
Granted (in dollars per share) \| $ / shares	72.00
Exercised (in dollars per share) \| $ / shares	26.71
Forfeited or expired (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	48.65
Fully vested shares and shares expected to vest (in dollars per share) \| $ / shares	48.65
Shares exercisable (in dollars per share) \| $ / shares	$ 38.37
Weighted-Average Remaining Contractual Term (In Years)
Outstanding	6 years 5 months 26 days
Fully vested shares and shares expected to vest	6 years 5 months 26 days
Shares exercisable	4 years 9 months 18 days
Aggregate Intrinsic Value (In Thousands)
Outstanding \| $	$ 9,217
Fully vested shares and shares expected to vest \| $	9,217
Shares exercisable \| $	$ 7,289

VARIABLE INTEREST ENTITIES

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 $2,787,000 and $2,977,000 at June 30, 2024 and December 31, 2023, 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 were variable interest entities and that the Company holds variable interests in the entities in the form of its investments in the subordinated notes of 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 was not the primary beneficiary and therefore was not required to consolidate the assets, liabilities, equity, or operations of the closed CLO funds in the Company’s financial statements.

FAIR VALUE DISCLOSURES

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

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.

The methods of determining the fair value of assets and liabilities presented in this note are consistent with the methodologies disclosed in Note 16 of the Company’s 2023 Form 10-K.

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


(Dollars in thousands)	Fair Value Measurements Using						Total Fair Value
June 30, 2024	Level 1		Level 2		Level 3
Assets measured at fair value on a recurring basis
Securities available for sale
Mortgage-backed securities, residential	$	—	$	65,115	$	—	$	65,115
Asset-backed securities	—		1,033		—		1,033
State and municipal	—		3,390		—		3,390
CLO securities	—		268,573		—		268,573
Corporate bonds	—		259		—		259
SBA pooled securities	—		1,291		—		1,291
	$	—	$	339,661	$	—	$	339,661

Equity securities with readily determinable fair values
Mutual fund	$	4,422	$	—	$	—	$	4,422

Loans held for sale	$	—	$	1,051	$	—	$	1,051

Indemnification asset	$	—	$	—	$	1,088	$	1,088

Revenue share asset	$	—	$	—	$	2,789	$	2,789


(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

There were no transfers between levels during 2024 or 2023.

Indemnification Asset

The 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 acquired during 2020. 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 or expense, as appropriate, within the Consolidated Statements of Income. The indemnification asset fair value is considered a Level 3 classification. At June 30, 2024 and December 31, 2023, the estimated cash payments expected to be received from Covenant for probable losses on the covered Over-Formula Advance Portfolio were approximately $1,145,000 and $1,575,000, 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 fair value of the indemnification asset is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Beginning balance	$	1,292	$	3,691	$	1,497	$	3,896
Indemnification asset recognized in business combination	—		—		—		—
Change in fair value of indemnification asset recognized in earnings	(204)		(121)		(409)		(326)
Indemnification reduction	—		(1,665)		—		(1,665)
Ending balance	$	1,088	$	1,905	$	1,088	$	1,905

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 fair value of the revenue share assets is calculated each reporting period, and changes in the fair value of the revenue share assets are recorded in noninterest income in the consolidated statements of income. The revenue share asset fair value is considered a Level 3 classification.

At June 30, 2024 and December 31, 2023, the estimated cash payments expected to be received from the purchaser for the Company's share of future gross monthly revenue as $3,754,000 and $3,329,000, 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 fair value of the revenue share asset is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Beginning balance	$	2,689	$	4,532	$	2,516	$	5,515
Revenue share asset recognized	—		—		—		—
Change in fair value of revenue share asset recognized in earnings	407		(1,169)		879		(1,789)
Revenue share payments received	(307)		(310)		(606)		(673)
Ending balance	$	2,789	$	3,053	$	2,789	$	3,053


(Dollars in thousands)	Fair Value Measurements Using						Total Fair Value
June 30, 2024	Level 1		Level 2		Level 3
Collateral dependent loans
Commercial real estate	$	—	$	—	$	1,534	$	1,534
1-4 family residential	—		—		32		32
Commercial	—		—		29,794		29,794
Factored receivables	—		—		30,214		30,214



	$	—	$	—	$	61,574	$	61,574


(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

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 fair value of the loan’s collateral. For real estate loans, 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, 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 at June 30, 2024 and December 31, 2023 were as follows:


(Dollars in thousands)	Carrying Amount		Fair Value Measurements Using						Total Fair Value
June 30, 2024			Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	500,663	$	500,663	$	—	$	—	$	500,663
Securities - held to maturity	2,787		—		—		3,576		3,576
Loans not previously presented, gross	4,226,843		86,057		—		4,080,670		4,166,727
FHLB and other restricted stock	14,040		N/A		N/A		N/A		N/A
Accrued interest receivable	37,515		37,515		—		—		37,515

Financial liabilities:
Deposits	4,392,018		—		4,386,008		—		4,386,008

Federal Home Loan Bank advances	280,000		—		280,000		—		280,000
Subordinated notes	108,939		—		93,909		—		93,909
Junior subordinated debentures	42,042		—		43,561		—		43,561
Accrued interest payable	8,054		8,054		—		—		8,054


(Dollars in thousands)	Carrying Amount		Fair Value Measurements Using						Total Fair Value
December 31, 2023			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

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

SECURITIES - Schedule of Amortized Cost of Securities and Their Estimated Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Available for sale securities:
Amortized Cost	$ 344,124		$ 303,553
Gross Unrealized Gains	1,422		1,369
Gross Unrealized Losses	(5,885)		(5,278)
Allowance for Credit Losses	0		0
Fair Value	339,661		299,644
Held to maturity securities:
Fair Value	3,576		4,015
Allowance for credit losses	(3,162)	$ (3,135)	(3,190)	$ (2,876)	$ (2,585)	$ (2,444)
Total held to maturity securities, net of ACL	2,787		2,977
Mortgage-backed securities, residential
Available for sale securities:
Amortized Cost	70,783		60,411
Gross Unrealized Gains	9		221
Gross Unrealized Losses	(5,677)		(4,793)
Allowance for Credit Losses	0		0
Fair Value	65,115		55,839
Asset-backed securities
Available for sale securities:
Amortized Cost	1,035		1,188
Gross Unrealized Gains	0		0
Gross Unrealized Losses	(2)		(18)
Allowance for Credit Losses	0		0
Fair Value	1,033		1,170
State and municipal
Available for sale securities:
Amortized Cost	3,490		4,560
Gross Unrealized Gains	0		1
Gross Unrealized Losses	(100)		(46)
Allowance for Credit Losses	0		0
Fair Value	3,390		4,515
CLO securities
Available for sale securities:
Amortized Cost	267,164		235,484
Gross Unrealized Gains	1,409		1,137
Gross Unrealized Losses	0		(330)
Allowance for Credit Losses	0		0
Fair Value	268,573		236,291
Held to maturity securities:
Amortized Cost	5,949		6,167
Gross Unrealized Gains	0		30
Gross Unrecognized Losses	(2,373)		(2,182)
Fair Value	3,576		4,015
Allowance for credit losses	(3,162)		(3,190)
Total held to maturity securities, net of ACL	2,787		2,977
Corporate bonds
Available for sale securities:
Amortized Cost	267		268
Gross Unrealized Gains	0		7
Gross Unrealized Losses	(8)		0
Allowance for Credit Losses	0		0
Fair Value	259		275
SBA pooled securities
Available for sale securities:
Amortized Cost	1,385		1,642
Gross Unrealized Gains	4		3
Gross Unrealized Losses	(98)		(91)
Allowance for Credit Losses	0		0
Fair Value	$ 1,291		$ 1,554

