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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________________________

FORM 10-Q

___________________________________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number 001-36722

___________________________________________________________

TRIUMPH FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

___________________________________________________________


Texas						20-0477066
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

12700 Park Central Drive, Suite 1700

Dallas, Texas 75251

(Address of principal executive offices)

(214) 365-6900

(Registrant’s telephone number, including area code)

___________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	x	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock — $0.01 par value, 23,806,253 shares, as of April 17, 2026.

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

TFIN

New York Stock Exchange

NYSE Texas

Depositary Shares Each Representing a 1/40th Interest in a Share of 7.125% Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share

TFIN PR

New York Stock Exchange

Table of Contents

TRIUMPH FINANCIAL, INC.

FORM 10-Q

March 31, 2026

TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements
	Consolidated Balance Sheets	2
	Consolidated Statements of Income	3
	Consolidated Statements of Comprehensive Income	4
	Consolidated Statements of Changes in Stockholders’ Equity	5
	Consolidated Statements of Cash Flows	6
	Condensed Notes to Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	45

Item 3.	Quantitative and Qualitative Disclosures About Market Risks	83

Item 4.	Controls and Procedures	84

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	85

Item 1A.	Risk Factors	85

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	85

Item 3.	Defaults Upon Senior Securities	85

Item 4.	Mine Safety Disclosures	85

Item 5.	Other Information	85

Item 6.	Exhibits	86

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1

FINANCIAL STATEMENTS

Table of Contents

TRIUMPH FINANCIAL, INC.

CONSOLIDATED BALANCE SHEETS

March 31, 2026 and December 31, 2025

(Dollar amounts in thousands)


	March 31, 2026		December 31, 2025
	(Unaudited)
ASSETS
Cash and due from banks	$	64,375	$	67,535
Interest bearing deposits with other banks	517,564		180,936
Total cash and cash equivalents	581,939		248,471
Securities - equity investments with readily determinable fair values	4,559		4,588
Securities - available for sale	339,562		364,277
Securities - held to maturity, net of allowance for credit losses of $2,104 and $1,628, respectively, fair value of $1,654 and $1,878, respectively	1,031		1,550
Loans held for sale	2,495		459
Loans, net of allowance for credit losses of $34,157 and $36,511, respectively	5,154,982		4,954,796
Federal Home Loan Bank and other restricted stock	4,366		14,253
Premises and equipment, net	89,492		91,071
Capitalized software, net	48,322		46,370
Goodwill	355,296		355,296
Intangible assets, net	45,372		47,888
Bank-owned life insurance	65,406		64,887
Deferred tax assets, net	—		181
Other assets	183,893		186,501
Total assets	$	6,876,715	$	6,380,588
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits
Noninterest bearing	$	3,042,210	$	1,901,638
Interest bearing	2,657,729		3,048,578
Total deposits	5,699,939		4,950,216
Federal Home Loan Bank advances	30,000		280,000
Subordinated notes	69,929		69,879
Junior subordinated debentures	43,154		42,991
Deferred tax liabilities, net	4,454		—
Other liabilities	78,524		95,731
Total liabilities	5,926,000		5,438,817
Commitments and contingencies - See Note 7 and Note 8
Stockholders' equity - See Note 11
Preferred stock	45,000		45,000
Common stock, 23,806,253 and 23,765,385 shares outstanding, respectively	296		295
Additional paid-in-capital	601,832		597,466
Treasury stock, at cost	(270,711)		(270,619)
Retained earnings	576,922		571,368
Accumulated other comprehensive income (loss)	(2,624)		(1,739)
Total stockholders’ equity	950,715		941,771
Total liabilities and stockholders' equity	$	6,876,715	$	6,380,588

See accompanying condensed notes to consolidated financial statements.

Table of Contents

TRIUMPH FINANCIAL, INC.

CONSOLIDATED STATEMENTS OF INCOME

For the Three Months Ended March 31, 2026 and 2025

(Dollar amounts in thousands, except per share amounts)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Interest and dividend income:
Loans, including fees	$	47,656	$	53,576
Factored receivables, including fees	46,021		38,694
Securities	4,540		5,308
FHLB and other stock	272		249
Cash deposits	4,266		4,443
Total interest income	102,755		102,270
Interest expense:
Deposits	14,052		14,397
Subordinated notes	662		682
Junior subordinated debentures	954		994
Other borrowings	993		1,814
Total interest expense	16,661		17,887
Net interest income	86,094		84,383
Credit loss expense (benefit)	(607)		1,330
Net interest income after credit loss expense (benefit)	86,701		83,053
Noninterest income:
Service charges on deposits	1,212		1,596
Card income	1,960		1,797

Net gains (losses) on sale of loans	87		134
Net gains (losses) on disposal of premises and equipment	606		846
Fee income	13,735		9,114
Insurance commissions	1,111		1,250
Other	996		2,453
Total noninterest income	19,707		17,190
Noninterest expense:
Salaries and employee benefits	58,168		58,718
Occupancy, furniture and equipment	6,501		8,442
FDIC insurance and other regulatory assessments	1,058		727
Professional fees	4,763		6,064
Amortization of intangible assets	2,516		2,400
Advertising and promotion	1,212		1,464
Communications and technology	13,119		12,244
Software amortization	3,300		1,992
Travel and entertainment	1,520		1,492
Other	6,104		6,630
Total noninterest expense	98,261		100,173
Net income before income tax expense	8,147		70
Income tax expense	1,792		53
Net income	$	6,355	$	17
Dividends on preferred stock	(801)		(801)
Net income (loss) available to common stockholders	$	5,554	$	(784)
Earnings per common share
Basic	$	0.23	$	(0.03)
Diluted	$	0.23	$	(0.03)

See accompanying condensed notes to consolidated financial statements.

