FOR IMMEDIATE RELEASE
NASHVILLE, TN, April 24, 2025 – 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, 2025. First quarter net income attributable to common shareholders was $5.1 million, or $1.75 per diluted share, compared to $4.3 million, or $1.48 per diluted share, for the same quarter in 2024. Net income and fully diluted earnings per share for the quarter rose by 17% and 18%, respectively, compared to the first quarter of 2024.
“We are pleased to start 2025 with another quarter of financial growth lead by our core businesses,” said Chairman and CEO Tom Stumb. “Net Interest Income increased by 18% compared to the first quarter of 2024 while non-interest income increased by 23%. We achieved another quarterly earnings high-water mark while continuing to invest in technology and human capital to better serve our clients.”
Key Highlights
- Non-interest income totaled $6.4 million in the first quarter of 2025, which was $657 thousand higher than the fourth quarter of 2024 and $1.2 million over the first quarter of 2024. Wealth revenue in the first quarter of 2025 was $5.3 million, up 2% from the fourth quarter of 2024 and 8% from the first quarter of 2024. Other non-interest income was elevated due to capital advisory fee revenue associated with a successful sell-side engagement.
- Loans increased by 5% to $702 million at quarter end compared to $670 million on December 31, 2024, and were up 6% compared to $660 million on March 31, 2024.
- Total deposits increased by 19% from $866 million at December 31, 2024, to $1.03 billion at March 31, 2025, and were 21% higher in comparison to $850 million at March 31, 2024. 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 2025 was 2.90%, an increase of 11 basis points from the 2.79% experienced in the quarter ended December 31, 2024, and an increase of 28 basis points from the 2.62% in the quarter ended March 31, 2024. Cost of funds was 2.91% in the first quarter of 2025, down from 3.08% for the quarter ended December 31, 2024, and down from 3.33% for the quarter ended March 31, 2024.
- Allowance for credit losses, excluding that for unfunded commitments, was $6.7 million at quarter end March 31, 2025, compared to $6.4 million at December 31, 2024, and $6.3 million at March 31, 2024. For each of those three periods, such allowance amounts were 0.96% of gross loans outstanding at period end. For the same three periods, the Bank’s allowance for unfunded commitments was $589 thousand, $483 thousand, and $374 thousand, respectively.
- The Bank’s capital position remains strong. Its Tier 1 leverage ratio was 10.46% at March 31, 2025, compared to 10.63% at December 31, 2024, and 10.53% at March 31, 2024. Book value per common share was $34.46, $34.42, and $30.62 at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
- During the three months ended March 31, 2025, Truxton Corporation paid dividends of $1.50 per common share, inclusive of a $1.00 special cash dividend, and repurchased 5,000 shares of its common stock for $400 thousand in aggregate, or an average price of $80.00 per share.
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.
