Exhibit 99.1

Triumph Bancorp Reports Second Quarter Net Income to Common Stockholders of $27.2 million

DALLAS – July 21, 2021 (GLOBE NEWSWIRE) – Triumph Bancorp, Inc. (Nasdaq: TBK) (“Triumph” or the “Company”) today announced earnings and operating results for the second quarter of 2021.

As part of how we measure our results, we use certain non-GAAP financial measures to ascertain performance. These non-GAAP financial measures are reconciled in the section labeled “Metrics and non-GAAP financial reconciliation” at the end of this press release.

2021 Second Quarter Highlights

•For the second quarter of 2021, net income to common shareholders was $27.2 million, and diluted earnings per share were $1.08.

•Adjusted diluted earnings per share were $1.17 for the second quarter of 2021, which exclude transaction costs related to the acquisition of HubTran, Inc., net of taxes.

•Net interest income was $90.3 million.

•Non-interest income was $13.9 million.

•Non-interest expense was $70.8 million, including $3.0 million of transaction costs related to the HubTran, Inc. acquisition.

•Net interest margin was 6.47%. Yield on loans and the average cost of our total deposits were 7.77% and 0.20%, respectively.

•Credit loss expense for the quarter ended June 30, 2021 was a benefit of $1.8 million primarily due to improvements in our macroeconomic forecasts and changes in the volume and mix of our underlying loan portfolio.

•Net charge-offs were $0.4 million, or 0.01% of average loans, for the quarter.

•The total dollar value of invoices purchased by Triumph Business Capital was $3.068 billion with an average invoice size of $2,189. The transportation average invoice size for the quarter was $2,090.

•TriumphPay processed 3,165,119 invoices paying carriers a total of $3.427 billion.

•On June 1, 2021, we, through TriumphPay, a division of our wholly-owned subsidiary TBK Bank, SSB, acquired HubTran, Inc., a cloud-based provider of automation software for the transportation industry's back-office, for $97 million in cash. As part of the acquisition, we acquired $27.3 million of intangible assets and $73.7 million of goodwill.

Balance Sheet

Total loans held for investment decreased $253.3 million, or 5.0%, during the second quarter to $4.831 billion at June 30, 2021. Average loans held for investment for the quarter decreased $35.5 million, or 0.7%, to $4.799 billion.

Total deposits were $4.725 billion at June 30, 2021, a decrease of $64.2 million, or 1.3%, in the second quarter of 2021. Non-interest-bearing deposits accounted for 38% of total deposits and non-time deposits accounted for 79% of total deposits at June 30, 2021.

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Asset Quality and Allowance for Credit Loss

Our nonperforming assets ratio at June 30, 2021 was 0.97%. Approximately 2 basis points of this ratio at June 30, 2021 consisted of $1.5 million of the acquired Over-Formula Advance portfolio which represents the portion that is not covered by CVLG's indemnification. An additional 32 basis points of this ratio at June 30, 2021 consisted of $19.4 million of the Misdirected Payments. Over-Formula Advances and Misdirected Payments are discussed in greater detail below.

Our past-due loan ratio at June 30, 2021 was 2.28%. Approximately 21 basis points of this ratio at June 30, 2021 consisted of $10.1 million of past due factored receivables related to the Over-Formula Advance portfolio. An additional 40 basis points of this ratio at June 30, 2021 consisted of the $19.4 million of Misdirected Payments, as discussed below.

Our ACL as a percentage of loans held for investment increased 1 basis point during the quarter to 0.95% at June 30, 2021.

CARES Act and Paycheck Protection Program

As of June 30, 2021, our balance sheet reflected deferrals on outstanding loan balances of $53.7 million to assist customers impacted by COVID-19. Modifications related to the COVID-19 pandemic and qualifying under the provisions of Section 4013 of the CARES Act are not considered troubled debt restructurings. As of June 30, 2021, these deferred balances carried accrued interest of $0.2 million.

As of June 30, 2021, we carried 1,390 PPP loans representing a balance of $135.3 million classified as commercial loans. We recognized $1.8 million in fees from the SBA on PPP loans during the three months ended June 30, 2021 and carry $5.2 million of deferred fees on PPP loans at quarter end. The remaining fees will be amortized over the respective lives of the loans.

Items related to our July 2020 acquisition of TFS

As disclosed on our SEC Forms 8-K filed on July 8, 2020 and September 23, 2020, we acquired the transportation factoring assets of TFS, a wholly owned subsidiary of Covenant Logistics Group, Inc. ("CVLG"), and subsequently amended the terms of that transaction. There were no material developments related to that transaction that impacted our operating results for the three months ended June 30, 2021.

At June 30, 2021, the carrying value of the acquired over-formula advances was $10.1 million, the total reserve on acquired over-formula advances was $10.1 million and the balance of our indemnification asset, the value of the payment that would be due to us from CVLG in the event that these over-advances are charged off, was approximately $5 million.

As of June 30, 2021 we carried a separate $19.4 million receivable (the “Misdirected Payments”) payable by the United States Postal Service (“USPS”) arising from accounts factored to the largest over-formula advance carrier. This amount is separate from the acquired Over-Formula Advances. The amounts represented by this receivable were paid by the USPS directly to such customer in contravention of notices of assignment delivered to, and previously honored by, the USPS, which amount was then not remitted back to us by such customer as required. The USPS disputes their obligation to make such payment, citing purported deficiencies in the notices delivered to them. In addition to commencing litigation against such customer, we have also filed a declaratory judgment action in United States Federal District Court for the Southern District of Florida seeking a ruling that the USPS was obligated to make the payments represented by this receivable directly to us. Based on our legal analysis and discussions with our counsel advising us on this matter, we believe it is probable that we will prevail in such action and that the USPS will have the capacity to make payment on such receivable. Consequently, we have not reserved for such balance as of June 30, 2021. The full amount of such receivable is reflected in non-performing and past due factored receivables as of June 30, 2021 in accordance with our policy. As of June 30, 2021, the entire $19.4 million Misdirected Payments amount was greater than 90 days past due.

