TBK - Earnings call transcript Q3 2017 | Triumph Financial, Inc.

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Operator

Good afternoon, and welcome to the Triumph Bancorp Incorporated Third Quarter Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Mr. Luke Wyse, Senior Vice President of Finance and Investor Relations. ahead. go Please

Luke Wyse

to our Welcome Bancorp call conference Good quarter the XXXX discuss third financial to morning. Triumph results.

subject statements. Before statements. we this statements that forward-looking that Company actual differ. forward-looking and no to like and anticipated are could Those results cause get started, any presentation obligation I may to would revise to uncertainties risks The to remind undertakes include publicly

please statement refer including If Slide to slide our you are online Harbor logged presentation our webcast, Safe on into X. available the

For by Harbor Financial please website this that statement Fowler and our Bryce am like made Graft, I subject note CEO, to and and the we’ll All Chief I At this our Aaron statement. are Lending to during Chief the joined Aaron? www.triumphbancorp.com. any Vice-Chairman over those be our on to have. time, morning Karas, phone, address may presentation, joining to happy After Aaron. Harbor Triumph’s the Officer that today's call call presentation Safe are would turn at you Safe Dan comments available questions Officer, by

Aaron Graft

Thank Luke. you

We core with We our quarter growth continued Division our asset and Despite nine Bank of in base Bancorp. pending solid capital. pleased busy quality acquisition quarter. conversion Western the team fourth activity, of our the our deposit of and and second our October on have expected am this Colorado are public closing of very acquisition third Independent has core raising our since all been generate in I our earnings, to and adding we quarter offering successful progressing $XX.X we loan X million the as improved end towards completed strong branches accomplished. to of Valley stock a what common We on completed

portfolio in diversified well This total lending continues across products. many by X% $XXX or QX. organically million to Our loan grew growth be

premium at is and million for of of addition our equipment loan increase which portfolio our $XX an to the the portfolio million, includes finance finance commercial factored and now lending receivables $XXX ABL overall portfolio. XX% finance our quarter This comprised XX% Our majority increase. or of comprised in the

growth $XX Triumph of estate invoices quarter. and experienced business number subsidiary real record capital, factoring in million. clients loan the again and CRE purchased, $XX contributed value million of highs served of over quarter. the solid third achieved our lending dollar the the also in We growth for the number of invoices TBC of purchased in approximately

dollar Average third the and were is producing the prior to continuing reach increased purchased TBC at funds the value new to are $XXXX value a dollar quarter million deserve average clients quarter year September purchased this invoices size the shareholders. up third and quarter above net purchased of their performance. XX%. net pleased of for added same made quarter. the this XXX,XXX investment last invoice business a team in XXX.X return see this have or our hearty versus million The in congratulations invoices XXX employed to Specifically, quarter am we XXX over in XX. that These $XXXX clients I for members X,XXX quarter market exceptional the during

about reserve excited the We are platform. TriumphPay, also prospects driven technology of factoring our

our third quality, great metrics exceeded respect technology have could earnings our a platform building we to to our not TriumphPay and does currently, for Net expectations the to improvements. charge-offs quarter’s aided which continue only only the in was the of are marketed by believe and quarter, loan recorded contribute at a of quarter we we asset early third future. While loan negligible option promise has primarily With million the X.X provide growth. recoveries to a were reflect $XXXX, In for loss provision for quarter. that $XXX,XXX

due I per over during approximately improvements achieved a earnings was year run current of at of XXXX, that on We the for But a last past of quarter. time. this third our by rate call and acquisitions an which schedule non-performing Over share XXX% ago, ahead non-performing again run quarter. end a achieve experienced was we announced the support improvement to rate achieved Our stated would XX% to the all ratios that issuance that shares additional quarter. goal asset have loan our our goal it

investors into our this meet out with mark importantly previously of our potential that improves. along, and take closing loan that management building announced exceed the illustrate loaded all future board continue to have a them to to we core our believed I and the investors and leverage growth as platform operating More will and the to acquisitions, the could level. of that to what front us we point expense next had our expect I

but around have to on our additional quarter. running core our on Bryce? financial our with assets some We for the return this I like At the yet, case I’d are close, even the point, color to call think over provide X.X% building current to average business done strategy. performance not turn we for third proven not Bryce