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, 2022	$ 888,971	$ 45,000	$ 283	$ 534,790	$ (182,658)	$ 498,456	$ (6,900)
Beginning balance, common stock (in shares) at Mar. 31, 2023			23,370,515
Beginning balance, treasury stock (in shares) at Dec. 31, 2022					4,268,131
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of restricted stock awards (in shares)			6,852
Vesting of restricted stock and performance stock units (in shares)			366,892
Vesting of restricted stock and performance stock units	0		$ 4	(4)
Stock option exercises, net (in shares)			758
Stock option exercises, net	(33)			(33)
Issuance of common stock pursuant to the Employee Stock Purchase Plan (in shares)			21,057
Issuance of common stock pursuant to the Employee Stock Purchase Plan	997			997
Stock based compensation	2,881			2,881
Forfeiture of restricted stock awards (in shares)			10,961		10,961
Forfeiture of restricted stock awards	0			610	$ (610)
Purchase of treasury stock, net (in shares)			1,067,668		1,067,668
Purchase of treasury stock, net	(77,185)				$ (77,185)
Dividends on preferred stock	(801)					(801)
Net income	11,010					11,010
Other comprehensive income (loss)	1,376						1,376
Ending Balance at Mar. 31, 2023	827,216	45,000	$ 287	539,241	$ (260,453)	508,665	(5,524)
Ending balance, common stock (in shares) at Dec. 31, 2022			24,053,585
Ending balance, treasury stock (in shares) at Mar. 31, 2023					5,346,760
Beginning Balance at Dec. 31, 2022	888,971	45,000	$ 283	534,790	$ (182,658)	498,456	(6,900)
Beginning balance, common stock (in shares) at Jun. 30, 2023			23,269,885
Beginning balance, treasury stock (in shares) at Dec. 31, 2022					4,268,131
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,660
Other comprehensive income (loss)	1,915
Ending Balance at Jun. 30, 2023	833,466	45,000	$ 289	542,565	$ (264,916)	515,513	(4,985)
Ending balance, common stock (in shares) at Dec. 31, 2022			24,053,585
Ending balance, treasury stock (in shares) at Jun. 30, 2023					5,681,947
Beginning Balance at Mar. 31, 2023	827,216	45,000	$ 287	539,241	$ (260,453)	508,665	(5,524)
Beginning balance, common stock (in shares) at Jun. 30, 2023			23,269,885
Beginning balance, treasury stock (in shares) at Mar. 31, 2023					5,346,760
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock and performance stock units (in shares)			233,728
Vesting of restricted stock and performance stock units	0		$ 2	(2)
Stock option exercises, net (in shares)			829
Stock option exercises, net	(19)			(19)
Stock based compensation	3,320			3,320
Forfeiture of restricted stock awards (in shares)			451		451
Forfeiture of restricted stock awards	0			25	$ (25)
Purchase of treasury stock, net (in shares)			334,736		334,736
Purchase of treasury stock, net	(4,438)				$ (4,438)
Dividends on preferred stock	(802)					(802)
Net income	7,650					7,650
Other comprehensive income (loss)	539						539
Ending Balance at Jun. 30, 2023	833,466	45,000	$ 289	542,565	$ (264,916)	515,513	(4,985)
Ending balance, common stock (in shares) at Mar. 31, 2023			23,370,515
Ending balance, treasury stock (in shares) at Jun. 30, 2023					5,681,947
Beginning Balance at Dec. 31, 2023	$ 864,400	45,000	$ 290	550,743	$ (265,038)	536,331	(2,926)
Beginning balance, common stock (in shares) at Mar. 31, 2024			23,334,997
Beginning balance, treasury stock (in shares) at Dec. 31, 2023	5,683,841				5,683,841
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock and performance stock units (in shares)			9,877
Stock option exercises, net (in shares)			5,401
Stock option exercises, net	$ 144			144
Issuance of common stock pursuant to the Employee Stock Purchase Plan (in shares)			18,328
Issuance of common stock pursuant to the Employee Stock Purchase Plan	1,099			1,099
Stock based compensation	3,627			3,627
Purchase of treasury stock, net (in shares)			1,023		1,023
Purchase of treasury stock, net	(81)				$ (81)
Dividends on preferred stock	(801)					(801)
Net income	4,158					4,158
Other comprehensive income (loss)	(207)						(207)
Ending Balance at Mar. 31, 2024	$ 872,339	45,000	$ 290	555,613	$ (265,119)	539,688	(3,133)
Ending balance, common stock (in shares) at Dec. 31, 2023	23,302,414		23,302,414
Ending balance, treasury stock (in shares) at Mar. 31, 2024					5,684,864
Beginning Balance at Dec. 31, 2023	$ 864,400	45,000	$ 290	550,743	$ (265,038)	536,331	(2,926)
Beginning balance, common stock (in shares) at Jun. 30, 2024	23,353,519		23,353,519
Beginning balance, treasury stock (in shares) at Dec. 31, 2023	5,683,841				5,683,841
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 6,905
Other comprehensive income (loss)	(469)
Ending Balance at Jun. 30, 2024	$ 874,249	45,000	$ 291	559,072	$ (268,352)	541,633	(3,395)
Ending balance, common stock (in shares) at Dec. 31, 2023	23,302,414		23,302,414
Ending balance, treasury stock (in shares) at Jun. 30, 2024	5,729,743				5,729,743
Beginning Balance at Mar. 31, 2024	$ 872,339	45,000	$ 290	555,613	$ (265,119)	539,688	(3,133)
Beginning balance, common stock (in shares) at Jun. 30, 2024	23,353,519		23,353,519
Beginning balance, treasury stock (in shares) at Mar. 31, 2024					5,684,864
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock and performance stock units (in shares)			63,401
Vesting of restricted stock and performance stock units	$ 0		$ 1	(1)
Stock based compensation	3,439			3,439
Forfeiture of restricted stock awards (in shares)			278		(278)
Forfeiture of restricted stock awards	0			21	$ (21)
Purchase of treasury stock, net (in shares)			44,601		44,601
Purchase of treasury stock, net	(3,212)				$ (3,212)
Dividends on preferred stock	(802)					(802)
Net income	2,747					2,747
Other comprehensive income (loss)	(262)						(262)
Ending Balance at Jun. 30, 2024	$ 874,249	$ 45,000	$ 291	$ 559,072	$ (268,352)	$ 541,633	$ (3,395)
Ending balance, common stock (in shares) at Mar. 31, 2024			23,334,997
Ending balance, treasury stock (in shares) at Jun. 30, 2024	5,729,743				5,729,743

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Loans Held for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for sale	$ 1,051	$ 1,236
1-4 family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for sale	1,875	1,230
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans held for sale	$ (824)	$ 6

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Securities - held to maturity, allowance for credit losses	$ 3,162	$ 3,135	$ 3,190	$ 2,876	$ 2,585	$ 2,444
Securities - held to maturity, fair value	3,576		4,015
Allowance for credit losses, loans	$ 39,591		$ 35,219
Common stock, outstanding (in shares)	23,353,519		23,302,414

EARNINGS PER SHARE - Schedule of Factors Used in Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic
Net income to common stockholders	$ 1,945	$ 6,848	$ 5,302	$ 17,057
Weighted average common shares outstanding (in shares)	23,274,089	23,138,835	23,237,674	23,249,668
Basic earnings per common share (in dollars per share)	$ 0.08	$ 0.30	$ 0.23	$ 0.73
Diluted
Net income to common stockholders	$ 1,945	$ 6,848	$ 5,302	$ 17,057
Weighted average common shares outstanding (in shares)	23,274,089	23,138,835	23,237,674	23,249,668
Dilutive effects of:
Average shares and dilutive potential common shares (in shares)	23,665,105	23,455,471	23,656,923	23,634,343
Diluted earnings per common share (in dollars per share)	$ 0.08	$ 0.29	$ 0.22	$ 0.72
Stock options
Dilutive effects of:
Stock based compensation (in shares)	86,645	71,658	86,905	73,884
Restricted stock awards
Dilutive effects of:
Stock based compensation (in shares)	60,614	90,645	81,499	113,930
Restricted stock units
Dilutive effects of:
Stock based compensation (in shares)	118,919	65,909	128,243	91,878
Performance stock units - market based
Dilutive effects of:
Stock based compensation (in shares)	121,907	87,360	120,176	104,203
Employee stock purchase program
Dilutive effects of:
Stock based compensation (in shares)	2,931	1,064	2,426	780

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 233,709	$ 233,709
Gross Carrying Amount	96,883	93,962
Accumulated Amortization	(75,940)	(70,316)
Net Carrying Amount	20,943	23,646
Core deposit intangibles
Goodwill And Intangible Assets [Line Items]
Gross Carrying Amount	43,578	43,578
Accumulated Amortization	(39,203)	(38,084)
Net Carrying Amount	4,375	5,494
Customer relationship intangibles
Goodwill And Intangible Assets [Line Items]
Gross Carrying Amount	29,954	29,954
Accumulated Amortization	(21,537)	(19,901)
Net Carrying Amount	8,417	10,053
Software intangible assets
Goodwill And Intangible Assets [Line Items]
Gross Carrying Amount	16,932	16,932
Accumulated Amortization	(13,052)	(10,935)
Net Carrying Amount	3,880	5,997
Other intangible assets
Goodwill And Intangible Assets [Line Items]
Gross Carrying Amount	6,419	3,498
Accumulated Amortization	(2,148)	(1,396)
Net Carrying Amount	$ 4,271	$ 2,102

