Truxton Trust Company: Truxton Corporation Reports First Quarter 2026 Results

NASHVILLE, Tenn., April 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 March 31, 2026. First quarter net income attributable to common shareholders was $6.80 million, or $2.35 per diluted share, compared to $5.05 million, or $1.75 per diluted share, for the same quarter in 2025.

Key Highlights

• Non-interest income was $6.4 million in the first quarter of 2026, which was $479 thousand higher than the fourth quarter of 2025 but $30 thousand less than the first quarter of 2025, which included a significant capital advisory fee. Wealth revenue in the first quarter of 2026 was $6.0 million, up 3% from $5.8 million in the prior quarter and up 13% from $5.3 million in the same period in the prior year.
• Net interest income, pre-provision, was $10.4 million in the first quarter of 2026, up 9% from $9.5 million in the fourth quarter of 2025 and up 44% from $7.3 million in the first quarter of 2025.
• Loans decreased 1% to $808 million at quarter end compared to $814 million at December 31, 2025, and were up 15% compared to $702 million at March 31, 2025. Quarterly average loan balances were $823 million for the first quarter of 2026, up 9% from $755 million in the fourth quarter of 2025 and 19% from $691 million in the first quarter of 2025.
• Total deposits decreased by 5% from $1.24 billion at December 31, 2025 to $1.18 billion at March 31, 2026, and were 15% higher in comparison to $1.03 billion at March 31, 2025. 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 first quarter of 2026 was 3.18%, an increase of 21 basis points from the 2.97% experienced in the quarter ended December 31, 2025, and an increase of 28 basis points from the 2.90% recorded in the quarter ended March 31, 2025. Cost of funds was 2.70% in the first quarter of 2026, down from 2.91% in each of the fourth quarter of 2025 and first quarter of 2025.
• Asset quality remains sound at Truxton. The Bank had $124 thousand of non-performing assets at March 31, 2026 compared to $106 thousand at December 31, 2025 and $0 at March 31, 2025.
• Allowance for credit losses on loans, excluding that for unfunded commitments, was $7.4 million at quarter end March 31, 2026, compared to $7.4 million at December 31, 2025, and $6.7 million at March 31, 2025. For those three periods, such allowance amounts were 0.91%, 0.91%, 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 $629 thousand, $741 thousand, and $589 thousand, respectively.
• The Bank's capital position remains strong. Its Tier 1 leverage ratio was 8.85% at March 31, 2026, compared to 8.77% at December 31, 2025, and 10.46% at March 31, 2025. Book value per common share was $41.36, $40.55, and $34.46 at March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
• During the three months ended March 31, 2026, Truxton Corporation paid dividends of $0.88 per common share, and repurchased 7,518 shares of its common stock for $644 thousand in the aggregate, or an average price of $85.63 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 Austin Branstetter 615-250-0783 [e-mail]	Media Relations Swan Burrus 615-250-0773 [e-mail]

Truxton Corporation
Consolidated Balance Sheets
(000's)
(Unaudited)
	March 31, 2026*			December 31, 2025*			March 31, 2025*
ASSETS
Cash and due from financial institutions	-	5,050		-	5,425		-	10,750
Restricted cash		770			1,430			970
Interest-bearing deposits in other financial institutions		19,018			43,450			23,672
Federal funds sold		4,540			6,795			10,231
Cash and cash equivalents		29,378			57,100			45,623
Time deposits in other financial institutions		-			-			245
Available-for-sale securities		493,939			505,945			414,190
Allowance for credit losses on securities		(620	-		(620	-		-
Available-for-sale securities, net		493,319			505,325			414,190
Loans		807,765			813,554			699,993