Bryce Fowler

Thank you, Aaron.

share. increased was the prior loans the common public diluted prior the total by the Net in quarter $X.XX quarter This of over GAAP count the or interest X.XX%. X.X% net basis XX balance $X.X driven from per or X.XX%. of holders $X.XX points shares third For per for the share margin decreased to X. net our basis outstanding loans income things per the on The for a accretion we points of yield decreased X,XXX,XXX over stock quarter reduction to share. GAAP by discount loan on of million quarter. the quarter. including third prior average XX to quarter interest $XXX,XXX increase was Earnings $XXX primarily increased approximately being earned equal August impacted share All offering were income million

X only impact and Excluding decreased margin yield basis one at interest quarter the third adjusted of basis accretion, net the adjusted X.X% for discount loan the our point loans X.XX%. only purchase to points on to down was

a $X.X associated loan of which GAAP net decrease $X.X the included quarter accretion, and a The discount prior million accelerated quarter loan contributed million. loans yield certain with to margin. interest third The of pre higher accretion payment included of

of public for quarter approximately into end XX, loans. expected of intentional with of our nature million portfolio to September loan accretable were accounts reduce expect plan the rather acquired down the we remaining had the quarter, being As of to funds. currently lives make prior from Due and which to $XX.X $XX primarily funds remaining for of discount accrete in million many million of non-economical accrete by pledging purchased securities loans the this associated the is Total deposits us public of asset these their million strong Of primarily amount, $X XXXX. we for to the to demand, loan $X.X income requirements continuing our to continue. than

as Our deposit of September XX. ratio loan to XXX% was

the quarter by incorporate in XX%. Non-interest federal will $X.X of to to bank warehouse million. and deposits On of deposits million third X%. yield ratio not these like our fund and liquidity liquidity growth portfolio XX%. two of our our provided the our place also in above to the note remain about most reduce Bank loan pay remains use this to portfolio competitive mortgage advances or the pending to $XXX $XXX Valley static the rates in that do and Our ability funding profitable quarter home million about income deposit given basis, branch loan deposit yet loan results from acquisition of a the acquisitions We loan confident independent our continue $X net million We we net Acquisition. ratio acquire ability would second as decreased expect to

increased call, compensation on earnings quarter discussed of prior drop continues is earnings in improve this in due earnings $XXX,XXX which the to investment this was Total our with were which approximately attributable to quarter our line CLO quarter, to prior about and million last incentive since as increased was our of first the of warehouse performance of realized call. expenses over the most $XX.X of quarter’s and second million, the As to is year. in our during decrease expectation our non-interest repaid this the quarter late communicated June. in we last us core we in bonus Non-interest in $XXX,XXX expense $XX primary

Our FTEs XX. prior September were from the positions that, With turn only the about up to as XXX to five quarter Aaron. of like call back I’d to

Aaron Graft

future things final for Thank mention you, call and before the couple to the operator of over we expenses to questions. turn plans A regarding Bryce.

QX Valley nine for nearly Banking First, expense growth acquisition our due the We investors to Independent in that transactions QX million. Bank estimate full acquisition of branches approximately to our normal see will month. for in $XX.X include cumulative beyond should will to run increase impact QX the these one of Bank Valley completion of the growth and the and expense branches our Independent from rate expect of Trust. Banking months our Trust three the

recapitalization XXXX. in of led current of know in been but bank most you the a As a the bank service the not full group TBK has management Dallas headquartered bank really Dallas since