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: 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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

BUSINESS SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total interest income	$ 107,015	$ 105,486	$ 208,962	$ 206,160
Intersegment interest allocations	0	0	0	0
Total interest expense	19,100	14,035	35,012	21,327
Net interest income	87,915	91,451	173,950	184,833
Credit loss expense (benefit)	4,155	2,643	10,051	5,256
Net interest income after credit loss expense (benefit)	83,760	88,808	163,899	179,577
Noninterest income	17,167	11,511	32,166	22,533
Noninterest expense	97,343	90,396	187,714	179,677
Net intersegment noninterest income (expense)	0	0	0	0
Net income before income tax expense	3,584	9,923	8,351	22,433
Net Intersegment Noninterest Income (Expense) [Abstract]
Net intersegment noninterest income (expense)	0	0	0	0
Total assets	5,783,334		5,783,334		$ 5,347,334
Gross loans	4,288,417		4,288,417		4,163,100
Operating Segments \| Banking
Segment Reporting Information [Line Items]
Total interest income	66,900	65,624	130,894	125,350
Total interest expense	16,713	11,634	30,217	16,582
Net interest income	57,375	61,468	114,609	123,858
Credit loss expense (benefit)	1,961	831	6,488	2,754
Net interest income after credit loss expense (benefit)	55,414	60,637	108,121	121,104
Noninterest income	7,599	6,347	14,075	12,020
Noninterest expense	32,865	31,934	63,994	64,174
Net income before income tax expense	30,285	35,050	58,460	68,950
Net Intersegment Noninterest Income (Expense) [Abstract]
Total assets	5,252,768		5,252,768		4,918,527
Gross loans	3,671,871		3,671,871		3,595,527
Operating Segments \| Factoring
Segment Reporting Information [Line Items]
Total interest income	34,307	36,368	67,059	74,525
Total interest expense	0	0	0	0
Net interest income	25,109	27,010	48,956	56,013
Credit loss expense (benefit)	2,176	1,481	3,531	2,030
Net interest income after credit loss expense (benefit)	22,933	25,529	45,425	53,983
Noninterest income	2,016	980	4,919	2,558
Noninterest expense	20,695	20,218	39,388	41,987
Net income before income tax expense	4,627	6,194	11,718	14,192
Net Intersegment Noninterest Income (Expense) [Abstract]
Total assets	1,148,844		1,148,844		1,077,367
Gross loans	1,035,159		1,035,159		941,926
Operating Segments \| Payments
Segment Reporting Information [Line Items]
Total interest income	5,721	3,451	10,878	6,198
Total interest expense	0	0	0	0
Net interest income	7,731	5,331	15,049	9,620
Credit loss expense (benefit)	(9)	41	60	41
Net interest income after credit loss expense (benefit)	7,740	5,290	14,989	9,579
Noninterest income	5,867	4,119	11,410	7,826
Noninterest expense	17,070	16,939	33,555	32,356
Net income before income tax expense	(3,973)	(7,433)	(8,176)	(14,589)
Net Intersegment Noninterest Income (Expense) [Abstract]
Total assets	520,737		520,737		546,985
Gross loans	172,321		172,321		174,728
Operating Segments \| Corporate
Segment Reporting Information [Line Items]
Total interest income	87	43	131	87
Total interest expense	2,387	2,401	4,795	4,745
Net interest income	(2,300)	(2,358)	(4,664)	(4,658)
Credit loss expense (benefit)	27	290	(28)	431
Net interest income after credit loss expense (benefit)	(2,327)	(2,648)	(4,636)	(5,089)
Noninterest income	1,685	65	1,762	129
Noninterest expense	26,713	21,305	50,777	41,160
Net income before income tax expense	(27,355)	(23,888)	(53,651)	(46,120)
Net Intersegment Noninterest Income (Expense) [Abstract]
Total assets	1,146,291		1,146,291		1,056,646
Gross loans	0		0		0
Eliminations
Net Intersegment Noninterest Income (Expense) [Abstract]
Total assets	(2,285,306)		(2,285,306)		(2,252,191)
Gross loans	(590,934)		(590,934)		$ (549,081)
Eliminations \| Banking
Segment Reporting Information [Line Items]
Intersegment interest allocations	7,188	7,478	13,932	15,090
Net intersegment noninterest income (expense)	137	0	258	0
Net Intersegment Noninterest Income (Expense) [Abstract]
Factoring revenue received from Payments	0	0	0	0
Payments revenue received from Factoring	0	0	0	0
Banking revenue received from Payments and Factoring	137	0	258	0
Net intersegment noninterest income (expense)	137	0	258	0
Eliminations \| Factoring
Segment Reporting Information [Line Items]
Intersegment interest allocations	(9,198)	(9,358)	(18,103)	(18,512)
Net intersegment noninterest income (expense)	373	(97)	762	(362)
Net Intersegment Noninterest Income (Expense) [Abstract]
Factoring revenue received from Payments	750	170	1,500	170
Payments revenue received from Factoring	(264)	(267)	(529)	(532)
Banking revenue received from Payments and Factoring	(113)	0	(209)	0
Net intersegment noninterest income (expense)	373	(97)	762	(362)
Eliminations \| Payments
Segment Reporting Information [Line Items]
Intersegment interest allocations	2,010	1,880	4,171	3,422
Net intersegment noninterest income (expense)	(510)	97	(1,020)	362
Net Intersegment Noninterest Income (Expense) [Abstract]
Factoring revenue received from Payments	(750)	(170)	(1,500)	(170)
Payments revenue received from Factoring	264	267	529	532
Banking revenue received from Payments and Factoring	(24)	0	(49)	0
Net intersegment noninterest income (expense)	(510)	97	(1,020)	362
Eliminations \| Corporate
Segment Reporting Information [Line Items]
Intersegment interest allocations	0	0	0	0
Net intersegment noninterest income (expense)	0	0	0	0
Net Intersegment Noninterest Income (Expense) [Abstract]
Net intersegment noninterest income (expense)	$ 0	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 6,905	$ 18,660
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	7,604	6,567
Net accretion on loans	(1,598)	(2,800)
Amortization of subordinated notes issuance costs	261	434
Amortization of junior subordinated debentures	302	286
Net (accretion) amortization on securities	(593)	(435)
Amortization of intangible assets	5,593	5,851
Software amortization	2,531	2,030
Deferred taxes, net	2,243	8,727
Credit loss expense (benefit)	10,051	5,256
Stock based compensation	7,066	6,201
Net (gains) losses on equity securities	(468)	(18)
Net OREO (gains) losses and valuation adjustments	16	0
Origination of loans held for sale	(3,495)	(1,392)
Proceeds from sale of loans originated or purchased for sale	1,368	1,320
Net (gains) losses on sale of loans	69	(3)
Net change in operating leases	312	(154)
(Increase) decrease in other assets	(22,774)	(43,040)
Increase (decrease) in other liabilities	(15,015)	1,472
Net cash provided by (used in) operating activities	378	8,962
Cash flows from investing activities:
Proceeds from sales of equity securities	0	783
Purchases of securities available for sale	(83,261)	(69,484)
Proceeds from sales of securities available for sale	0	4,000
Proceeds from maturities, calls, and pay downs of securities available for sale	43,194	18,911
Proceeds from maturities, calls, and pay downs of securities held to maturity	307	352
Purchases of loans held for investment	(2,503)	(18,842)
Proceeds from sale of loans	18,016	43,950
Net change in loans	(141,637)	(234,158)
Purchases of premises and equipment, net	(53,735)	(17,901)
Net proceeds from sale of OREO	64	0
(Purchases) redemptions of FHLB and other restricted stock, net	238	(13,847)
Acquired intangible assets	(2,920)	(3,042)
Net cash provided by (used in) investing activities	(222,237)	(289,278)
Cash flows from financing activities:
Net increase (decrease) in deposits	414,540	122,130
Increase (decrease) in customer repurchase agreements	0	(340)
Increase (decrease) in Federal Home Loan Bank advances	25,000	250,000
Preferred stock dividends	(1,603)	(1,603)
Stock option exercises, net	144	(52)
Proceeds from employee stock purchase plan common stock issuance	1,099	997
Purchase of treasury stock, net	(3,293)	(81,623)
Net cash provided by (used in) financing activities	435,887	289,509
Net increase (decrease) in cash and cash equivalents	214,028	9,193
Cash and cash equivalents at beginning of period	286,635	408,182
Cash and cash equivalents at end of period	500,663	417,375
Supplemental cash flow information:
Interest paid	33,824	18,924
Income taxes paid, net	646	13,979
Cash paid for operating lease liabilities	2,425	2,763
Supplemental noncash disclosures:
Loans transferred to OREO	43	0
Loans held for investment transferred to loans held for sale	16,388	38,389
Lease liabilities arising from obtaining right-of-use assets	$ 2,382	$ 3,228