Conference Call Information

Aaron P. Graft, Vice Chairman and CEO and Bryce Fowler, CFO will review the quarterly results in a conference call for investors and analysts beginning at 7:00 a.m. Central Time on Thursday, July 22, 2021. Todd Ritterbusch, Chief Lending Officer, will also be available for questions.

To participate in the live conference call, please dial 1-855-940-9472 (Canada: 1-855-669-9657) and request to be joined into the Triumph Bancorp, Inc. call.  A simultaneous audio-only webcast may be accessed via the Company's website at

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www.triumphbancorp.com through the Investor Relations, News & Events, Webcasts and Presentations links, or through a direct link here at: https://services.choruscall.com/links/tbk210722.html. An archive of this conference call will subsequently be available at this same location on the Company’s website.

About Triumph

Triumph Bancorp, Inc. (Nasdaq: TBK) is a financial holding company headquartered in Dallas, Texas.  Triumph offers a diversified line of banking, payments, and factoring services products through its bank subsidiary, TBK Bank, SSB. www.triumphbancorp.com

Forward-Looking Statements

This press release contains forward-looking statements. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “could,” “may,” “will,” “should,” “seeks,” “likely,” “intends,” “plans,” “pro forma,” “projects,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: business and economic conditions generally and in the bank and non-bank financial services industries, nationally and within our local market areas; the impact of COVID-19 on our business, including the impact of the actions taken by governmental authorities to try and contain the virus or address the impact of the virus on the United States economy (including, without limitation, the CARES Act), and the resulting effect of all of such items on our operations, liquidity and capital position, and on the financial condition of our borrowers and other customers; our ability to mitigate our risk exposures; our ability to maintain our historical earnings trends; changes in management personnel; interest rate risk; concentration of our products and services in the transportation industry; credit risk associated with our loan portfolio; lack of seasoning in our loan portfolio; deteriorating asset quality and higher loan charge-offs; time and effort necessary to resolve nonperforming assets; inaccuracy of the assumptions and estimates we make in establishing reserves for probable loan losses and other estimates; risks related to the integration of acquired businesses, including our acquisition of HubTran Inc. and developments related to our acquisition of Transport Financial Solutions and the related over-formula advances, and any future acquisitions; our ability to successfully identify and address the risks associated with our possible future acquisitions, and the risks that our prior and possible future acquisitions make it more difficult for investors to evaluate our business, financial condition and results of operations, and impairs our ability to accurately forecast our future performance; lack of liquidity; fluctuations in the fair value and liquidity of the securities we hold for sale; impairment of investment securities, goodwill, other intangible assets or deferred tax assets; our risk management strategies; environmental liability associated with our lending activities; increased competition in the bank and non-bank financial services industries, nationally, regionally or locally, which may adversely affect pricing and terms; the accuracy of our financial statements and related disclosures; material weaknesses in our internal control over financial reporting; system failures or failures to prevent breaches of our network security; the institution and outcome of litigation and other legal proceedings against us or to which we become subject; changes in carry-forwards of net operating losses; changes in federal tax law or policy; the impact of recent and future legislative and regulatory changes, including changes in banking, securities and tax laws and regulations, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and their application by our regulators; governmental monetary and fiscal policies; changes in the scope and cost of FDIC, insurance and other coverages; failure to receive regulatory approval for future acquisitions; and increases in our capital requirements.

While forward-looking statements reflect our good-faith beliefs, they are not guarantees of future performance. All forward-looking statements are necessarily only estimates of future results. Accordingly, actual results may differ materially from those expressed in or contemplated by the particular forward-looking statement, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure contained in Triumph’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 12, 2021.

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Non-GAAP Financial Measures

This press release includes certain non‐GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. Reconciliations of non‐GAAP financial measures to GAAP financial measures are provided at the end of this press release.

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The following table sets forth key metrics used by Triumph to monitor our operations. Footnotes in this table can be found in our definitions of non-GAAP financial measures at the end of this document.

