Business
Truxton Corporation Reports Third Quarter 2022 Results
Truxton Corporation Reports Third Quarter 2022 Results.
About this update from Truxton Corp
[{"type":"text","content":"\n NASHVILLE, Tenn., Oct. 20, 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 September 30, 2022. Third quarter net income attributable to common shareholders was $4.3 million or $1.49 per diluted share compared to $3.9 million or $1.34 per diluted share for the same quarter in 2021. Net income for the quarter rose by 12% and fully diluted earnings per share by 11% compared to the third quarter of 2021. “Truxton has managed effectively through a period of rapidly rising interest rates and declining stock and bond valuations,” said Chairman and CEO Tom Stumb. “Our bankers and loan administration staff have worked tirelessly to deliver the largest growth in loans in our history. This new volume at prevailing higher interest rates has preserved our net interest margin. Wealth Management revenue was stable in the third quarter despite lower asset values as we continue to attract new clients who see the value in Truxton’s comprehensive approach. Volatile market conditions will continue to create challenges in the quarters ahead.” Key Highlights Pre-Provision Net Revenue (PPNR) for the third quarter was $5.63 million, an increase of 0.8% from the second quarter of 2022 and an increase of 11% compared to the third quarter of 2021. PPNR for the first nine months of 2022 was 25% higher than the first nine months of 2021.Non-interest income was $4.3 million in the third quarter, an increase of 1% from the second quarter of 2022 and a 4% increase compared to the third quarter of 2021. Wealth management services constituted 94% of non-interest income in the third quarter of 2022.Net Loans rose by 7% to $606 million compared to June 30, 2022, and were up 26% compared to September 30, 2021.Total deposits increased by 1% from June 30, 2022, to $790 million on September 30, 2022, and increased by 8% in comparison to September 30, 2021. Wholesale and brokered deposits were a larger percentage of the funding mix in the third quarter of 2022 and contributed to funding costs rising more swiftly.Net interest margin for the third quarter of 2022 was 2.95%, an increase of 12 basis points from the 2.83% experienced in the second quarter of 2022, and an increase...