Truxton Corporation Reports First Quarter 2024 Results
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Truxton reported first quarter 2024 results with a net income of $4.33 million, or $1.48 per diluted share, showing a 1% increase from the same quarter in 2023. Non-interest income grew to $5.1 million, up 10% from the prior quarter and 15% from the first quarter of 2023. Wealth management constituted 96% of non-interest income. Loans increased by less than 1% to $660 million, while total deposits rose by 9% to $850 million. Net interest margin decreased to 2.62%, and cost of funds increased to 3.33%. The company's capital position remains strong with a Tier 1 leverage ratio of 10.40% and a book value per common share of $30.61.
Truxton ha riportato i risultati del primo trimestre del 2024 con un utile netto di 4,33 milioni di dollari, o 1,48 dollari per azione diluita, segnando un incremento dell'1% rispetto allo stesso trimestre del 2023. I ricavi da attività non basate sugli interessi sono cresciuti fino a 5,1 milioni di dollari, in aumento del 10% rispetto al trimestre precedente e del 15% rispetto al primo trimestre del 2023. La gestione patrimoniale ha costituito il 96% dei ricavi non basati sugli interessi. I prestiti sono aumentati di meno dell'1% raggiungendo i 660 milioni di dollari, mentre i depositi totali sono cresciuti del 9% arrivando a 850 milioni di dollari. Il margine di interesse netto è diminuito al 2,62%, e il costo del denaro è aumentato al 3,33%. La posizione patrimoniale della società rimane solida con un rapporto di leva di Tier 1 del 10,40% e un valore contabile per azione ordinaria di 30,61 dollari.
Truxton reportó los resultados del primer trimestre de 2024 con un ingreso neto de 4.33 millones de dólares, o 1.48 dólares por acción diluida, mostrando un aumento del 1% en comparación con el mismo trimestre de 2023. El ingreso no derivado de intereses creció a 5.1 millones de dólares, un 10% más que el trimestre anterior y un 15% más que el primer trimestre de 2023. La gestión de patrimonios constituyó el 96% del ingreso no derivado de intereses. Los préstamos aumentaron en menos del 1% a 660 millones de dólares, mientras que los depósitos totales subieron un 9% a 850 millones de dólares. El margen de interés neto disminuyó al 2.62%, y el costo de fondos aumentó al 3.33%. La posición de capital de la compañía sigue siendo fuerte con una relación de apalancamiento de Nivel 1 del 10.40% y un valor contable por acción común de 30.61 dólares.
트럭스턴은 2024년 1분기 순이익이 433만 달러, 희석 주당 1.48달러로 2023년 같은 분기 대비 1% 증가했다고 보고했습니다. 비이자 수익은 전 분기 대비 10%, 2023년 1분기 대비 15% 증가한 510만 달러로 성장했습니다. 자산 관리는 비이자 수익의 96%를 차지했습니다. 대출은 1% 미만 증가하여 6억 6천만 달러에 달했고, 총 예금은 9% 증가하여 8억 5천만 달러에 이르렀습니다. 순이자 마진은 2.62%로 감소했고, 자금 비용은 3.33%로 증가했습니다. 회사의 자본 건전성은 Tier 1 레버리지 비율 10.40%, 주당 기본 장부가치 30.61달러로 여전히 강력합니다.
Truxton a rapporté les résultats du premier trimestre de 2024 avec un bénéfice net de 4,33 millions de dollars, soit 1,48 dollar par action diluée, affichant une augmentation de 1% par rapport au même trimestre de 2023. Le revenu non lié aux intérêts a augmenté pour atteindre 5,1 millions de dollars, en hausse de 10% par rapport au trimestre précédent et de 15% par rapport au premier trimestre de 2023. La gestion de patrimoine a constitué 96% du revenu non lié aux intérêts. Les prêts ont augmenté de moins de 1% pour atteindre 660 millions de dollars, tandis que les dépôts totaux ont augmenté de 9% pour atteindre 850 millions de dollars. La marge d'intérêt nette a diminué à 2,62%, et le coût des fonds a augmenté à 3,33%. La position en capital de l'entreprise reste forte avec un ratio de levier de Tier 1 de 10,40% et une valeur comptable par action ordinaire de 30,61 dollars.