FAIR VALUE DISCLOSURES - Schedule of Reconciliation of Opening Balance to Closing Balance of Fair Value of Contingent Consideration, Assets (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Indemnification Asset
Indemnification Asset and Revenue Share Asset
Beginning balance	$ 1,292	$ 3,691	$ 1,497	$ 3,896
Asset recognized	0	0	0	0
Change in fair value of asset recognized in earnings	(204)	(121)	(409)	(326)
Reduction / payments received	0	(1,665)	0	(1,665)
Ending balance	1,088	1,905	1,088	1,905
Revenue Share Asset
Indemnification Asset and Revenue Share Asset
Beginning balance	2,689	4,532	2,516	5,515
Asset recognized	0	0	0	0
Change in fair value of asset recognized in earnings	407	(1,169)	879	(1,789)
Reduction / payments received	(307)	(310)	(606)	(673)
Ending balance	$ 2,789	$ 3,053	$ 2,789	$ 3,053

VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Closed Collateralized Loan Obligation ("CLO") Funds

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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 2,747	$ 7,650	$ 6,905	$ 18,660
Unrealized gains (losses) on securities:
Unrealized holding gains (losses) arising during the period	(344)	608	(554)	2,354
Tax effect	82	(69)	85	(439)
Unrealized holding gains (losses) arising during the period, net of taxes	(262)	539	(469)	1,915
Reclassification of amount realized through sale or call of securities	0	0	0	0
Tax effect	0	0	0	0
Reclassification of amount realized through sale or call of securities, net of taxes	0	0	0	0
Change in unrealized gains (losses) on securities, net of tax	(262)	539	(469)	1,915
Total other comprehensive income (loss)	(262)	539	(469)	1,915
Comprehensive income	$ 2,485	$ 8,189	$ 6,436	$ 20,575

SECURITIES - Schedule of Equity Securities without Readily Determinable Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Equity Securities without readily determinable fair value, at cost	$ 68,525	$ 65,814
Upward adjustments based on observable price changes, cumulative	10,163	10,163
Equity Securities without readily determinable fair value, carrying value	$ 78,688	$ 75,977

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

Goodwill and intangible assets consist of the following:


(Dollars in thousands)	June 30, 2024		December 31, 2023
Goodwill	$	233,709	$	233,709


	June 30, 2024						December 31, 2023
(Dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Core deposit intangibles	$	43,578	$	(39,203)	$	4,375	$	43,578	$	(38,084)	$	5,494
Customer relationship intangibles	29,954		(21,537)		8,417		29,954		(19,901)		10,053
Software intangible assets	16,932		(13,052)		3,880		16,932		(10,935)		5,997
Other intangible assets	6,419		(2,148)		4,271		3,498		(1,396)		2,102
	$	96,883	$	(75,940)	$	20,943	$	93,962	$	(70,316)	$	23,646

Schedule of Changes in Goodwill and Intangible Assets

The changes in goodwill and intangible assets during the three and six months ended June 30, 2024 and 2023 are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Beginning balance	$	257,551	$	265,959	$	257,355	$	265,767

Acquired intangible assets	—		—		2,920		3,042





Amortization of intangibles	(2,869)		(3,001)		(5,593)		(5,851)
Amortization of intangibles included in lease income	(30)		—		(30)		—
Ending balance	$	254,652	$	262,958	$	254,652	$	262,958

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Premiums and discounts on acquired loans	$ 4,211		$ 4,211			$ 6,861
Net deferred origination and factoring fees	4,050		4,050			3,657
Accrued interest on loans	33,212		33,212			30,686
Misdirected payments	4,288,417		4,288,417			4,163,100
Pledged loans	1,480,032		1,480,032			1,588,532
Credit loss expense	4,155	$ 2,643	10,051	$ 5,256
ACL allocation	39,591		39,591			35,219
Total past due advances	61,103		61,103			45,677
Interest earned on nonaccrual loans	0	0	0	0
Commitments to lend	0		0
Loans to borrowers experiencing financial difficulty that had payment default	0	0	0	0
Past Due 90 Days or More
Accounts, Notes, Loans and Financing Receivable [Line Items]
Misdirected payments	53,379		53,379			33,464
Loans Held for Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net charge-offs	2,723	10,789	4,605	13,004
Credit loss expense	4,068	3,514	8,977	5,167
ACL allocation	39,591	34,970	39,591	34,970	$ 38,246	35,219	$ 42,245	$ 42,807
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	1,104	0	2,008	0
Increase in allowance for credit losses due to changes in loan volume and mix	245	0	1,010	0
Increase (decrease) in allowance for credit losses due to increase (decrease) in specific reserves	0	(7,108)	1,354	(8,019)
Factored receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customer reserves associated with factored receivables	231,415		231,415			253,492
Misdirected payments	1,207,480		1,207,480			1,116,654
Total past due advances	0		0			0
Factored receivables \| Past Due 90 Days or More
Accounts, Notes, Loans and Financing Receivable [Line Items]
Misdirected payments	24,572		24,572			26,332
Factored receivables \| Over-Formula Advances
Accounts, Notes, Loans and Financing Receivable [Line Items]
Misdirected payments	2,290		2,290			3,151
Factored receivables \| Over-Formula Advances \| Past Due 90 Days or More
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total past due advances	2,290		2,290			3,151
Factored receivables \| Misdirected Payments Receivable \| United States Postal Service
Accounts, Notes, Loans and Financing Receivable [Line Items]
Misdirected payments	19,361		19,361			19,361
ACL allocation	0		0			0
Factored receivables \| Loans Held for Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit loss expense	2,166	1,521	2,722	2,071
ACL allocation	11,928	13,441	11,928	13,441	11,192	11,896	17,581	19,121
1-4 family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Misdirected payments	128,508		128,508			125,916
Total past due advances	757		757			1,178
1-4 family residential \| Past Due 90 Days or More
Accounts, Notes, Loans and Financing Receivable [Line Items]
Misdirected payments	361		361			309
1-4 family residential \| Loans Held for Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit loss expense	6	34	56	203
ACL allocation	972	$ 1,046	972	$ 1,046	$ 979	927	$ 1,004	$ 838
1-4 family residential \| Real Eatate Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Residential real estate loans in process of foreclosure	$ 0		$ 0			$ 0

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 15, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,363,651
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001539638
Current Fiscal Year End Date	--12-31
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
Depositary Shares
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares Each Representing a 1/40th Interest in a Share of 7.125% Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock
Trading Symbol	TFINP
Security Exchange Name	NASDAQ

LEGAL CONTINGENCIES	6 Months Ended
LEGAL CONTINGENCIES	Jun. 30, 2024
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 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. The Company and litigants are finalizing conditional settlements of all claims in conjunction with a Plan of Reorganization which was filed by Surge on March 29, 2024. The Plan is not yet confirmed. 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 have arisen from time to time in the normal course of business which, in the opinion of management as of June 30, 2024, will have no material effect on the Company’s consolidated financial statements.