			As of and for the Three Months Ended																														As of and for the Six Months Ended
(Dollars in thousands)			June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020						June 30, 2021						June 30, 2020
Financial Highlights:
Total assets			$	6,015,877					$	6,099,628					$	5,935,791					$	5,836,787					$	5,617,493					$	6,015,877					$	5,617,493
Loans held for investment			$	4,831,215					$	5,084,512					$	4,996,776					$	4,852,911					$	4,393,311					$	4,831,215					$	4,393,311
Deposits			$	4,725,450					$	4,789,665					$	4,716,600					$	4,248,101					$	4,062,332					$	4,725,450					$	4,062,332
Net income available to common stockholders			$	27,180					$	33,122					$	31,328					$	22,005					$	13,440					$	60,302					$	8,990
Performance Ratios - Annualized:
Return on average assets			1.84		%				2.29		%				2.21		%				1.65		%				0.99		%				2.06		%				0.35		%
Return on average total equity			14.27		%				18.42		%				17.73		%				13.24		%				8.86		%				16.28		%				2.92		%
Return on average common equity			14.70		%				19.14		%				18.44		%				13.61		%				8.94		%				16.85		%				2.94		%
Return on average tangible common equity (1)			20.92		%				26.19		%				25.70		%				19.43		%				12.96		%				23.52		%				4.23		%
Yield on loans(2)			7.77		%				7.24		%				7.20		%				7.05		%				6.52		%				7.51		%				6.85		%
Cost of interest bearing deposits			0.31		%				0.41		%				0.54		%				0.79		%				1.08		%				0.36		%				1.21		%
Cost of total deposits			0.20		%				0.28		%				0.38		%				0.56		%				0.79		%				0.24		%				0.92		%
Cost of total funds			0.34		%				0.42		%				0.51		%				0.67		%				0.85		%				0.38		%				1.03		%
Net interest margin(2)			6.47		%				6.06		%				6.20		%				5.83		%				5.11		%				6.27		%				5.36		%
Net non-interest expense to average assets			3.75		%				3.14		%				2.54		%				3.23		%				2.40		%				3.45		%				3.09		%
Adjusted net non-interest expense to average assets (1)			3.55		%				3.14		%				2.54		%				3.17		%				3.11		%				3.35		%				3.47		%
Efficiency ratio			67.96		%				62.57		%				55.95		%				65.15		%				62.56		%				65.36		%				69.68		%
Adjusted efficiency ratio (1)			65.09		%				62.57		%				55.95		%				64.18		%				70.75		%				63.87		%				74.38		%
Asset Quality:(3)
Past due to total loans			2.28		%				1.96		%				3.22		%				2.40		%				1.50		%				2.28		%				1.50		%
Non-performing loans to total loans			1.06		%				1.17		%				1.16		%				1.17		%				1.27		%				1.06		%				1.27		%
Non-performing assets to total assets			0.97		%				1.15		%				1.15		%				1.52		%				1.20		%				0.97		%				1.20		%
ACL to non-performing loans			88.92		%				80.87		%				164.98		%				159.67		%				97.66		%				88.92		%				97.66		%
ACL to total loans			0.95		%				0.94		%				1.92		%				1.88		%				1.24		%				0.95		%				1.24		%
Net charge-offs to average loans			0.01		%				0.85		%				0.03		%				0.02		%				0.02		%				0.86		%				0.06		%
Capital:
Tier 1 capital to average assets(4)			9.73		%				10.89		%				10.80		%				10.75		%				9.98		%				9.73		%				9.98		%
Tier 1 capital to risk-weighted assets(4)			10.33		%				11.28		%				10.60		%				10.32		%				10.57		%				10.33		%				10.57		%
Common equity tier 1 capital to risk-weighted assets(4)			8.74		%				9.72		%				9.05		%				8.72		%				8.84		%				8.74		%				8.84		%
Total capital to risk-weighted assets			12.65		%				13.58		%				13.03		%				12.94		%				13.44		%				12.65		%				13.44		%
Total equity to total assets			13.17		%				12.53		%				12.24		%				11.89		%				11.69		%				13.17		%				11.69		%
Tangible common stockholders' equity to tangible assets(1)			8.04		%				8.98		%				8.56		%				8.09		%				7.84		%				8.04		%				7.84		%
Per Share Amounts:
Book value per share			$	29.76					$	28.90					$	27.42					$	26.11					$	25.28					$	29.76					$	25.28
Tangible book value per share (1)			$	18.35					$	21.34					$	19.78					$	18.38					$	17.59					$	18.35					$	17.59
Basic earnings (loss) per common share			$	1.10					$	1.34					$	1.27					$	0.89					$	0.56					$	2.44					$	0.37
Diluted earnings (loss) per common share			$	1.08					$	1.32					$	1.25					$	0.89					$	0.56					$	2.39					$	0.37
Adjusted diluted earnings per common share(1)			$	1.17					$	1.32					$	1.25					$	0.91					$	0.25					$	2.48					$	0.07
Shares outstanding end of period			25,109,703						24,882,929						24,868,218						24,851,601						24,202,686						25,109,703						24,202,686

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Unaudited consolidated balance sheet as of:

(Dollars in thousands)			June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020
ASSETS
Total cash and cash equivalents			$	444,439					$	380,811					$	314,393					$	288,278					$	437,064
Securities - available for sale			193,627						205,330						224,310						242,802						331,126
Securities - held to maturity, net			5,658						5,828						5,919						6,096						6,285
Equity securities			5,854						5,826						5,826						6,040						6,411
Loans held for sale			31,136						22,663						24,546						36,716						50,382
Loans held for investment			4,831,215						5,084,512						4,996,776						4,852,911						4,393,311
Allowance for credit losses			(45,694)						(48,024)						(95,739)						(90,995)						(54,613)
Loans, net			4,785,521						5,036,488						4,901,037						4,761,916						4,338,698
FHLB and other restricted stock			8,096						9,807						6,751						18,464						26,345
Premises and equipment, net			106,720						105,390						103,404						105,455						107,736
Other real estate owned ("OREO"), net			1,013						1,421						1,432						1,704						1,962
Goodwill and intangible assets, net			286,567						188,006						189,922						192,041						186,162
Bank-owned life insurance			41,912						41,805						41,608						41,440						41,298
Deferred tax asset, net			—						1,260						6,427						7,716						8,544
Indemnification asset			5,246						5,246						36,225						31,218						—
Other assets			100,088						89,747						73,991						96,901						75,480
Total assets			$	6,015,877					$	6,099,628					$	5,935,791					$	5,836,787					$	5,617,493
LIABILITIES
Non-interest bearing deposits			$	1,803,552					$	1,637,653					$	1,352,785					$	1,315,900					$	1,120,949
Interest bearing deposits			2,921,898						3,152,012						3,363,815						2,932,201						2,941,383
Total deposits			4,725,450						4,789,665						4,716,600						4,248,101						4,062,332
Customer repurchase agreements			9,243						2,668						3,099						14,192						6,732
Federal Home Loan Bank advances			130,000						180,000						105,000						435,000						455,000
Payment Protection Program Liquidity Facility			139,673						158,796						191,860						223,713						223,809
Subordinated notes			87,620						87,564						87,509						87,455						87,402
Junior subordinated debentures			40,333						40,201						40,072						39,944						39,816
Deferred tax liability, net			3,333						—						—						—						—
Other liabilities			87,837						76,730						64,870						94,540						85,531
Total liabilities			5,223,489						5,335,624						5,209,010						5,142,945						4,960,622
EQUITY
Preferred Stock			45,000						45,000						45,000						45,000						45,000
Common stock			282						280						280						279						273
Additional paid-in-capital			494,224						490,699						489,151						488,094						472,795
Treasury stock, at cost			(104,486)						(103,059)						(103,052)						(102,942)						(102,888)
Retained earnings			349,885						322,705						289,583						258,254						236,249
Accumulated other comprehensive income (loss)			7,483						8,379						5,819						5,157						5,442
Total stockholders' equity			792,388						764,004						726,781						693,842						656,871
Total liabilities and equity			$	6,015,877					$	6,099,628					$	5,935,791					$	5,836,787					$	5,617,493

