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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.
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Truxton Corporation reported a net income of $4.3 million ($1.47 per diluted share) for Q1 2023, reflecting a 2% increase from the same quarter in 2022. Wealth Management Services revenue declined by only $10,000, while non-interest income rose to $4.5 million, up 2% year-over-year. Loans grew by 1% to $626 million, and deposits dropped by 4% to $771 million compared to year-end 2022. The net interest margin stood at 2.75%, down 8 basis points from Q4 2022, while the cost of funds increased to 2.27%. Asset quality remained strong with no non-performing assets, and the allowance for credit losses was $6 million. The capital position improved, with a Tier 1 leverage ratio of 10.29%. Truxton also declared dividends totaling $1.38 per share, including a special cash dividend of $1.00.
Truxton Corporation (OTCPK: TRUX) announced a quarterly cash dividend of $0.38 per common share, set to be paid on June 26, 2023, to shareholders of record by June 9, 2023. This decision reflects the company's ongoing commitment to returning value to its shareholders.
As a financial holding company, Truxton Corporation is the parent of Truxton Trust Company, which provides a range of private banking and wealth management services. Founded in 2004 in Nashville, Tennessee, the firm aims to meet the complex financial needs of wealthy individuals and their families.
Truxton has promoted Andrew J. Ritter to Managing Director of Private Banking, recognizing his long-standing service since 2012 and his trusted role among clients, particularly business owners and commercial real estate investors. In addition to Ritter's promotion, the bank announced new senior management roles for Andrew Mallory, Bryant Tirrill, and Hank Stuart, enhancing its leadership. Chairman and CEO Tom Stumb praised the leadership team's expertise and the high-quality financial advice provided to clients. Truxton Trust Company, established in 2004, specializes in private banking, wealth management, and trust services for affluent individuals and families.
Truxton Trust Company, based in Nashville, has announced leadership changes aimed at enhancing growth and shareholder value. Derrick A. Jones has been appointed as the new President, succeeding Andrew L. May, who will serve as Vice Chairman and remain on the Board. Promotions extend to J. Overton Colton and Julie M. Marr as Executive Vice Presidents, and Austin S. Branstetter as Senior Vice President and CFO. The leadership changes reflect the confidence of the Board in the new executives and aim to maximize Truxton's future success and growth.