Business
Truxton Corporation Reports Third Quarter 2021 Results
Truxton Corporation Reports Third Quarter 2021 Results.
About this update from Truxton Corp
[{"type":"text","content":"\n NASHVILLE, Tenn., Oct. 21, 2021 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCPK: TRUX), the parent company for Truxton Trust Company (“Truxton” or “the Bank”) and subsidiaries, announced its operating results for the quarter ended September 30, 2021. Third quarter net income attributable to common shareholders was $3.9 million or $1.34 per diluted share compared to $2.5 million or $0.88 per diluted share for the same quarter in 2020. Net income rose by 53% for the quarter compared to the third quarter of 2020 while fully diluted earnings per share rose by 52%. “Truxton’s third quarter 2021 performance was outstanding,” said Chairman and CEO Tom Stumb. “Wealth management revenue increased 37% from the third quarter of 2020. Loans were up 7% compared to September 30, 2020. Excluding amounts under the Paycheck Protection Program (PPP), loans grew 32% from the end of September 2020. This quarter’s strong performance resulted in part from recognition of $409,000 in PPP loan fees, which will continue into the final quarter of the year but at a much lower level.” Key Highlights Non-interest income grew to $4.1 million in the third quarter, an increase of 5% from the second quarter of 2021 and 39% in comparison to the third quarter of 2020. Wealth management services constituted 95% of non-interest income in the third quarter of 2021.Loans rose 7% to $482 million compared to June 30, 2021, and were up 18% compared to September 30, 2020. Excluding PPP loans, loans rose by 10% compared to June 30, 2021, and 32% compared to September 30, 2020, but we expect loan growth in the fourth quarter to moderate.As noted above, PPP fee recognition driven by loan forgiveness added $409 thousand in pretax income for the quarter, which equates to approximately $0.11 in earnings per diluted share. $2.65 million in PPP loans remained outstanding at quarter end with only $107 thousand in unrecognized fees, almost all of which we expect to recognize in the fourth quarter.Total deposits increased 4% from June 30, 2021 to $733 million, and increased 36% in comparison to September 30, 2020. Truxton continues to fund its growth from a single banking location through superior deposit operations service and technology. As a result, occupancy expenditures and fixed asset investments are a fraction of t...