Earnings release
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Truxton Corporation Reports Second Quarter 2026 Results July 30, 2026 1:00 PM EDT NASHVILLE, Tenn., July 30, 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 ended June 30, 2026. Second quarter net income attributable to common shareholders was $6.88 million, or $2.38 per diluted share, compared to $5.32 million, or $1.84 per diluted share, for the same quarter in 2025. Key Highlights Non-interest income was $6.7 million in the second quarter of 2026, which was $351 thousand higher than the first quarter of 2026 and $560 thousand higher than the second quarter of 2025, which included a significant capital advisory fee. Wealth revenue in the second quarter of 2026 was $6.2 million, up 3% from $6.0 million in the prior quarter and up 19% from $5.2 million in the same period in the prior year. Net interest income, pre-provision, was $10.1 million in the second quarter of 2026, down 3% from $10.4 million in the first quarter of 2026 and up 19% from $8.5 million in the second quarter of 2025. Loans decreased 1% to $804 million at quarter end compared to $808 million at March 31, 2026, and were up 16% compared to $691 million at June 30, 2025. Quarterly average loan balances were $803 million for the second quarter of 2026, down 2% from $824 million in the first quarter of 2026 and up 16% from $692 million in the second quarter of 2025. Total deposits decreased by 5% from $1.18 billion at March 31, 2026 to $1.12 billion at June 30, 2026, and were 7% higher in comparison to $1.05 billion at June 30, 2025. This decline was caused by a decrease of $94 million in wholesale deposits from March 31, 2026, to June 30, 2026. Net interest margin for the second quarter of 2026 was 3.10%, a decrease of 8 basis points from the 3.18% experienced in the quarter ended March 31, 2026, and an increase of 21 basis points from the 2.89% recorded in the quarter ended June 30, 2025. Cost of funds was 2.76% in the second quarter of 2026, up from 2.70% for the quarter ended March 31, 2026, and down from 3.01% for the quarter ended June 30, 2025. Asset quality remains sound at Truxton. The Bank had $116 thousand of non-performing assets at June 30, 2026 compared to $120 thousand at March 31, 2026 and $0 at June 30, 2025. Allowance for credit losses on loans, excluding that for unfunded commitments, was $7.4 million at quarter end June 30, 2026, compared to $7.4 million at March 31, 2026, and $6.7 million at June 30, 2025. For those three periods, such allowance amounts were 0.92%, 0.91%, and 0.97% of gross loans outstanding at the respective period end. For the same three periods, the Bank’s allowance for unfunded commitments was $814 thousand, $629 thousand, and $729 thousand, respectively. The Bank’s capital position remains strong. Its Tier 1 leverage ratio was 9.27% at June 30, 2026, compared to 8.85% at March 31, 2026, and 9.36% at June 30, 2025. Book value per common share was $43.11, $41.36, and $35.75 at June 30, 2026, March 31, 2026, and June 30, 2025, respectively. During the three months ended June 30, 2026, Truxton Corporation paid dividends of $0.88 per common share, and repurchased 1,100 shares of its common stock for $106 thousand in
