Earnings release
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Truxton Corporation Reports Fourth Quarter and Full Year 2025 Results January 29, 2026 2:00 PM EST NASHVILLE, Tenn., Jan. 29, 2026 (GLOBE NEWSWIRE) -- Truxton Corporation, the parent company for Truxton Trust Company (“Truxton” or “the Bank”) and subsidiaries, announced its operating results for the quarter and full year ended December 31, 2025. Fourth quarter net income attributable to common shareholders was $5.48 million, or $1.90 per diluted share, compared to $4.99 million, or $1.74 per diluted share, for the same quarter in 2024. For the year ended December 31, 2025, net income increased by 17% to $21.5 million from $18.4 million in 2024. For the year ended December 31, 2025, earnings per diluted share rose to $7.46 from $6.34, an increase of 18% from 2024. Key Highlights Non-interest income was $5.9 million in the fourth quarter of 2025, which was $140 thousand lower than the third quarter of 2025 and $81 thousand over the fourth quarter of 2024. Excluding net losses on the sale of securities in each period of $413 thousand, $0, and $122 thousand, wealth revenue constituted 92% of non-interest income in the fourth quarter of 2025, compared to 94% for the third quarter of 2025 and to 89% for the fourth quarter of 2024. Loans increased 13% to $814 million at year end compared to $721 million at September 30, 2025, and were up 21% compared to $670 million at December 31, 2024. Total deposits increased by 7% from $1.16 billion at September 30, 2025, to $1.24 billion at December 31, 2025, and were 43% higher in comparison to $866 million at December 31, 2024. Truxton continues to fund much of its growth from a single banking location led by its commitment to provide what it believes is superior deposit operations service and technology. Net interest margin for the fourth quarter of 2025 was 2.97%, an increase of 15 basis points from the 2.82% experienced in the quarter ended September 30, 2025, and an increase of 18 basis points from the 2.79% recorded in the quarter ended December 31, 2024. Cost of funds was 2.91% in the fourth quarter of 2025, down from 3.08% in each of the third quarter of 2025 and fourth quarter of 2024. Asset quality remains sound at Truxton. The Bank had $106 thousand of non-performing assets at December 31, 2025. Provision for credit loss expense in the fourth quarter of 2025 included a $620 thousand reserve against one investment security held by the Bank. Allowance for credit losses on loans, excluding that for unfunded commitments, was $7.4 million at quarter end December 31, 2025, compared to $7.0 million at September 30, 2025, and $6.4 million at December 31, 2024. For those three periods, such allowance amounts were 0.91%, 0.98%, and 0.96% of gross loans outstanding at the respective period end. For the same three periods, the Bank’s allowance for unfunded commitments was $741 thousand, $650 thousand, and $483 thousand, respectively. The Bank’s capital position remains strong. Its Tier 1 leverage ratio was 8.77% at December 31, 2025, compared to 8.90% at September 30, 2025, and 10.63% at December 31, 2024. Book value per common share was $40.55, $38.51, and $34.42 at December 31, 2025, September 30, 2025, and December 31, 2024, respectively. During the twelve months ended December 31, 2025, Truxton Corporation paid dividends of $3.00 per common share, inclusive of a $1.00 special cash dividend, and repurchased 11,700 shares of its common stock for $923 thousand in the aggregate, or an average price of $78.91 per share.