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Unaudited consolidated statement of income:

			For the Three Months Ended																														For the Six Months Ended
(Dollars in thousands)			June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020						June 30, 2021						June 30, 2020
Interest income:
Loans, including fees			$	45,988					$	48,706					$	50,723					$	48,774					$	50,394					$	94,694					$	98,717
Factored receivables, including fees			47,328						37,795						37,573						31,468						21,101						85,123						45,393
Securities			1,187						1,650						1,519						1,927						2,676						2,837						4,783
FHLB and other restricted stock			27						76						56						122						148						103						352
Cash deposits			158						126						68						73						79						284						567
Total interest income			94,688						88,353						89,939						82,364						74,398						183,041						149,812
Interest expense:
Deposits			2,470						3,372						4,308						5,834						7,584						5,842						17,261
Subordinated notes			1,350						1,349						1,347						1,348						1,321						2,699						2,668
Junior subordinated debentures			446						442						452						462						554						888						1,200
Other borrowings			140						170						234						341						688						310						1,932
Total interest expense			4,406						5,333						6,341						7,985						10,147						9,739						23,061
Net interest income			90,282						83,020						83,598						74,379						64,251						173,302						126,751
Credit loss expense (benefit)			(1,806)						(7,845)						4,680						(258)						13,609						(9,651)						33,907
Net interest income after credit loss expense (benefit)			92,088						90,865						78,918						74,637						50,642						182,953						92,844
Non-interest income:
Service charges on deposits			1,857						1,787						1,643						1,470						573						3,644						2,161
Card income			2,225						1,972						1,949						2,091						1,941						4,197						3,741
Net OREO gains (losses) and valuation adjustments			(287)						(80)						(217)						(41)						(101)						(367)						(358)
Net gains (losses) on sale of securities			1						—						16						3,109						63						1						101
Fee income			4,470						2,249						1,615						1,402						1,304						6,719						2,990
Insurance commissions			1,272						1,486						1,327						990						864						2,758						1,915
Gain on sale of subsidiary			—						—						—						—						9,758						—						9,758
Other			4,358						6,877						16,053						1,472						5,627						11,235						7,198
Total non-interest income			13,896						14,291						22,386						10,493						20,029						28,187						27,506
Non-interest expense:
Salaries and employee benefits			41,658						35,980						33,798						31,651						30,804						77,638						61,526
Occupancy, furniture and equipment			6,112						5,779						7,046						5,574						4,964						11,891						10,146
FDIC insurance and other regulatory assessments			500						977						350						360						495						1,477						810
Professional fees			5,052						2,545						2,326						3,265						1,651						7,597						3,758
Amortization of intangible assets			2,428						1,975						2,065						2,141						2,046						4,403						4,124
Advertising and promotion			1,241						890						1,170						1,105						1,151						2,131						2,443
Communications and technology			6,028						5,900						5,639						5,569						5,444						11,928						10,945
Other			7,779						6,846						6,904						5,632						6,171						14,625						13,727
Total non-interest expense			70,798						60,892						59,298						55,297						52,726						131,690						107,479
Net income before income tax			35,186						44,264						42,006						29,833						17,945						79,450						12,871
Income tax expense			7,204						10,341						9,876						6,929						4,505						17,545						3,881
Net income			$	27,982					$	33,923					$	32,130					$	22,904					$	13,440					$	61,905					$	8,990
Dividends on preferred stock			(802)						(801)						(802)						(899)						—						(1,603)						—
Net income available to common stockholders			$	27,180					$	33,122					$	31,328					$	22,005					$	13,440					$	60,302					$	8,990

7

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Earnings per share:

			For the Three Months Ended																														Six Months Ended June 30,
(Dollars in thousands)			June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020						June 30, 2021						June 30, 2020
Basic
Net income to common stockholders			$	27,180					$	33,122					$	31,328					$	22,005					$	13,440					$	60,302					$	8,990
Weighted average common shares outstanding			24,724,128						24,675,109						24,653,099						24,592,092						23,987,049						24,699,754						24,150,689
Basic earnings per common share			$	1.10					$	1.34					$	1.27					$	0.89					$	0.56					$	2.44					$	0.37
Diluted
Net income to common stockholders - diluted			$	27,180					$	33,122					$	31,328					$	22,005					$	13,440					$	60,302					$	8,990
Weighted average common shares outstanding			24,724,128						24,675,109						24,653,099						24,592,092						23,987,049						24,699,754						24,150,689
Dilutive effects of:
Assumed exercises of stock options			134,358						130,016						101,664						48,102						38,627						133,219						55,753
Restricted stock awards			139,345						169,514						136,239						67,907						37,751						156,029						66,364
Restricted stock units			73,155						66,714						50,156						18,192						4,689						70,236						13,255
Performance stock units - market based			134,313						128,167						112,228						76,095						6,326						131,240						8,446
Performance stock units - performance based			—						—						—						—						—						—						—
Employee stock purchase plan			3,708						1,418						—						—						—						2,563						—
Weighted average shares outstanding - diluted			25,209,007						25,170,938						25,053,386						24,802,388						24,074,442						25,193,041						24,294,507
Diluted earnings per common share			$	1.08					$	1.32					$	1.25					$	0.89					$	0.56					$	2.39					$	0.37