expect this We XXXX. change in will

roots Our North board Texas. in management and have deep senior

for but moving lack significant result to a borrowers a their have our in of in have loan our expressed interest built of a unwilling Many relationship full As to branch. market. been we book TBK do local have an service entire

commercial like things but open as come, expect future view does, in know about strategic More in true TBK we a North a a very that to of won’t this presence are other details full the We into investment company. our full quite service banks. do on in Dallas XXXX. to most we service We like growth excited building branch And Texas. this it

our As are systems solutions. scoping significant to as such upgrade we management treasury a part of this,

for presence We the deposit With I’d and upgraded over to operator the branch to like turn of to solutions. growth through that, expect this and any significant call questions. the deliver these loan

Operator

go Instructions] from come Securities. [Operator ahead. Shaw question Our Fargo Wells Jared Please of first will

Timur Braziler

the Braziler I we pending what place? Hi, the little much solely quarter, or bit is talk is in is how some filling that about actually by sort my a strategic good side. for acquisitions Jared. trends saw was Can driven This this guess question there you first taking quarter morning. of Timur for decline on shift length there deposit of

Bryce Fowler

take to – I’ll one. got is Hey take Bryce. that this

a as mix those a million about our far I a funding overall. result during of to and that that of saw deposits our fund are eliminating rejigger part as its quarter, decline we was change on the overall kind public the in think our overtime decision of to conscious $XXX we

on pushing we say so well on a as and running I the not close that otherwise hard lean their deposit were acquisitions, and branch knowing probably way. the were would not at that on as the growth our – were transactions of those liquidity anticipating So, Valleys closing we probably as pushing little two

Timur Braziler

roll two thus of then what are expecting for the just these at you deposit deals to on Okay, there? I thank and many side aspects far, you seen change the you franchise, on in what’s lending closed Colorado fourth know deals were that ones And those the how down potentially looking and but that landscape for close that. expectation the maybe then will once one or your quarter, have

Dan Karas

Dan Hey Karas. it’s good morning,

excited $XXX that loans, picked up the pretty is acquisition up Colorado. have in We to about We’re ag. about about million $XX branch or the pick opportunities in million in

same markets. that as pretty about primarily We commercial million loans, in, So those acquisition, bit organically comfortable the mixed level with we continue we said drive before the and then community growth mostly in the the overall we in... X% of businesses a people look were it in we serve the commercial. commercial commercial don’t are that’s comfortable we in ag of expect growth $XXX to with finance are finance, in let our and range types franchise in that’s pretty little that so for In the bank that to but X% Valley

Timur Braziler

back a are lot back one the me. a of for the currently kind activity standpoint has from you appetite market incremental more from There Okay and get recently, been look of maybe then what’s office and deal to deal guys and M&A opportunities? able then in when just just

Aaron Graft

Well this is Aaron.

one day that is X So an as would begun of expect at up process and conversion the you there’s but and merger course integration that Bank legal that the December has already Acquisition time. picks for scheduled really involves Valley

of towards a you course think us might just Of who and you grow is holistically creates on if I the it’s growth, Triumph anyone also value deposits. few that at look helping as not spend time a don’t organization focused not going or to do opportunity only there’s opportunities surprise M&A to about expect just think with what but asset next and that how back that step core the looking at you be M&A the our we And is. that our for do capture shareholders to out

And we of those be bank XXXX full going and to so able so deals back of could we ago. capable in, our hear and like right with from an just than year the of the would did And deals multiple as better until close we far markets I far announcement office there hopeful year and what are in doing dialogues were were anything are won’t process branch in we we Valley. are adjacent we so to after as announce from many you much the you the to we much markets where in I us do but XXXX, deals, of on a because as in same were now goes are mean know we end first that and as where are

We call, other made M&A want than certainly better we things, have been better to of future. to things we but related improve want to XXXX, are have to at, get treasury to we of to XXXX equipped and be in and still behind a in so in go, huge management multiple our I do those even expect there we were scenes deals upgrade we but more many part mentioned are the the technology lot

