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Truxton Q3 net interest income up 15%, wealth revenue up 17%

By Reuters News


Overview

  • US wealth management and banking firm's preliminary Q3 net income rose yr/yr

  • Net interest income and wealth revenue both increased from a year earlier

  • Quarterly results benefited from renewable energy tax credit purchase, reducing tax expense


Outlook

  • Company did not provide specific financial guidance or outlook for future periods in the press release


Result Drivers

  • WEALTH MANAGEMENT FEES – Wealth-management revenue rose 17% yr/yr to $6.6 mln, accounting for most of the $1.1 mln increase in noninterest income

  • NET INTEREST INCOME – Q3 net interest income rose 15% yr/yr as loan interest income increased to $12.7 mln and deposit interest expense fell to $7.9 mln


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Net Income

$7.86 mln

Q3 Net Interest Margin

3.13%


Reuters Recommended Reads

  • Oct 28 - TowneBank Q3 revenue, adj EPS beat estimates on higher loan volumes and yields

  • Oct 28 - Alerus Financial Q3 profit beats estimates on commercial lending growth

  • Oct 28 - Raymond James Financial Q4 revenue beats on growth in asset management fees


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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