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About Truxton Truxton is a premier provider of wealth, banking, and family office services for wealthy individuals, their families, and their business interests. Serving clients across the world, Truxton’s vastly experienced team of professionals provides customized solutions to its clients’ complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCID: TRUX). For more information, visit truxtontrust.com. Investor Relations Austin Branstetter 615-250-0783 austin.branstetter@truxtontrust.com Media Relations Swan Burrus 615-250-0773 swan.burrus@truxtontrust.com Truxton Corporation Consolidated Balance Sheets (000's) (Unaudited) December 31, 2025* September 30, 2025* December 31, 2024 ASSETS Cash and due from financial institutions $ 5,425 $ 4,575 $ 4,225 Interest bearing deposits in other financial institutions 44,880 13,670 25,698 Federal funds sold 6,795 4,369 4,054 Cash and cash equivalents 57,100 22,614 33,977 Time deposits in other financial institutions - - 245 Securities available for sale 505,945 529,752 258,322 Allowance for credit losses on securities (620) - - Securities available for sale, net 505,325 529,752 258,322 Gross loans 813,554 720,735 669,982 Allowance for credit losses on loans (7,415) (7,035) (6,433) Net loans 806,139 713,700 663,549 Bank owned life insurance 17,312 17,158 16,722 Restricted equity securities 3,830 3,144 2,272 Premises and equipment, net 2,919 3,005 3,293 Accrued interest receivable 5,959 6,035 4,567 Deferred tax asset, net 3,630 4,187 5,257 Other assets 13,658 14,325 15,577 Total assets $ 1,415,872 $ 1,313,920 $ 1,003,781 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits Non-interest bearing $ 142,268 $ 130,559 $ 126,016 Interest bearing $ 1,097,738 1,028,154 $ 740,406 Total deposits 1,240,006 1,158,713 866,422 Swap counterparty cash collateral 930 620 4,230 Federal Home Loan Bank advances 46,000 31,000 8,250 Subordinated debt - - 14,426 Other liabilities 12,292 12,790 11,747 Total liabilities 1,299,228 1,203,123 905,075 SHAREHOLDERS' EQUITY Common stock, $0.10 par value $ 287 $ 284 $ 286 Additional paid-in capital 29,610 29,217 28,945 Retained earnings 71,084 72,523 61,316 Accumulated other comprehensive income (loss) (5,821) (7,228) (10,252) Net Income $ 21,484 $ 16,001 $ 18,411 Total shareholders' equity 116,644 110,797 98,706
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Total liabilities and shareholders' equity $ 1,415,872 $ 1,313,920 $ 1,003,781 *The information is preliminary, unaudited and based on company data available at the time of presentation. Truxton Corporation Consolidated Statements of Net Income (000's) (Unaudited) Three Months Ended Year To Date December 31, 2025* September 30, 2025* December 31, 2024* December 31, 2025* December 31, 2024 Non-interest income Wealth management services $ 5,811 $ 5,631 $ 5,242 $ 21,988 $ 20,597 Capital advisory fees 15 15 70 1,045 191 Service charges on deposit accounts 91 33 85 343 360 Securities gains (losses), net (413) 0 (122) (413) (335) Bank owned life insurance income 154 150 124 590 333 Other 213 183 321 855 973 Total non-interest income 5,871 6,011 5,720 24,408 22,119 Interest income Loans, including fees $ 11,959 $ 11,312 $ 10,354 $ 44,531 $ 41,721 Taxable securities 5,727 5,710 3,039 20,116 11,932 Tax-exempt securities 608 518 217 1,685 834 Interest bearing deposits 256 518 348 1,415 1,475 Federal funds sold 34 41 75 133 288 Total interest income 18,584 18,099 14,033 67,880 56,250 Interest expense Deposits 8,650 8,710 6,798 31,678 27,854 Short-term borrowings 12 21 90 200 1,294 Long-term borrowings 385 392 85 1,409 164 Subordinated debentures - 188 188 565 752 Total interest expense 9,047 9,311 7,161 33,852 30,064 Net interest income 9,537 8,788 6,872 34,028 26,186 Provision for credit losses 1,092 266 145 1,869 217 Net interest income after provision for credit losses 8,445 8,522 6,727 32,159 25,969 Total revenue, net 14,316 14,533 12,447 56,567 48,088 Non interest expense Salaries and employee benefits 4,865 5,121 4,635 20,685 16,652 Occupancy 330 325 326 1,343 1,578 Furniture and equipment 107 107 107 429 300 Data processing 754 520 282 2,095 1,763 Wealth management processing fees 173 212 195 813 838 Advertising and public relations 121 38 96 291 206 Professional services 87 360 247 976 1,337 FDIC insurance assessments 434 274 33 966 423 Other 814 538 291 2,251 2,024 Total non interest expense 7,685 7,495 6,212 29,849 25,121 Income before income taxes 6,631 7,038 6,235 26,718 22,967 Income tax expense 1,148 1,412 1,242 5,234 4,556 Net income $ 5,483 $ 5,626 $ 4,993 $ 21,484 $ 18,411 Earnings per share: Basic $1.91 $1.96 $1.74 $7.46 $6.35