Allowance for credit losses on loans		(7,369	-		(7,415	-		(6,708	-
Net loans		800,396			806,139			693,285
Bank owned life insurance		17,464			17,312			16,863
Restricted equity securities		4,292			3,830			3,718
Premises and equipment, net		2,790			2,919			3,176
Accrued interest receivable		5,801			5,959			4,989
Deferred tax asset, net		4,074			3,630			5,297
Other assets		13,642			13,658			14,439
Total assets	-	1,371,156		-	1,415,872		-	1,201,825
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Noninterest-bearing	-	142,061		-	142,268		-	127,897
Interest-bearing	-	1,042,006		-	1,097,738		-	900,489
Total deposits		1,184,067			1,240,006			1,028,386
Federal Home Loan Bank advances		56,000			46,000			45,000
Federal Reserve Bank borrowings		-			-			2,400
Subordinated debentures		-			-			14,439
Other liabilities		11,653			13,221			12,276
Total liabilities		1,251,720			1,299,227			1,102,501
Shareholders' equity
Common stock, $0.10 par value	-	287		-	287		-	284
Additional paid-in capital		29,401			29,610			28,957
Retained earnings		96,825			92,569			80,448
Accumulated other comprehensive loss		(7,077	-		(5,821	-		(10,365	-
Total shareholders' equity		119,436			116,645			99,324
Total liabilities and shareholders' equity	-	1,371,156		-	1,415,872		-	1,201,825
*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
	March 31, 2026*				December 31, 2025*				March 31, 2025*
Noninterest income
Wealth management services	-	6,011			-	5,811			-	5,338
Advisory services		15				15				555
Service charges on deposit accounts		91				91				71
Bank owned life insurance income		152				154				142
Net losses on sales of securities		-				-413				-
Other		81				213				276
Total noninterest income		6,350				5,871				6,382
Interest income
Loans, including fees	-	12,453			-	11,959			-	10,378
Taxable securities		5,527				5,727				3,371
Tax-exempt securities		595				608				182
Interest-bearing deposits in other financial institutions		204				256				326
Federal funds sold		56				34				34
Total interest income		18,835				18,584				14,291
Interest expense
Deposits		7,941				8,650				6,599
Subordinated debentures and other		-				-				188
Short-term borrowings		9				12				60
Long-term borrowings		466				385				199
Total interest expense		8,416				9,047				7,046
Net interest income		10,419				9,537				7,245
Provision for credit losses on available-for-sale securities		-				620				-
Provision for credit losses on loans		-156				472				390
Net interest income after provision for credit losses		10,575				8,445				6,855
Total revenue, net		16,925				14,316				13,237
Noninterest expense
Compensation and employee benefits		5,877				4,865				5,045
Occupancy		337				330				351
Furniture and equipment		107				107				109
Data processing		594				754				408
Wealth management processing fees		213				173				215
Advertising and public relations		41				121				53
Professional services		237				87				222
FDIC insurance assessments		355				434				108
Other		574				815				472
Total noninterest expense		8,335				7,686				6,983
Income before income taxes		8,590				6,630				6,254
Income tax expense		1,792				1,148				1,202
Net income	-	6,798			-	5,482			-	5,052	-
Earnings per share:
Basic	-	2.36			-	1.91			-	1.76
Diluted	-	2.35			-	1.90			-	1.75
*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)
	March 31, 2026*	December 31, 2025*	March 31, 2025*
Per Common Share Data
Net income attributable to shareholders, per share
Basic	$2.36	$1.91	$1.76
Diluted	$2.35	$1.90	$1.75
Book value per common share	$41.36	$40.55	$34.46
Tangible book value per common share	$41.36	$40.55	$34.46
Basic weighted average common shares	2,811,928	2,803,013	2,793,834
Diluted weighted average common shares	2,813,693	2,805,015	2,797,388
Common shares outstanding at period end	2,887,734	2,876,752	2,882,241
Selected Balance Sheet Data
Tangible common equity ratio	8.71%	8.24%	8.26%
Average Loans	$823,521	$755,332	$691,360
