Truxton Q3 net interest income up 15%, wealth revenue up 17%
TRUX•Truxton's preliminary third-quarter net interest income rose 15% year over year, while wealth-management revenue increased 17% to $6.6 million. Net income was $7.86 million, and a renewable energy tax credit purchase reduced tax expense.
1. Revenue growth
Truxton's preliminary third-quarter net interest income rose 15% year over year. Wealth-management revenue increased 17% to $6.6 million, accounting for most of a $1.1 million increase in noninterest income.
2. Net income and margin
Net income was $7.86 million, and net interest margin was 3.13%. Loan interest income increased to $12.7 million as deposit interest expense fell to $7.9 million; a renewable energy tax credit purchase reduced tax expense.
