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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 Corporation (OTCPK: TRUX) reported strong third quarter results for 2021, with net income of $3.9 million, a 53% increase compared to the same period in 2020. Earnings per share rose by 52% to $1.34. Wealth management revenue surged 37%, and total deposits increased by 4% from the prior quarter, reaching $733 million. Although net interest margin slightly declined to 2.69%, asset quality remained stable with no non-performing assets. The company's effective tax rate is approximately 19%, supported by various tax-advantaged income sources.
Truxton Corporation (OTCPK: TRUX) has declared a quarterly cash dividend of $0.30 per common share, set to be payable on September 28, 2021. Shareholders of record are identified as those holding shares by September 7, 2021. The announcement highlights the company's continued commitment to rewarding its investors. Truxton Trust Company, a subsidiary of Truxton Corporation, specializes in private banking, wealth management, trusts, and family office services.
Truxton Corporation (OTCPK: TRUX) reported a strong second quarter for 2021, with net income rising 36% to $3.6 million, or $1.22 per diluted share, compared to the same quarter in 2020. Wealth management revenue grew 33% year-over-year. Loans, excluding Paycheck Protection Program loans, increased 18% from June 2020. Total deposits also rose by 38% from the previous year, reaching $707.4 million. The net interest margin improved to 2.71%. Asset quality remained sound with low non-performing assets, and the company maintained a strong capital position with a Tier 1 leverage ratio of 9.47%.
Truxton Corporation (OTCPK: TRUX) has been recognized by American Banker as one of the top 200 best performing banks in the U.S., marking its ninth consecutive year on the list. The bank, the only Nashville-based institution to achieve this recognition in 2021, ranked 19 out of 511 qualifying banks based on a 3-year return on average equity of 15.79%. In 2020, Truxton reported a 16.1% return on average equity and a 1.74% return on average assets, showcasing resilience amid pandemic challenges.
Truxton Trust Company has announced its role as the lead lender and senior debt placement agent for Sabino Recovery, a Tucson-based provider of trauma and addiction treatment programs. This financing comprises a senior secured loan facility, allowing Sabino to buy out its previous majority ownership group and support its rapid growth. Sabino CEO Thomas Isbell expressed enthusiasm for Truxton's support in enhancing treatment for residents. Truxton Trust specializes in capital solutions for high-growth companies.
Truxton Corporation (OTCPK: TRUX) has announced a quarterly cash dividend of $0.30 per common share, payable on June 25, 2021, to shareholders recorded as of June 9, 2021. This decision reflects the company's ongoing commitment to shareholder value. Truxton Trust Company, a subsidiary of Truxton Corporation, offers private banking, wealth management, and trust services since its inception in 2004. The company aims to provide tailored financial solutions to wealthy individuals and their families.
Truxton Corporation reported strong first-quarter results for 2021, achieving a net income of $3 million ($1.06 per share), up 24% year-over-year. Wealth management drove growth, aided by new client relationships and rising asset values. Total loans increased by 15% to $431 million, while total deposits rose by 5% from the previous quarter, totaling $655.5 million. Non-interest income grew by 18% compared to Q1 2020. Despite a decrease in net interest margin to 2.64%, Truxton maintained a strong capital position with a Tier 1 leverage ratio of 9.39%. Dividends paid amounted to $2.14 per share.
Truxton Trust Company announces its advisory role to BasePoint Health Management in securing a senior secured loan facility. The financing aims to support BasePoint's expansion from one to six locations in Dallas, Texas, catering to mental health services. CEO Roy Serpa expressed appreciation for Truxton's confidence in their growth strategy. Truxton Trust specializes in customized financial solutions for high-growth companies and family businesses, emphasizing its commitment to client success.