Truxton Corporation Reports Second Quarter 2025 Results
24-Jul-2025 09:00:05 EDT
Truxton Corporation Reports Second Quarter 2025 Results
GlobeNewswire July 24, 2025
NASHVILLE, Tenn., July 24, 2025 (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, 2025. Second quarter net income attributable to common shareholders was $5.3 million, or $1.84 per diluted share, compared to $4.5 million, or $1.55 per diluted share, for the same quarter in 2024. Net income and fully diluted earnings per share for the quarter rose by 18% and 19%, respectively, compared to the second quarter of 2024.
“Truxton's second quarter 2025 performance was encouraging,” said Chairman and CEO Tom Stumb. “We achieved a new high in quarterly earnings, 5% higher than the prior quarter and 19% higher than the second quarter last year, while investing in the human talent that allows us to develop exceptional results for our clients and shareholders.”
Key Highlights
Non-interest income totaled $6.1 million in the second quarter of 2025, which was $240 thousand lower than the first quarter of 2025 and $604 thousand over the second quarter of 2024. Wealth revenue in the second quarter of 2025 was $5.2 million, down 2% from the first quarter of 2025 and flat with the second quarter of 2024. Other non-interest income was elevated as a result of a Truxton Capital Advisors fee associated with a successful debt recapitalization engagement.
Loans declined 1% to $692 million at quarter end compared to $702 million on March 31, 2025, and were up 7% compared to $648 million on June 30, 2024. Average loans balances were $2.3 million higher in the second quarter than the first quarter of 2025.
Total deposits increased 2% from $1.03 billion at March 31, 2025, to $1.05 billion at June 30, 2025, and were 25% higher in comparison to $840 million at June 30, 2024. Truxton continues to fund its growth from a single banking location led by its commitment to provide what Truxton believes are superior deposit operations service and technology.
Net interest margin for the second quarter of 2025 was 2.92%, an increase of 2 basis points from the 2.90% experienced in the quarter ended March 31, 2025, and an increase of 17 basis points from the 2.75% in the quarter ended June 30, 2024. Cost of funds was 3.01% in the second quarter of 2025, up from 2.91% for the quarter ended March 31, 2025, and down from 3.32% for the quarter ended June 30, 2024.
Allowance for credit losses, excluding that for unfunded commitments, was $6.7 million at quarter end June 30, 2025, compared to $6.7 million at March 31, 2025, and $6.2 million at June 30, 2024. For those three periods, such allowance amounts were 0.97%, 0.96%, 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 $729 thousand, $589 thousand, and $438 thousand, respectively.
The Bank's capital position remains strong. Its Tier 1 leverage ratio was 9.36% at June 30, 2025, compared to 10.46% at March 31, 2025, and 10.45% at June 30, 2024. Book value per common share was $35.75, $34.46, and $31.85 at June 30, 2025, March 31, 2025, and June 30, 2024, respectively.
During the six months ended June 30, 2025, Truxton Corporation paid dividends of $2.00 per common share, inclusive of a $1.00 special cash dividend, and repurchased 11,700 shares of its common stock for $923 thousand in aggregate, or an average price of $78.85 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.