Table of Contents

TRIUMPH FINANCIAL, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2026 and 2025

(Dollar amounts in thousands)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Net income	$	6,355	$	17
Other comprehensive income:
Unrealized gains (losses) on securities:
Unrealized holding gains (losses) arising during the period	(1,170)		(404)
Tax effect	285		100
Unrealized holding gains (losses) arising during the period, net of taxes	(885)		(304)
Reclassification of amount realized through sale or call securities	—		—
Tax effect	—		—
Reclassification of amount realized through sale or call of securities, net of taxes	—		—
Change in unrealized gains (losses) on securities, net of tax	(885)		(304)
Total other comprehensive income (loss)	(885)		(304)
Comprehensive income (loss)	$	5,470	$	(287)

See accompanying condensed notes to consolidated financial statements.

Table of Contents

TRIUMPH FINANCIAL, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

For the Three Months Ended March 31, 2026 and 2025

(Dollar amounts in thousands)

(Unaudited)


	Preferred Stock		Common Stock			Additional Paid-in- Capital		Treasury Stock			Retained Earnings		Accumulated		Total Stockholders' Equity
	Liquidation Preference Amount		Shares Outstanding	Par Amount				Shares Outstanding	Cost				Other Comprehensive Income (Loss)
Balance, January 1, 2026	$	45,000	23,765,385	$	295	$	597,466	5,770,441	$	(270,619)	$	571,368	$	(1,739)	$	941,771
Vesting of restricted stock units and performance stock units	—		3,750	—		—		—	—		—		—		—
Stock option exercises, net	—		13,633	—		(211)		—	—		—		—		(211)
Issuance of common stock pursuant to the Employee Stock Purchase Plan	—		24,926	1		1,159		—	—		—		—		1,160
Stock based compensation	—		—	—		3,418		—	—		—		—		3,418

Purchase of treasury stock	—		(1,441)	—		—		1,441	(92)		—		—		(92)
Dividends on preferred stock	—		—	—		—		—	—		(801)		—		(801)
Net income	—		—	—		—		—	—		6,355		—		6,355
Other comprehensive income (loss)	—		—	—		—		—	—		—		(885)		(885)
Balance, March 31, 2026	$	45,000	23,806,253	$	296	$	601,832	5,771,882	$	(270,711)	$	576,922	$	(2,624)	$	950,715


	Preferred Stock		Common Stock			Additional Paid-in- Capital		Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	Liquidation Preference Amount		Shares Outstanding	Par Amount				Shares Outstanding	Cost
Balance, January 1, 2025	$	45,000	23,391,411	$	291	$	567,884	5,729,802	$	(268,356)	$	549,215	$	(3,115)	$	890,919

Vesting of restricted stock and performance stock units	—		8,973	—		—		—	—		—		—		—
Stock option exercises, net	—		495	—		25		—	—		—		—		25
Issuance of common stock pursuant to the Employee Stock Purchase Plan	—		20,892	1		1,367		—	—		—		—		1,368
Stock based compensation	—		—	—		2,831		—	—		—		—		2,831
Forfeiture of restricted stock awards	—		(575)	—		36		575	(36)		—		—		—
Purchase of treasury stock, net	—		(1,456)	—		—		1,456	(128)		—		—		(128)
Dividends on preferred stock	—		—	—		—		—	—		(801)		—		(801)
Net income	—		—	—		—		—	—		17		—		17
Other comprehensive income (loss)	—		—	—		—		—	—		—		(304)		(304)
Balance, March 31, 2025	$	45,000	23,419,740	$	292	$	572,143	5,731,833	$	(268,520)	$	548,431	$	(3,419)	$	893,927

See accompanying condensed notes to consolidated financial statements.

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TRIUMPH FINANCIAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31, 2026 and 2025

(Dollar amounts in thousands)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	6,355	$	17
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	2,883		3,944
Net accretion on loans	(100)		(247)
Amortization of subordinated notes issuance costs	50		70
Amortization of junior subordinated debentures	163		155
Net (accretion) amortization on securities	(68)		(131)
Amortization of intangible assets	2,516		2,400
Software amortization	3,300		1,992
Deferred taxes, net	4,923		1,814
Credit loss expense (benefit)	(607)		1,330
Stock based compensation	3,418		2,831

Net (gains) losses on equity securities	29		(67)
Net OREO (gains) losses and valuation adjustments	(102)		—
Net (gains) losses on disposal of premises and equipment	(606)		(846)
Origination of loans held for sale	(5,539)		(4,611)

Proceeds from sale of loans originated or purchased for sale	3,272		5,725
Net (gains) losses on sale of loans	(87)		(134)
Net change in operating leases	(156)		(111)
Change in estimated fair value of revenue share asset	122		(173)
(Increase) decrease in other assets	(3,977)		(4,809)
Increase (decrease) in other liabilities	(10,734)		(12,767)
Net cash provided by (used in) operating activities	5,055		(3,618)
Cash flows from investing activities:

Purchases of securities available for sale	—		(85,001)

Proceeds from maturities, calls, and pay downs of securities available for sale	23,613		54,318
Proceeds from maturities, calls, and pay downs of securities held to maturity	43		46
Purchases of loans held for investment	(3,489)		(4,437)
Proceeds from sale of loans	—		2,989
Net change in loans	(195,782)		(126,125)
Purchases of premises and equipment	(1,748)		(4,247)
Proceeds from sales of premises and equipment	1,050		11,454
Net proceeds from sale of OREO	312		—
Expenditures for capitalized software	(5,252)		(4,890)
(Purchases) redemptions of FHLB and other restricted stock, net	9,887		1,067

Acquired intangible assets	—		(123)

Net cash provided by (used in) investing activities	(171,366)		(154,949)
Cash flows from financing activities:
Net increase (decrease) in deposits	749,723		155,930
Increase (decrease) in Federal Home Loan Bank advances	(250,000)		175,000


Preferred stock dividends	(801)		(801)
Stock option exercises, net	(211)		25
Proceeds from employee stock purchase plan common stock issuance	1,160		1,368
Purchase of treasury stock, net	(92)		(128)
Net cash provided by (used in) financing activities	499,779		331,394
Net increase (decrease) in cash and cash equivalents	333,468		172,827
Cash and cash equivalents at beginning of period	248,471		330,117
Cash and cash equivalents at end of period	581,939		502,944

See accompanying condensed notes to consolidated financial statements.

