Truxton Corporation Reports Third Quarter 2025 Results
23-Oct-2025 09:00:12 EDT
Truxton Corporation Reports Third Quarter 2025 Results
GlobeNewswire October 23, 2025
NASHVILLE, Tenn., Oct. 23, 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 September 30, 2025. Third quarter net income attributable to common shareholders was $5.6 million, or $1.95 per diluted share, compared to $4.6 million, or $1.57 per diluted share, for the same quarter in 2024. Net income and fully diluted earnings per share for the quarter rose by 23% and 24%, respectively, compared to the third quarter of 2024.
“We are pleased to report continued earnings growth for the 3rd quarter of 2025,” said Chairman and CEO Tom Stumb. “Our dedicated colleagues continue to deliver exceptional outcomes for our clients, which allows us to deliver excellent returns to our shareholders.”
Key Highlights
Non-interest income totaled $6.0 million in the third quarter of 2025, which was 2% less than the second quarter of 2025 but 8% more than the third quarter of 2024. Wealth revenue in the third quarter of 2025 was $5.6 million, up 8% from the second quarter of 2025 and up 7% from the third quarter of 2024.
Loans increased 4% to $721 million at quarter end compared to $692 million at June 30, 2025, and were up 8% compared to $665 million at September 30, 2024. Average loans balances were $11 million higher in the third quarter than the second quarter of 2025.
Total deposits increased 11% from $1.05 billion at June 30, 2025, to $1.16 billion at September 30, 2025, and were 30% higher in comparison to $889 million at September 30, 2024. Truxton continues to fund its growth from a single banking location led by its commitment to provide superior deposit operations service and supported by efficient use of various wholesale funding sources.
Net interest margin for the third quarter of 2025 was 2.82%, a decline of 10 basis points from the 2.92% experienced in the quarter ended June 30, 2025, and an increase of 13 basis points from the 2.69% in the quarter ended September 30, 2024. Cost of funds was 3.08% in the third quarter of 2025, up from 3.01% for the quarter ended June 30, 2025, and down from 3.48% for the quarter ended September 30, 2024.
Allowance for credit losses, excluding that for unfunded commitments, was $7.0 million at quarter end September 30, 2025, compared to $6.7 million at June 30, 2025, and $6.4 million at September 30, 2024. For those three periods, these allowance amounts were 0.98%, 0.97%, 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 $650 thousand, $729 thousand, and $409 thousand, respectively.
The Bank's capital position remains strong. Its Tier 1 leverage ratio was 8.90% at September 30, 2025, compared to 9.36% at June 30, 2025, and 10.45% at September 30, 2024. Book value per common share was $38.51, $35.75, and $33.30 at September 30, 2025, June 30, 2025, and September 30, 2024, respectively.
During the nine months ended September 30, 2025, Truxton Corporation paid dividends of $2.50 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. On September 30, 2025, Truxton Corporation fully repaid its $15 million subordinated debt.
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)
September 30, 2025*
June 30, 2025*
September 30, 2024*
ASSETS
Cash and due from financial institutions
$
4,575
$
5,803
$
5,499
Interest bearing deposits in other financial institutions
13,670
20,192
24,678
Federal funds sold
4,369
64
4,816
Cash and cash equivalents
22,614
26,059
34,993
Time deposits in other financial institutions
–
245
245
