VOL. 129 | NO. 191 | Wednesday, October 1, 2014
Triumph Bank Surpasses $500 Million in Assets
By Andy Meek
Triumph Bank didn’t choose its new tagline, “Let’s talk growth,” earlier this year only because it sounded hopeful or was an ideal to strive for.
It’s something the Memphis-based bank is keenly familiar with, as it continues moving closer to a key size metric Triumph is aiming for over the next two years.
As of Sept. 5, Triumph has surpassed the milestone of being a half-billion-dollar bank. The bank now has more than $500 million in assets, up from a little less than $440 million at the end of 2013, which was up from $350 million in 2012.
After the bank rocketed from zero to $350 million in assets, Triumph CEO Will Chase said the bank’s leadership sat down and decided to keep pressing on the accelerator. The goal Triumph set for itself: double its $350 million in assets in five years, starting in 2012, and reach $700 million by the end of 2016.
The bank has been focused on its core identity and growth potential particularly heavily this year, since earlier in the year Triumph adopted a new logo, its new tagline and now has crossed the mark of $500 million in assets.
“We’re very pleased to have reached this milestone so quickly in our short corporate history, especially in light of the recent Great Recession,” Chase said.
The bank’s most recent annual report puts some of that growth and Chase’s bullishness in context. The company is coming off a year in 2013, for example, in which its after-tax profit for the year was almost $3.4 million, up 71 percent over its 2012 profit.
2013 was the fifth straight year Triumph grew its profit, and digging down into the numbers shows an increase of more than 13 percent in loans – as well as an increased profit margin on loans – as reasons for the increase.
“We are pleased with this profit, as it demonstrates the convergence of a growing balance sheet, attention to operating expenses and good asset quality,” the annual report reads.
Last year also saw the bank continue its strong asset quality, with its asset quality expense below 1 percent. That total includes things like loan losses, losses on the sale of foreclosed properties and the legal expense of collecting loan balances.
When the bank ended 2013 with more than $430 million in assets, half a billion in assets was already in its sights. The latter total, according to Triumph, is a metric the industry recognizes as a bank growing into “a difference class of community bank.”
A little more than a year ago, Triumph made a big mortgage-related move. The bank at the end of August 2013 bought M&P Mortgage from Merchants & Planters Bank of Bolivar, Tenn. Triumph merged that operation into its own mortgage business and labeled the combined entity Triumph Mortgage.
Mortgage didn’t contribute to Triumph’s income in 2013, but the bank says the combined value of the new mortgage operation will be more than 10 times the bank’s pre-acquisition volume and allows Triumph to add new products like competitively priced adjustable rate mortgages.
Another highlight of the bank’s recent past – again speaking to its tagline of “Let’s talk growth” – was the opening of its new operations center at Moriah Woods Office Park. That, Triumph says, will help the bank increase efficiency and allows for future growth in the bank’s operations and administration.