Truxton preliminary Q2 net income rises on wealth management strength
TRUX•Key figures
| Metric | Actual |
|---|---|
| Q2 net income | $6.88 million |
| Q2 net interest margin | 3.10% |
Drivers and outlook
- Wealth management revenue rose 3% from the prior quarter and 19% from a year earlier, supporting non-interest income growth.
- Total deposits fell 5% sequentially due to a $94 million decrease in wholesale deposits.
- Net interest margin narrowed from the prior quarter as cost of funds increased to 2.76% from 2.70%.
Truxton did not provide specific guidance or an outlook for future quarters or the full year.
Preliminary Q2 results
Truxton's preliminary second-quarter net income rose year over year, supported by wealth management strength.
The company said preliminary second-quarter net interest margin increased year over year but fell from the prior quarter. Truxton also said total deposits fell 5% sequentially, driven by lower wholesale deposits.