Timur Braziler

just than then whole M&A the bigger or becoming transactions bank, see was that be overall assume looking the is for around more a of to centered it either is we it of lastly And or safe Okay, expectation still the guess Texas I broadly North to bank the that potential great. that. branch area component can

Aaron Graft

around tell in – what will doing know are of a directors we we traffic it this board I to. than at nothing lot and branch course look here, think is management if we loans establishing Texas that. broadly just have of lot a deposit our create our just wired branch that think everyone pre physical Texas looking North wanted because needed our just physical a more we it’s I and you a you what of don’t potential to potential can and location and clear be to North in we of where to all relationships already direct

far a faster five we here, grow any than if to going to were it’s So sixth. just already branches have just adding be

so going of to there, are that. about You push lot volume a excited

in M&A As least the of we that it do sitting the far the should where Texas, at I certainly but of today will we not at an on expect look top itself, at would put as M&A North I in opportunity would XXXX. here present list

Timur Braziler

you Thank Great. that for color.

Operator

from Nick KBW. next ahead. Our come question will go Grant Please of

Nick Grant

guys. good morning Hey

Aaron Graft

Nick. morning, Good

Nick Grant

right. [Indiscernible]

right any pretty know or now, clean related across provision that note can it pockets had really board you was are So credit from of is another you like or to and the any Harvey all the quarter like concerns you hurricane there perspective, clean that anything a on. it

Dan Karas

it’s Nick, morning good Dan. Hey

with first start and we and pleased overall been me relatively the hurricanes’ are likely clients that Let both people impacted. have our the

say We at that to all have mortgage to warehouse our us this happy significant nothing has so on institutionally. equipment relates impact but the exposure that but that largest had finance really hurricane and there’s been made I’m few as extensions really was exposure repurchased the that no a it point,

issue that really in done I about think As I in quality at we we trends point, equipment nothing are stands QX had with. out as finance – this think asset one about

we fortunately the loans to recovery through and are side, in we on able quarter; recovery legacy have On recoveries the a charge-off and we where had we that the a took small had that we’ve have credit two on first one work care charge side health it.

for us. look I as meaningful really no negative at trends So it today

Aaron Graft

for acquired, to sitting been it. that. on to our concentrated bulk the of would we a are large made just where in you few some have Nick, assets relationships know say And some add around non-performing now that I are

You get extremely continue point QX could you where to know that’s happen further resolution lower know to that but asset we a to ratio our could they to non-performing unknowable whether miniscule progress or you exciting something resolution QX, complete in onto will when us. that’s

Nick Grant

is of should we something there Okay of great, driven thanks. in moving of it by or lowering Then a level that can but kind you is forward. the commercial I yields. touch coming is more decrease high finance else off finance premium going loan on mean, on think this by realize primarily I very kind

Bryce Fowler

This is Bryce.

is a there think things I there. happening of mix

I that, not range yield from on finance basis. for had the is over the I normal is of versus the as commercial that of even portfolio of piece of you things know wouldn’t of a had bit of quarter we yields it not premium finance as the higher we are in overall, compression little as being quarter a growth have little quarter level even charter and mean think prior of quarter the really we kind are a a drove [Ph] us quarter a the did to much drag Yes, the really so portfolio trend portfolio happen. – as outplays in driver seeing quarter I in mix that their of quarter a big this but over improving probably income that the in we bit change we Some the kind in quarter call the fee unusual, of it within the but

Nick Grant

you the can basis core going sustainable you growth expect forward for back base, just me, for how are there one your pull loan guys on as on a you’ll do And to last , up I outlook you segments pace hear from and be growing a great. but larger Okay, future? then any on one touch see

Bryce Fowler

we a business but You summer mix talked the or happy level rather of commercial us an really success labor so about of in QX happy got of for QX are are was real anomaly we we similar large think I was this a we’ll QX the capital looks perhaps substantially quarter. The see projects finance and with similar we whereas summer in know commercial were driven commercial by we’ve day, mix up close for as think I finance that or- slow point in this at estate estate and growth. that Triumph’s outlook QX; works of some bit have overall QX picked to post real part a

