Borrower fraud to take bite out of Triumph's 3Q profit
Triumph Bancorp in Dallas will absorb a blow to its quarterly earnings after discovering "fraudulent conduct" tied to an asset-based loan.
The $3.8 billion-asset company disclosed in a regulatory filing late Thursday that it will charge off a $4 million loan and add $2.7 million to its loan-loss allowance. Triumph said it had previously set aside $700,000 to buffer against a potential chargeoff.
Triumph, which earned $12.2 million, or 47 cents a share, for the second quarter, said th...