Truxton meldete die Ergebnisse für das erste Quartal 2024 mit einem Nettogewinn von 4,33 Millionen Dollar oder 1,48 Dollar pro verwässerter Aktie, was einem Anstieg von 1% gegenüber dem gleichen Quartal in 2023 entspricht. Die Nichtzins-Einkünfte stiegen auf 5,1 Millionen Dollar, ein Anstieg von 10% gegenüber dem Vorquartal und 15% gegenüber dem ersten Quartal 2023. Das Vermögensmanagement machte 96% der Nichtzins-Einkünfte aus. Die Kreditvergabe wuchs um weniger als 1% auf 660 Millionen Dollar, während die Gesamteinlagen um 9% auf 850 Millionen Dollar stiegen. Die Nettozinsmarge sank auf 2,62% und die Kosten für die Geldmittel stiegen auf 3,33%. Die Kapitalposition des Unternehmens bleibt mit einer Tier-1-Leverage-Quote von 10,40% und einem Buchwert pro Stammaktie von 30,61 Dollar stark.
Positive
- First quarter net income rose by 1% compared to the same quarter in 2023.
- Non-interest income increased to $5.1 million, up 10% from the prior quarter and 15% from the first quarter of 2023.
- Wealth management constituted 96% of non-interest income in the first quarter of 2024.
- Loans increased slightly to $660 million, while total deposits grew by 9% to $850 million.
- Net interest margin decreased to 2.62%, and cost of funds rose to 3.33%.
- The company's Tier 1 leverage ratio was 10.40% at March 31, 2024.
- Book value per common share was $30.61 at March 31, 2024.
- Truxton paid dividends of $1.43 per common share during the first quarter of 2024.
Negative
- Occupancy expenses rose by 67% due to the build-out of Truxton's new headquarters.
- Net interest margin decreased by 16 basis points from the previous quarter.
- Cost of funds increased to 3.33% in the first quarter of 2024.
- The company's allowance for credit losses remained relatively stable.
- Truxton will incur higher depreciation expenses for the new office after the move in late May.
NASHVILLE, Tenn., April 18, 2024 (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 March 31, 2024. First quarter net income attributable to common shareholders was
“We are pleased to start 2024 with another quarter of financial growth lead by our core businesses,” said Chairman and CEO Tom Stumb. “Truxton Wealth revenue increased by
On May 28, 2024, we anticipate opening our new office location at 20 Burton Hills Blvd, Suite 200, Nashville, TN, 37215. Our original location served us well for almost 20 years. However, we are excited to be in a new space that allows us to accelerate organizational growth, elevate our service experience, and enhance the convenience and safety of our clients and employees. We look forward to seeing you there.
Key Highlights
- Non-interest income grew to
$5.1 million in the first quarter of 2024, which was up$929 thousand over the fourth quarter of 2023 and$629 thousand over the first quarter of 2023. The fourth quarter of 2023 included$445 thousand of net losses on the sale of securities while the first quarter of 2023 included$58 thousand of net gains on sales of securities. There were no gains or losses on the sale of securities in the first quarter of 2024. Excluding securities gains and losses, non-interest income in the first quarter of 2024 was up10% compared to the prior quarter and15% compared to the first quarter of 2023. Wealth management constituted96% of non-interest income in the first quarter of 2024, compared to95% and94% , for the fourth quarter of 2023 and first quarter of 2023, respectively, when excluding gains and losses on sales of securities. - Loans increased by less than
1% to$660 million at quarter end compared to$658 million on December 31, 2023, and were up5% compared to$626 million on March 31, 2023. - Total deposits increased by
9% from$782 million at December 31, 2023, to$850 million at March 31, 2024, and were10% higher in comparison to$771 million at March 31, 2023. Truxton continues to fund its growth from a single banking location led by its commitment to provide what it believes is superior deposit operations service and technology. - Net interest margin for the first quarter of 2024 was
2.62% , a decrease of 16 basis points from the2.78% experienced in the quarter ended December 31, 2023, and a decrease of 13 basis points from the2.75% in the quarter ended March 31, 2023. Cost of funds was3.33% in the first quarter of 2024, up from3.15% for the quarter ended December 31, 2023, and up from2.27% for the quarter ended March 31, 2023. - The build-out of Truxton’s new headquarters began this past January along with the accounting for the new lease. As a result, occupancy expenses rose by
67% compared to the prior quarter due to the dual accounting cost for our current and new Nashville office leases. After the move in late May, Truxton will only have the cost of the new Nashville headquarters lease but will have higher depreciation expenses for the capitalized costs associated with the new office. - Allowance for credit losses, excluding that for unfunded commitments, was
$6.3 million at quarter end March 31, 2024, compared to$6.3 million at December 31, 2023, and$6.0 million at March 31, 2023. For those three periods, such allowance amounts were0.96% ,0.96% , and0.95% , respectively, of gross loans outstanding at period end. For the same three periods, the Bank’s allowance for unfunded commitments was$374 thousand ,$411 thousand , and$507 thousand , respectively. - The Bank’s capital position remains strong. Its Tier 1 leverage ratio was
10.40% at March 31, 2024, compared to10.53% at December 31, 2023, and10.29% at March 31, 2023. Book value per common share was$30.61 ,$30.31 , and$25.71 at March 31, 2024, December 31, 2023, and March 31, 2023, respectively. - During the three months ended March 31, 2024, Truxton Corporation paid dividends of
$1.43 per common share, inclusive of a$1.00 special cash dividend paid on March 25, 2024.