Aaron Graft

beyond opportunity, the lower room yes, but And projects value concentrated. larger expectations. the into and on good because what business excites first there the of TriumphPay XXX% we are we balance me are in grow you factoring going just ability overly it’s when are pipeline, growth. we Triumph I do a Invoice how CRE to the the at sheet us, opportunity be know finance concentration We’ve quarter or of has I Nick so what is projects, mean tailwinds but to some about pipeline in as sizes we straight line, see I but could QX there to in doing loan the to things with forward-looking tremendous bottom lost even judicious of is that’s have going we’ve that we our a the in out becoming just been CRE. TBK and with future, on some all not there, economy after purposely wanted it’s to commercial just look one excited have business; grow we that go for not is got capital continue look this which great. exceeded to ended that sponsors

think So I which our community and whole as equipment ABL our platform. in commercial and a platform is bigger there’s opportunities, not finance growth bank a and in finance mention just now group to traditional

the this maintaining percentage growth growth think diversification within quarter the pipeline loan future. we excited certainly where loan and pretty are optimistic a for about we I were relative So that really to

Nick Grant

Thanks taking questions. my Great. for

Operator

Piper will Please Jaffray. Our next ahead. Rabatin come question go from with Brett

Brett Rabatin

good everyone. Hey morning

Aaron Graft

Good morning, Brett.

Brett Rabatin

and I Aaron, mean about to are the – first ask, how build can and know going rate at out do spending details and on talking you look maybe are differently, to it technology you to Wanted development can management XXXX the does Dallas see in for a we might and about that you much treasury be wait new you you are you but you going on higher know commercial, bank know talk much platform? a spending this physical

Aaron Graft

prepared specific it’s not give I’m Look, right Yes, branch, a numbers. now right. you to

certainly of directionally think will a expense entire game base, whole the marketing pay our expenditure pretty as not have will we it done changer, the increased pre I said it’s I because pent off. mean on to but don’t So be going be will I up quickly demand think we a like that

that building, spent not As the like something product provider. we that the our far dollars been of for current technology. that treasury capital not is on has management example the do millions we from of shelf this line are be and there overtime where in pay try will When developing

So incremental expense an it’s rate.

I the you see I in it the but of mean, much sudden think run should a grow expense story to and it QX in probably on. see year earnings up, come it it XXXX – start rate investments, I is you it to the don’t growth mean, in make expect as to these will we will goes you’ll won’t absolute it’s the think see and leg as I expense So

Brett Rabatin

phase step, company next growth so isn’t your this so Okay, -- speak. to of the the next

Aaron Graft

sir. Yes,

Brett Rabatin

playing the I’m thinking you as just everyone’s I next funding quarters, few and about are finance your guess the seems mix rates Okay. over help, curious And you thoughts could know it’s but the and then betas higher on margin the move I margin could just on thing, your then margin your actually it know deposit you like I’m maybe see you change curious some it have the if and you out? so shift focussed commercial continued other guess how on on

Aaron Graft

explain our of like I’ll I’ll is anything is now let lot deposits Bryce or of what XX correct could go and in on I the generally turn bring deposit today. or answer sure average days. let than right and But, We in out look engine our a I’m cost cost – XXX days absolutely wrong. funding everybody get incremental then certainly higher and

Our sensitivity think don’t for is customer we entire is for repricing value our that doing our good long investors. the is base and creation term deposit existing

do, we’ve time discount So instead to be are supposed that. just out do nationwide more are we we way markets a we more rates makes maintain the that We than urban what lined just to people where up CD deposit there to think if can to certainly markets grow banks. chosen you front your smart of that’s judicious, in rate that a can rural than the at are at to especially rather that’s markets know blast