STOCK BASED COMPENSATION - Schedule of Information Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received from option exercises, net	$ 144	$ (52)
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of options exercised	289	140
Cash received from option exercises, net	144	(52)
Tax benefit realized from option exercises	$ 61	$ 29
Weighted average fair value per share of options granted (in dollars per share)	$ 37.30	$ 25.20

- 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

STOCK BASED COMPENSATION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation	$ 3,439	$ 3,320	$ 7,066	$ 6,201
2014 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares approved for issuance (in shares)	2,900,000		2,900,000
2014 Omnibus Incentive Plan \| Restricted Stock Awards (RSAs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 852		$ 852
Remaining period to recognize cost			11 months 1 day
2014 Omnibus Incentive Plan \| Restricted Stock Awards (RSAs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, award vesting period			4 years
2014 Omnibus Incentive Plan \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	9,040		$ 9,040
Remaining period to recognize cost			2 years 11 months 19 days
2014 Omnibus Incentive Plan \| Restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, award vesting period			4 years
2014 Omnibus Incentive Plan \| Performance stock units - market based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	11,165		$ 11,165
Remaining period to recognize cost			2 years 5 months 1 day
2014 Omnibus Incentive Plan \| Performance stock units - market based \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, award vesting percentage			175.00%
Stock based compensation, award vesting percentage, potential multiplier			200.00%
2014 Omnibus Incentive Plan \| Performance stock units - market based \| Minimum
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 \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation, award vesting period			4 years
Remaining period to recognize cost			3 years 2 months 23 days
Employees stock options contractual terms			10 years
Total unrecognized compensation cost	$ 2,352		$ 2,352
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%
Offering period					6 months
Shares issued under ESPP during period (in shares)			18,328	21,057

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Factors Used in Computation of Earnings Per Share

The factors used in the earnings per share computation follow:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Basic
Net income to common stockholders	$	1,945	$	6,848	$	5,302	$	17,057
Weighted average common shares outstanding	23,274,089		23,138,835		23,237,674		23,249,668
Basic earnings per common share	$	0.08	$	0.30	$	0.23	$	0.73
Diluted
Net income to common stockholders	$	1,945	$	6,848	$	5,302	$	17,057
Weighted average common shares outstanding	23,274,089		23,138,835		23,237,674		23,249,668
Dilutive effects of:
Assumed exercises of stock options	86,645		71,658		86,905		73,884
Restricted stock awards	60,614		90,645		81,499		113,930
Restricted stock units	118,919		65,909		128,243		91,878
Performance stock units - market based	121,907		87,360		120,176		104,203

Employee stock purchase program	2,931		1,064		2,426		780
Average shares and dilutive potential common shares	23,665,105		23,455,471		23,656,923		23,634,343
Diluted earnings per common share	$	0.08	$	0.29	$	0.22	$	0.72

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 are as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Stock options	77,520	107,309	61,644	107,309
Restricted stock awards	—	4,232	—	4,232
Restricted stock units	7,500	11,250	7,500	11,250
Performance stock units - market based	55,677	42,056	27,836	42,056

Employee stock purchase program	—	—	—	—

OFF-BALANCE SHEET LOAN COMMITMENTS - Schedule of Credit Loss Expense for Off Balance Sheet Credit Exposures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Noninterest Expense
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Credit loss expense (benefit)	$ 60	$ (1,162)	$ 1,102	$ (343)

SECURITIES (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Unrealized gains (losses) on equity securities held at the reporting date	$	(19)	$	(72)	$	(66)	$	—
Realized gains (losses) on equity securities sold during the period	—		—		—		18
	$	(19)	$	(72)	$	(66)	$	18


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Unrealized gains (losses) on equity securities still held at the reporting date	$	—	$	—	$	—	$	—
Realized gains (losses) on equity securities sold during the period	534		—		534		—
	$	534	$	—	$	534	$	—

Schedule 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)	June 30, 2024		December 31, 2023
Equity Securities without readily determinable fair value, at cost	$	68,525	$	65,814
Upward adjustments based on observable price changes, cumulative	10,163		10,163
Equity Securities without readily determinable fair value, carrying value	$	78,688	$	75,977

Schedule of Amortized Cost of Securities and Their Estimated Fair Values

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
June 30, 2024
Available for sale securities:
Mortgage-backed securities, residential	$	70,783	$	9	$	(5,677)	$	—	$	65,115
Asset-backed securities	1,035		—		(2)		—		1,033
State and municipal	3,490		—		(100)		—		3,390
CLO securities	267,164		1,409		—		—		268,573
Corporate bonds	267		—		(8)		—		259
SBA pooled securities	1,385		4		(98)		—		1,291
Total available for sale securities	$	344,124	$	1,422	$	(5,885)	$	—	$	339,661


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrecognized Losses		Fair Value
June 30, 2024
Held to maturity securities:
CLO securities	$	5,949	$	—	$	(2,373)	$	3,576
Allowance for credit losses	(3,162)
Total held to maturity securities, net of ACL	$	2,787


(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 Unrealized Gains		Gross Unrecognized Losses		Fair Value
December 31, 2023
Held to maturity securities:
CLO securities	$	6,167	$	30	$	(2,182)	$	4,015
Allowance for credit losses	(3,190)
Total held to maturity securities, net of ACL	$	2,977

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	$	573	$	572	$	—	$	—
Due from one year to five years	2,153		2,092		4,614		2,314
Due from five years to ten years	46,719		46,832		1,335		1,262
Due after ten years	221,476		222,726		—		—
	270,921		272,222		5,949		3,576
Mortgage-backed securities, residential	70,783		65,115		—		—
Asset-backed securities	1,035		1,033		—		—
SBA pooled securities	1,385		1,291		—		—
	$	344,124	$	339,661	$	5,949	$	3,576

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 as well as net gains and losses from calls of debt securities are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Proceeds	$	—	$	4,000	$	—	$	4,000
Gross gains	—		—		—		—
Gross losses	—		—		—		—
Net gains and losses from calls of securities	—		—		—		—

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
June 30, 2024
Available for sale securities:
Mortgage-backed securities, residential	$	36,508	$	(560)	$	27,500	$	(5,117)	$	64,008	$	(5,677)
Asset-backed securities	1,033		(2)		—		—		1,033		(2)
State and municipal	508		(7)		2,345		(93)		2,853		(100)
CLO securities	—		—		—		—		—		—
Corporate bonds	259		(8)		—		—		259		(8)
SBA pooled securities	—		—		1,018		(98)		1,018		(98)
	$	38,308	$	(577)	$	30,863	$	(5,308)	$	69,171	$	(5,885)


	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)
	$	18,094	$	(365)	$	79,103	$	(4,913)	$	97,197	$	(5,278)

Schedule 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)	Three Months Ended June 30,				Six Months Ended June 30,
Held to Maturity CLO Securities	2024		2023		2024		2023
Allowance for credit losses:
Beginning balance	$	3,135	$	2,585	$	3,190	$	2,444
Credit loss expense	27		291		(28)		432
Allowance for credit losses ending balance	$	3,162	$	2,876	$	3,162	$	2,876

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2024
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.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission (“SEC”). Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary for a fair presentation. Transactions between the subsidiaries have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.
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. These factored receivables consist of (i) invoices where we offer a carrier a quickpay opportunity to receive payment at a discount in advance of the standard payment term for such invoice in exchange for the assignment of such invoice to us, (ii) offering freight brokers the ability to settle their invoices with us on an extended term following our payment to their carriers as an additional liquidity option for such freight brokers, and (iii) factoring transactions where we purchase receivables payable to such freight brokers from their shipper clients. The Corporate segment includes holding company financing and investment activities as well as management and administrative expenses that support the overall operations of the Company such as human resources, accounting, finance, risk management and information technology expense. For further discussion of management's operating segments and allocation methodology, see Note 15 – 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 related to invoice payments. These factored receivables consist of both invoices where we offer a Carrier a quickpay opportunity to receive payment at a discount in advance of the standard payment term for such invoice in exchange for the assignment of such invoice to us and from offering Brokers the ability to settle their invoices with us on an extended term following our payment to their Carriers as an additional liquidity option for such Brokers. Expenses that are directly attributable to the Company's Banking, Factoring, and Payments segments are allocated as such. The Company continues to make considerable investments in shared services that benefit the entire organization and these expenses are allocated to the Corporate segment. The Company allocates such expenses to the Corporate segment in order for the Company's chief operating decision maker and investors to have clear visibility into the operating performance of each reportable segment. The Company allocates 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 customer deposit funding in excess of its factored receivables, intersegment interest income is allocated based on the Federal Funds effective rate. Management believes that such intersegment interest allocations appropriately reflect the current interest rate environment. 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. The accounting policies of the segments are substantially the same as those described in the “Summary of Significant Accounting Policies” in Note 1 of the Company’s 2023 Form 10-K. 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. 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 our Factoring segment to our Payments segment to align with TriumphPay's supply chain finance product offerings. Servicing fees are paid by the Payments segment to the Factoring segment for servicing such product. Beginning prospectively on January 1, 2024, the Factoring and Payments segments began paying fees to our Banking segment for the Banking segment's execution of various banking services that benefit those segments. 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.
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. 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 from Contracts with Customers	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 June 30, 2024 and 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.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Subparagraph (b)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 36
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
-Paragraph 47
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

+ Details

LESSOR OPERATING LEASES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
LESSOR OPERATING LEASES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lessor Disclosure [Abstract]
Fixed payments	$ 1,095	$ 0	$ 1,095	$ 0
Variable payments	553	0	553	0
Amortization of intangibles included in lease income	(30)	0	(30)	0
Total fee income	$ 1,618	$ 0	$ 1,618	$ 0

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule 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.