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the aggregate, or an average price of $96.00 per share. 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 Media Relations Austin Branstetter Swan Burrus 615-250-0783 615-250-0773 austin.branstetter@truxtontrust.com swan.burrus@truxtontrust.com Truxton Corporation Consolidated Balance Sheets (000's) (Unaudited) June 30, 2026* March 31, 2026* June 30, 2025* ASSETS Cash and due from financial institutions $ 5,269 $ 5,054 $ 5,821 Restricted cash 400 770 880 Interest-bearing deposits in other financial institutions 10,961 19,114 19,312 Federal funds sold 1,500 4,540 64 Cash and cash equivalents 18,130 29,478 26,077 Time deposits in other financial institutions - - 245 Available-for-sale securities 492,163 493,948 492,758 Allowance for credit losses on securities (342) (620) - Available-for-sale securities, net 491,821 493,328 492,758 Loans 803,705 807,765 690,840 Allowance for credit losses on loans (7,386) (7,369) (6,689) Net loans 796,319 800,396 684,151 Bank owned life insurance 17,619 17,464 17,009 Restricted equity securities 5,994 4,292 4,977 Premises and equipment, net 2,664 2,790 3,091 Accrued interest receivable 5,967 5,792 5,574 Deferred tax asset, net 3,915 4,074 5,389 Other assets 23,990 13,643 16,191 Total assets $ 1,366,419 $ 1,371,257 $ 1,255,462 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits Noninterest-bearing $ 136,136 $ 142,061 $ 129,228 Interest-bearing 988,009 1,042,006 919,238 Total deposits 1,124,145 1,184,067 1,048,466 Federal Home Loan Bank advances 86,000 56,096 72,000 Federal Reserve Bank borrowings 16,000 - 4,324 Subordinated debentures - - 14,638 Other liabilities 15,739 11,658 13,184 Total liabilities 1,241,884 1,251,821 1,152,612 Shareholders' equity Common stock, $0.10 par value 287 287 284 Additional paid-in capital 29,716 29,401 28,857 Retained earnings 101,158 96,825 84,335 Accumulated other comprehensive loss (6,626) (7,077) (10,626) Total shareholders' equity 124,535 119,436 102,850
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Total liabilities and shareholders' equity $ 1,366,419 $ 1,371,257 $ 1,255,462 *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 June 30, 2026* March 31, 2026* June 30, 2025* June 30, 2026* June 30, 2025* Noninterest income Wealth management services $ 6,219 $ 6,011 $ 5,208 $ 12,230 $ 10,546 Advisory services 57 15 459 72 1,014 Service charges on deposit accounts 85 91 92 176 163 Bank owned life insurance income 155 152 146 307 287 Other 185 112 236 297 512 Total noninterest income 6,701 6,381 6,141 13,082 12,522 Interest income Loans, including fees 12,346 12,453 10,882 24,799 21,260 Taxable securities 5,400 5,527 5,308 10,927 8,679 Tax-exempt securities 607 595 377 1,202 559 Interest-bearing deposits in other financial institutions 252 204 320 456 646 Federal funds sold 41 56 24 97 58 Total interest income 18,646 18,835 16,911 37,481 31,202 Interest expense Deposits 7,924 7,941 7,719 15,865 14,318 Subordinated debentures and other - - 188 - 376 Short-term borrowings 28 9 108 37 168 Long-term borrowings 632 466 433 1,098 632 Total interest expense 8,584 8,416 8,448 17,000 15,494 Net interest income 10,062 10,419 8,463 20,481 15,708 Provision for credit losses on available-for-sale securities (278) - - (278) - Provision for credit losses on loans 201 (156) 120 45 510 Net interest income after provision for credit losses 10,139 10,575 8,343 20,714 15,198 Total revenue, net 16,840 16,956 14,484 33,796 27,720 Noninterest expense Compensation and employee benefits 5,546 5,877 5,655 11,423 10,700 Occupancy 362 337 336 699 687 Furniture and equipment 108 107 106 215 215 Data processing 608 594 414 1,202 822 Wealth management processing fees 211 213 214 424 429 Advertising and public relations 48 41 79 89 132 Professional services 271 237 306 508 528 FDIC insurance assessments 465 355 150 820 258 Other 614 605 430 1,219 902 Total noninterest expense 8,233 8,366 7,690 16,599 14,673 Income before income taxes 8,607 8,590 6,794 17,197 13,047 Income tax expense 1,731 1,792 1,473 3,523 2,675 Net income $ 6,876 - $ 6,798 $ 5,321 $ - $ 13,674 $ 10,372
