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Truxton Corporation reports developments tied to its role as an OTC-traded financial holding company and parent of Truxton Trust Company. Truxton provides wealth, banking, and family office services for wealthy individuals, families, and their business interests, with coverage centered on operating results, dividend declarations, share repurchase authorizations, and the performance of its banking and wealth businesses.
Company updates also include additions to wealth, tax advisory, banking, compliance, and board roles. Recurring governance and risk-management themes include Bank Secrecy Act and anti-money laundering compliance, regulatory oversight, and leadership across client-service functions.
Truxton Wealth has announced two key promotions within its advisory team. Susan Ney, CTFA, who joined the company in 2014, has been elevated to Senior Vice President, Senior Wealth Advisor. She specializes in monitoring investment strategies, trust and estate administration, tax planning, and retirement planning. Ney holds the Certified Trust and Financial Advisor designation and is a member of the Middle Tennessee Estate Planning Council.
Laura Frith, who joined Truxton in 2024, has been promoted from Wealth Associate to Associate Wealth Advisor. In her new role, she will focus on trust and estate administration, tax planning, retirement planning, and coordinating with professional advisors.
Truxton has announced several key additions to its team over the last two months, demonstrating its continued ability to attract top finance industry talent. Steve Pelmore Jr., CPA joins as Vice President, Tax Strategist and Wealth Advisor, bringing nearly 20 years of public accounting experience and military service background.
The company also welcomed Carson Walter as a Credit Analyst, Nathan Johnson as an Accountant with five years of previous finance experience, and Keegan Fornoff as an Office Coordinator. These appointments reflect Truxton's commitment to enhancing client service capabilities and strengthening its team across various departments.
Truxton reported strong financial results for Q4 and full-year 2024. Fourth quarter net income reached $4.99 million ($1.74 per diluted share), up from $4.23 million ($1.46 per diluted share) in Q4 2023. Full-year 2024 net income increased 5% to $18.4 million, with earnings per diluted share rising to $6.34.
Key performance indicators include a 7% growth in Net Interest Income and a 17% increase in Wealth revenue year-over-year. The company maintained strong asset quality with minimal non-performing assets of $11,000. Loans grew 2% year-over-year to $670 million, while deposits increased 11% to $866 million. The net interest margin for Q4 2024 was 2.79%, showing slight improvement from previous quarters.
During 2024, Truxton paid dividends of $2.72 per common share, including a $1.00 special dividend, and repurchased 62,382 shares for $4.2 million at an average price of $66.97 per share.
Truxton (OTCPK: TRUX) has announced three significant shareholder-focused initiatives. First, the Board approved a quarterly cash dividend of $0.50 per common share, payable March 25, 2025, marking a 16% increase from the 2024 quarterly dividend of $0.43. This represents the company's thirteenth consecutive year of increased regular dividends.
Additionally, shareholders will receive a special cash dividend of $1.00 per common share, also payable March 25, 2025. Both regular and special dividends will be paid to shareholders of record as of March 11, 2025.
The Board has also authorized a $5 million stock repurchase program to begin after Q4 earnings release and extend for one year. The repurchase program allows for shares to be purchased in open-market or private transactions at management's discretion.
Truxton Trust Company announced the appointment of Danielle W. Barnes to its Board of Directors. Barnes currently serves as CEO/President of the Girl Scouts of Middle Tennessee, overseeing operations for over 16,000 girls and volunteers. Her prior experience includes leading Ernst & Young's U.S. Human Services practice and serving as Commissioner of the Tennessee Department of Human Services under two governors, where she managed the state's second-largest agency supporting over 2 million Tennesseans. Barnes holds degrees from Spelman College and the University of Tennessee College of Law, and is actively involved in various community organizations.
Truxton Capital Advisors (TCA) has announced several key leadership appointments to support growth and strategic direction. Peter Deming, CPA has been appointed as Managing Director to lead team expansion and strategic engagements. Sam Carden, CFA, CAIA and Sam Scott, CFA have been promoted to Vice President positions, while Duncan McGinn has taken the role of TCA Analyst and C&I Portfolio Manager. The appointments aim to enhance client services and strengthen the company's market position in providing family-owned businesses with investment banking strategies and capital solutions.
Truxton has announced two key promotions: Will Young has been elevated to Vice President of Information Technology, and Kaci Goodall to Team Lead of Deposit Operations. Young, who joined in 2021 as IT Manager, has been instrumental in maintaining security and operational efficiency. Goodall, with the company since 2007, oversees critical operations including new accounts review, wire and transaction approvals, and fraud claim management. President Derrick Jones praised both employees for their dedication and client-focused approach.
Truxton (OTCPK: TRUX), the parent company of Truxton Trust Company, has announced a quarterly cash dividend of $0.43 per common share. The dividend will be payable on December 24, 2024, to shareholders of record as of December 10, 2024. This announcement comes from the company's Board of Directors, who have approved the dividend payment. Truxton is a financial holding company, and this dividend declaration reflects its commitment to providing returns to its shareholders.
Truxton reported strong Q3 2024 results with net income of $4.57 million, or $1.57 per diluted share, matching the same quarter in 2023. Highlights include:
- 10% increase in net interest income
- 14% growth in Wealth Management revenue
- Non-interest income of $5.5 million, up $643,000 from Q3 2023
- Loans increased 2.5% to $665 million
- Total deposits up 6% to $889 million
- Net interest margin at 2.69%
- Strong capital position with Tier 1 leverage ratio of 10.46%
The company faced some non-recurring expenses, including those related to a core system conversion. Truxton paid dividends of $2.29 per common share and repurchased 59,717 shares for $3.99 million during the first nine months of 2024.
Truxton expands its presence in Northeast Georgia with two key appointments. Jennifer Verbrigghe, CFP®, CTFA, joins as Senior Vice President, Wealth Advisor, bringing 24 years of financial services experience. Tia Marrano is promoted to Assistant Vice President, Wealth Advisor. Verbrigghe's expertise in financial planning and trust advisory for high-net-worth families is expected to benefit Truxton Wealth. Marrano, with Truxton since 2014, has been important to the company's growth in Georgia. Both appointments aim to strengthen Truxton's ability to serve multi-generational wealthy clients and expand its market presence.