About Truxton
Truxton is a premier provider of wealth, banking, and family office services for wealthy individuals, their families, and their business interests. Serving clients across the world, Truxton’s vastly experienced team of professionals provides customized solutions to its clients’ complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCPK: TRUX). For more information, visit truxtontrust.com.
| Investor Relations | Media Relations |
| Austin Branstetter | Swan Burrus |
| 615-250-0783 | 615-250-0773 |
| austin.branstetter@truxtontrust.com | swan.burrus@truxtontrust.com |
| Truxton Corporation | |||||||||
| Consolidated Balance Sheets | |||||||||
| (000's) | |||||||||
| (Unaudited) | |||||||||
| March 31, 2024* | December 31, 2023* | March 31, 2023* | |||||||
| ASSETS | |||||||||
| Cash and due from financial institutions | $ | 4,909 | $ | 4,272 | $ | 8,955 | |||
| Interest bearing deposits in other financial institutions | 34,361 | 3,417 | 4,322 | ||||||
| Federal funds sold | 6,733 | 1,537 | 10 | ||||||
| Cash and cash equivalents | 46,003 | 9,226 | 13,288 | ||||||
| Time deposits in other financial institutions | 490 | 490 | 1,260 | ||||||
| Securities available for sale | 256,517 | 259,926 | 253,372 | ||||||
| Gross loans, excluding Paycheck Protection Program | 659,622 | 657,781 | 625,626 | ||||||
| Allowance for credit losses | (6,324 | ) | (6,304 | ) | (5,961 | ) | |||
| Paycheck Protection Program Loans | 48 | 59 | 90 | ||||||
| Net loans | 653,346 | 651,536 | 619,754 | ||||||
| Bank owned life insurance | 10,865 | 10,808 | 10,644 | ||||||
| Restricted equity securities | 1,822 | 1,858 | 5,391 | ||||||
| Premises and equipment, net | 2,089 | 189 | 222 | ||||||
| Accrued interest receivable | 4,522 | 4,388 | 9,752 | ||||||
| Deferred tax asset, net | 5,576 | 6,010 | 6,842 | ||||||
| Other assets | 16,484 | 10,839 | 1,369 | ||||||
| Total assets | $ | 997,714 | $ | 955,270 | $ | 921,894 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
| Deposits | |||||||||
| Non-interest bearing | $ | 126,838 | $ | 123,918 | $ | 151,956 | |||
| Interest bearing | $ | 723,645 | $ | 658,061 | 619,542 | ||||
| Total deposits | 850,483 | 781,979 | 771,499 | ||||||
| Federal funds purchased | - | - | 2,417 | ||||||
| Swap counterparty cash collateral | 5,570 | 4,060 | 2,860 | ||||||
| Federal Home Loan Bank advances | 3,250 | 4,500 | 9,500 | ||||||
| Federal Reserve Bank Term Funding Program advances | 22,700 | 53,800 | 40,000 | ||||||
| Subordinated debt | 14,514 | 14,327 | 14,752 | ||||||
| Other liabilities | 11,712 | 8,922 | 6,078 | ||||||
| Total liabilities | 908,229 | 867,588 | 847,106 | ||||||
| SHAREHOLDERS' EQUITY | |||||||||
| Common stock, | $ | 290 | $ | 289 | $ | 289 | |||
| Additional paid-in capital | 31,881 | 31,457 | 31,336 | ||||||
| Retained earnings | 65,035 | 51,679 | 54,990 | ||||||
| Accumulated other comprehensive income (loss) | (12,055 | ) | (13,279 | ) | (16,118 | ) | |||
| Net Income | $ | 4,334 | $ | 17,536 | $ | 4,291 | |||
| Total shareholders' equity | 89,485 | 87,682 | 74,788 | ||||||
| Total liabilities and shareholders' equity | $ | 997,714 | $ | 955,270 | $ | 921,894 | |||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | |||||||||
| Truxton Corporation | ||||||||||
| Consolidated Statements of Net Income | ||||||||||
| (000's) | ||||||||||
| (Unaudited) | ||||||||||
| Three Months Ended | ||||||||||
