DALLAS: Triumph Bancorp, Inc. reported net income of $19.8 million and net income available to common stockholders of $16.9 million for the year ended December 31, 2014, compared to net income of $13.4 million and net income available to common stockholders of $11.8 million for the year ended December 31, 2013.
For the fourth quarter of 2014, net income was $2.8 million and net income available to common stockholders was $2.0 million, compared to net income of $11.7 million and net income available to common stockholders of $11.3 million for the quarter ended December 31, 2013. Net income for 2014 and 2013 was impacted by the recognition of a $12.6 million pretax gain on branch sale in the third quarter of 2014 and a $9.0 million bargain purchase gain in the fourth quarter of 2013, respectively.
Aaron P. Graft, Chief Executive Officer, Triumph Bancorp, Inc., announced, “Our 2014 results reflect a year of substantial accomplishments and progress as we completed our first full year of consolidated operations with our Triumph Community Bank subsidiary, experienced continued strong loan growth and yields in our national commercial finance lending platforms and issued two collateralized loan obligations at our asset management subsidiary. We also completed the initial public offering of our common stock in the fourth quarter of 2014. The completion of our initial public offering has us well positioned with the capital and liquidity to pursue our strategy of supplementing strong organic loan growth with acquisitions to improve our deposit mix and operating leverage.”
Fully diluted earnings per share were $1.52 for the year ended December 31, 2014, compared to $1.39 for the same period in 2013. Diluted earnings per share were $0.14 for the quarter ended December 31, 2014, compared to $1.12 for the same period in 2013. Earnings per share results were impacted during 2014 as a result of 7,705,000 shares of common stock issued in the Company’s initial public offering completed in November 2014. This offering increased common equity by $83.8 million.