Media Relations Swan Burrus 615-250-0773 swan.burrus@truxtontrust.com
Truxton Corporation
Consolidated Balance Sheets
(000's)
(Unaudited)
June 30, 2025*
March 31, 2025*
June 30, 2024*
ASSETS
Cash and due from financial institutions
$
5,803
$
10,704
$
8,494
Interest bearing deposits in other financial institutions
20,192
24,642
3,851
Federal funds sold
64
10,231
–
Cash and cash equivalents
26,059
45,577
12,345
Time deposits in other financial institutions
245
245
490
Securities available for sale
492,758
414,190
286,977
Gross loans
692,120
701,660
648,338
Allowance for credit losses
(6,689
)
(6,708
)
(6,234
)
Net loans
685,431
694,952
642,104
Bank owned life insurance
17,009
16,863
11,512
Restricted equity securities
4,977
3,718
1,802
Premises and equipment, net
3,091
3,176
3,406
Accrued interest receivable
5,574
4,989
4,744
Deferred tax asset, net
5,389
5,297
5,386
Other assets
16,191
14,440
16,633
Total assets
$
1,256,724
$
1,203,447
$
985,399
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest bearing
$
129,228
$
127,851
$
115,699
Interest bearing
919,238
$
900,489
724,251
Total deposits
1,048,466
1,028,340
839,950
Federal funds purchased
–
–
283
Swap counterparty cash collateral
1,780
2,790
5,000
Federal Home Loan Bank advances
72,000
45,000
2,250
Federal Reserve Bank Discount window advances
4,324
2,400
20,000
Subordinated debt
14,638
14,439
14,213
Other liabilities
12,666
11,154
10,919
Total liabilities
1,153,874
1,104,123
892,615
SHAREHOLDERS' EQUITY
Common stock, $0.10 par value
$
284
$
284
$
290
Additional paid-in capital
28,857
28,957
31,381
Retained earnings
73,961
75,396
63,782
Accumulated other comprehensive income (loss)
(10,626
)
(10,365
)
(11,517
)
Net Income
$
10,374
$
5,052
$
8,848
Total shareholders' equity
102,850
99,324
92,784
Total liabilities and shareholders' equity
$
1,256,724
$
1,203,447
$
985,399
*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, 2025*
March 31, 2025*
June 30, 2024*
June 30, 2025*
June 30, 2024*
Non-interest income
Wealth management services
$
5,208
$
5,338
$
5,206
$
10,546
$
10,113
Capital advisory fees
459
555
40
1,014
80
Service charges on deposit accounts
35
45
91
80
182
Securities gains (losses), net
0
0
(213
)
0
(213
)
Bank owned life insurance income
147
141
62
288
120
Other
288
297
347
584
388
Total non-interest income
6,136
6,376
5,532
12,512
10,670
Interest income
Loans, including fees
$
10,882
$
10,378
$
10,511
$
21,260
$
20,895
Taxable securities
5,308
3,371
2,933
8,679
5,532
Tax-exempt securities
377
182
207
559
395
Interest bearing deposits
325
331
408
656
639
Federal funds sold
24
34
60
58
101
Total interest income
16,916
14,296
14,119
31,212
27,559
Interest expense
Deposits
7,719
6,599
6,939
14,318
13,389
Short-term borrowings
108
60
327
168
945
Long-term borrowings
433
199
13
632
28
Subordinated debentures
188
188
188
376
376
Total interest expense
8,448
7,046
7,467
15,494
14,737
Net interest income
8,468
7,250
6,652
15,718
12,822
Provision for credit losses
120
390
(27
)
510
(33
)
Net interest income after provision for loan losses
8,348
6,860
6,679
15,208
12,855
Total revenue, net
14,484
13,236
12,211
27,720
23,525
Non interest expense
Salaries and employee benefits
5,655
5,045
3,897
10,700
7,802
Occupancy
336
351
484
687
937
Furniture and equipment
106
109
73
215
77
Data processing
413
407
439
820
857
Wealth management processing fees
213
214
208
428
422
Advertising and public relations
79
53
48
132
82
Professional services
306
222
272
529
481
FDIC insurance assessments
150
108
120
258
310
Other
429
473
1,048
902
1,498
Total non interest expense
