v3.26.1
BUSINESS SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT INFORMATION
The Company's reportable segments are Banking, Factoring, Payments, and Intelligence, which have been determined based upon their business processes and economic characteristics. This determination also gave consideration to the structure and management of various product lines.
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 presentment, audit, and payment solutions offered 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. The Payments segment also offer the LoadPay product; a digital banking platform developed for Carriers.
The Intelligence segment was launched at the beginning of 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 the assets 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 Intelligence offerings is derived through access and subscription fees, as well as seat licenses where applicable.
The Corporate and Other category consists of other business activities that do not represent a reportable segment.
Expenses that are directly attributable to the Company's Banking, Factoring, Payments, and Intelligence segments such as, but not limited to, occupancy, salaries and benefits to employees that are fully dedicated to the segment, and certain technology costs that can be attributed to specific users or functional areas within the segment are allocated as such. The Company continues to make considerable investments in shared services that benefit the entire organization and these expenses are allocated to the Corporate and Other category. The Company allocates such expenses to the Corporate and Other category in order for the Company's chief operating decision maker and investors to have clear visibility into the operating performance of each reportable segment.
Intersegment interest expense is allocated to the Factoring and Payments segments based on one-month term SOFR for their funding needs. When the Payments segment is self-funded, with customer deposit funding in excess of its factored receivables, intersegment interest income is allocated based on the Federal Funds effective rate. Management believes that such intersegment interest allocations appropriately reflect the current interest rate environment and the relatively quick turn of the underlying receivables.
Reported segments and the financial information of the reported segments are not necessarily comparable with similar information reported by other financial institutions. Additionally, because of the interrelationships of the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. Changes in management structure or allocation methodologies and procedures may result in future changes to previously reported segment financial data. The accounting policies of the segments are substantially the same as those described in the “Summary of Significant Accounting Policies” in Note 1 of the Company’s 2025 Form 10-K.
Transactions between segments consist primarily of borrowed funds, payment network fees, and servicing fees. Intersegment interest expense is allocated to the Factoring and Payments segments as described above. Payment network fees are paid by the Factoring segment to the Payments segment for use of the payments network. Servicing fees are paid by the Payments segment to the Factoring segment for servicing factoring transactions with freight broker clients transferred from the Factoring segment to the Payments segment to align with the supply chain finance product offerings for this business. Servicing fees are paid by the Payments segment to the Factoring segment for servicing such product. The Factoring and Payments segments pay fees to our Banking segment for the Banking segment's execution of various banking services that benefit those segments. Credit loss expense is allocated based on the segment’s ACL determination. Noninterest income and expense directly attributable to a segment are assigned to the related segment. Various shared service costs such as human resources, accounting, finance, risk management and information technology expense are assigned to the Corporate and Other category if they are not directly attributable to a segment. Other segment expense consists of various loan and card related expenses and other insignificant miscellaneous costs not specifically reviewed by the Company's chief operating decision maker. Taxes are paid on a consolidated basis and are not allocated for segment purposes.
