Business
Truxton Corporation Reports Second Quarter 2023 Results
Truxton Corporation Reports Second Quarter 2023 Results.
About this update from Truxton Corp
[{"type":"text","content":"\n NASHVILLE, Tenn., July 20, 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 ended June 30, 2023. Second quarter net income attributable to common shareholders was $4.5 million or $1.53 per diluted share compared to $4.1 million or $1.41 per diluted share for the same quarter in 2022. Net income and fully diluted earnings per share for the quarter rose by 8% and 9%, respectively, compared to the second quarter of 2022. “Truxton had another great quarter despite the challenges facing financial institutions,” said Chairman and CEO Tom Stumb. “Net interest margin compressed but our resilient business model with significant non-interest income allowed for continued earnings growth. Our home market of Nashville continues to experience exceptional strength, supporting our growth and credit quality.” Key Highlights Non-interest income grew to $4.8 million in the second quarter, an increase of 6% from the first quarter of 2023 and 13% higher in comparison to the second quarter of 2022. Wealth management services constituted 93% of non-interest income in the second quarter of 2023 compared to 94% in the first quarter of 2023 and 95% in the second quarter of 2022.Gross loans rose by less than 1% to $628 million at quarter end compared to $626 million on March 31, 2023 and were up 10% compared to $570 million on June 30, 2022.Total deposits increased by 2% from $771 million at March 31, 2023, to $790 million at June 30, 2023, and were 1% higher in comparison to $782 million at June 30, 2022. Truxton continues to principally fund its growth from a single banking location led by its commitment to provide what it believes is superior deposit operations service and technology. As a result, occupancy expenditures and fixed asset investments remain a fraction of typical peers.Net interest margin for the second quarter of 2023 was 2.54%, a decrease of 21 basis points from the 2.75% experienced in the quarter ended March 31, 2023, and 29 basis points lower than 2.83% in the quarter ended June 30, 2022. Cost of funds was 2.80% in the second quarter of 2023, up from 2.27% for the quarter ended March 31, 2023, and up from 0.50% for the quarter ended June 30, 2022.Asset ...