Table of Contents

TRIUMPH FINANCIAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31, 2026 and 2025

(Dollar amounts in thousands)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Supplemental cash flow information:
Interest paid	$	19,718	$	17,130
Income taxes paid, net	$	139	$	(45)
Cash paid for operating lease liabilities	$	1,515	$	1,478
Supplemental noncash disclosures:

Loans held for investment transferred to loans held for sale	$	—	$	5,747


Lease liabilities arising from obtaining right-of-use assets	$	—	$	35

Table of Contents

TRIUMPH FINANCIAL, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

Triumph Financial, Inc. (collectively with its subsidiaries, “Triumph Financial”, or the “Company” as applicable) is a financial holding company headquartered in Dallas, Texas, offering a diversified line of banking, factoring, payments, and intelligence 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”), and TBK Bank’s wholly owned subsidiary Triumph Insurance Group, Inc. (“TIG”). Substantially all of the Company's products and services (other than certain insurance brokerage activities at TIG) are offered through TBK Bank.

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, 2025. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

Reportable 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 Intelligence.

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 derives its revenue from factoring services.

The Payments segment includes the operations of TBK Bank's 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 (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.

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TRIUMPH FINANCIAL, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The Intelligence segment was launched in the fourth quarter of 2024 to turn the over-the-road trucking data collected through our services into actionable insights for our customers. This launch coincided with our acquisition of Isometric Technologies Inc. that provides service and performance scoring and benchmarking capabilities to the over-the-road trucking industry. The operations of this segment were further supplemented with our acquisition of Greenscreens AI. Inc., a pricing solution for the logistics industry that delivers short-term freight market pricing intelligence and business insights, during the quarter ended June 30, 2025. Intelligence offerings enable better decision making, market intelligence and automation. The revenue for these offerings is derived through access and subscription fees, as well as seat licenses where applicable.

For further discussion of management's operating segments and allocation methodology, see Note 16 – Business Segment Information.

Adoption of New Accounting Standards

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 adopted ASU 2023-09 on a prospective basis effective December 31, 2025. Adoption of ASU 2023-09 did not have a material impact on the Company's consolidated financial statements.

Newly Issued, But Not Yet Effective Accounting Standards

In November 2024, the FASB issued Accounting Standards Update 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)" ("ASU 2024-03"). ASU 2024-03 requires public entities to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 is effective for the Company for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company will update its expense disclosures upon adoption.

In July 2025, the FASB issued Accounting Standards Update 2025-05, “Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses for Accounts Receivable and Contract Assets" ("ASU 2025-05"). ASU 2025-05 provides the option to elect a practical expedient to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on these assets. ASU 2025-05 is effective for the Company for fiscal years beginning after December 15, 2025 and interim periods within those fiscal years. The Company does not expect adoption of ASU 2025-05 to have a material impact on its consolidated financial statements.

In September 2025, the FASB issued Accounting Standards Update 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Targeted Improvements to the Accounting for Internal-Use Software" ("ASU 2025-06"). ASU 2025-06 clarified and modernizes the accounting for costs related to internal-use software. The amendments in ASU 2025-06 remove all references to project stages throughout Subtopic 350-40 and clarify the threshold entities apply to begin capitalizing costs. ASU 2025-06 is effective for the Company for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years. The Company is currently evaluating the impact of adoption of ASU 2025-06 on its consolidated financial statements.

In November 2025, the FASB issued Accounting Standards Update 2025-08, “Financial Instruments - Credit Losses (Topic 326), Purchased Loans" ("ASU 2025-08"). ASU 2025-08 expands the use of the gross-up approach in Accounting Standards Codification 326, "Credit Losses", to all purchased seasoned loans. ASU 2025-08 is effective for the Company for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years. The Company is currently evaluating the impact of adoption of ASU 2025-08 on its consolidated financial statements.

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TRIUMPH FINANCIAL, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

USPS Settlement

At June 30, 2025, we carried a receivable (the “Misdirected Payments Receivable”) payable by the United States Postal Service (“USPS”) arising from accounts factored to a large carrier. The balance of such Misdirected Payments Receivable, net of customer reserves, was $19.4 million. 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 disputed their obligation to make such payment, citing purported deficiencies in the notices delivered to them. We were 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. On June 30, 2025, we reached an agreement with the USPS ("the USPS Settlement") whereby the USPS agreed to pay us $47.5 million to settle the litigation in the United States Court of Federal Claims and certain other related proceedings. Such settlement was entered into as part of a global settlement of the disputes related to the Misdirected Payments Receivable, other amounts we asserted were due to us from USPS for other balances owed to us as a result of their failure to honor our notices of assignment, and certain claims of the large carrier involved in this matter against the USPS for underpayment on certain transportation contracts in which we had a security interest. We received the full $47.5 million settlement proceeds on July 10, 2025. The proceeds of the USPS Settlement were applied as follows:

•$11.5 million to the aforementioned large carrier,

•$19.4 million to relieve the entire balance of Misdirected Payments Receivable, net of customer reserves,

•$1.1 million of interest and fees,

•$7.9 million of legal expense recovery

•$3.8 million to recovery of previously charged-off acquired over-formula advances related to the aforementioned large carrier, and

•$3.8 million to CVLG in accordance with the amended terms of the CVLG transaction.