| March 31, 2024* | December 31, 2023* | March 31, 2023* | ||||||||
| Non-interest income | ||||||||||
| Wealth management services | $ | 4,907 | $ | 4,435 | $ | 4,171 | ||||
| Service charges on deposit accounts | 91 | 111 | 136 | |||||||
| Securities gains (losses), net | 0 | (445 | ) | 58 | ||||||
| Bank owned life insurance income | 58 | 56 | 52 | |||||||
| Other | 81 | 52 | 91 | |||||||
| Total non-interest income | 5,137 | 4,208 | 4,508 | |||||||
| Interest income | ||||||||||
| Loans, including fees | $ | 10,357 | $ | 10,495 | $ | 8,487 | ||||
| Taxable securities | 2,599 | 2,554 | 1,954 | |||||||
| Tax-exempt securities | 188 | 210 | 233 | |||||||
| Interest bearing deposits | 231 | 194 | 61 | |||||||
| Federal funds sold | 41 | 41 | 11 | |||||||
| Other interest income | 27 | 63 | 65 | |||||||
| Total interest income | 13,441 | 13,558 | 10,812 | |||||||
| Interest expense | ||||||||||
| Deposits | 6,450 | 6,048 | 4,216 | |||||||
| Short-term borrowings | 618 | 685 | 58 | |||||||
| Long-term borrowings | 15 | 23 | 237 | |||||||
| Subordinated debentures | 188 | 187 | 194 | |||||||
| Total interest expense | 7,270 | 6,943 | 4,705 | |||||||
| Net interest income | 6,171 | 6,615 | 6,107 | |||||||
| Provision for credit losses | (6 | ) | 215 | 59 | ||||||
| Net interest income after provision for loan losses | 6,177 | 6,400 | 6,048 | |||||||
| Total revenue, net | 11,315 | 10,608 | 10,556 | |||||||
| Non interest expense | ||||||||||
| Salaries and employee benefits | 4,076 | 3,563 | 3,766 | |||||||
| Occupancy | 453 | 272 | 286 | |||||||
| Furniture and equipment | 4 | 24 | 25 | |||||||
| Data processing | 418 | 389 | 427 | |||||||
| Wealth management processing fees | 214 | 166 | 176 | |||||||
| Advertising and public relations | 34 | 109 | 46 | |||||||
| Professional services | 209 | 285 | 116 | |||||||
| FDIC insurance assessments | 190 | 225 | 75 | |||||||
| Other | 278 | 322 | 397 | |||||||
| Total non interest expense | 5,877 | 5,355 | 5,314 | |||||||
| Income before income taxes | 5,438 | 5,253 | 5,242 | |||||||
| Income tax expense | 1,104 | 1,029 | 951 | |||||||
| Net income | $ | 4,334 | $ | 4,225 | $ | 4,291 | ||||
| Earnings per share: | ||||||||||
| Basic | $ | 1.49 | $ | 1.46 | $ | 1.48 | ||||
| Diluted | $ | 1.48 | $ | 1.46 | $ | 1.47 | ||||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. Totals may not foot due to rounding. | ||||||||||
| Truxton Corporation | |||
| Selected Quarterly Financial data | |||
| At Or For The Three Months Ended | |||
| (000's) | |||
| (Unaudited) | |||
| March 31, 2024* | December 31, 2023* | March 31, 2023* | |
| Per Common Share Data | |||
| Net income attributable to shareholders, per share | |||
| Basic | |||
| Diluted | |||
| Book value per common share | |||
| Tangible book value per common share | |||
| Basic weighted average common shares | 2,831,217 | 2,821,846 | 2,820,892 |
| Diluted weighted average common shares | 2,838,003 | 2,828,274 | 2,830,504 |
| Common shares outstanding at period end | 2,922,761 | 2,893,064 | 2,908,483 |
| Selected Balance Sheet Data | |||
| Tangible common equity (TCE) ratio | |||
| Average Loans | |||
| Average earning assets (1) | |||
| Average total assets | |||
| Average shareholders' equity | |||
| Selected Asset Quality Measures | |||
| Nonaccrual loans | |||
| 90+ days past due still accruing | |||
| Total nonperforming loans | |||