Securities available for sale
529,752
492,758
295,905
Gross loans
720,735
692,120
664,657
Allowance for credit losses
(7,035
)
(6,689
)
(6,358
)
Net loans
713,700
685,431
658,299
Bank owned life insurance
17,158
17,009
16,602
Restricted equity securities
3,144
4,977
2,261
Premises and equipment, net
3,005
3,091
3,328
Accrued interest receivable
6,035
5,574
4,954
Deferred tax asset, net
4,187
5,389
4,649
Other assets
14,325
16,191
14,017
Total assets
$
1,313,920
$
1,256,724
$
1,035,253
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest bearing
$
130,559
$
129,228
$
116,149
Interest bearing
1,028,154
919,238
$
772,612
Total deposits
1,158,713
1,048,466
888,761
Swap counterparty cash collateral
620
1,780
1,890
Federal Home Loan Bank advances
31,000
72,000
13,250
Federal Reserve Bank Discount window advances
–
4,324
10,000
Subordinated debt
–
14,638
14,401
Other liabilities
12,790
12,666
11,405
Total liabilities
1,203,123
1,153,874
939,707
SHAREHOLDERS' EQUITY
Common stock, $0.10 par value
$
284
$
284
$
285
Additional paid-in capital
29,217
28,857
28,729
Retained earnings
72,523
73,961
62,548
Accumulated other comprehensive income (loss)
(7,228
)
(10,626
)
(9,434
)
Net Income
$
16,001
$
10,374
$
13,418
Total shareholders' equity
110,797
102,850
95,546
Total liabilities and shareholders' equity
$
1,313,920
$
1,256,724
$
1,035,253
*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
September 30, 2025*
June 30, 2025*
September 30, 2024*
September 30, 2025*
September 30, 2024*
Non-interest income
Wealth management services
$
5,631
$
5,208
$
5,267
$
16,177
$
15,355
Capital advisory fees
15
459
40
1,029
120
Service charges on deposit accounts
33
35
92
113
275
Securities gains (losses), net
0
0
0
0
(213
)
Bank owned life insurance income
150
147
90
439
209
Other
183
288
58
766
653
Total non-interest income
6,012
6,136
5,547
18,524
16,399
Interest income
Loans, including fees
$
11,312
$
10,882
$
10,654
$
32,572
$
31,366
Taxable securities
5,710
5,308
3,361
14,390
8,892
Tax-exempt securities
518
377
222
1,077
617
Interest bearing deposits
518
325
488
1,174
1,127
Federal funds sold
41
24
113
99
214
Total interest income
18,099
16,916
14,838
49,312
42,216
Interest expense
Deposits
8,710
7,719
7,667
23,028
21,056
Short-term borrowings
21
108
260
188
1,205
Long-term borrowings
392
433
51
1,024
79
Subordinated debentures
188
188
188
565
564
Total interest expense
9,311
8,448
8,166
24,805
22,903
Net interest income
8,788
8,468
6,672
24,507
19,313
Provision for credit losses
266
120
105
776
72
Net interest income after provision for loan losses
8,522
8,348
6,567
23,731
19,241
Total revenue, net
14,534
14,484
12,114
42,255
35,640
Non interest expense
Salaries and employee benefits
5,121
5,655
3,960
15,821
11,763
Occupancy
325
336
315
1,012
1,252
Furniture and equipment
107
106
115
322
192
Data processing
520
413
625
1,341
1,482
Wealth management processing fees
212
213
221
640
643
Advertising and public relations
38
79
27
170
110
Professional services
360
306
609
889
1,091
FDIC insurance assessments
274
150
80
532
390
Other
538
429
490
1,440
1,986
Total non interest expense
7,495
7,687
6,442
22,167
18,909
Income before income taxes
7,039
6,796
5,672
20,088
16,731
Income tax expense
1,412
1,473
1,102
4,087
3,313
Net income
$
5,627
$
$
5,323
$
–
$
4,570
$
$
16,001
$
$
13,418
Earnings per share:
Basic
$
1.96
$
1.85
$
1.58
$
5.61
$
4.61
Diluted
$
1.95
$
1.84
$
1.57
$
5.60
$
4.60
*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)
September 30, 2025*
June 30, 2025*
September 30, 2024*
Per Common Share Data
Net income attributable to shareholders, per share:
