FOR IMMEDIATE RELEASE                                                                       

NASHVILLE, TN, October 17, 2024 – Truxton Corporation, the parent company for Truxton Trust Company (“Truxton” or “the Bank”) and subsidiaries, announced its operating results for the quarter ended September 30, 2024.  Third quarter net income attributable to common shareholders was $4.57 million, or $1.57 per diluted share, compared to $4.56 million, or $1.57 per diluted share, for the same quarter in 2023. 

“Truxton once again produced strong performance in the third quarter despite some significant non-recurring expenses including those related to the conversion of our core system that should engender improved operations in the coming years,” said Truxton Chairman Tom Stumb.  “With net interest income up 10% and Wealth Management revenue up 14% from a year ago, we believe we are poised for excellent performance during the rest of the year and into 2025. Truxton thrives because our professional staff is distinctively capable, experienced and dedicated to service.”

Key Highlights

• Non-interest income was $5.5 million in the third quarter of 2024, which was $12 thousand lower than the second quarter of 2024 and $643 thousand over the third quarter of 2023. Wealth management constituted 95% of non-interest income in the third quarter of 2024, compared to 94% for both the second quarter of 2024 and third quarter of 2023. 
• Non-interest expense in the third quarter of 2024 declined by $147 thousand compared to the prior quarter. One-time expenses in the third quarter related to the bank’s core system conversion totaled approximately $400 thousand.
• Loans increased 2.5% to $665 million at quarter end compared to $648 million at June 30, 2024, and were up 3.6% compared to $642 million at September 30, 2023.
• Total deposits increased by 6% from $840 million at June 30, 2024, to $889 million at September 30, 2024, and were 14% higher in comparison to $781 million at September 30, 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 third quarter of 2024 was 2.69%, a decline of 6 basis points from the 2.75% experienced in the quarter ended June 30, 2024, and an increase of 8 basis points from the 2.61% recorded in the quarter ended September 30, 2023. Cost of funds was 3.48% in the third quarter of 2024, up from 3.32% the second quarter of 2024, and 3.05% over the third quarter of 2023. 
• Allowance for credit losses, excluding that for unfunded commitments, was $6.4 million at quarter end September 30, 2024, compared to $6.2 million at June 30, 2024, and $6.0 million at September 30, 2023. For those three periods, such allowance amounts were 0.96%, 0.96%, and 0.94%, respectively, of gross loans outstanding at period end.  For the same three periods, the Bank’s allowance for unfunded commitments was $409 thousand, $438 thousand, and $460 thousand, respectively.
• The Bank’s capital position remains strong. Its Tier 1 leverage ratio was 10.46% at September 30, 2024, compared to 10.45% at June 30, 2024, and 10.36% at September 30, 2023.  Book value per common share was $33.30, $31.85, and $27.43 at September 30, 2024, June 30, 2024, and September 30, 2023, respectively.
• During the nine months ended September 30, 2024, Truxton Corporation paid dividends of $2.29 per common share, inclusive of a $1.00 special cash dividend, and repurchased 59,717 shares of its common stock for $3.99 million in the aggregate, or an average price of $66.73 per share.

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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.