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Broker fee income	$	4,392	$	2,607	$	8,507	$	4,963
Factor fee income	1,296		1,367		2,591		2,643
Other fee income	93		115		154		$	181
Total fee income	$	5,781	$	4,089	$	11,252	$	7,787

LOANS AND ALLOWANCE FOR CREDIT LOSSES

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

LOANS AND ALLOWANCE FOR CREDIT LOSSES

Loans Held for Sale

The following table presents loans held for sale:


(Dollars in thousands)	June 30, 2024		December 31, 2023
1-4 family residential	$	1,875	$	1,230
Commercial	(824)		6
Total loans held for sale	$	1,051	$	1,236

Loans Held for Investment

Loans

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


	June 30, 2024						December 31, 2023
(Dollars in thousands)	Amortized Cost		Unpaid Principal		Difference		Amortized Cost		Unpaid Principal		Difference
Commercial real estate	$	842,342	$	843,323	$	(981)	$	812,704	$	813,623	$	(919)
Construction, land development, land	216,531		216,944		(413)		136,720		137,209		(489)
1-4 family residential	128,508		128,631		(123)		125,916		126,096		(180)
Farmland	58,495		58,639		(144)		63,568		63,728		(160)
Commercial	1,092,280		1,095,214		(2,934)		1,170,365		1,176,243		(5,878)
Factored receivables	1,207,480		1,211,145		(3,665)		1,116,654		1,119,544		(2,890)
Consumer	7,596		7,597		(1)		8,326		8,328		(2)
Mortgage warehouse	735,185		735,185		—		728,847		728,847		—
Total loans held for investment	4,288,417		$	4,296,678	$	(8,261)	4,163,100		$	4,173,618	$	(10,518)
Allowance for credit losses	(39,591)						(35,219)
	$	4,248,826					$	4,127,881

The difference between the amortized cost and the unpaid principal is due to (1) premiums and discounts associated with acquired loans totaling $4,211,000 and $6,861,000 at June 30, 2024 and December 31, 2023, respectively, and (2) net deferred origination and factoring fees totaling $4,050,000 and $3,657,000 at June 30, 2024 and December 31, 2023, respectively.

Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $33,212,000 and $30,686,000 at June 30, 2024 and December 31, 2023, respectively, and was included in other assets on the Company's consolidated balance sheets.

At June 30, 2024 and December 31, 2023, the Company had $231,415,000 and $253,492,000, respectively, of customer reserves associated with factored receivables. These amounts represent customer reserves 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, are periodically released to or withdrawn by customers, and are reported as deposits in the consolidated balance sheets.

At June 30, 2024 and December 31, 2023 the balance of the Over-Formula Advance Portfolio, acquired from Transport Financial Solutions during 2020, included in factored receivables was $2,290,000 and $3,151,000, respectively. These balances were fully reserved as of those respective dates.

At June 30, 2024 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 June 30, 2024.

Loans with carrying amounts of $1,480,032,000 and $1,588,532,000 at June 30, 2024 and December 31, 2023, 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		Charge-offs		Recoveries		Ending Balance
Three months ended June 30, 2024
Commercial real estate	$	5,666	$	(228)	$	—	$	—	$	5,438
Construction, land development, land	2,666		(71)		—		1		2,596
1-4 family residential	979		6		(14)		1		972
Farmland	407		(12)		—		—		395
Commercial	16,560		2,018		(1,237)		31		17,372
Factored receivables	11,192		2,166		(1,774)		344		11,928
Consumer	135		96		(77)		2		156
Mortgage warehouse	641		93		—		—		734
	$	38,246	$	4,068	$	(3,102)	$	379	$	39,591


(Dollars in thousands)	Beginning Balance		Credit Loss Expense		Charge-offs		Recoveries		Ending Balance
Three months ended June 30, 2023
Commercial real estate	$	4,292	$	491	$	—	$	—	$	4,783
Construction, land development, land	1,139		95		—		1		1,235
1-4 family residential	1,004		34		—		8		1,046
Farmland	472		4		—		—		476
Commercial	16,683		1,368		(5,124)		50		12,977
Factored receivables	17,581		1,521		(5,820)		159		13,441
Consumer	185		44		(133)		70		166
Mortgage warehouse	889		(43)		—		—		846
	$	42,245	$	3,514	$	(11,077)	$	288	$	34,970


(Dollars in thousands)	Beginning Balance		Credit Loss Expense		Charge-offs		Recoveries		Ending Balance
Six Months Ended June 30, 2024
Commercial real estate	$	6,030	$	(592)	$	—	$	—	$	5,438
Construction, land development, land	965		1,630		—		1		2,596
1-4 family residential	927		56		(14)		3		972
Farmland	442		(47)		—		—		395
Commercial	14,060		5,069		(1,821)		64		17,372
Factored receivables	11,896		2,722		(3,332)		642		11,928
Consumer	171		133		(194)		46		156
Mortgage warehouse	728		6		—		—		734
	$	35,219	$	8,977	$	(5,361)	$	756	$	39,591


(Dollars in thousands)	Beginning Balance		Credit Loss Expense		Charge-offs		Recoveries		Ending Balance
Six months ended June 30, 2023
Commercial real estate	$	4,459	$	254	$	—	$	70	$	4,783
Construction, land development, land	1,155		78		—		2		1,235
1-4 family residential	838		203		(5)		10		1,046
Farmland	483		(7)		—		—		476
Commercial	15,918		2,315		(5,346)		90		12,977
Factored receivables	19,121		2,071		(8,113)		362		13,441
Consumer	175		65		(271)		197		166
Mortgage warehouse	658		188		—		—		846
	$	42,807	$	5,167	$	(13,735)	$	731	$	34,970

The increase in required ACL during the three months ended June 30, 2024 is a function of net charge-offs of $2,723,000 and credit loss expense of $4,068,000.

The increase in required ACL during the six months ended June 30, 2024 is a function of net charge-offs of $4,605,000 and credit loss expense of $8,977,000.

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 PPP), 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 future interest rate environment. The impact of these assumed prepayment speeds is lesser in magnitude than the aforementioned loss driver assumptions.

For all DCF models at June 30, 2024, 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 June 30, 2024 as compared to December 31, 2023, the Company forecasted minimal change in national unemployment and one-year percentage change in national gross domestic product while forecasting improvement in one-year percentage change in the national home price index and some degradation in on-year percentage change in national retail sales. At June 30, 2024 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 projected quarter followed by a decline to negative levels over the last three projected quarters to a level below recent actual periods. For percentage change in national home price index, the Company projected an 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 with the exception of positive growth in the first projected quarter. At June 30, 2024, the Company used its historical prepayment speeds with minimal adjustment.

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 three months ended June 30, 2024, changes in projected loss drivers and prepayment assumptions over the reasonable and supportable forecast period increased the required ACL by $1,104,000. Changes in loan volume and mix increased the required ACL by $245,000. Changes in required specific reserves did not have a significant impact on the required ACL. Net charge-offs during the period were $2,723,000.

For the three months ended June 30, 2023, changes in projected loss drivers and prepayment assumptions over the reasonable and supportable forecast period did not have a significant impact on the required ACL. Likewise, changes in loan volume and mix did not have a significant impact on the ACL during the period. Decreases in required specific reserves decreased the required ACL by $7,108,000. Net charge-offs during the period were $10,789,000.

For the six months ended June 30, 2024, changes in projected loss drivers and prepayment assumptions over the reasonable and supportable forecast period increased the required ACL by $2,008,000. Changes in loan volume and mix increased the required ACL by $1,010,000. Increases in required specific reserves increased the required ACL by $1,354,000. Net charge-offs during the period were $4,605,000.