The $19.4 million Misdirected Payments Receivable balance was legally discharged upon receipt of the settlement proceeds on July 10, 2025. The USPS Settlement did not have an impact on pretax net income for the three months ended March 31, 2026 and 2025.

Restructuring Activities

In August 2025, the Company announced a reduction in force involving approximately 5% of the Company's workforce, as well as other cost saving initiatives including non-headcount related reductions in facilities, legacy technology, vendor spend, and travel. These actions are part of the Company’s initiatives to re-balance its cost structure in light of technology investments that have delivered significant efficiencies across the organization. These advancements have reduced the need for certain roles and prompted a reorganization of teams and responsibilities to better serve the Company’s transportation verticals. The Company believes these actions will strengthen its competitive position, enhance operational agility, and support sustainable long-term growth.

During the three months ended September 30, 2025, the Company recognized $3,134,000 of expense related to the reduction in force, which consisted primarily of one-time termination charges arising from severance obligations and other customary employee benefit payments made in connection with a reduction in force. These costs were included in salaries and benefits expense in the consolidated statements of income and for segment reporting, $522,000 of the expense was recognized by the Banking segment, $1,059,000 was recognized by the Factoring segment, $513,000 was recognized by the Payments segment, $210,000 was recognized by the Intelligence segment, and $830,000 was allocated to the corporate and other category. The Company's Factoring segment recognized an additional $68,000 of severance expense during the three months ended December 31, 2025.

The Company also recognized $1,250,000 of expense during the three months ended September 30, 2025 related to the cost saving initiatives, which consisted primarily of one-time contract amendment fees. These costs were included in professional fees in the consolidated statements of income and were allocated to the corporate and other category for segment reporting.

All of the restructuring costs were incurred and paid during the year ended December 31, 2025.

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TRIUMPH FINANCIAL, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 2 — ACQUISITIONS AND DIVESTITURES

Greenscreens.ai

On May 8, 2025, the Company, through its wholly-owned subsidiary TBK Bank, SSB, acquired Greenscreens AI, Inc. ("Greenscreens"), a pricing solution for the logistics industry that delivers short-term freight market pricing intelligence and business insights.

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


(Dollars in thousands)	Initial Values		Measurement Period Adjustments		Adjusted Values
Assets acquired:
Cash and cash equivalents	$	1,601	$	—	$	1,601
Accounts receivable and other	935		—		935
Intangible assets - customer relationship	36,380		(900)		35,480
Intangible assets - software	8,340		(20)		8,320
	47,256		(920)		46,336
Liabilities assumed:
Accounts payable and other	1,104		151		1,255
Deferred tax liabilities, net	6,251		470		6,721
	7,355		621		7,976
Fair value of net assets acquired	$	39,901	$	(1,541)	$	38,360
Consideration:
Cash paid	$	139,118	$	(143)	$	138,975
Stock consideration	12,732		—		12,732
Total consideration	$	151,850	$	(143)	$	151,707
Goodwill	$	111,949	$	1,398	$	113,347

Consideration paid for the acquisition totaled $151,707,000, including $138,975,000 in cash and 256,984 shares of the Company's common stock valued at $12,732,000.

The Company has recognized goodwill of $113,347,000, which included measurement period adjustments related to customary settlement adjustments, intangible asset valuation adjustments, and the finalization of the Greenscreens stub period tax return and its impact on the acquired deferred tax liability. Goodwill was calculated as the excess of the fair value of consideration exchanged as compared to the fair value of identifiable net assets acquired. The goodwill in this acquisition resulted from expected synergies between the Company's Factoring, Payments, and Intelligence segments, as well as progress towards the development of data products to be offered to the freight brokerage community; therefore goodwill of $16,293,000 was allocated to the Company's Factoring segment, $15,601,000 was allocated to the Company's Payments segment, and $81,453,000 was allocated to the Company’s Intelligence segment. The goodwill will not be deducted for tax purposes. The initial accounting for the acquisition has not been completed because the fair values of the consideration paid, the assets acquired, and the liabilities assumed have not yet been finalized.

The intangible assets recognized include a customer relationship intangible asset with an acquisition date fair value of $35,480,000 which will be amortized utilizing an accelerated method over its twelve year estimated useful life and a capitalized software intangible asset with an acquisition date fair value of $8,320,000 which will be amortized on a straight-line basis over its five year estimated useful life. A customer relationship intangible asset of $20,860,000 was allocated to the Company's Intelligence segment and a customer relationship intangible asset of $14,620,000 was allocated to the Company's Payments segment. The entire software intangible asset was allocated to the Company's Intelligence segment.

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

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TRIUMPH FINANCIAL, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Expenses related to the acquisition totaling $3,009,000 and $967,000 were recorded in professional fees in the consolidated statements of income during the three months ended June 30, 2025 and March 31, 2025, respectively.

NOTE 3 — SECURITIES

Equity Securities With Readily Determinable Fair Values

The Company held equity securities with readily determinable fair values of $4,559,000 and $4,588,000 at March 31, 2026 and December 31, 2025, respectively. The gross realized and unrealized gains and losses recognized on equity securities with readily determinable fair values included in noninterest income in the Company’s consolidated statements of income were as follows:


	Three Months Ended March 31,
(Dollars in thousands)	2026		2025
Unrealized gains (losses) on equity securities held at the reporting date	$	(29)	$	67
Realized gains (losses) on equity securities sold during the period	—		—
	$	(29)	$	67

Equity Securities Without Readily Determinable Fair Values

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


(Dollars in thousands)	March 31, 2026		December 31, 2025
Equity Securities without readily determinable fair value, at cost	$	66,601	$	75,499
Upward adjustments based on observable price changes, cumulative	10,163		10,163
Impairments and downward adjustments based on observable price changes, cumulative	$	(1,212)	$	(1,212)
Equity Securities without readily determinable fair value, carrying value	$	75,552	$	84,450

Equity securities without readily determinable fair values include Federal Home Loan Bank and other restricted stock, which are reported separately in the Company's consolidated balance sheets. Equity securities without readily determinable fair values also include the Company's investments in the common stock of Trax Group, Inc. and Warehouse Solutions Inc., with carrying amounts of $9,700,000 and $38,088,000, respectively, at March 31, 2026. Both investments have been allocated to our Payments segment and are included in other assets in the Company's consolidated balance sheets.