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

			For the Three Months Ended																														Six Months Ended June 30,
			June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020						June 30, 2021						June 30, 2020
Stock options			16,939						—						—						98,513						148,528						16,939						98,956
Restricted stock awards			—						—						—						—						109,834						209,040						—
Restricted stock units			—						—						—						—						38,801						17,757						—
Performance stock units - market based			13,520						—						—						—						76,461						13,520						76,461
Performance stock units - performance based			265,625						256,625						256,625						261,125						262,625						265,625						262,625
Employee stock purchase plan			—						—						—						—						—						—						—

Loans held for investment summarized as of:

(Dollars in thousands)			June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020
Commercial real estate			$	701,576					$	784,110					$	779,158					$	762,531					$	910,261
Construction, land development, land			185,444						223,841						219,647						244,512						213,617
1-4 family residential properties			135,288						142,859						157,147						164,785						168,707
Farmland			91,122						97,835						103,685						110,966						125,259
Commercial			1,453,583						1,581,125						1,562,957						1,536,903						1,518,656
Factored receivables			1,398,299						1,208,718						1,120,770						1,016,337						561,576
Consumer			12,389						14,332						15,838						17,106						18,450
Mortgage warehouse			853,514						1,031,692						1,037,574						999,771						876,785
Total loans			$	4,831,215					$	5,084,512					$	4,996,776					$	4,852,911					$	4,393,311

8

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Our banking loan portfolio consists of traditional community bank loans as well as commercial finance product lines focused on businesses that require specialized financial solutions and national lending product lines that further diversify our lending operations.

Banking loans held for investment are further summarized below:

(Dollars in thousands)			June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020
Commercial real estate			$	701,576					$	784,110					$	779,158					$	762,531					$	910,261
Construction, land development, land			185,444						223,841						219,647						244,512						213,617
1-4 family residential			135,288						142,859						157,147						164,785						168,707
Farmland			91,122						97,835						103,685						110,966						125,259
Commercial - General			290,562						288,458						340,850						342,858						333,793
Commercial - Paycheck Protection Program			135,307						237,299						189,857						223,230						219,122
Commercial - Agriculture			76,346						83,859						94,572						112,221						110,243
Commercial - Equipment			604,396						623,248						573,163						509,849						487,145
Commercial - Asset-based lending			181,394						188,825						180,488						160,711						176,235
Commercial - Liquid Credit			165,578						159,436						184,027						188,034						192,118
Consumer			12,389						14,332						15,838						17,106						18,450
Mortgage Warehouse			853,514						1,031,692						1,037,574						999,771						876,785
Total banking loans held for investment			$	3,432,916					$	3,875,794					$	3,876,006					$	3,836,574					$	3,831,735

The following table presents the Company’s operating segments:

(Dollars in thousands)
Three months ended June 30, 2021						Banking						Factoring						Payments						Corporate						Consolidated
Total interest income						$	47,356					$	44,653					$	2,675					$	4					$	94,688
Intersegment interest allocations						2,723						(2,584)						(139)						—						—
Total interest expense						2,610						—						—						1,796						4,406
Net interest income (expense)						47,469						42,069						2,536						(1,792)						90,282
Credit loss expense (benefit)						(4,335)						2,444						218						(133)						(1,806)
Net interest income after credit loss expense						51,804						39,625						2,318						(1,659)						92,088
Noninterest income						10,018						2,742						1,083						53						13,896
Noninterest expense						41,860						17,174						10,842						922						70,798
Operating income (loss)						$	19,962					$	25,193					$	(7,441)					$	(2,528)					$	35,186

(Dollars in thousands)
Three months ended March 31, 2021						Banking						Factoring						Payments						Corporate						Consolidated
Total interest income						$	50,556					$	35,824					$	1,969					$	4					$	88,353
Intersegment interest allocations						2,942						(2,775)						(167)						—						—
Total interest expense						3,542						—						—						1,791						5,333
Net interest income (expense)						49,956						33,049						1,802						(1,787)						83,020
Credit loss expense (benefit)						(12,453)						4,483						292						(167)						(7,845)
Net interest income after credit loss expense						62,409						28,566						1,510						(1,620)						90,865
Noninterest income						7,750						6,411						73						57						14,291
Noninterest expense						39,454						16,153						4,135						1,150						60,892
Operating income (loss)						$	30,705					$	18,824					$	(2,552)					$	(2,713)					$	44,264

9

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Information pertaining to our factoring segment, which includes only factoring originated by our Triumph Business Capital subsidiary, summarized as of and for the quarters ended:

			June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020
Factored receivable period end balance			$	1,284,314,000					$	1,118,988,000					$	1,036,548,000					$	953,434,000					$	531,933,000
Yield on average receivable balance			14.99		%				13.85		%				13.80		%				15.59		%				15.34		%
Current quarter charge-off rate(1)			0.04		%				3.95		%				0.02		%				0.09		%				0.16		%
Factored receivables - transportation concentration			91		%				90		%				89		%				88		%				85		%
Interest income, including fees			$	44,653,000					$	35,824,000					$	35,439,000					$	30,068,000					$	20,387,000
Non-interest income(2)			2,742,000						1,757,000						1,358,000						1,157,000						1,072,000
Factored receivable total revenue			47,395,000						37,581,000						36,797,000						31,225,000						21,459,000
Average net funds employed			1,072,405,000						936,528,000						924,899,000						694,170,000						477,112,000
Yield on average net funds employed			17.73		%				16.27		%				15.83		%				17.89		%				18.09		%
Accounts receivable purchased			$	3,068,262,000					$	2,492,468,000					$	2,461,249,000					$	1,984,490,000					$	1,238,465,000
Number of invoices purchased			1,401,695						1,188,678						1,189,271						1,027,839						812,902
Average invoice size			$	2,189					$	2,097					$	2,070					$	1,931					$	1,524
Average invoice size - transportation			$	2,090					$	1,974					$	1,943					$	1,787					$	1,378
Average invoice size - non-transportation			$	4,701					$	4,775					$	5,091					$	5,181					$	4,486

(1)March 31, 2021 includes a $41.3 million charge-off related to the TFS acquisition, which contributed approximately 3.94% to the net charge-off rate for the quarter.

(2)Total factoring segment non-interest income was $6.4 million, $15.5 million, and $3.2 million for the three months ended March 31, 2021, December 31, 2020 and September 30, 2020.

March 31, 2021 non-interest income used to calculate yield on average net funds employed excludes a $4.7 million gain on our indemnification asset.

December 31, 2020 non-interest income used to calculate yield on average net funds employed excludes a gain of $8.9 million related to CVLG’s delivery of proceeds resulting from the liquidation of its acquired stock and a $5.3 million gain on our indemnification asset.

September 30, 2020 non-interest income used to calculate yield on average net funds employed excludes a $2.0 million gain recognized on the increased value of the receivable due from CVLG resulting from the amended TFS acquisition agreement.

10

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Information pertaining to our payments segment, which includes only our TriumphPay division, summarized as of and for the quarters ended:

			June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020
Factored receivable period end balance			$	113,985,000					$	89,730,000					$	84,222,000					$	62,903,000					$	29,643,000
Interest income			$	2,675,000					$	1,969,000					$	2,034,000					$	1,361,000					$	692,000
Noninterest income			1,083,000						73,000						51,000						47,000						12,000
Total revenue			$	3,758,000					$	2,042,000					$	2,085,000					$	1,408,000					$	704,000
Pre-tax operating income (loss)			$	(7,441,000)					$	(2,552,000)					$	(2,026,000)					$	(1,936,000)					$	(2,823,000)
Interest expense			139,000						167,000						178,000						147,000						88,000
Depreciation and software amortization expense			68,000						65,000						63,000						63,000						63,000
Intangible amortization expense			497,000						—						—						—						—
Earnings (losses) before interest, taxes, depreciation, and amortization			$	(6,737,000)					$	(2,320,000)					$	(1,785,000)					$	(1,726,000)					$	(2,672,000)
Transaction costs			2,992,000						—						—						—						—
Adjusted earnings (losses) before interest, taxes, depreciation, and amortization(1)			$	(3,745,000)					$	(2,320,000)					$	(1,785,000)					$	(1,726,000)					$	(2,672,000)
Number of invoices processed			3,165,119						2,529,673						1,818,145						1,408,232						767,180
Amount of payments processed			$	3,426,808,000					$	2,301,632,000					$	1,920,037,000					$	1,221,305,000					$	667,354,000

(1)Adjusted earnings (losses) before interest, taxes, depreciation, and amortization excludes material gains and expenses related to merger and acquisition-related activities and is a non-GAAP financial measure used to provide meaningful supplemental information regarding the segment's operational performance and to enhance investors' overall understanding of such financial performance by removing the volatility associated with certain acquisition-related items that are unrelated to our core business.

Deposits summarized as of:

(Dollars in thousands)			June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020
Non-interest bearing demand			$	1,803,552					$	1,637,653					$	1,352,785					$	1,315,900					$	1,120,949
Interest bearing demand			760,874						729,364						688,680						634,272						648,309
Individual retirement accounts			87,052						89,748						92,584						94,933						97,388
Money market			395,035						402,070						393,325						384,476						397,914
Savings			474,163						464,035						421,488						405,954						391,624
Certificates of deposit			612,730						740,694						790,844						857,514						937,766
Brokered time deposits			306,975						516,006						516,786						344,986						258,378
Other brokered deposits			285,069						210,095						460,108						210,066						210,004
Total deposits			$	4,725,450					$	4,789,665					$	4,716,600					$	4,248,101					$	4,062,332

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Net interest margin summarized for the three months ended:

			June 30, 2021																		March 31, 2021
(Dollars in thousands)			Average Balance						Interest						Average Rate						Average Balance						Interest						Average Rate
Interest earning assets:
Interest earning cash balances			$	572,485					$	158					0.11		%				$	478,275					$	126					0.11		%
Taxable securities			165,786						967						2.34		%				189,407						1,428						3.06		%
Tax-exempt securities			33,451						220						2.64		%				34,717						222						2.59		%
FHLB and other restricted stock			9,518						27						1.14		%				8,511						76						3.62		%
Loans			4,814,050						93,316						7.77		%				4,848,275						86,501						7.24		%
Total interest earning assets			$	5,595,290					$	94,688					6.79		%				$	5,559,185					$	88,353					6.45		%
Non-interest earning assets:
Other assets			498,515																		454,483
Total assets			$	6,093,805																	$	6,013,668
Interest bearing liabilities:
Deposits:
Interest bearing demand			$	757,529					$	469					0.25		%				$	701,759					$	384					0.22		%
Individual retirement accounts			88,142						143						0.65		%				91,074						186						0.83		%
Money market			398,290						216						0.22		%				398,015						229						0.23		%
Savings			468,517						178						0.15		%				446,322						167						0.15		%
Certificates of deposit			664,478						1,157						0.70		%				765,244						1,955						1.04		%
Brokered time deposits			138,102						51						0.15		%				167,881						179						0.43		%
Other brokered deposits			685,397						256						0.15		%				803,009						272						0.14		%
Total interest bearing deposits			3,200,455						2,470						0.31		%				3,373,304						3,372						0.41		%
Federal Home Loan Bank advances			39,341						22						0.22		%				35,833						24						0.27		%
Subordinated notes			87,590						1,350						6.18		%				87,532						1,349						6.25		%
Junior subordinated debentures			40,251						446						4.44		%				40,125						442						4.47		%
Other borrowings			138,649						118						0.34		%				171,902						146						0.34		%
Total interest bearing liabilities			$	3,506,286					$	4,406					0.50		%				$	3,708,696					$	5,333					0.58		%
Non-interest bearing liabilities and equity:
Non-interest bearing demand deposits			1,749,858																		1,494,001
Other liabilities			51,257																		64,122
Total equity			786,404																		746,849
Total liabilities and equity			$	6,093,805																	$	6,013,668
Net interest income									$	90,282																	$	83,020
Interest spread															6.29		%																5.87		%
Net interest margin															6.47		%																6.06		%

Loan balance totals include respective nonaccrual assets.

Net interest spread is the yield on average interest earning assets less the rate on interest bearing liabilities.

Net interest margin is the ratio of net interest income to average interest earning assets.

Average rates have been annualized.

12

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Additional information pertaining to our loan portfolio, including loans held for investment and loans held for sale, summarized for the quarters ended:

(Dollars in thousands)			June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020
Average Banking loans			$	3,516,747					$	3,722,895					$	3,777,553					$	3,707,293					$	3,846,994
Average Factoring receivables			1,195,209						1,048,968						1,024,307						768,087						534,943
Average Payments receivables			102,094						76,412						74,947						50,683						27,738
Average total loans			$	4,814,050					$	4,848,275					$	4,876,807					$	4,526,063					$	4,409,675
Banking yield			5.25		%				5.31		%				5.34		%				5.23		%				5.27		%
Factoring yield			14.99		%				13.85		%				13.80		%				15.59		%				15.34		%
Payments Yield			10.51		%				10.45		%				10.80		%				10.68		%				10.03		%
Total loan yield			7.77		%				7.24		%				7.20		%				7.05		%				6.52		%

13

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Metrics and non-GAAP financial reconciliation:

						As of and for the Three Months Ended																														As of and for the Six Months Ended
(Dollars in thousands, except per share amounts)						June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020						June 30, 2021						June 30, 2020
Net income available to common stockholders						$	27,180					$	33,122					$	31,328					$	22,005					$	13,440					$	60,302					$	8,990
Transaction costs						2,992						—						—						827						—						2,992						—
Gain on sale of subsidiary or division						—						—						—						—						(9,758)						—						(9,758)
Tax effect of adjustments						(715)						—						—						(197)						2,451						(715)						2,451
Adjusted net income available to common stockholders - diluted						$	29,457					$	33,122					$	31,328					$	22,635					$	6,133					$	62,579					$	1,683
Weighted average shares outstanding - diluted						25,209,007						25,170,938						25,053,386						24,802,388						24,074,442						25,193,041						24,294,507
Adjusted diluted earnings per common share						$	1.17					$	1.32					$	1.25					$	0.91					$	0.25					$	2.48					$	0.07
Average total stockholders' equity						$	786,404					$	746,849					$	720,892					$	688,327					$	610,258					$	766,736					$	618,808
Average preferred stock liquidation preference						(45,000)						(45,000)						(45,000)						(45,000)						(5,934)						(45,000)						(2,967)
Average total common stockholders' equity						741,404						701,849						675,892						643,327						604,324						721,736						615,841
Average goodwill and other intangibles						(220,310)						(188,980)						(191,017)						(192,682)						(187,255)						(204,732)						(188,307)
Average tangible common stockholders' equity						$	521,094					$	512,869					$	484,875					$	450,645					$	417,069					$	517,004					$	427,534
Net income available to common stockholders						$	27,180					$	33,122					$	31,328					$	22,005					$	13,440					$	60,302					$	8,990
Average tangible common equity						521,094						512,869						484,875						450,645						417,069						517,004						427,534
Return on average tangible common equity						20.92		%				26.19		%				25.70		%				19.43		%				12.96		%				23.52		%				4.23		%
Net interest income						$	90,282					$	83,020					$	83,598					$	74,379					$	64,251					$	173,302					$	126,751
Non-interest income						13,896						14,291						22,386						10,493						20,029						28,187						27,506
Operating revenue						104,178						97,311						105,984						84,872						84,280						201,489						154,257
Gain on sale of subsidiary or division						—						—						—						—						(9,758)						—						(9,758)
Adjusted operating revenue						$	104,178					$	97,311					$	105,984					$	84,872					$	74,522					$	201,489					$	144,499
Non-interest expenses						$	70,798					$	60,892					$	59,298					$	55,297					$	52,726					$	131,690					$	107,479
Transaction costs						(2,992)						—						—						(827)						—						(2,992)						—
Adjusted non-interest expenses						$	67,806					$	60,892					$	59,298					$	54,470					$	52,726					$	128,698					$	107,479
Adjusted efficiency ratio						65.09		%				62.57		%				55.95		%				64.18		%				70.75		%				63.87		%				74.38		%
Adjusted net non-interest expense to average assets ratio:
Non-interest expenses						$	70,798					$	60,892					$	59,298					$	55,297					$	52,726					$	131,690					$	107,479
Transaction costs						(2,992)						—						—						(827)						—						(2,992)						—
Adjusted non-interest expenses						$	67,806					$	60,892					$	59,298					$	54,470					$	52,726					$	128,698					$	107,479
Total non-interest income						$	13,896					$	14,291					$	22,386					$	10,493					$	20,029					$	28,187					$	27,506
Gain on sale of subsidiary or division						—						—						—						—						(9,758)						—						(9,758)
Adjusted non-interest income						$	13,896					$	14,291					$	22,386					$	10,493					$	10,271					$	28,187					$	17,748
Adjusted net non-interest expenses						$	53,910					$	46,601					$	36,912					$	43,977					$	42,455					$	100,511					$	89,731
Average total assets						$	6,093,805					$	6,013,668					$	5,788,549					$	5,518,708					$	5,487,072					$	6,053,826					$	5,196,815
Adjusted net non-interest expense to average assets ratio						3.55		%				3.14		%				2.54		%				3.17		%				3.11		%				3.35		%				3.47		%
Total stockholders' equity						$	792,388					$	764,004					$	726,781					$	693,842					$	656,871					$	792,388					$	656,871
Preferred stock liquidation preference						(45,000)						(45,000)						(45,000)						(45,000)						(45,000)						(45,000)						(45,000)
Total common stockholders' equity						747,388						719,004						681,781						648,842						611,871						747,388						611,871
Goodwill and other intangibles						(286,567)						(188,006)						(189,922)						(192,041)						(186,162)						(286,567)						(186,162)
Tangible common stockholders' equity						$	460,821					$	530,998					$	491,859					$	456,801					$	425,709					$	460,821					$	425,709
Common shares outstanding						25,109,703						24,882,929						24,868,218						24,851,601						24,202,686						25,109,703						24,202,686
Tangible book value per share						$	18.35					$	21.34					$	19.78					$	18.38					$	17.59					$	18.35					$	17.59
Total assets at end of period						$	6,015,877					$	6,099,628					$	5,935,791					$	5,836,787					$	5,617,493					$	6,015,877					$	5,617,493
Goodwill and other intangibles						(286,567)						(188,006)						(189,922)						(192,041)						(186,162)						(286,567)						(186,162)
Tangible assets at period end						$	5,729,310					$	5,911,622					$	5,745,869					$	5,644,746					$	5,431,331					$	5,729,310					$	5,431,331
Tangible common stockholders' equity ratio						8.04		%				8.98		%				8.56		%				8.09		%				7.84		%				8.04		%				7.84		%

