TRUXTON CORP - TRUX STOCK NEWS

Truxton reported strong Q2 2024 results, with net income attributable to common shareholders at $4.51 million, or $1.55 per diluted share, up 1% from Q2 2023. Non-interest income grew to $5.5 million, with wealth management constituting 94% of it. Despite a 2% decline in loans to $648 million and a 1% decrease in total deposits to $840 million, the company's net interest margin improved to 2.75%. The Bank's Tier 1 leverage ratio remained strong at 10.45%. However, non-interest expenses increased due to fraud losses of $733 thousand and higher costs related to headquarters relocation.

Truxton (OTCPK: TRUX), the parent company of Truxton Trust, has been named the 9th top community bank in the U.S. by American Banker. This recognition highlights Truxton's exceptional performance with a 3-year return on average equity (ROAE) of 20.98% for the period ending December 31, 2023. Truxton has been featured in American Banker’s annual ranking for twelve consecutive years and holds the distinction of being the highest-ranked bank based in Tennessee. The bank's ROAE for 2023 alone was an impressive 22.3%. Both CEO Tom Stumb and CFO Austin Branstetter attribute this success to the company's commitment to excellent client service and prudent equity capital management.

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 declares a quarterly cash dividend of $0.43 per common share, payable on June 25, 2024, to shareholders of record as of June 11, 2024.

Truxton Trust Company welcomes Charles G. Mueller to its Board of Directors, bringing extensive experience from Northern Trust Mr. Mueller's wealth management expertise adds value to the team, enhancing the company's growth prospects.

Truxton, a wealth and banking services provider, is relocating its headquarters to Burton Hills in Nashville for client and employee convenience and safety. The move to 20 Burton Hills Blvd, Suite 200, signifies a strategic shift for the company.

Truxton Corporation, the parent company of Truxton Trust Company, reported an increase in net income by 4% to $17.5 million for the year ended December 31, 2023. Earnings per diluted share rose to $6.02 from $5.75, an increase of 5% from 2022. The company partially restructured its fixed income investment portfolio in December, realizing $445 thousand in losses. Excluding these losses, earnings per diluted share for the quarter would have been approximately $1.58. Non-interest income, excluding the restructuring losses, was $4.7 million in the fourth quarter of 2023, a decline of 4% from the third quarter of 2023 and up 8% from the fourth quarter of 2022. Loans rose 2.5% to $658 million at year end. The Tier 1 leverage ratio was 10.53% at December 31, 2023, and the Bank had no non-performing assets at that time.

Truxton Corporation (TRUX) has announced a 13% increase in its quarterly cash dividend to $0.43 per common share, along with a special cash dividend of $1.00 per common share. The Board of Directors has also authorized a stock repurchase program of up to $5 million of its common shares, indicating a strong commitment to returning value to shareholders.

Truxton (Ticker: TRXT) promotes Beverly Conley to Client Experience & Investment Operations Manager, enhancing client experience and investment management operations. Conley's leadership expected to benefit clients and team greatly.