| Total nonperforming assets | |||
| Net charge offs (recoveries) | ( | ||
| Nonperforming loans to assets | |||
| Nonperforming assets to total assets | |||
| Nonperforming assets to total loans and other real estate | |||
| Allowance for credit losses to total loans** | |||
| Net charge offs to average loans | |||
| Capital Ratios (Bank Subsidiary Only) | |||
| Tier 1 leverage | |||
| Common equity tier 1 | |||
| Total risk-based capital | |||
| Selected Performance Ratios | |||
| Efficiency ratio | |||
| Return on average assets (ROA) | |||
| Return on average shareholders' equity (ROE) | |||
| Return on average tangible common equity (ROTCE) | |||
| Net interest margin | |||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | |||
| **Ratios do not include reserve for unfunded commitments | |||
| (1) Average earning assets is the daily average of earning assets. Earning assets consists of loans, mortgage loans held for sale, federal funds sold, deposits with banks, and investment securities. | |||
| Truxton Corporation | |||||||||||||||||||||
| Yield Tables | |||||||||||||||||||||
| For The Periods Indicated | |||||||||||||||||||||
| (000's) | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest bearing liabilities and the average interest rate for interest earning assets and interest bearing liabilities, net interest spread and net interest margin for the periods indicated below: | |||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||
| March 31, 2024* | December 31, 2023* | March 31, 2023* | |||||||||||||||||||
| Average Balances | Rates/ Yields (%) | Interest Income/ Expense | Average Balances | Rates/ Yields (%) | Interest Income/ Expense | Average Balances | Rates/ Yields (%) | Interest Income/ Expense | |||||||||||||
| Earning Assets | |||||||||||||||||||||
| Loans | $ | 656,790 | 6.28 | $ | 10,261 | $ | 653,804 | 6.18 | $ | 10,183 | $ | 622,012 | 5.46 | $ | 8,376 | ||||||
| Loan fees | $ | 0 | 0.06 | $ | 95 | $ | 0 | 0.19 | $ | 312 | $ | 0 | 0.07 | $ | 111 | ||||||
| Loans with fees | $ | 656,790 | 6.34 | $ | 10,356 | $ | 653,804 | 6.37 | $ | 10,495 | $ | 622,012 | 5.53 | $ | 8,487 | ||||||
| Mortgage loans held for sale | $ | 0 | 0.00 | $ | 0 | $ | 0 | 0.00 | $ | 0 | $ | 0 | 0.00 | $ | 0 | ||||||
| Federal funds sold | $ | 3,255 | 4.93 | $ | 41 | $ | 2,985 | 5.41 | $ | 41 | $ | 866 | 5.15 | $ | 11 | ||||||
| Deposits with banks | $ | 19,536 | 4.75 | $ | 231 | $ | 14,240 | 5.51 | $ | 198 | $ | 11,749 | 4.38 | $ | 127 | ||||||
| Investment securities - taxable | $ | 245,516 | 4.23 | $ | 2,599 | $ | 248,778 | 4.11 | $ | 2,554 | $ | 237,601 | 3.29 | $ | 1,954 | ||||||
| Investment securities - tax-exempt | $ | 33,041 | 3.4 | $ | 188 | $ | 36,986 | 3.39 | $ | 210 | $ | 40,376 | 3.45 | $ | 233 | ||||||
| Total Earning Assets | $ | 958,138 | 5.66 | $ | 13,415 | $ | 956,793 | 5.65 | $ | 13,498 | $ | 912,604 | 4.84 | $ | 10,812 | ||||||
| Non interest earning assets | |||||||||||||||||||||
| Allowance for loan losses | (6,309 | ) | (6,123 | ) | (6,279 | ) | |||||||||||||||
| Cash and due from banks | $ | 5,270 | $ | 5,402 | $ | 6,547 | |||||||||||||||
| Premises and equipment | $ | 1,260 | $ | 119 | $ | 202 | |||||||||||||||
| Accrued interest receivable | $ | 3,478 | $ | 3,575 | $ | 2,843 | |||||||||||||||
| Other real estate | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||