That’s we growth we’ll which we in didn’t. deposit grow just assets. surprised about were that the through expect think crystal So, at nature I’m cost if business. I generate things would a We go shocked economist ball an I I we not and be our don’t and look expect of it I but funds have at of mean rate going I’d be sit better in our if the able today, certainly technology certainly Dallas to up, marketing, through we do to – core undoubtedly as would better at here what and we XXXX, is talked

we of should just specific what support after will trend when M&A help, that a have certainly our continued the we are to so lines go up. organization overall help focus again, growth the about M&A our So cost do we but of funds can very

and you as it loan know on product continue that had large the sort hopefully where by that NIM tailwinds then which our yielding would you is profile to the have that look are fairly maintain a we similar assets, few stable to As factoring that far last quarters. of offset and extent we’ve the as we seems highest and margin certainly

Bryce Fowler

to adjusted mind say mean in I in you our brand – [Indiscernible] just pressure. I had that, have deposit we don’t competitive market retail to just to rates might not if system clarify not response or we’ve our and on

mix are you quarter in the it So net a we are national pricing creating the rise we portfolio of really and turn the as reprice seeing scale. cost shift underneath this growth on net deposit that the in more

Brett Rabatin

Okay, appreciate great. I color. all the

Operator

question go will come Moss FBR. Our ahead. of from Steve next Please

Steve Moss

morning. Good

really had loan about but you in commercial was guys kind loss basis reserve and here quarter. the growth surprised over if dynamics down underlying a we think our was that how that points wondering actually portfolio, could some I I bit should a good the of quarter help reserve went of forward? You ratio the two going

Aaron Graft

there, the Sure benefit pointed charge-offs growth, so play discussed I’ve And particular points year loan recoveries on net that I net out think net currently probably a that like to on nice the have particular for that basis on I [ph] providing quarter zero with forward this something mix quarter. be I had think clearly be XX depended mean, on of in today as in we was that of the on it we’ve some provision. expense future a to basically it’s we that net and calibrated loan be math by average would going will XX call was growth this on aided on little in of provision thing but course that we going bit

Steve Moss

of And quarter; helpful. there? and have prices then quarter part you factored of was this that’s the I’m to about trends quarter, to know higher gas in just growth the growth how may been Okay, kind fourth I due growth with good wondering should receivables, assuming of some regard we think

Aaron Graft

I correct analysis market and invoice certainly average here had we are fast the price purchase on been again So sit although versus reported significantly things higher. some what’s of in there it’s today past is where effect, this moves that transportation our some today very If is lot spot levels. have just look market to high is you at diesel demand going and prices in it driven the quarter are think our for

of incredibly feels us work tailwinds in you invoice high know the less going to that more industry to which and lot growth create a happen. So like us we mean so those stay because literature any in it’s size incremental it or doesn’t sizes I the the invoice for is see read you when if as business and profitable

that point result period entire more clients a that that we’ve QX generating technology, to that because are that line we we’ve marketing, that clients, we have business. we I’d exposure than academic, the In made we of more are out net added recognition to net new in I investments mean is we XXXX we’ll do the the think to you client build net out Something QX in infrastructure than of growth new as QX just that’s FX XXX of you of And and as added the of control of all growth on frameworks, invoices, have there. if are to superior new we business operating long going it’s name superior XXXX.

it Business QX continue So, expect for pretty think and the in quarter certainly all future. considered Triumph from I outstanding would could those things another I foreseeable Capital

Steve Moss

right. you much. very Thank All

Operator

with question go next will Our D.A. Please come from Tenner Davidson. Gary ahead.

Gary Tenner

morning good Thanks, guys.