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Diluted $1.90 $1.95 $1.74 $7.46 $6.34 *The information is preliminary, unaudited and based on company data available at the time of presentation. Totals may not foot due to rounding. Truxton Corporation Selected Quarterly Financial data At Or For The Three Months Ended (000's) (Unaudited) December 31, 2025* September 30, 2025* December 31, 2024* Per Common Share Data Net income attributable to common shareholders, per share Basic $1.91 $1.96 $1.96 Diluted $1.90 $1.95 $1.95 Book value per common share $40.55 $38.51 $34.42 Tangible book value per common share $40.55 $38.51 $34.42 Basic weighted average common shares 2,803,013 2,800,941 2,787,805 Diluted weighted average common shares 2,805,015 2,803,983 2,792,363 Common shares outstanding at period end 2,876,752 2,876,834 2,867,850 Selected Balance Sheet Data Tangible common equity (TCE) ratio 8.24% 8.43% 9.83% Average Loans $755,332 $705,050 $667,957 Average earning assets (1) $1,323,048 $1,281,157 $998,861 Average total assets $1,357,750 $1,309,545 $1,025,415 Average shareholders' equity $114,010 $104,688 $97,026 Selected Asset Quality Measures Nonaccrual loans $96 $97 $0 90+ days past due still accruing $10 $0 $11 Total nonperforming loans $106 $97 $11 Total nonperforming assets $106 $97 $11 Net charge offs (recoveries) $1 $0 $4 Nonperforming loans to assets 0.01% 0.01% 0.00% Nonperforming assets to total assets 0.01% 0.01% 0.00% Nonperforming assets to total loans and other real estate 0.01% 0.01% 0.00% Allowance for credit losses to total loans 0.91% 0.98% 0.91% Net charge offs to average loans 0.00% 0.00% 0.00% Capital Ratios (Bank Subsidiary Only) Tier 1 leverage 8.77% 8.90% 10.63% Common equity tier 1 12.93% 13.35% 15.19% Total risk-based capital 13.81% 14.24% 16.15% Selected Performance Ratios Efficiency ratio 47.68% 50.64% 48.45% Return on average assets (ROA) 1.60% 1.70% 1.94% Return on average shareholders' equity (ROE) 19.08% 21.32% 20.47% Return on average tangible common equity (ROTCE) 19.08% 21.32% 20.47% Net interest margin 2.97% 2.82% 2.79% *Some information is preliminary, unaudited and based on company data available at the time of presentation. (1) Average earning assets is the daily average of earning assets. Earning assets consists of loans, mortgage loans held for sale, federal funds sold, deposits with banks, and investment securities. Truxton Corporation Yield Tables For The Periods Indicated (000's)
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(Unaudited) The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest bearing liabilities and the average interest rate for interest earning assets and interest bearing liabilities, net interest spread and net interest margin for the periods indicated below: Three Months Ended Three Months Ended Three Months Ended December 31, 2025* September 30, 2025* December 31, 2024* Average Balances Rates/ Yields (%) Interest Income/ Expense Average Balances Rates/ Yields (%) Interest Income/ Expense Average Balances Rates/ Yields (%) Interest Income/ Expense Earning Assets Loans $755,332 6.11 $11,640 $705,050 6.18 $10,988 $667,957 6.08 $10,215 Loan fees $0 0.17 $319 $0 0.18 $324 $0 0.09 $146 Loans with fees $755,332 6.28 $11,959 $705,050 6.36 $11,312 667,957 6.17 $10,361 Federal funds sold $3,551 3.77 $34 $3,688 4.35 $41 $6,232 4.71 $75 Deposits with banks $29,736 3.42 $256 $47,042 4.37 $518 $28,570 4.85 $348 Investment securities - taxable $466,611 4.91 $5,727 $464,406 4.92 $5,710 $260,605 4.66 $3,039 Investment securities - tax-exempt $67,818 5.35 $607 $60,971 5.07 $518 $35,497 3.65 $217 Total Earning Assets $1,323,048 5.68 $18,583 $1,281,157 5.70 $18,099 $998,861 5.64 $14,040 Non interest earning assets Allowance for credit losses (7,236) (6,749) (6,359) Cash and due from banks $5,845 $5,058 $5,985 Premises