7,687
6,982
6,589
14,671
12,466
Income before income taxes
6,796
6,254
5,621
13,048
11,059
Income tax expense
1,473
1,202
1,107
2,674
2,211
Net income
$
5,323
$
5,052
$
4,514
$
10,374
$
8,848
Earnings per share:
Basic
$
1.85
$
1.75
$
1.55
$
3.60
$
3.03
Diluted
$
1.84
$
1.75
$
1.55
$
3.59
$
3.03
*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)
June 30, 2025*
March 31, 2025*
June 30, 2024*
Per Common Share Data
Net income attributable to shareholders, per share:
Basic
$
1.85
$
1.75
$
1.75
Diluted
$
1.84
$
1.75
$
1.75
Book value per common share
$
35.75
$
34.46
$
31.85
Tangible book value per common share
$
35.75
$
34.46
$
31.85
Basic weighted average common shares
2,806,478
2,793,834
2,834,023
Diluted weighted average common shares
2,809,382
2,797,388
2,839,086
Common shares outstanding at period end
2,876,939
2,882,241
2,913,478
Selected Balance Sheet Data
Tangible common equity (TCE) ratio
8.18
%
8.25
%
9.42
%
Average Loans
$
693,657
$
691,360
$
10,609
Average earning assets (1)
$
1,202,098
$
1,047,778
$
17,019
Average total assets
$
1,229,218
$
1,085,506
$
0
Average shareholders' equity
$
100,500
$
99,923
$
0
Selected Asset Quality Measures
Nonaccrual loans
$
0
$
0
$
0
90+ days past due still accruing
$
0
$
0
$
0
Total nonperforming loans
$
0
$
0
$
0
Total nonperforming assets
$
0
$
0
$
0
Net charge offs (recoveries)
$
0
$
8
($
1
)
Nonperforming loans to assets
0.00
%
0.00
%
0.00
%
Nonperforming assets to total assets
0.00
%
0.00
%
0.00
%
Nonperforming assets to total loans and other real estate
0.00
%
0.00
%
0.00
%
Allowance for credit losses to total loans**
0.97
%
0.96
%
0.96
%
Net charge offs to average loans
0.00
%
0.00
%
-0.01
%
Capital Ratios (Bank Subsidiary Only)
Tier 1 leverage
9.36
%
10.46
%
10.45
%
Common equity tier 1
13.64
%
13.82
%
14.62
%
Total risk-based capital
14.53
%
14.73
%
15.54
%
Selected Performance Ratios
Efficiency ratio
52.64
%
51.24
%
52.72
%
Return on average assets (ROA)
1.74
%
1.89
%
1.82
%
Return on average shareholders' equity (ROE)
21.24
%
20.50
%
19.97
%
Return on average tangible common equity (ROTCE)
21.24
%
20.50
%
19.97
%
Net interest margin
2.92
%
2.90
%
2.75
%
*The information is preliminary, unaudited and based on company data available at the time of presentation.
**Ratios do not include reserve for unfunded commitments
(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
June 30, 2025*
March 31, 2025*
June 30, 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
$
693,657
6.13
$
10,609
$
691,360
6.04
$
10,300
$
655,486
6.34
$
10,332
Loan fees
$
0
0.22
$
375
$
0
0.16
$
271
$
0
0.08
$
127
Loans with fees
$
693,657
6.35
$
10,984
0
$
691,360
6.2
$
10,571
0
$
655,486
6.42
$
10,459
Mortgage loans held for sale
$
0
0.00
$
0
$
0
0.00
$
0
$
0
0.00
$
0
Federal funds sold
$
2,385
3.98
$
24
$
3,308
4.15
$
34
$
4,476
5.32
$
60
Deposits with banks
$
30,373
4.29
$
325
$
29,756
4.51
$
331
$
27,887
5.88
$
408
Investment securities – taxable
$
427,467
4.97
$
5,308
$
291,104
4.63
$
3,371
$
257,470
4.56
$
2,933
Investment securities – tax-exempt
$
48,216
4.67
$
378
$
32,250
3.37
$
182
$
34,804
3.56
$
207
Total Earning Assets
$
1,202,098
5.74
$
17,019
$
1,047,778
5.62
$
14,489
$
980,123
5.81
$
14,067
Non interest earning assets
Allowance for loan losses
(6,705
)
(6,618
)
(6,306
)
Cash and due from banks
$
5,148
$
17,307
$
6,856
Premises and equipment
$
3,129
$
3,249
$
2,698
Accrued interest receivable
$
4,049
$
3,608
$
3,975
Other real estate
$
0
$
0
$
0
Other assets
$
39,926
$
37,447
$
32,919
Unrealized gain (loss) on inv. securities
(18,427
)
(17,265
)
(21,466
