Truxton (TRUX) Q3 2024 earnings summary

Executive summary

• Net income for Q3 2024 was $4.57 million, or $1.57 per diluted share, nearly flat compared to Q3 2023.

• Performance remained strong despite $400,000 in non-recurring core system conversion expenses.

• Net interest income rose 10% and wealth management revenue increased 14% year-over-year.

Financial highlights

• Non-interest income reached $5.5 million, up $643,000 year-over-year; 95% from wealth management.

• Loans grew 2.5% sequentially and 3.6% year-over-year to $665 million.

• Total deposits increased 6% sequentially and 14% year-over-year to $889 million.

• Net interest margin was 2.69%, down 6 bps sequentially but up 8 bps year-over-year.

• Book value per share rose to $33.30 from $27.43 a year ago.

Outlook and guidance

• Management expects continued strong performance into the remainder of 2024 and 2025, citing improved operations from recent system upgrades.