Truxton (TRUX) Q4 2024 earnings summary

Executive summary

• Fourth quarter 2024 net income attributable to common shareholders was $4.99 million ($1.74 per diluted share), up from $4.23 million ($1.46 per share) in Q4 2023.

• Full year 2024 net income rose 5% to $18.4 million, with EPS up 5% to $6.34, despite one-time technology and office upgrade expenses.

• Net interest income grew 7% and wealth revenue increased 17% year-over-year, positioning the company well for 2025.

Financial highlights

• Non-interest income in Q4 2024 was $5.7 million, up $1.4 million year-over-year, with a large non-recurring SBIC fund payment.

• Loans increased 2% year-over-year to $670 million; total deposits rose 11% to $866 million compared to Q4 2023.

• Net interest margin for Q4 2024 was 2.79%, up 10 bps sequentially and 1 bp year-over-year; cost of funds decreased to 3.08%.

• Allowance for credit losses remained stable at 0.96% of gross loans; non-performing assets were minimal at $11,000.

• Book value per common share increased to $34.42 from $30.31 year-over-year.

Outlook and guidance

• Management expects continued strong positioning for 2025, citing growth in net interest income and wealth revenue.