Average earning assets (1)	$1,356,740	$1,323,048	$1,047,778
Average total assets	$1,392,439	$1,357,750	$1,085,506
Average shareholders' equity	$119,503	$114,010	$99,923
Selected Asset Quality Measures
Nonaccrual loans	$91	$95	$0
90+ days past due still accruing	$29	$10	$0
Total nonperforming loans	$120	$105	$0
Total nonperforming assets	$120	$105	$0
Net charge offs (recoveries)	$3	$1	$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	0.91%	0.91%	0.96%
Net charge offs to average loans	0.00%	0.00%	0.00%
Capital Ratios (Bank Subsidiary Only)
Tier 1 leverage	8.85%	8.77%	10.46%
Common equity tier 1	13.69%	12.93%	13.83%
Total risk-based capital	14.58%	13.81%	14.73%
Selected Performance Ratios
Efficiency ratio	49.70%	49.88%	51.24%
Return on average assets	1.98%	1.64%	1.89%
Return on average shareholders' equity	23.07%	19.50%	20.50%
Return on average tangible common equity	23.07%	19.50%	20.50%
Net interest margin	3.18%	2.97%	2.90%
*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)
(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
	March 31, 2026*									December 31, 2025*									March 31, 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	$823,521			6		$12,186				$755,332			6.11		$11,640				$691,360			6.04		$10,300
Loan fees	$0			0.13		$266				$0			0.17		$319				$0			0.16		$271
Loans with fees	$823,521			6.13		$12,452				$755,332			6.28		$11,959				$691,360			6.2		$10,571
Federal funds sold	$6,292			3.64		$57				$3,551			3.77		$34				$3,308			4.15		$34
Deposits with banks	$20,554			4.02		$204				$29,736			3.42		$256				$29,756			4.51		$331
Investment securities - taxable	$440,590			5.02		$5,527				$466,611			4.91		$5,727				$291,104			4.63		$3,371
Investment securities - tax-exempt	$65,783			5.4		$595				$67,818			5.35		$608				$32,250			3.37		$182
Total Earning Assets	$1,356,740			5.69		$18,835				$1,323,048			5.68		$18,584				$1,047,778			5.62		$14,489
Noninterest earning assets
Allowance for credit losses	($8,139)									($7,236)									($6,618)
Cash and due from financial institutions	$6,656									$5,845									$17,307
Premises and equipment	$2,873									$2,979									$3,249
Accrued interest receivable	$4,440									$4,527									$3,608
Other assets	$38,479									$38,786									$37,447
Unrealized loss on investment securities	($8,610)									($10,199)									($17,265)
Total Assets	$1,392,439									$1,357,750									$1,085,506
Interest-bearing liabilities
Interest-bearing demand	$374,448			2.78		$2,566				$347,572			3.06		$2,677				$326,793			3.04		$2,448
Savings and money market	$256,237			2.43		$1,535				$263,705			2.59		$1,722				$229,304			2.63		$1,486
Time deposits - retail	$9,446			3.14		$73				$10,276			3.22		$83				$12,965			3.61		$116
Time deposits - wholesale	$422,593			3.61		$3,767				$423,966			3.90		$4,167				$241,662			4.28		$2,550
Total interest-bearing deposits	$1,062,724			3.03		$7,941				$1,045,519			3.28		$8,649				$810,724			3.3		$6,600
Federal Home Loan Bank advances	$49,778			3.75		$466				$38,554			3.91		$385				$20,369			3.9		$199
Subordinated debentures	$0			0.00		$0				$0			0.00		$0				$14,687			5.09		$188
Other borrowings	$5,243			0.71		$9				$4,485			1.01		$12				$9,419			4.12		$60
Total borrowed funds	$55,021			3.46		$475				$43,039			3.61		$397				$44,475			4.02		$447
Total interest-bearing liabilities	$1,117,745			3.05		$8,416				$1,088,558			3.30		$9,046				$855,199			3.34		$7,047
Net interest rate spread				2.64		$10,419							2.38		$9,538							2.28		$7,442
Noninterest-bearing deposits	$147,535									$145,936									$126,049
Other liabilities	$7,656									$9,246									$4,335
Shareholders' equity	$119,503									$114,010									$99,923
Total Liabilities and Shareholders' Equity	$1,392,439									$1,357,750									$1,085,506
Cost of funds				2.70									2.91									2.91
Net interest margin				3.18									2.97									2.90
*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.