There were no realized or unrealized gains or losses recognized on equity securities without readily determinable fair values during the three months ended March 31, 2026 and 2025.

Management monitors its equity securities without readily determinable fair values for observable transactions in similar equity instruments as well as indicators of impairment, either of which would require it to mark such equity securities to fair value. No such transactions or indicators of impairment were detected during the three months ended March 31, 2026.

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TRIUMPH FINANCIAL, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Debt Securities

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


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
March 31, 2026
Available for sale securities:
Mortgage-backed securities, residential	$	88,305	$	237	$	(3,798)	$	—	$	84,744
Asset-backed securities	780		—		(1)		—		779
State and municipal	2,637		—		(57)		—		2,580
CLO securities	249,991		254		(69)		—		250,176
Corporate bonds	264		—		(3)		—		261
SBA pooled securities	1,062		9		(49)		—		1,022
Total available for sale securities	$	343,039	$	500	$	(3,977)	$	—	$	339,562


(Dollars in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
March 31, 2026
Held to maturity securities:
CLO securities	$	3,135	$	—	$	(1,481)	$	1,654
Allowance for credit losses	(2,104)
Total held to maturity securities, net of ACL	$	1,031


(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
December 31, 2025
Available for sale securities:
Mortgage-backed securities, residential	$	91,642	$	462	$	(3,604)	$	—	$	88,500
Asset-backed securities	812		—		(1)		—		811
State and municipal	2,638		—		(49)		—		2,589
CLO Securities	270,148		926		—		—		271,074
Corporate bonds	265		—		(2)		—		263
SBA pooled securities	1,079		10		(49)		—		1,040
Total available for sale securities	$	366,584	$	1,398	$	(3,705)	$	—	$	364,277


(Dollars in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Fair Value
December 31, 2025
Held to maturity securities:
CLO securities	$	3,178	$	—	$	(1,300)	$	1,878
Allowance for credit losses	(1,628)
Total held to maturity securities, net of ACL	$	1,550

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TRIUMPH FINANCIAL, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The amortized cost and estimated fair value of securities at March 31, 2026, 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	$	—	$	—	$	—	$	—
Due from one year to five years	2,133		2,119		3,135		1,654
Due from five years to ten years	23,183		23,217		—		—
Due after ten years	227,576		227,681		—		—
	252,892		253,017		3,135		1,654
Mortgage-backed securities, residential	88,305		84,744		—		—
Asset-backed securities	780		779		—		—
SBA pooled securities	1,062		1,022		—		—
	$	343,039	$	339,562	$	3,135	$	1,654

There were no sales of debt securities during the three months ended March 31, 2026 and 2025.

Debt securities with a carrying amount of approximately $28,881,000 and $28,896,000 at March 31, 2026 and December 31, 2025, respectively, were pledged to secure public deposits and for other purposes required or permitted by law.

Accrued interest on available for sale securities totaled $2,962,000 and $3,387,000 at March 31, 2026 and December 31, 2025, respectively, and was included in other assets on the Company's consolidated balance sheets. There was no accrued interest related to debt securities reversed against interest income for the three months ended March 31, 2026 and 2025.

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
March 31, 2026
Available for sale securities:
Mortgage-backed securities, residential	$	17,871	$	(179)	$	26,925	$	(3,619)	$	44,796	$	(3,798)
Asset-backed securities	779		(1)		—		—		779		(1)
State and municipal	863		(1)		1,537		(56)		2,400		(57)
CLO securities	42,539		(69)		—		—		42,539		(69)
Corporate bonds	261		(3)		—		—		261		(3)
SBA pooled securities	—		—		735		(49)		735		(49)
	$	62,313	$	(253)	$	29,197	$	(3,724)	$	91,510	$	(3,977)

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TRIUMPH FINANCIAL, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)


	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, 2025
Available for sale securities:
Mortgage-backed securities, residential	$	14,533	$	(85)	$	30,284	$	(3,519)	$	44,817	$	(3,604)
Asset-backed securities	811		(1)		—		—		811		(1)
State and municipal	505		—		1,544		(49)		2,049		(49)
CLO Securities	—		—		—		—		—		—
Corporate bonds	—		—		263		(2)		263		(2)
SBA pooled securities	—		—		747		(49)		747		(49)
	$	15,849	$	(86)	$	32,838	$	(3,619)	$	48,687	$	(3,705)

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

At March 31, 2026, the Company had 78 available for sale debt securities in an unrealized loss position without an allowance for credit losses. Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of March 31, 2026, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions, and therefore the Company carried no allowance for credit losses on available for sale debt securities at March 31, 2026.

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


(Dollars in thousands)	Three Months Ended March 31,
Held to Maturity CLO Securities	2026		2025
Allowance for credit losses:
Beginning balance	$	1,628	$	3,491
Credit loss expense	476		145
Charge-offs	—		(2,160)
Recoveries	—		—
Allowance for credit losses ending balance	$	2,104	$	1,476

The Company’s held to maturity securities are investments in the unrated subordinated notes of collateralized loan obligation ("CLO") 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. 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. During the three months ended March 31, 2025, the Company charged off one of its three investments in these CLO funds as it was deemed to be an uncollectible investment. The charge-off was fully reserved in a prior period. At March 31, 2026 and December 31, 2025, $1,913,000 and $1,913,000, respectively, of the Company’s held to maturity securities were classified as nonaccrual.