and equipment $2,979 $3,094 $3,305 Accrued interest receivable $4,527 $4,433 $3,721 Other real estate $0 $0 $0 Other assets $38,786 $39,656 $36,453 Unrealized gain (loss) on inv. securities (10,199) (17,104) (16,551) Total Assets $1,357,750 $1,309,545 $1,025,415 Interest bearing liabilities Interest bearing demand $347,572 3.06 $2,677 $357,704 3.21 $2,894 $329,625 3.26 $2,703 Savings and money market $263,705 2.59 $1,722 $261,382 2.74 $1,807 $200,257 2.83 $1,427 Time deposits - retail $10,276 3.22 $84 $11,998 3.35 $101 $13,170 3.39 $112 Time deposits - wholesale $423,966 3.90 $4,167 $381,887 4.06 $3,908 $228,144 4.46 $2,556 Total interest bearing deposits $1,045,519 3.28 $8,650 $1,012,971 3.41 $8,710 $771,196 3.51 $6,798 Federal Home Loan Bank advances $38,554 3.91 $385 $36,467 4.2 $392 $9,554 3.48 $85 Subordinated debt $0 0.00 $0 $13,743 5.36 $188 $14,520 5.08 $188 Other borrowings $4,470 1.01 $12 $5,593 4.23 $21 $12,369 4.04 $90 Total borrowed funds $43,024 3.61 $397 $55,803 4.21 $601 $36,443 3.90 $363 Total interest bearing liabilities $1,088,543 3.30 $9,047 $1,068,775 3.45 $9,311 $807,639 3.52 $7,161 Net interest rate spread 2.38 $9,536 2.25 $8,788 2.12 $6,879 Non-interest bearing deposits $145,936 $127,953 $115,593 Other liabilities $9,261 $7,736 $5,157 Shareholder's equity $114,010 $104,688 $97,026 Total Liabilities and Shareholder's Equity $1,357,750 $1,309,152 $1,025,415 Cost of funds 2.91 3.08 3.08 Net interest margin 2.97 2.82 2.79 *The information is preliminary, unaudited and based on company data available at the time of presentation. Totals may not foot due to rounding. Yield Table Assumptions - Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category. Truxton Corporation Yield Tables For The Periods Indicated (000's) (Unaudited)
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The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest bearing liabilities and the average interest rate for interest earning assets and interest bearing liabilities, net interest spread and net interest margin for the periods indicated below: Twelve Months Ended Twelve Months Ended December 31, 2025* December 31, 2024* Average Balances Rates/ Yields (%) Interest Income/ Expense Average Balances Rates/ Yields (%) Interest Income/ Expense Earning Assets Loans $710,328 6.13 $43,537 $658,226 6.28 $41,328 Loan fees $0 0.14 $994 $0 0.08 $504 Loans with fees $710,328 6.27 $44,531 $658,226 6.36 $41,832 Federal funds sold $3,235 4.07 $133 $5,592 5.08 $289 Deposits with banks $34,262 4.13 $1,415 $27,967 5.27 $1,475 Investment securities - taxable $413,020 4.87 $20,116 $259,313 4.6 $11,931 Investment securities - tax-exempt $52,435 4.79 $1,685 $34,867 3.57 $834 Total Earning Assets $1,213,280 5.66 $67,880 $985,965 5.76 $56,361 Non interest earning assets Allowance for credit losses (6,828) (6,299) Cash and due from banks $8,303 $6,161 Premises and equipment $3,112 $2,662 Accrued interest receivable $4,157 $3,730 Other real estate $0 $0 Other assets $47,791 $33,513 Unrealized gain (loss) on inv. securities (15,733) (19,553) Total Assets $1,254,082 $1,006,179 Interest bearing liabilities Interest bearing demand $340,709 3.08 $10,498 $333,322 3.5 $11,681 Savings and Money Market $252,782 2.67 $6,755 $183,557 3.33 $6,121 Time deposits - Retail $11,974 3.35 $401 $14,275 3.41 $486 Time Deposits - Wholesale $342,349 4.1 $14,024 $207,457 4.61 $9,566 Total interest bearing deposits $947,814 3.34 $31,678 $738,611 3.77 $27,854 Federal home Loan Bank advances $34,045 4.08 $1,409 $5,476 2.95 $164 Subordinated debt $10,703 5.21 $565 $14,565 5.08 $752 Other borrowings $7,640 2.49 $200 $31,032 4.41 $1,294 Total borrowed funds $52,388 4.09 $2,174 $51,073 4.26 $2,210 Total interest bearing liabilities $1,000,202 3.88 $33,852 $789,685 3.80 $30,064 Net interest rate spread 2.28 $34,028 1.95 $26,297 Non-interest bearing deposits $134,756 $119,150 Other liabilities $6,723 $4,424 Shareholder's equity $112,615 $92,920 Total Liabilities and Shareholder's Equity $1,254,296 $1,006,179 Cost of funds 2.98 3.30 Net interest margin 2.88 2.71 *The information is preliminary, unaudited and based on company data available at the time of presentation. Yield Table Assumptions - Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category.