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Truxton Corporation
Truxton Corporation Reports First Quarter 2026 Results
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2d ago
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Truxton Corporation Reports First Quarter 2026 Results

Truxton Corporation Reports First Quarter 2026 Results

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
austin.branstetter@truxtontrust.com		 Media Relations
Swan Burrus
615-250-0773
swan.burrus@truxtontrust.com
   

                   
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.
                                                     
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Source: Truxton Trust Company 
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