)
Total Assets
$
1,229,218
$
1,085,506
$
998,799
Interest bearing liabilities
Interest bearing demand
$
330,353
3.01
$
2,480
$
326,793
3.04
$
2,448
$
340,187
3.62
$
3,062
Savings and money market
$
256,265
2.72
$
1,740
$
229,304
2.63
$
1,486
$
175,264
3.55
$
1,546
Time deposits – retail
$
12,687
3.17
$
100
$
12,965
3.61
$
115
$
14,887
3.4
$
126
Time deposits – wholesale
$
319,443
4.27
$
3,398
$
241,662
4.28
$
2,550
$
201,005
4.41
$
2,205
Total interest bearing deposits
$
918,748
3.37
$
7,718
$
810,724
3.3
$
6,599
$
731,343
3.82
$
6,939
Federal Home Loan Bank advances
$
40,560
4.23
$
433
$
20,369
3.9
$
199
$
3,173
1.64
$
13
Subordinated debt
$
14,536
5.12
$
188
$
14,687
5.09
$
188
$
14,471
5.14
$
188
Other borrowings
$
11,290
4.55
$
108
$
9,419
4.12
$
60
$
30,973
4.18
$
327
Total borrowed funds
$
66,386
4.35
$
729
$
44,475
4.02
$
447
$
48,617
4.30
$
528
Total interest bearing liabilities
$
985,036
3.44
$
8,448
$
855,199
3.34
$
7,046
$
779,960
3.85
$
7,467
Net interest rate spread
2.30
$
8,571
2.28
$
7,443
1.96
$
6,600
Non-interest bearing deposits
$
138,929
$
126,049
$
124,029
Other liabilities
$
4,753
$
4,335
$
3,881
Shareholder's equity
$
100,500
$
99,923
$
90,929
Total Liabilities and Shareholder's Equity
$
1,229,218
$
1,085,506
$
998,799
Cost of funds
3.01
2.91
3.32
Net interest margin
2.92
2.90
2.75
*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)
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
June 30, 2025*
June 30, 2024*
Average Balances
Rates/ Yields (%)
Interest Income/ Expense
Average Balances
Rates/ Yields (%)
Interest Income/ Expense
Earning Assets
Loans
$
692,515
6.09
$
20,909
$
656,138
6.31
$
20,593
Loan fees
$
0
0.19
$
646
$
0
0.07
$
223
Loans with fees
$
692,515
6.28
$
21,555
$
656,138
6.38
$
20,816
Mortgage loans held for sale
$
0
0.00
$
0
$
0
0.00
$
0
Federal funds sold
$
2,844
4.08
$
58
$
3,865
5.16
$
101
Deposits with banks
$
30,066
4.4
$
656
$
23,712
5.41
$
638
Investment securities – taxable
$
359,662
4.83
$
8,679
$
251,493
4.4
$
5,532
Investment securities – tax-exempt
$
40,277
4.15
$
559
$
33,922
3.48
$
395
Total Earning Assets
$
1,125,364
5.68
$
31,507
$
969,130
5.74
$
27,482
Non interest earning assets
Allowance for loan losses
(6,662
)
(6,308
)
Cash and due from banks
$
5,740
$
6,064
Premises and equipment
$
3,189
$
1,979
Accrued interest receivable
$
3,829
$
3,726
Other real estate
$
0
$
0
Other assets
$
38,986
$
31,706
Unrealized gain (loss) on inv. securities
(17,850
)
(21,784
)
Total Assets
$
1,152,596
$
984,513
Interest bearing liabilities
Interest bearing demand
$
328,583
3.02
$
5,961
$
335,265
3.58
$
5,961
Savings and Money Market
$
242,859
2.68
$
2,920
$
168,952
3.48
$
2,920
Time deposits – Retail
$
12,825
3.39
$
259
$
15,222
3.42
$
259
Time Deposits – Wholesale
$
280,768
4.27
$
4,249
$
187,287
4.56
$
4,249
Total interest bearing deposits
$
865,035
3.34
$
13,389
$
706,726
3.81
$
13,389
Federal home Loan Bank advances
$
30,521
4.12
$
632
$
3,287
1.67
$
28
Subordinated debt
$
14,611
5.13
$
377
$
14,541
5.11
$
376
Other borrowings
$
10,309
4.34
$
945
$
44,016
4.25
$
944
Total borrowed funds
$
55,441
4.22
$
1,954
$
61,844
4.31
$
1,348
Total interest bearing liabilities
$
920,476
3.39
$
15,343
$
768,570
3.85
$
14,737
Net interest rate spread
2.29
$
16,164
1.89
$
12,745
Non-interest bearing deposits
$
127,070
$
121,419
Other liabilities
$
4,886
$
4,339
Shareholder's equity
$
100,164
$
90,185
Total Liabilities and Shareholder's Equity
$
1,152,596
$
984,513
Cost of funds
2.96
3.32
Net interest margin
2.91
2.68
*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.