Aaron Graft

morning. Good

Gary Tenner

the the a function invoices on that into the little questions there on – the... terms third some down a business the on structure bit, reflecting larger just maybe Had maybe is factoring discounts quarter any yield a that in timing clients bit couple of in are is more came that business. a anything penetrating on of skinnier or The

Aaron Graft

you lower them, up it’s I we’ve client both which clients are more think think fleet rates. invoices there going more but clearly picked per up to pick slightly of at you know I

Gary Tenner

price alluded the quite impacts spot you’ve $XXXX this fair? Okay, number up bit a given September average imagine higher up is that jut then the over certainly quarter. invoice that great. in hurricane, this bit a but I pick And post to rate was

Aaron Graft

think I we I significantly. now are yes running are running, date so months-to around XXXX, right think we

Gary Tenner

end portfolio do Great. the the have just thoughts the any coming of overall know you or would And to if you ELD sort growth? impact just additional of of on your to average ex wondering what prices updated at any invoice year

Aaron Graft

and I know there is whether or President Rightfully a know, before. spoke push ELD to that I don’t We to a me traction the no truckers truckers the implementation a reading is We still I thing I delayed bunch independent right Trump as I them. of a for big for enjoyed its how year. I’ve out. ELD that think the hours pointed gain or now the of it’s said negative will get hash have just idea not. happened the mean know of same to tag, rule so, I service

market. increases I is to if in you at, we know freight’s from J, the we know way have lot what, take only coasts know pretty the I all as trucking for that, know is volatility and do powered don’t’ autonomous well see we that about right? of bright from think XXXX Warren truckers. think don’t still future’s that actually all Flying anybody know but what we still to I We moves participate in it we equipped a don’t us. move. the so after that know it’s in has ELD we think look, implemented and – the this day gets going about it’s get across investment look And ELDs battery for So or and is not Buffet’s trucks, example don’t to to through comes to the Whatever freight And States United

Gary Tenner

Great. Thanks guys.

Aaron Graft

you. Thank

Operator

come Our Please Stephens Olney question ahead. Matt will from Instructions] next Inc. with [Operator go

Matt Olney

Hey thanks, good morning guys.

Aaron Graft

morning, Good Matt.

Matt Olney

estate of are there all just You’ve and real CRE it and circle appreciate my to will are on there. so that. I commercial terms sounds addressed want the back Can of nice so But which speak the do and a already markets CRE like in be footprint to kind to opportunities geography the you questions going this growth factoring, some lot growth by come right you is seeing think within if then now pricing, on you from?

Dan Karas

coming Matt, good of Most two pockets. lower growth of in quality, either Dan. Hey It’s the higher morning the it’s is LTV.

out office I in XX%, bit family or Most office. a XX% our yielding, of this of think Dallas of as lower geography. multi that is that

and pretty The the are that are market. we LTVs were XX%, consistent is Those that board. range. the of other Yields in construction estate XX% component real are of across in relatively growth seeing terms development similar, growth mid-West modest likewise

not new see saw are we necessarily that as existing facilities We to process. commitments in QX CND under more going draws in

quarter. growth So those are have over last really we the the two areas where seen

Matt Olney

I on XX.X the number the number fourth you did that quarter is expenses helpful and a that’s going the at of correct outlook that rate expenses forward. remarks kind and core the that million, in Dan. And is Okay, prepared operating mentioned clean also or anything believe I get run non-operating there

Bryce Fowler

right. That’s Right.

got run a million our kind of clean net number, mean number You I quarter. of $XX.X and that’s estimate for that rate the

Valley in Okay, includes the quarter being again reminder. but like that a fourth not for as there also

Matt Olney

guys, you okay. Understood, Thank appreciate it.

Aaron Graft

Thank take Matt, you care.

Operator

Mr. and I And turn Graft remarks. answer back question will this any over session. would ladies to conclude the Aaron closing and like for to conference gentlemen, our

Aaron Graft

Thank today. We the look you seeing down joining you all us to for forward road.

Operator

Thank presentation. has you conference for now attending The concluded. today’s

disconnect now lines. may You your

Triumph Financial (TFIN) 19 Oct 172017 Q3 Earnings call transcript