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TRIUMPH FINANCIAL, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 4 — LOANS AND ALLOWANCE FOR CREDIT LOSSES

Loans Held for Sale

The following table presents loans held for sale:


(Dollars in thousands)	March 31, 2026		December 31, 2025


1-4 family residential	$	2,495	$	459

Total loans held for sale	$	2,495	$	459

Loans Held for Investment

Loans

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


	March 31, 2026						December 31, 2025
(Dollars in thousands)	Amortized Cost		Unpaid Principal		Difference		Amortized Cost		Unpaid Principal		Difference
Commercial real estate	$	724,923	$	724,940	$	(17)	$	730,435	$	730,533	$	(98)
Construction, land development, land	206,693		206,865		(172)		224,214		224,414		(200)
1-4 family residential	187,991		186,751		1,240		193,508		192,322		1,186
Farmland	42,666		42,705		(39)		43,433		43,474		(41)
Commercial	1,112,802		1,122,350		(9,548)		1,163,664		1,173,373		(9,709)
Factored receivables	1,717,808		1,721,962		(4,154)		1,462,900		1,465,854		(2,954)
Consumer	15,381		15,394		(13)		16,819		16,833		(14)
Mortgage warehouse	1,180,875		1,180,875		—		1,156,334		1,156,334		—
Total loans held for investment	5,189,139		$	5,201,842	$	(12,703)	4,991,307		$	5,003,137	$	(11,830)
Allowance for credit losses	(34,157)						(36,511)
	$	5,154,982					$	4,954,796

The difference between the amortized cost and the unpaid principal is due to (1) premiums and discounts associated with acquired loans totaling $9,198,000 and $9,300,000 at March 31, 2026 and December 31, 2025, respectively, and (2) net deferred origination and factoring fees totaling $3,505,000 and $2,530,000 at March 31, 2026 and December 31, 2025, respectively.

Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $35,347,000 and $42,478,000 at March 31, 2026 and December 31, 2025, respectively, and was included in other assets on the Company's consolidated balance sheets.

As of March 31, 2026, most of the Company’s non-factoring business activity is with customers located within certain states. The states of Texas (20%), Colorado (10%), Illinois (11%), and Iowa (4%) make up 45% of the Company’s gross loans, excluding factored receivables. Therefore, the Company’s exposure to credit risk is affected by changes in the economies in these states. At December 31, 2025, the states of Texas (20%), Illinois (10%), Colorado (10%), and Iowa (4%) made up 44% of the Company’s gross loans, excluding factored receivables.

A majority (97%) of the Company's factored receivables, representing approximately 32% of the Company's total loan portfolio as of March 31, 2026, are transportation receivables. At December 31, 2025, 97% of the Company's factored receivables, representing approximately 29% of the Company's total loan portfolio, were transportation receivables.

At March 31, 2026 and December 31, 2025, the Company had $314,781,000 and $338,496,000, 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.

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TRIUMPH FINANCIAL, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Loans with carrying amounts of $1,572,177,000 and $1,725,914,000 at March 31, 2026 and December 31, 2025, 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 March 31, 2026
Commercial real estate	$	4,713	$	561	$	—	$	—	$	5,274
Construction, land development, land	2,970		(472)		—		—		2,498
1-4 family residential	1,927		(5)		—		2		1,924
Farmland	298		1		—		—		299
Commercial	14,947		(1,902)		(258)		8		12,795
Factored receivables	10,069		1,254		(1,777)		281		9,827
Consumer	429		41		(137)		24		357
Mortgage warehouse	1,158		25		—		—		1,183
	$	36,511	$	(497)	$	(2,172)	$	315	$	34,157


(Dollars in thousands)	Beginning Balance		Credit Loss Expense		Charge-offs		Recoveries		Ending Balance
Three Months Ended March 31, 2025
Commercial real estate	$	3,825	$	945	$	(116)	$	3	$	4,657
Construction, land development, land	2,873		(234)		—		—		2,639
1-4 family residential	1,404		41		(1)		2		1,446
Farmland	386		(60)		—		—		326
Commercial	21,419		(931)		(4,371)		74		16,191
Factored receivables	9,600		1,509		(1,408)		150		9,851
Consumer	185		102		(179)		47		155
Mortgage warehouse	1,022		(58)		—		—		964
	$	40,714	$	1,314	$	(6,075)	$	276	$	36,229

The decrease in required ACL during the three months ended March 31, 2026 is a function of net charge-offs of $1,857,000 and credit loss benefit of $497,000.

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

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TRIUMPH FINANCIAL, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

For all DCF models at March 31, 2026, 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 March 31, 2026 as compared to December 31, 2025, the Company forecasted minimal change in national unemployment and modest improvement in one-year percentage change in national retail sales, one-year percentage change in national home price index, and one-year percentage change in national gross domestic product. At March 31, 2026 for national unemployment, the Company projected a percentage in the first quarter that would be slightly higher than the current unemployment rate followed by a gradual rise in the following three quarters. For percentage change in national retail sales, the Company projected an 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 a breakeven level 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 very low growth for the first two projected quarters with low levels of contraction for the final two projected quarters. At March 31, 2026, 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 March 31, 2026, changes in projected loss drivers and prepayment assumptions over the reasonable and supportable forecast period decreased the required ACL by $1,680,000. Changes in loan volume and mix increased the required ACL by $110,000. Changes in required specific reserves decreased the ACL by $785,000. Net charge-offs during the period were $1,857,000.

