Truxton Q1 prelim net income rises 35%, net interest margin improves
Overview
US wealth and banking services firm's preliminary Q1 net income rose yr/yr
Net interest income and margin increased compared to prior year
Company repurchased 7,518 shares for $644,000 during the quarter
Outlook
Company did not provide specific guidance or outlook for future quarters or the full year
Result Drivers
NET INTEREST INCOME - Q1 net interest income rose 44% yr/yr and 9% sequentially, supported by higher average loan balances and an improved net interest margin
WEALTH MANAGEMENT REVENUE - Wealth revenue increased 13% yr/yr and 3% sequentially, contributing to non-interest income growth
DEPOSIT DECLINE - Total deposits fell 5% from the prior quarter, though remained higher than the previous year
Company press release: ID:nGNX3Q9ckq
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 Net Income |
| $6.80 mln |
|
Q1 Net Interest Margin |
| 3.18% |
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