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Earnings per share: Basic $ 2.38 $ 2.36 $ 1.85 $ 4.74 $ 3.60 Diluted $ 2.38 $ 2.35 $ 1.84 $ 4.73 $ 3.59 *The information is preliminary, unaudited and based on company data available at the time of presentation. Truxton Corporation Selected Quarterly Financial data At Or For The Three Months Ended (000's) (Unaudited) June 30, 2026* March 31, 2026* June 30, 2025* Per Common Share Data Net income attributable to common shareholders, per share: Basic $ 2.38 $ 2.36 $ 1.85 Diluted $ 2.38 $ 2.35 $ 1.84 Book value per common share $ 43.11 $ 41.36 $ 35.75 Tangible book value per common share $ 43.11 $ 41.36 $ 35.75 Basic weighted average common shares 2,816,682 2,811,928 2,806,478 Diluted weighted average common shares 2,818,188 2,813,693 2,809,382 Common shares outstanding at period end 2,888,834 2,887,734 2,876,939 Selected Balance Sheet Data Tangible common equity ratio 9.11% 8.71% 8.19% Average Loans $ 803,039 $ 823,521 $ 692,158 Average earning assets (1) $ 1,338,849 $ 1,356,740 $ 1,200,600 Average total assets $ 1,376,052 $ 1,392,439 $ 1,229,283 Average shareholders' equity $ 122,335 $ 119,503 $ 100,564 Selected Asset Quality Measures Nonaccrual loans $ 87 $ 91 $ 0 90+ days past due still accruing $ 29 $ 29 $ 0 Total nonperforming loans $ 116 $ 120 $ 0 Total nonperforming assets $ 116 $ 120 $ 0 Net charge offs (recoveries) $ 2 $ 3 $ 8 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 0.92% 0.91% 0.97% Net charge offs to average loans 0.00% 0.00% 0.00% Capital Ratios (Bank Subsidiary Only) Tier 1 leverage 9.27% 8.85% 9.36% Common equity tier 1 14.02% 13.69% 13.64% Total risk-based capital 14.92% 14.58% 14.53% Selected Performance Ratios Efficiency ratio 49.11% 49.80% 52.66% Return on average assets 2.00% 1.98% 1.74% Return on average shareholders' equity 22.54% 23.07% 21.22% Return on average tangible common equity 22.54% 23.07% 21.22% Net interest margin 3.10% 3.18% 2.89% *The 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 June 30, 2026* March 31, 2026* June 30, 2025* Average Balances Rates/Yields (%) Interest Income/ Expense Average Balances Rates/Yields (%) Interest Income/ Expense Average Balances Rates/Yields (%) Interest Income/ Expense Earning Assets Loans $803,039 6.04 $12,092 $823,521 6.00 $12,186 $692,158 6.15 $10,609 Loan fees $0 0.13 $256 $0 0.13 $266 $0 0.16 $272 Loans with fees $803,039 6.17 $12,348 $823,521 6.13 $12,452 $692,158 6.31 $10,881 Federal funds sold $4,380 3.68 $41 $6,292 3.64 $57 $2,385 3.98 $24 Deposits with banks $28,022 3.61 $252 $20,554 4.02 $204 $30,374 4.22 $315 Investment securities - taxable $436,307 4.95 $5,400 $440,590 5.02 $5,527 $427,467 4.97 $5,308 Investment securities - tax-exempt $67,101 5.40 $607 $65,783 5.40 $595 $48,216 4.67 $377 Total Earning Assets $1,338,849 5.67 $18,648 $1,356,740 5.69 $18,835 $1,200,600 5.71 $16,905 Noninterest earning assets Allowance for credit losses ($7,944) ($8,139) ($6,705) Cash and due from financial institutions $5,383 $6,656 $5,148 Premises and equipment $2,743 $2,873 $3,129 Accrued interest receivable $4,363 $4,440 $4,049 Other assets $44,387 $38,479 $41,489 Unrealized loss on investment securities ($11,729) ($8,610) ($18,427) Total Assets $1,376,052 $1,392,439 $1,229,283 Interest-bearing liabilities Interest-bearing demand $384,078 2.82 $2,698 $374,448 2.78 $2,566 $330,353 3.01 $2,479 Savings and money market $279,119 2.48 $1,729 $256,237 2.43 $1,535 $256,265 2.72 $1,740 Time deposits - retail $8,812 3.23 $71 $9,446 3.14 $73 $12,687 3.17 $100 Time deposits - wholesale $356,978 3.85 $3,425 $422,593 3.61 $3,767 $319,443 4.27 $3,398 Total interest-bearing deposits $1,028,987 3.09 $7,923 $1,062,724 3.03 $7,941 $918,748 3.37 $7,717 Federal Home Loan Bank advances $67,319 3.72 $633 $49,778 3.75 $466 $40,560 4.23 $433 Subordinated debentures $0 0.00 $0 $0 0.00 $0 $14,536 5.12 $189 Other borrowings $7,364 1.48 $28 $5,243 0.71 $9 $11,190 4.55 $107 Total borrowed funds $74,683 3.50 $661 $55,021 3.46 $475 $66,286 4.35 $729 Total interest-bearing liabilities $1,103,670 3.12 $8,584 $1,117,745 3.05 $8,416 $985,034 3.44 $8,446 Net interest rate spread 2.55 $10,064 2.64 $10,419 2.27 $8,459 Non-interest bearing deposits $141,300 $147,535 $138,929 Other liabilities $8,747 $7,656 $4,756 Shareholders' equity $122,335 $119,503 $100,564 Total Liabilities and Shareholders' Equity $1,376,052 $1,392,439 $1,229,283 Cost of funds 2.76 2.70 3.01 Net interest margin 3.10 3.18 2.89 *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. Truxton Corporation
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Yield Tables For The Periods Indicated (000's) (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: Six Months Ended Six Months Ended Earning Assets June 30, 2026* June 30, 2025* Average Balances Rates/Yields (%) Interest Income/ Expense Average Balances Rates/Yields (%) Interest Income/ Expense Loans $813,223 6.02 $24,278 $690,759 6.10 $20,909 Loan fees $0 0.13 $522 $0 0.10 $543 Loans with fees $813,223 6.15 $24,800 $690,759 6.20 $21,452 Federal funds sold $5,330 3.65 $98 $2,844 4.08 $58 Deposits with banks $24,309 3.78 $456 $30,067 4.33 $646 Investment securities - taxable $438,437 4.98 $10,927 $359,662 4.83 $8,679 Investment securities - tax-exempt $66,446 5.40 $1,202 $40,277 4.15 $559 Total Earning Assets $1,347,745 5.68 $37,483 $1,123,609 5.64 $31,394 Noninterest earning assets Allowance for credit losses ($8,041) ($6,662) Cash and due from financial institutions $6,016 $11,202 Premises and equipment $2,807 $3,189 Accrued interest receivable $4,401 $3,829 Other assets $41,449 $56,514 Unrealized loss on investment securities ($10,178) ($17,850) Total Assets $1,384,199 $1,173,831 Interest-bearing liabilities Interest-bearing demand $379,290 2.80 $5,264 $328,583 3.02 $4,927 Savings and money market $267,741 2.46 $3,264 $242,859 2.68 $3,226 Time deposits - retail $9,127 3.19 $144 $12,825 3.39 $216 Time deposits - wholesale $389,604 3.72 $7,192 $280,768 4.27 $5,948 Total interest-bearing deposits $1,045,762 3.06 $15,864 $865,035 3.34 $14,317 Federal Home Loan Bank advances $58,597 3.73 $1,099 $30,521 4.12 $632 Subordinated debentures $0 0.00 $0 $14,611 5.13 $377 Other borrowings $6,310 1.16 $37 $10,309 4.34 $167 Total borrowed funds $64,907 3.48 $1,136 $55,441 4.22 $1,176 Total interest-bearing liabilities $1,110,669 3.08 $17,000 $920,476 3.39 $15,493 Net interest rate spread 2.60 $20,483 2.24 $15,901 Non-interest bearing deposits $144,400 $132,532 Other liabilities $8,203 $4,886 Shareholders' equity $120,927 $115,937 Total Liabilities and Shareholders' Equity $1,384,199 $1,173,831 Cost of funds 2.73 2.96 Net interest margin 3.14 2.86 *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.