Business
Truxton Corporation Reports Second Quarter 2022 Results
Truxton Corporation Reports Second Quarter 2022 Results.
About this update from Truxton Corp
[{"type":"text","content":"\n NASHVILLE, Tenn., July 21, 2022 (GLOBE NEWSWIRE) -- Truxton Corporation, the parent company for Truxton Trust Company (“Truxton” or “the Bank”) and subsidiaries, announced its operating results for the quarter ended June 30, 2022. Second quarter net income attributable to common shareholders was $4.1 million or $1.41 per diluted share compared to $3.6 million or $1.22 per diluted share for the same quarter in 2021. Net income and fully diluted earnings per share for the quarter rose by 16% compared to the second quarter of 2021. “Truxton’s second quarter 2022 performance was exceptional despite market turbulence,” said Chairman and CEO Tom Stumb. “Wealth management revenue increased 9% from the same quarter last year as our team continued to earn the opportunity to serve new clients. The private banking team produced a record quarter of loan growth by finding creative lending solutions for our clients while maintaining our focus on credit quality. We expect the volatile market conditions we are currently experiencing to continue to create a challenging operating environment and to pressure earnings for the remainder of the year.” Key Highlights Pre-Provision Net Revenue (PPNR) for the second quarter was $5.58 million, an increase of 8.8% from the first quarter of 2022 and an increase of 30.3% compared to the second quarter of 2021. PPNR for the first half of 2022 was 33.4% higher than the first half of 2021.Non-interest income was $4.2 million in the second quarter, a decrease of 3% from the first quarter of 2022 but an 8% increase compared to the second quarter of 2021. Wealth management services constituted 96% of non-interest income in the second quarter of 2022.Loans rose by 11% to $565 million compared to March 31, 2022, and were up 25% compared to June 30, 2021. Excluding the $121 thousand in PPP loans on June 30, 2022, gross loans rose by 29% compared to June 30, 2021, when we had $15.1 million in PPP loans on the balance sheet.Total deposits increased by 0.50% from March 31, 2022, to $782 million on June 30, 2022, and increased by 11% in comparison to June 30, 2021. Wholesale and brokered deposits were a larger percentage of the funding mix in the second quarter of 2022 and contributed to increased deposit betas.Net interest margin for the second quarter of 2022 wa...