| Other assets | $ | 30,494 | $ | 30,404 | $ | 28,601 | |||||||||||||||
| Unrealized gain (loss) on inv. securities | (22,103 | ) | (29,318 | ) | (26,077 | ) | |||||||||||||||
| Total Assets | $ | 970,227 | $ | 960,852 | $ | 918,441 | |||||||||||||||
| Interest bearing liabilities | |||||||||||||||||||||
| Interest bearing demand | $ | 330,343 | 3.53 | $ | 2,898 | $ | 345,966 | 3.42 | $ | 2,984 | $ | 366,260 | 2.80 | $ | 2,529 | ||||||
| Savings and money market | $ | 162,640 | 3.4 | $ | 1,375 | $ | 138,244 | 2.95 | $ | 1,027 | $ | 127,422 | 1.70 | $ | 533 | ||||||
| Time deposits - retail | $ | 15,557 | 3.43 | $ | 133 | $ | 16,343 | 3.18 | $ | 131 | $ | 18,256 | 1.93 | $ | 87 | ||||||
| Time deposits - wholesale | $ | 173,570 | 4.74 | $ | 2,044 | $ | 165,756 | 4.56 | $ | 1,906 | $ | 133,704 | 3.24 | $ | 1,067 | ||||||
| Total interest bearing deposits | $ | 682,110 | 3.8 | $ | 6,450 | $ | 666,309 | 3.6 | $ | 6,048 | $ | 645,642 | 2.65 | $ | 4,216 | ||||||
| Federal Home Loan Bank advances | $ | 3,401 | 1.7 | $ | 15 | $ | 4,500 | 1.98 | $ | 23 | $ | 16,844 | 4.09 | $ | 172 | ||||||
| Subordinated debt | $ | 14,610 | 5.09 | $ | 188 | $ | 14,422 | 5.08 | $ | 187 | $ | 15,001 | 5.17 | $ | 194 | ||||||
| Other borrowings | $ | 57,060 | 4.28 | $ | 618 | $ | 60,859 | 4.39 | $ | 685 | $ | 11,451 | 4.29 | $ | 123 | ||||||
| Total borrowed funds | $ | 75,071 | 4.32 | $ | 821 | $ | 79,781 | 4.39 | $ | 895 | $ | 43,296 | 4.52 | $ | 489 | ||||||
| Total interest bearing liabilities | $ | 757,181 | 3.85 | $ | 7,271 | $ | 746,090 | 3.69 | $ | 6,943 | $ | 688,938 | 2.77 | $ | 4,705 | ||||||
| Net interest rate spread | 1.81 | $ | 6,144 | 1.96 | $ | 6,555 | 2.08 | $ | 6,107 | ||||||||||||
| Non-interest bearing deposits | $ | 118,809 | $ | 126,534 | $ | 150,259 | |||||||||||||||
| Other liabilities | $ | 4,796 | $ | 6,469 | $ | 3,686 | |||||||||||||||
| Shareholder's equity | $ | 89,441 | $ | 81,759 | $ | 75,557 | |||||||||||||||
| Total Liabilities and Shareholder's Equity | $ | 970,227 | $ | 960,852 | $ | 918,440 | |||||||||||||||
| Cost of funds | 3.33 | 3.15 | 2.27 | ||||||||||||||||||
| Net interest margin | 2.62 | 2.78 | 2.75 | ||||||||||||||||||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. Totals may not foot due to rounding. | |||||||||||||||||||||
| Yield Table Assumptions - Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category. | |||||||||||||||||||||
FAQ
What was Truxton 's net income for the first quarter of 2024?
Truxton reported a net income of $4.33 million for the first quarter of 2024.
How much did non-interest income grow in the first quarter of 2024?
Non-interest income grew to $5.1 million in the first quarter of 2024, up 10% from the prior quarter and 15% from the first quarter of 2023.
What percentage of non-interest income did wealth management constitute in the first quarter of 2024?
Wealth management constituted 96% of non-interest income in the first quarter of 2024.
What was Truxton 's Tier 1 leverage ratio at March 31, 2024?
Truxton 's Tier 1 leverage ratio was 10.40% at March 31, 2024.
How much did Truxton pay in dividends per common share during the first quarter of 2024?
Truxton paid dividends of $1.43 per common share during the first quarter of 2024.
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Mar 25, 2024
Charles Mueller Joins Truxton’s Board of Directors
Feb 16, 2024
Truxton Announces Relocation to Burton Hills