For the three months ended March 31, 2025, changes in projected loss drivers and prepayment assumptions over the reasonable and supportable forecast period increased the required ACL by $492,000. Changes in loan volume and mix increased the required ACL by $602,000. Changes in required specific reserves decreased the ACL by $5,579,000. Net charge-offs during the period were $5,799,000.

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


(Dollars in thousands)	Real Estate		Accounts Receivable		Equipment		Other		Total		ACL Allocation
March 31, 2026
Commercial real estate	$	63,243	$	—	$	—	$	—	$	63,243	$	687
Construction, land development, land	—		—		—		—		—		—
1-4 family residential	1,719		—		—		—		1,719		—
Farmland	243		—		50		132		425		—
Commercial	173		—		37,645		4,520		42,338		1,748
Factored receivables	—		5,356		—		—		5,356		1,066
Consumer	—		—		—		21		21		—
Mortgage warehouse	—		—		—		—		—		—
Total	$	65,378	$	5,356	$	37,695	$	4,673	$	113,102	$	3,501

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TRIUMPH FINANCIAL, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)


(Dollars in thousands)	Real Estate		Accounts Receivable		Equipment		Other		Total		ACL Allocation
December 31, 2025
Commercial real estate	$	25,162	$	—	$	—	$	—	$	25,162	$	—
Construction, land development, land	—		—		—		—		—		—
1-4 family residential	1,827		—		—		—		1,827		—
Farmland	1,177		—		55		138		1,370		—
Commercial	173		—		40,647		4,627		45,447		1,708
Factored receivables	—		4,650		—		—		4,650		2,578
Consumer	—		—		—		12		12		—
Mortgage warehouse	—		—		—		—		—		—
Total	$	28,339	$	4,650	$	40,702	$	4,777	$	78,468	$	4,286

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

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
March 31, 2026
Commercial real estate	$	3,661	$	693	$	42,287	$	46,641	$	678,282	$	724,923	$	—
Construction, land development, land	—		—		—		—		206,693		206,693		—
1-4 family residential	1,983		1,004		1,245		4,232		183,759		187,991		—
Farmland	—		1,338		—		1,338		41,328		42,666		—
Commercial	9,155		5,223		30,809		45,187		1,067,615		1,112,802		—
Factored receivables	19,623		3,646		1,101		24,370		1,693,438		1,717,808		1,101
Consumer	3		—		9		12		15,369		15,381		—
Mortgage warehouse	—		—		—		—		1,180,875		1,180,875		—
Total	$	34,425	$	11,904	$	75,451	$	121,780	$	5,067,359	$	5,189,139	$	1,101


(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, 2025
Commercial real estate	$	40,346	$	688	$	6,851	$	47,885	$	682,550	$	730,435	$	—
Construction, land development, land	—		—		—		—		224,214		224,214		—
1-4 family residential	370		1,138		1,489		2,997		190,511		193,508		—
Farmland	218		—		—		218		43,215		43,433		—
Commercial	31,105		6,798		13,299		51,202		1,112,462		1,163,664		1,178
Factored receivables	25,876		6,334		1,347		33,557		1,429,343		1,462,900		1,347
Consumer	14		9		—		23		16,796		16,819		—
Mortgage warehouse	—		—		—		—		1,156,334		1,156,334		—
Total	$	97,929	$	14,967	$	22,986	$	135,882	$	4,855,425	$	4,991,307	$	2,525

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.

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TRIUMPH FINANCIAL, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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:


	March 31, 2026				December 31, 2025
(Dollars in thousands)	Total Nonaccrual		Nonaccrual With No ACL		Total Nonaccrual		Nonaccrual With No ACL
Commercial real estate	$	46,544	$	42,551	$	8,502	$	8,502
Construction, land development, land	—		—		—		—
1-4 family residential	1,682		1,682		1,790		1,790
Farmland	426		426		458		458
Commercial	42,162		36,166		45,446		38,224
Factored receivables	—		—		—		—
Consumer	21		21		12		12
Mortgage warehouse	—		—		—		—
	$	90,835	$	80,846	$	56,208	$	48,986

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


	Three Months Ended March 31,
(Dollars in thousands)	2026		2025
Commercial real estate	$	264	$	14
Construction, land development, land	—		—
1-4 family residential	3		—
Farmland	—		—
Commercial	27		3
Factored receivables	—		—
Consumer	—		—
Mortgage warehouse	—		—
	$	294	$	17

There was no interest earned on nonaccrual loans during the three months ended March 31, 2026 and 2025.

The following table presents information regarding nonperforming loans:


(Dollars in thousands)	March 31, 2026		December 31, 2025
Nonaccrual loans	$	90,835	$	56,208
Nonperforming factored receivables	1,101		1,347
	$	91,936	$	57,555

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.

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TRIUMPH FINANCIAL, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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

Management considers the guidance in ASC 310-20 when determining whether a modification, extension, or renewal of loan constitutes a current period origination. As of March 31, 2026 and December 31, 2025, based on the most recent analysis performed, the risk category of loans is as follows:

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TRIUMPH FINANCIAL, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)


													Revolving Loans		Revolving Loans Converted To Term Loans		Total
(Dollars in thousands)	Year of Origination
March 31, 2026	2026		2025		2024		2023		2022		Prior
Commercial real estate
Pass	$	3,816	$	192,815	$	159,237	$	56,329	$	31,341	$	161,702	$	7,721	$	834	$	613,795
Classified	—		—		—		83,715		3,154		23,304		955		—		111,128
Total commercial real estate	$	3,816	$	192,815	$	159,237	$	140,044	$	34,495	$	185,006	$	8,676	$	834	$	724,923
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Construction, land development, land
Pass	$	921	$	30,338	$	58,362	$	115,270	$	733	$	1,069	$	—	$	—	$	206,693
Classified	—		—		—		—		—		—		—		—		—
Total construction, land development, land	$	921	$	30,338	$	58,362	$	115,270	$	733	$	1,069	$	—	$	—	$	206,693
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