(Dollars in thousands)TotalCorporate
Three Months Ended June 30, 2026BankingFactoringPaymentsIntelligenceSegments
and Other(1)
Consolidated
Total interest income$65,381 $50,166 $8,957 $— $124,504 $33 $124,537 
Intersegment interest allocations8,405 (10,585)2,180 — — — — 
Total interest expense24,076 7 — — 24,083 1,628 25,711 
Net interest income (expense)49,710 39,574 11,137 — 100,421 (1,595)98,826 
Credit loss expense (benefit)(30)2,716 155 — 2,841 (105)2,736 
Net interest income after credit loss expense49,740 36,858 10,982 — 97,580 (1,490)96,090 
Noninterest income5,331 1,917 10,893 2,389 20,530 885 21,415 
Noninterest expense:
Salaries and employee benefits14,684 12,452 9,771 3,449 40,356 19,731 60,087 
Depreciation1,540 273 156 18 1,987 776 2,763 
Other occupancy, furniture and equipment2,128 463 163 13 2,767 834 3,601 
FDIC insurance and other regulatory assessments1,167 — — — 1,167 — 1,167 
Professional fees4,356 436 300 112 5,204 1,885 7,089 
Amortization of intangible assets269 111 812 1,283 2,475 11 2,486 
Advertising and promotion317 383 333 24 1,057 348 1,405 
Communications and technology3,405 2,459 3,106 358 9,328 2,622 11,950 
Software amortization— 1,117 1,932 77 3,126 351 3,477 
Travel and entertainment210 156 219 115 700 508 1,208 
Other2,912 567 1,583 269 5,331 1,070 6,401 
Total noninterest expense30,988 18,417 18,375 5,718 73,498 28,136 101,634 
Net intersegment noninterest income (expense)(2)
144 518 (662)— — — — 
Net income (loss) before income tax expense$24,227 $20,876 $2,838 $(3,329)$44,612 $(28,741)$15,871 
(Dollars in thousands)TotalCorporate
Three Months Ended June 30, 2025BankingFactoringPaymentsIntelligenceSegments
and Other(1)
Consolidated
Total interest income$64,851 $38,040 $6,230 $— $109,121 $80 $109,201 
Intersegment interest allocations6,386 (9,282)2,896 — — — — 
Total interest expense18,825 2 — — 18,827 1,696 20,523 
Net interest income (expense)52,412 28,756 9,126 — 90,294 (1,616)88,678 
Credit loss expense (benefit)2,219 (2,916)92 — (605)(97)(702)
Net interest income after credit loss expense50,193 31,672 9,034 — 90,899 (1,519)89,380 
Noninterest income7,989 1,811 7,724 1,724 19,248 136 19,384 
Noninterest expense:
Salaries and employee benefits16,001 13,444 8,711 3,234 41,390 18,492 59,882 
Depreciation1,656 468 222 7 2,353 1,602 3,955 
Other occupancy, furniture and equipment1,896 508 163 14 2,581 1,603 4,184 
FDIC insurance and other regulatory assessments894 — — — 894 — 894 
Professional fees1,801 (7,272)240 2,995 (2,236)1,916 (320)
Amortization of intangible assets385 193 1,418 946 2,942 458 3,400 
Advertising and promotion557 223 669 22 1,471 367 1,838 
Communications and technology5,257 2,438 2,455 278 10,428 1,887 12,315 
Software amortization— 1,125 1,413 — 2,538 327 2,865 
Travel and entertainment306 245 456 130 1,137 482 1,619 
Other3,210 2,770 1,097 84 7,161 3,047 10,208 
Total noninterest expense31,963 14,142 16,844 7,710 70,659 30,181 100,840 
Net intersegment noninterest income (expense)(2)
155 413 (568)— — — — 
Net income (loss) before income tax expense$26,374 $19,754 $(654)$(5,986)$39,488 $(31,564)$7,924 
(Dollars in thousands)TotalCorporate
Six Months Ended June 30, 2026BankingFactoringPaymentsIntelligenceSegments
and Other(1)
Consolidated
Total interest income$121,992 $89,110 $16,123 $— $227,225 $67 $227,292 
Intersegment interest allocations14,136 (18,804)4,668 — — — — 
Total interest expense39,115 13 — — 39,128 3,244 42,372 
Net interest income (expense)97,013 70,293 20,791 — 188,097 (3,177)184,920 
Credit loss expense (benefit)(2,368)3,773 352 — 1,757 372 2,129 
Net interest income after credit loss expense99,381 66,520 20,439 — 186,340 (3,549)182,791 
Noninterest income11,489 3,835 20,056 4,786 40,166 956 41,122 
Noninterest expense:
Salaries and employee benefits29,658 24,293 18,545 6,666 79,162 39,093 118,255 
Depreciation3,117 561 332 34 4,044 1,602 5,646 
Other occupancy, furniture and equipment4,144 959 304 40 5,447 1,772 7,219 
FDIC insurance and other regulatory assessments2,225 — — — 2,225 — 2,225 
Professional fees6,680 713 534 241 8,168 3,684 11,852 
Amortization of intangible assets538 248 1,629 2,566 4,981 21 5,002 
Advertising and promotion671 644 529 118 1,962 655 2,617 
