Truxton (TRUX) Q2 2024 earnings summary

Executive summary

• Net income for Q2 2024 was $4.51 million ($1.55 per diluted share), up 1% year-over-year from $4.45 million ($1.53 per share) in Q2 2023.

• Core business, especially wealth management, drove earnings growth despite one-time negative items.

Financial highlights

• Non-interest income rose to $5.5 million, up $763,000 year-over-year and $395,000 sequentially; 94% from wealth management.

• Net interest margin increased to 2.75%, up 21 bps year-over-year and 13 bps sequentially.

• Loans declined 2% sequentially to $648 million but rose 3% year-over-year.

• Total deposits fell 1% sequentially to $840 million but increased 6% year-over-year.

• Book value per share grew to $31.85 from $27.01 a year ago.

Outlook and guidance

• Depreciation and occupancy expenses expected to remain higher due to headquarters relocation.

• Bank continues to focus on superior deposit operations and technology to fund growth.