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1)Triumph uses certain non-GAAP financial measures to provide meaningful supplemental information regarding Triumph's operational performance and to enhance investors' overall understanding of such financial performance. The non-GAAP measures used by Triumph include the following:

•“Adjusted diluted earnings per common share” is defined as adjusted net income available to common stockholders divided by adjusted weighted average diluted common shares outstanding. Excluded from net income available to common stockholders are material gains and expenses related to merger and acquisition-related activities, including divestitures, net of tax. In our judgment, the adjustments made to net income available to common stockholders allow management and investors to better assess our performance in relation to our core net income by removing the volatility associated with certain acquisition-related items and other discrete items that are unrelated to our core business. Weighted average diluted common shares outstanding are adjusted as a result of changes in their dilutive properties given the gain and expense adjustments described herein.

•"Tangible common stockholders' equity" is defined as common stockholders' equity less goodwill and other intangible assets.

•"Total tangible assets" is defined as total assets less goodwill and other intangible assets.

•"Tangible book value per share" is defined as tangible common stockholders' equity divided by total common shares outstanding. This measure is important to investors interested in changes from period-to-period in book value per share exclusive of changes in intangible assets.

•"Tangible common stockholders' equity ratio" is defined as the ratio of tangible common stockholders' equity divided by total tangible assets. We believe that this measure is important to many investors in the marketplace who are interested in relative changes from period-to period in common equity and total assets, each exclusive of changes in intangible assets.

•"Return on Average Tangible Common Equity" is defined as net income available to common stockholders divided by average tangible common stockholders' equity.

•"Adjusted efficiency ratio" is defined as non-interest expenses divided by our operating revenue, which is equal to net interest income plus non-interest income. Also excluded are material gains and expenses related to merger and acquisition-related activities, including divestitures. In our judgment, the adjustments made to operating revenue and non-interest expense allow management and investors to better assess our performance in relation to our core operating revenue by removing the volatility associated with certain acquisition-related items and other discrete items that are unrelated to our core business.

•"Adjusted net non-interest expense to average total assets" is defined as non-interest expenses net of non-interest income divided by total average assets. Excluded are material gains and expenses related to merger and acquisition-related activities, including divestitures. This metric is used by our management to better assess our operating efficiency.

2)Performance ratios include discount accretion on purchased loans for the periods presented as follows:

			For the Three Months Ended																														For the Six Months Ended
(Dollars in thousands)			June 30, 2021						March 31, 2021						December 31, 2020						September 30, 2020						June 30, 2020						June 30, 2021						June 30, 2020
Loan discount accretion			$	2,161					$	3,501					$	2,334					$	4,104					$	2,139					$	5,662					$	4,273

3)Asset quality ratios exclude loans held for sale, except for non-performing assets to total assets.

4)Current quarter ratios are preliminary.

Source: Triumph Bancorp, Inc.

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Investor Relations:

Luke Wyse

Senior Vice President, Finance & Investor Relations

lwyse@tbkbank.com

214-365-6936

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Media Contact:

Amanda Tavackoli

Senior Vice President, Director of Corporate Communication

atavackoli@tbkbank.com

214-365-6930

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