Communications and technology8,502 4,779 5,942 717 19,940 5,129 25,069 
Software amortization— 2,187 3,753 135 6,075 702 6,777 
Travel and entertainment439 386 512 261 1,598 1,130 2,728 
Other6,356 1,237 2,399 340 10,332 2,173 12,505 
Total noninterest expense62,330 36,007 34,479 11,118 143,934 55,961 199,895 
Net intersegment noninterest income (expense)(2)
269 1,033 (1,302)— — — — 
Net income (loss) before income tax expense$48,809 $35,381 $4,714 $(6,332)$82,572 $(58,554)$24,018 
(Dollars in thousands)TotalCorporate
Six Months Ended June 30, 2025BankingFactoringPaymentsIntelligenceSegments
and Other(1)
Consolidated
Total interest income$128,344 $71,371 $11,593 $— $211,308 $163 $211,471 
Intersegment interest allocations11,121 (16,935)5,814 — — — — 
Total interest expense35,036 2 — — 35,038 3,372 38,410 
Net interest income (expense)104,429 54,434 17,407 — 176,270 (3,209)173,061 
Credit loss expense (benefit)2,726 (2,356)210 — 580 48 628 
Net interest income after credit loss expense101,703 56,790 17,197 — 175,690 (3,257)172,433 
Noninterest income14,992 3,530 14,255 2,119 34,896 1,678 36,574 
Noninterest expense:
Salaries and employee benefits32,318 26,666 18,324 4,718 82,026 36,574 118,600 
Depreciation3,286 971 452 14 4,723 3,176 7,899 
Other occupancy, furniture and equipment3,998 1,045 331 21 5,395 3,287 8,682 
FDIC insurance and other regulatory assessments1,621 — — — 1,621 — 1,621 
Professional fees2,866 (5,420)446 3,946 1,838 3,906 5,744 
Amortization of intangible assets770 386 2,969 1,062 5,187 613 5,800 
Advertising and promotion1,068 477 1,050 52 2,647 655 3,302 
Communications and technology10,272 4,712 4,924 505 20,413 4,146 24,559 
Software amortization56 1,719 2,609 2 4,386 471 4,857 
Travel and entertainment544 428 833 248 2,053 1,058 3,111 
Other6,235 3,511 2,019 150 11,915 4,923 16,838 
Total noninterest expense63,034 34,495 33,957 10,718 142,204 58,809 201,013 
Net intersegment noninterest income (expense)(2)
292 848 (1,140)— — — — 
Net income (loss) before income tax expense$53,953 $26,673 $(3,645)$(8,599)$68,382 $(60,388)$7,994 
(1) Includes revenue and expense from the Company’s holding company, which does not meet the definition of an operating segment. Also includes corporate shared service costs such as the majority of salaries and benefits expense for the Company's executive leadership team, as well as other selling, general, and administrative shared services costs including human resources, accounting, finance, risk management and a significant amount of information technology expense.
(2) Net intersegment noninterest income (expense) includes:
(Dollars in thousands)BankingFactoringPayments
Three Months Ended June 30, 2026
Factoring revenue received from Payments$— $910 $(910)
Payments revenue received from Factoring— (266)266 
Banking revenue received from Payments and Factoring144 (126)(18)
Net intersegment noninterest income (expense)$144 $518 $(662)
Three Months Ended June 30, 2025
Factoring revenue received from Payments$— $910 $(910)
Payments revenue received from Factoring— (381)381 
Banking revenue received from Payments and Factoring155 (116)(39)
Net intersegment noninterest income (expense)$155 $413 $(568)
Six months ended June 30, 2026
Factoring revenue received from Payments$— $1,821 $(1,821)
Payments revenue received from Factoring— (553)553 
Banking revenue received from Payments and Factoring269 (235)(34)
Net intersegment noninterest income (expense)$269 $1,033 $(1,302)
Six months ended June 30, 2025
Factoring revenue received from Payments$— $1,821 $(1,821)
Payments revenue received from Factoring— (753)753 
Banking revenue received from Payments and Factoring292 (220)(72)
Net intersegment noninterest income (expense)$292 $848 $(1,140)
(Dollars in thousands)TotalCorporate
June 30, 2026BankingFactoringPaymentsIntelligenceSegmentsand OtherEliminationsConsolidated
Total assets$4,820,467 $1,821,671 $838,251 $111,973 $7,592,362 $1,123,430 $(1,312,107)$7,403,685 
Gross loans $3,337,212 $1,752,492 $387,387 $— $5,477,091 $— $— $5,477,091 
(Dollars in thousands)TotalCorporate
December 31, 2025BankingFactoringPaymentsIntelligenceSegmentsand OtherEliminationsConsolidated
Total assets$4,480,124 $1,335,150 $774,979 $120,410 $6,710,663 $1,088,885 $(1,418,960)$6,380,588 
Gross loans$3,525,447 $1,223,740 $242,120 $— $4,991,307 $— $— $4,991,307