Business
Truxton Corporation Reports Fourth Quarter and Full Year 2022 Results
Truxton Corporation Reports Fourth Quarter and Full Year 2022 Results.
About this update from Truxton Corp
[{"type":"text","content":"\n NASHVILLE, Tenn., Jan. 26, 2023 (GLOBE NEWSWIRE) -- Truxton Corporation, the parent company for Truxton Trust Company (“Truxton” or “the Bank”) and subsidiaries, announced its operating results for the quarter and year ended December 31, 2022. Fourth quarter net income attributable to common shareholders was $4.1 million, or $1.40 earnings per diluted share, compared to $4.0 million, or $1.39 earnings per diluted share, for the same quarter in 2021. For the year ended December 31, 2022, net income increased by 15% to $16.7 million from $14.5 million in 2021. For the year ended December 31, 2022, earnings per diluted share rose to $5.75 from $5.02, an increase of 15% from 2021. “The year just completed was challenging, but Truxton grew more and earned more than ever before,” said Chairman and CEO Tom Stumb. “Net loan growth of more than $120 million represents a tremendous effort by our lenders and the managers and teams who support them. Our wealth management revenue grew 8% in a year when both stock and bond prices fell precipitously, reflecting both relatively strong investment performance and the addition of many new client relationships.” Key Highlights Truxton partially restructured the bond portfolio in December and realized $588 thousand of losses on the sale of $20 million in securities. This allowed us to improve our interest rate risk profile and should contribute to an increase in our future earnings compared to what we would have achieved on these bonds had we not sold them. The after-tax cost of these losses lowered earnings per share by approximately $0.16. Excluding these losses, earnings per diluted share for the quarter would have been approximately $1.56, which is 5% higher than $1.49 in the third quarter of 2022 and 12% higher than $1.39 in the fourth quarter of 2021.Non-interest income, excluding bond losses, grew to $4.4 million in the fourth quarter of 2022, an increase of 2% from the third quarter of 2022 and 2% in comparison to the fourth quarter of 2021. Wealth management services constituted 95% of non-interest income, excluding bond losses, in the fourth quarter of 2022.Loans rose 1% to $619 million at year end compared to $612 million on September 30, 2022 and were up 25% compared to $495 million on December 31, 2021.Total deposits increased 2% from S...