NASHVILLE, Tenn., April 18, 2024 (GLOBE NEWSWIRE) -- 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, 2024. First quarter net income attributable to common shareholders was $4.33 million, or $1.48 per diluted share, compared to $4.29 million, or $1.47 per diluted share, for the same quarter in 2023. Net income and fully diluted earnings per share for the quarter both rose by 1% compared to the first quarter of 2023. "We are pleased to start 2024 with another quarter of financial growth lead by our core businesses," said Chairman and CEO Tom Stumb. "Truxton Wealth revenue increased by 15% while total deposits were 9% higher compared to the same quarter last year, both driven by superior client service and key relationship growth." On May 28, 2024, we anticipate opening our new office location at 20 Burton Hills Blvd, Suite 200, Nashville, TN, 37215. Our original location served us well for almost 20 years. However, we are excited to be in a new space that allows us to accelerate organizational growth, elevate our service experience, and enhance the convenience and safety of our clients and employees. We look forward to seeing you there. Key Highlights Non-interest income grew to $5.1 million in the first quarter of 2024, which was up $929 thousand over the fourth quarter of 2023 and $629 thousand over the first quarter of 2023. The fourth quarter of 2023 included $445 thousand of net losses on the sale of securities while the first quarter of 2023 included $58 thousand of net gains on sales of securities. There were no gains or losses on the sale of securities in the first quarter of 2024. Excluding securities gains and losses, non-interest income in the first quarter of 2024 was up 10% compared to the prior quarter and 15% compared to the first quarter of 2023. Wealth management constituted 96% of non-interest income in the first quarter of 2024, compared to 95% and 94%, for the fourth quarter of 2023 and first quarter of 2023, respectively, when excluding gains and losses on sales of securities. Loans increased by less than 1% to $660 million at quarter end compared to $658 million on December 31, 2023, and were up 5% compared to $626 million on March 31, 2023. Total deposits increased by 9% from $782 million at December 31, 2023, to $850 million at March 31, 2024, and were 10% higher in comparison to $771 million at March 31, 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 first quarter of 2024 was 2.62%, a decrease of 16 basis points from the 2.78% experienced in the quarter ended December 31, 2023, and a decrease of 13 basis points from the 2.75% in the quarter ended March 31, 2023. Cost of funds was 3.33% in the first quarter of 2024, up from 3.15% for the quarter ended December 31, 2023, and up from 2.27% for the quarter ended March 31, 2023. The build-out of Truxton's new headquarters began this past January along with the accounting for the new lease. As a result, occupancy expenses rose by 67% compared to the prior quarter due to the dual accounting cost for our current and new Nashville office leases. After the move in late May, Truxton will only have the cost of the new Nashville headquarters lease but will have higher depreciation expenses for the capitalized costs associated with the new office. Allowance for credit losses, excluding that for unfunded commitments, was $6.3 million at quarter end March 31, 2024, compared to $6.3 million at December 31, 2023, and $6.0 million at March 31, 2023. For those three periods, such allowance amounts were 0.96%, 0.96%, and 0.95%, respectively, of gross loans outstanding at period end. For the same three periods, the Bank's allowance for unfunded commitments was $374 thousand, $411 thousand, and $507 thousand, respectively. The Bank's capital position remains strong. Its Tier 1 leverage ratio was 10.40% at March 31, 2024, compared to 10.53% at December 31, 2023, and 10.29% at March 31, 2023. Book value per common share was $30.61, $30.31, and $25.71 at March 31, 2024, December 31, 2023, and March 31, 2023, respectively. During the three months ended March 31, 2024, Truxton Corporation paid dividends of $1.43 per common share, inclusive of a $1.00 special cash dividend paid on March 25, 2024. 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. Investor Relations Media Relations Austin Branstetter Swan Burrus 615-250-0783 615-250-0773 Truxton Corporation Consolidated Balance Sheets (000's) (Unaudited)           March 31, 2024* December 31, 2023* March 31, 2023* ASSETS       Cash and due from financial institutions $ 4,909   $ 4,272   $ 8,955   Interest bearing deposits in other financial institutions   34,361     3,417     4,322   Federal funds sold   6,733     1,537     10   Cash and cash equivalents   46,003     9,226     13,288           Time deposits in other financial institutions   490     490     1,260   Securities available for sale   256,517     259,926     253,372           Gross loans, excluding Paycheck Protection Program   659,622     657,781     625,626   Allowance for credit losses   (6,324 )   (6,304 )   (5,961 ) Paycheck Protection Program Loans   48     59     90   Net loans   653,346     651,536     619,754           Bank owned life insurance   10,865     10,808     10,644   Restricted equity securities   1,822     1,858     5,391   Premises and equipment, net   2,089     189     222   Accrued interest receivable   4,522     4,388     9,752   Deferred tax asset, net   5,576     6,010     6,842   Other assets   16,484     10,839     1,369           Total assets $ 997,714   $ 955,270   $ 921,894                   LIABILITIES AND SHAREHOLDERS' EQUITY       Deposits       Non-interest bearing $ 126,838   $ 123,918   $ 151,956   Interest bearing $ 723,645   $ 658,061     619,542   Total deposits   850,483     781,979     771,499           Federal funds purchased   -     -     2,417   Swap counterparty cash collateral   5,570     4,060     2,860   Federal Home Loan Bank advances   3,250     4,500     9,500   Federal Reserve Bank Term Funding Program advances   22,700     53,800     40,000   Subordinated debt   14,514     14,327     14,752   Other liabilities   11,712     8,922     6,078   Total liabilities   908,229     867,588     847,106           SHAREHOLDERS' EQUITY       Common stock, $0.10 par value $ 290   $ 289   $ 289   Additional paid-in capital   31,881     31,457     31,336   Retained earnings   65,035     51,679     54,990   Accumulated other comprehensive income (loss)   (12,055 )   (13,279 )   (16,118 ) Net Income $ 4,334   $ 17,536   $ 4,291   Total shareholders' equity   89,485     87,682     74,788           Total liabilities and shareholders' equity $ 997,714   $ 955,270   $ 921,894                   *The information is preliminary, unaudited and based on company data available at the time of presentation.         Truxton Corporation Consolidated Statements of Net Income (000's) (Unaudited)               Three Months Ended   March 31, 2024*   December 31, 2023*   March 31, 2023* Non-interest income           Wealth management services $ 4,907     $ 4,435     $ 4,171 Service charges on deposit accounts   91       111       136 Securities gains (losses), net   0       (445 )     58 Bank owned life insurance income   58       56       52 Other   81       52