For the six months ended June 30, 2023, changes in projected loss drivers and prepayment assumptions over the reasonable and supportable forecast period did not have a meaningful impact on the required ACL. Likewise, changes in loan volume and mix did not have a meaningful impact on the ACL during the period. Decreases in required specific reserves decreased the required ACL by $8,019,000. Net charge-offs during the period were $13,004,000.


(Dollars in thousands)	Real Estate		Accounts Receivable		Equipment		Other		Total		ACL Allocation
June 30, 2024
Commercial real estate	$	5,788	$	—	$	—	$	4,505	$	10,293	$	644
Construction, land development, land	306		—		—		—		306		—
1-4 family residential	757		—		—		—		757		97
Farmland	2,763		—		81		73		2,917		—
Commercial	100		—		28,233		18,404		46,737		5,310
Factored receivables	—		36,447		—		—		36,447		6,233
Consumer	—		—		—		159		159		—
Mortgage warehouse	—		—		—		—		—		—
Total	$	9,714	$	36,447	$	28,314	$	23,141	$	97,616	$	12,284

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

At June 30, 2024 the balance of the Over-Formula Advance Portfolio included in factored receivables was $2,290,000 and was fully reserved. At June 30, 2024 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, 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

At December 31, 2023 the balance of the Over-Formula Advance Portfolio included in factored receivables was $3,151,000 and carried an ACL allocation of $3,151,000. At December 31, 2023 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 and Accruing
June 30, 2024
Commercial real estate	$	59	$	—	$	9,289	$	9,348	$	832,994	$	842,342	$	—
Construction, land development, land	—		—		—		—		216,531		216,531		—
1-4 family residential	1,923		354		361		2,638		125,870		128,508		—
Farmland	250		2,238		293		2,781		55,714		58,495		—
Commercial	5,794		9,461		18,846		34,101		1,058,179		1,092,280		—
Factored receivables	18,494		2,642		24,572		45,708		1,161,772		1,207,480		24,572
Consumer	3		10		18		31		7,565		7,596		—
Mortgage warehouse	—		—		—		—		735,185		735,185		—
Total	$	26,523	$	14,705	$	53,379	$	94,607	$	4,193,810	$	4,288,417	$	24,572


(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 and 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	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		—
Total	$	37,659	$	11,946	$	33,464	$	83,069	$	4,080,031	$	4,163,100	$	26,332

At June 30, 2024 and December 31, 2023, total past due Over-Formula Advances recorded in factored receivables was $2,290,000 and $3,151,000, respectively, all of which was considered past due 90 days or more. At June 30, 2024 and December 31, 2023, 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.


	June 30, 2024				December 31, 2023
(Dollars in thousands)	Total Nonaccrual		Nonaccrual With No ACL		Total Nonaccrual		Nonaccrual With No ACL
Commercial real estate	$	10,228	$	8,049	$	2,447	$	190
Construction, land development, land	306		306		—		—
1-4 family residential	757		629		1,178		1,028
Farmland	2,917		2,917		968		968
Commercial	46,736		25,759		40,951		33,188
Factored receivables	—		—		—		—
Consumer	159		159		133		133
Mortgage warehouse	—		—		—		—
	$	61,103	$	37,819	$	45,677	$	35,507

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


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Commercial real estate	$	—	$	—	$	—	$	16
Construction, land development, land	—		—		2		—
1-4 family residential	—		6		1		6
Farmland	13		—		13		22
Commercial	5		1		188		8
Factored receivables	—		—		—		—
Consumer	—		1		—		1
Mortgage warehouse	—		—		—		—
	$	18	$	8	$	204	$	53

There was no interest earned on nonaccrual loans during the three and six months ended June 30, 2024 and 2023.

The following table presents information regarding nonperforming loans:


(Dollars in thousands)	June 30, 2024		December 31, 2023
Nonaccrual loans	$	61,103	$	45,677
Factored receivables greater than 90 days past due	22,282		23,181
	$	83,385	$	68,858

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. Generally, current period renewals of credit are re-underwritten at the point of renewal and considered current period originations for purposes of the table below. As of June 30, 2024 and December 31, 2023, 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
June 30, 2024	2024		2023		2022		2021		2020		Prior
Commercial real estate
Pass	$	181,481	$	142,640	$	82,766	$	95,297	$	109,310	$	45,094	$	91,488	$	14	$	748,090
Classified	—		91,381		662		1,544		665		—		—		—		94,252
Total commercial real estate	$	181,481	$	234,021	$	83,428	$	96,841	$	109,975	$	45,094	$	91,488	$	14	$	842,342
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Construction, land development, land
Pass	$	120,327	$	87,171	$	1,125	$	992	$	275	$	2,624	$	3,711	$	—	$	216,225
Classified	306		—		—		—		—		—		—		—		306
Total construction, land development, land	$	120,633	$	87,171	$	1,125	$	992	$	275	$	2,624	$	3,711	$	—	$	216,531
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

1-4 family residential
Pass	$	11,009	$	22,198	$	15,690	$	18,061	$	6,494	$	20,936	$	33,121	$	212	$	127,721
Classified	19		2		—		90		—		419		257		—		787
Total 1-4 family residential	$	11,028	$	22,200	$	15,690	$	18,151	$	6,494	$	21,355	$	33,378	$	212	$	128,508
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	14	$	—	$	14

Farmland
Pass	$	12,424	$	6,585	$	8,806	$	4,678	$	7,560	$	14,038	$	1,392	$	81	$	55,564
Classified	68		184		2,238		—		14		427		—		—		2,931
Total farmland	$	12,492	$	6,769	$	11,044	$	4,678	$	7,574	$	14,465	$	1,392	$	81	$	58,495
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial
Pass	$	201,925	$	177,970	$	135,676	$	44,201	$	29,181	$	10,688	$	430,463	$	884	$	1,030,988
Classified	4,765		29,728		20,861		2,231		3,473		56		178		—		61,292
Total commercial	$	206,690	$	207,698	$	156,537	$	46,432	$	32,654	$	10,744	$	430,641	$	884	$	1,092,280
YTD gross charge-offs	$	—	$	1,242	$	29	$	43	$	490	$	17	$	—	$	—	$	1,821

Factored receivables
Pass	$	1,166,979	$	—	$	—	$	—	$	2,290	$	—	$	—	$	—	$	1,169,269
Classified	18,850		—		—		—		19,361		—		—		—		38,211
Total factored receivables	$	1,185,829	$	—	$	—	$	—	$	21,651	$	—	$	—	$	—	$	1,207,480
YTD gross charge-offs	$	1,774	$	1,558	$	—	$	—	$	—	$	—	$	—	$	—	$	3,332

Consumer
Pass	$	2,415	$	2,300	$	981	$	416	$	254	$	1,053	$	18	$	—	$	7,437
Classified	—		17		—		72		—		52		18		—		159
Total consumer	$	2,415	$	2,317	$	981	$	488	$	254	$	1,105	$	36	$	—	$	7,596
YTD gross charge-offs	$	—	$	175	$	18	$	—	$	—	$	1	$	—	$	—	$	194

Mortgage warehouse
Pass	$	735,185	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	735,185
Classified	—		—		—		—		—		—		—		—		—
Total mortgage warehouse	$	735,185	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	735,185
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total loans
Pass	$	2,431,745	$	438,864	$	245,044	$	163,645	$	155,364	$	94,433	$	560,193	$	1,191	$	4,090,479
Classified	24,008		121,312		23,761		3,937		23,513		954		453		—		197,938
Total loans	$	2,455,753	$	560,176	$	268,805	$	167,582	$	178,877	$	95,387	$	560,646	$	1,191	$	4,288,417
YTD gross charge-offs	$	1,774	$	2,975	$	47	$	43	$	490	$	18	$	14	$	—	$	5,361


													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

Loan Modifications to Borrowers Experiencing Financial Difficulty

The following tables present the amortized cost basis of loan modifications to borrowers experiencing financial difficulty made during the reporting period:


	Term Extension
	Three Months Ended				Six Months Ended
(Dollars in thousands)	Amortized Cost		% of Portfolio		Amortized Cost		% of Portfolio
June 30, 2024
Commercial real estate	$	194	—	%	$	194	—	%





