Bank holding company Truxton Corp. posted a second-quarter profit of almost $1.1 million, an increase of 36 percent from a year ago, primarily on the back of strong fee income growth.
Per diluted share, Truxton’s earnings came in at 42 cents versus 33 cents in the spring of 2013. Truxton — which in the past two months has doubled its dividend and set up an office in Georgia — finished the quarter with assets of $333 million, up from $300 million a year ago but down slightly from the end of March. The company’s loan portfolio grew slightly to $206 million during the quarter and is 6 percent bigger than a year ago.
The big bottom-line driver, however, was noninterest income, which primarily comes from wealth management services and topped $1.7 million versus $1.3 million a year earlier. That helped lower Truxton’s efficiency ratio — essentially, the cost of bringing in a dollar of revenue — more than four points to about 61 percent.
"We continue our steady growth in 2014," said CEO Tom Stumb, pictured, in a statement. "The first half saw us open a Wealth Management office in Northeast Georgia, bring in over $1.5 million in new capital through option and warrant exercises, grow non-interest income to record levels, and continue our steady progress in traditional loan and deposit businesses."
The thinly traded stock of Truxton (Ticker: TRUX) closed Wednesday trading at $19.50. Year to date, it's up 18 percent.