1-4 family residential
Pass	$	3,118	$	52,797	$	40,482	$	14,504	$	8,108	$	31,270	$	30,531	$	2,838	$	183,648
Classified	—		361		9		900		80		2,673		320		—		4,343
Total 1-4 family residential	$	3,118	$	53,158	$	40,491	$	15,404	$	8,188	$	33,943	$	30,851	$	2,838	$	187,991
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Farmland
Pass	$	—	$	8,962	$	9,945	$	4,023	$	3,477	$	14,199	$	916	$	317	$	41,839
Classified	—		—		—		—		—		827		—		—		827
Total farmland	$	—	$	8,962	$	9,945	$	4,023	$	3,477	$	15,026	$	916	$	317	$	42,666
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial
Pass	$	73,751	$	311,612	$	209,504	$	70,273	$	25,532	$	17,854	$	358,921	$	1,833	$	1,069,280
Classified	1,249		5,378		548		8,261		3,546		1,178		23,362		—		43,522
Total commercial	$	75,000	$	316,990	$	210,052	$	78,534	$	29,078	$	19,032	$	382,283	$	1,833	$	1,112,802
YTD gross charge-offs	$	—	$	99	$	2	$	100	$	57	$	—	$	—	$	—	$	258

Factored receivables
Pass	$	1,712,911	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,712,911
Classified	4,897		—		—		—		—		—		—		—		4,897
Total factored receivables	$	1,717,808	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,717,808
YTD gross charge-offs	$	—	$	1,777	$	—	$	—	$	—	$	—	$	—	$	—	$	1,777

Consumer
Pass	$	5,283	$	3,728	$	946	$	641	$	182	$	371	$	4,209	$	—	$	15,360
Classified	—		9		—		—		—		12		—		—		21
Total consumer	$	5,283	$	3,737	$	946	$	641	$	182	$	383	$	4,209	$	—	$	15,381
YTD gross charge-offs	$	107	$	19	$	4	$	7	$	—	$	—	$	—	$	—	$	137

Mortgage warehouse
Pass	$	1,180,875	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,180,875
Classified	—		—		—		—		—		—		—		—		—
Total mortgage warehouse	$	1,180,875	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,180,875
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total loans
Pass	$	2,980,675	$	600,252	$	478,476	$	261,040	$	69,373	$	226,465	$	402,298	$	5,822	$	5,024,401
Classified	6,146		5,748		557		92,876		6,780		27,994		24,637		—		164,738
Total loans	$	2,986,821	$	606,000	$	479,033	$	353,916	$	76,153	$	254,459	$	426,935	$	5,822	$	5,189,139
YTD gross charge-offs	$	107	$	1,895	$	6	$	107	$	57	$	—	$	—	$	—	$	2,172

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TRIUMPH FINANCIAL, INC.

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)


													Revolving Loans		Revolving Loans Converted To Term Loans		Total
(Dollars in thousands)	Year of Origination
December 31, 2025	2025		2024		2023		2022		2021		Prior
Commercial real estate
Pass	$	194,679	$	167,423	$	57,294	$	32,510	$	66,763	$	96,283	$	2,639	$	841	$	618,432
Classified	—		—		83,865		2,696		1,301		23,453		688		—		112,003
Total commercial real estate	$	194,679	$	167,423	$	141,159	$	35,206	$	68,064	$	119,736	$	3,327	$	841	$	730,435
YTD gross charge-offs	$	—	$	—	$	116	$	—	$	—	$	87	$	—	$	—	$	203

Construction, land development, land
Pass	$	14,821	$	87,037	$	120,397	$	843	$	769	$	347	$	—	$	—	$	224,214
Classified	—		—		—		—		—		—		—		—		—
Total construction, land development, land	$	14,821	$	87,037	$	120,397	$	843	$	769	$	347	$	—	$	—	$	224,214
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	250	$	—	$	—	$	250

1-4 family residential
Pass	$	54,257	$	41,135	$	15,614	$	11,408	$	14,114	$	18,889	$	31,545	$	2,286	$	189,248
Classified	365		9		899		82		1,120		1,734		51		—		4,260
Total 1-4 family residential	$	54,622	$	41,144	$	16,513	$	11,490	$	15,234	$	20,623	$	31,596	$	2,286	$	193,508
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	104	$	—	$	—	$	104

Farmland
Pass	$	9,001	$	9,827	$	4,068	$	3,613	$	2,330	$	12,939	$	458	$	358	$	42,594
Classified	—		—		—		—		—		839		—		—		839
Total farmland	$	9,001	$	9,827	$	4,068	$	3,613	$	2,330	$	13,778	$	458	$	358	$	43,433
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial
Pass	$	335,153	$	225,023	$	82,460	$	32,954	$	7,901	$	13,026	$	417,434	$	2,153	$	1,116,104
Classified	4,409		1,524		10,608		5,478		956		928		23,657		—		47,560
Total commercial	$	339,562	$	226,547	$	93,068	$	38,432	$	8,857	$	13,954	$	441,091	$	2,153	$	1,163,664
YTD gross charge-offs	$	—	$	4,924	$	7,950	$	1,180	$	276	$	10,816	$	—	$	—	$	25,146

Factored receivables
Pass	$	1,458,558	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,458,558
Classified	4,342		—		—		—		—		—		—		—		4,342
Total factored receivables	$	1,462,900	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,462,900
YTD gross charge-offs	$	5,229	$	1,408	$	—	$	—	$	—	$	—	$	—	$	—	$	6,637

Triumph Financial, Inc. 10-Q