Consumer	18		0.2	%	18		0.2	%

	$	212	—	%	$	212	—	%

June 30, 2023
Commercial real estate	$	116	—	%	$	116	—	%



Commercial	—		—	%	1,218		0.1	%



	$	116	—	%	$	1,334	—	%


	Term Extension and Rate Reduction
	Three Months Ended June 30, 2024				Six Months Ended June 30, 2024
(Dollars in thousands)	Amortized Cost		% of Portfolio		Amortized Cost		% of Portfolio
Commercial real estate	$	143	—	%	$	143	—	%







	$	161	—	%	$	161	—	%


	Term Extension and Principal Forgiveness
	Three Months Ended				Six Months Ended
(Dollars in thousands)	Amortized Cost		% of Portfolio		Amortized Cost		% of Portfolio
June 30, 2024




Commercial	$	4,128	0.4	%	$	4,128	0.4	%



	$	4,128	0.1	%	$	4,128	0.1	%


	Payment Delay
	Three Months Ended				Six Months Ended
(Dollars in thousands)	Amortized Cost		% of Portfolio		Amortized Cost		% of Portfolio











June 30, 2023
Commercial real estate	$	—	—	%	$	756	0.1	%







	$	—	—	%	$	756	—	%

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


	Term Extension
	Three Months Ended	Six Months Ended
June 30, 2024
Commercial real estate	Modification added a weighted average 0.5 years to the life of the modified loans.	Modification added a weighted average 0.5 years to the life of the modified loans.





Consumer	Modification added a weighted average 6.1 years to the life of the modified loans.	Modification added a weighted average 6.1 years to the life of the modified loans.


June 30, 2023
Commercial real estate	Modification added a weighted average 0.3 years to the life of the modified loans.	Modification added a weighted average 0.3 years to the life of the modified loans.



Commercial	N/A	Modification added a weighted average 0.3 years to the life of the modified loans.

Term Extension and rate Reduction

Three Months Ended

Six Months Ended

June 30, 2024

Commercial real estate

Modification added a weighted average 1.0 year to the life of the modified loans and reduced the weighted average contractual interest rate from 12.5% to 10.0%.


	Term Extension and Principal Forgiveness
	Three Months Ended	Six Months Ended
June 30, 2024




Commercial	Modification added a weighted average 1.8 years to the life of the modified loan and resulted in principal forgiveness totaling $507,000.	Modification added a weighted average 1.8 years to the life of the modified loan and resulted in principal forgiveness totaling 507,000.


	Payment Delay
	Three Months Ended	Six Months Ended










June 30, 2023
Commercial real estate	N/A	Modification provided a weighted average payment delay of 0.5 years.

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:


	June 30, 2024
(Dollars in thousands)	Current		Past Due 30-89 Days		Past Due 90 Days or More
Commercial real estate	$	107,095	$	—	$	—



Commercial	20,806		3,559		—

Consumer	18		—		—

	$	127,919	$	3,559	$	—

At June 30, 2024, 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 three and six months ended June 30, 2024 and 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 June 30, 2024 and December 31, 2023, the Company had no 1-4 family residential real estate loans for which formal foreclosure proceedings were in process.

LESSOR OPERATING LEASES (Tables)

6 Months Ended

Jun. 30, 2024

Lessor Disclosure [Abstract]

Schedule of Revenue Recognized for Operating Leases

The table below shows the Company's revenue from operating leases, which is included in non-interest income in the Company's consolidated statements of income.


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands)	2024		2023		2024		2023
Fixed payments	$	1,095	$	—	$	1,095	$	—
Variable payments	553		—		553		—
Amortization of intangibles included in lease income	(30)		—		(30)		$	—
Total fee income	$	1,618	$	—	$	1,618	$	—

LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Nonperforming Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	$ 61,103	$ 45,677
Factored receivables greater than 90 days past due	24,572	26,332
Factored receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	0	0
Factored receivables greater than 90 days past due	24,572	26,332
Nonperforming Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	61,103	45,677
Total loans	83,385	68,858
Nonperforming Loans \| Factored receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Factored receivables greater than 90 days past due	$ 22,282	$ 23,181

REGULATORY MATTERS

6 Months Ended

Jun. 30, 2024

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

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 June 30, 2024 and December 31, 2023, the Company and TBK Bank meet all capital adequacy requirements to which they are subject.

As of June 30, 2024 and 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 June 30, 2024 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.


(Dollars in thousands)	Actual			Minimum for Capital Adequacy Purposes			To Be Well Capitalized Under Prompt Corrective Action Provisions
June 30, 2024	Amount		Ratio	Amount		Ratio	Amount		Ratio
Total capital (to risk weighted assets)
Triumph Financial, Inc.	$	828,069	16.5%	$	401,355	8.0%	N/A		N/A
TBK Bank, SSB	$	786,774	15.8%	$	398,535	8.0%	$	498,168	10.0%

Tier 1 capital (to risk weighted assets)
Triumph Financial, Inc.	$	674,558	13.4%	$	301,017	6.0%	N/A		N/A
TBK Bank, SSB	$	745,209	15.0%	$	298,901	6.0%	$	398,535	8.0%

Common equity Tier 1 capital (to risk weighted assets)
Triumph Financial, Inc.	$	587,516	11.7%	$	225,762	4.5%	N/A		N/A
TBK Bank, SSB	$	745,209	15.0%	$	224,176	4.5%	$	323,809	6.5%

Tier 1 capital (to average assets)
Triumph Financial, Inc.	$	674,558	12.4%	$	216,501	4.0%	N/A		N/A
TBK Bank, SSB	$	745,209	13.7%	$	216,357	4.0%	$	270,447	5.0%

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 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 June 30, 2024 and December 31, 2023. 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 June 30, 2024 and 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

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest and dividend income:
Loans, including fees	$ 54,900	$ 57,258	$ 108,452	$ 109,796
Factored receivables, including fees	40,028	39,819	77,937	80,723
Securities	5,523	5,234	10,874	9,347
FHLB and other restricted stock	234	219	466	344
Cash deposits	6,330	2,956	11,233	5,950
Total interest income	107,015	105,486	208,962	206,160
Interest expense:
Deposits	15,520	6,877	27,672	10,079
Subordinated notes	1,225	1,312	2,449	2,621
Junior subordinated debentures	1,162	1,090	2,346	2,124
Other borrowings	1,193	4,756	2,545	6,503
Total interest expense	19,100	14,035	35,012	21,327
Net interest income	87,915	91,451	173,950	184,833
Credit loss expense (benefit)	4,155	2,643	10,051	5,256
Net interest income after credit loss expense (benefit)	83,760	88,808	163,899	179,577
Noninterest income:
Net gains (losses) on sale or call of securities	0	0	0	0
Net gains (losses) on sale of loans	123	87	(69)	3
Insurance commissions	1,505	1,303	3,073	2,896
Other	3,127	(1,229)	4,472	(1,547)
Total noninterest income	17,167	11,511	32,166	22,533
Noninterest expense:
Salaries and employee benefits	56,005	54,219	110,190	108,905
Occupancy, furniture and equipment	8,565	7,292	16,201	13,995
FDIC insurance and other regulatory assessments	641	868	1,294	1,286
Professional fees	4,558	3,035	8,099	6,120
Amortization of intangible assets	2,869	3,001	5,593	5,851
Advertising and promotion	2,008	1,629	3,222	3,001
Communications and technology	14,307	11,904	26,201	23,250
Software amortization	1,357	1,043	2,531	2,030
Other	7,033	7,405	14,383	15,239
Total noninterest expense	97,343	90,396	187,714	179,677
Net income before income tax expense	3,584	9,923	8,351	22,433
Income tax expense	837	2,273	1,446	3,773
Net income	2,747	7,650	6,905	18,660
Dividends on preferred stock	(802)	(802)	(1,603)	(1,603)
Net income available to common stockholders	$ 1,945	$ 6,848	$ 5,302	$ 17,057
Earnings per common share
Basic (in dollars per share)	$ 0.08	$ 0.30	$ 0.23	$ 0.73
Diluted (in dollars per share)	$ 0.08	$ 0.29	$ 0.22	$ 0.72
Service charges on deposits
Noninterest income:
Revenue	$ 1,810	$ 1,769	$ 3,537	$ 3,482
Card income
Noninterest income:
Revenue	2,085	2,119	3,953	4,087
Fee income
Noninterest income:
Revenue	$ 8,517	$ 7,462	$ 17,200	$ 13,612