Basic
$
1.96
$
1.85
$
1.58
Diluted
$
1.95
$
1.84
$
1.57
Book value per common share
$
38.51
$
35.75
$
33.30
Tangible book value per common share
$
38.51
$
35.75
$
33.30
Basic weighted average common shares
2,800,941
2,806,478
2,819,035
Diluted weighted average common shares
2,803,983
2,809,382
2,823,728
Common shares outstanding at period end
2,876,834
2,876,939
2,869,015
Selected Balance Sheet Data
Tangible common equity (TCE) ratio
8.43
%
8.18
%
9.23
%
Average Loans
$
705,050
$
693,657
$
652,624
Average earning assets (1)
$
1,281,157
$
1,202,098
$
1,006,370
Average total assets
$
1,309,545
$
1,229,218
$
1,029,802
Average shareholders' equity
$
104,688
$
100,500
$
94,225
Selected Asset Quality Measures
Nonaccrual loans
$
97
$
0
$
0
90+ days past due still accruing
$
0
$
0
$
11
Total nonperforming loans
$
97
$
0
$
11
Total nonperforming assets
$
97
$
0
$
11
Net charge offs (recoveries)
$
0
$
8
$
9
Nonperforming loans to assets
0.01
%
0.00
%
0.00
%
Nonperforming assets to total assets
0.01
%
0.00
%
0.00
%
Nonperforming assets to total loans and other real estate
0.01
%
0.00
%
0.00
%
Allowance for credit losses to total loans**
0.98
%
0.97
%
0.96
%
Net charge offs to average loans
0.00
%
0.00
%
0.00
%
Capital Ratios (Bank Subsidiary Only)
Tier 1 leverage
8.90
%
9.36
%
10.46
%
Common equity tier 1
13.35
%
13.64
%
15.17
%
Total risk-based capital
14.24
%
14.53
%
16.11
%
Selected Performance Ratios
Efficiency ratio
50.64
%
52.64
%
52.72
%
Return on average assets (ROA)
1.70
%
1.74
%
1.77
%
Return on average shareholders' equity (ROE)
21.32
%
21.24
%
19.29
%
Return on average tangible common equity (ROTCE)
21.32
%
21.24
%
19.29
%
Net interest margin
2.82
%
2.92
%
2.69
%
*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
September 30, 2025*
June 30, 2025*
September, 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
$
705,050
6.18
$
10,988
$
693,657
6.13
$
10,609
$
652,624
6.41
$
10,520
Loan fees
$
0
0.18
$
324
$
0
0.22
$
375
$
0
0.08
$
134
Loans with fees
$
705,050
6.36
$
11,312
$
693,657
6.35
$
10,984
652,624
6.49
$
10,654
Mortgage loans held for sale
$
0
0.00
$
0
$
0
0.00
$
0
$
0
0.00
$
0
Federal funds sold
$
3,688
4.35
$
41
$
2,385
3.98
$
24
$
8,367
5.28
$
113
Deposits with banks
$
47,042
4.37
$
518
$
30,373
4.29
$
325
$
35,784
5.43
$
488
Investment securities – taxable
$
464,406
4.92
$
5,710
$
427,467
4.97
$
5,308
$
273,488
4.92
$
3,361
Investment securities – tax-exempt
$
60,971
5.07
$
518
$
48,216
4.67
$
378
$
36,107
3.67
$
222
Total Earning Assets
$
1,281,157
5.70
$
18,099
$
1,202,098
5.74
$
17,019
$
1,006,370
5.92
$
14,838
Non interest earning assets
Allowance for loan losses
(6,749
)
(6,705
)
(6,224
)
Cash and due from banks
$
5,058
$
5,148
$
6,529
Premises and equipment
$
3,094
$
3,129
$
3,370
Accrued interest receivable
$
4,433
$
4,049
$
3,746
Other real estate
$
0
$
0
$
0
Other assets
$
39,656
$
39,926
$
34,150
Unrealized gain (loss) on inv. securities
(17,104
)
(18,427
)
(18,139
)
Total Assets
$
1,309,545
$
1,229,218
$
1,029,802
Interest bearing liabilities
Interest bearing demand
$
357,704
3.21
$
2,894
$
330,353
3.01
$
2,480
$
333,177
3.60
$
3,018
Savings and money market
$
261,382
2.74
$
1,807
$
256,265
2.72
$
1,740
$
195,751
3.60
$
1,773
Time deposits – retail
$
11,998
3.35
$
101
$
12,687
3.17
$
100
$
13,505
3.40
$
115
Time deposits – wholesale
$
381,887
4.06
$
3,908
$
319,443
4.27
$
3,398
$
226,673
4.85
$
2,761
Total interest bearing deposits
$
1,012,971
3.41
$
8,710
$
918,749
3.37
$
7,718
$
769,106
3.97
$
7,667
Federal Home Loan Bank advances
$
36,467
4.2
$
392
$
40,560
4.23
$
433
$
5,728
3.50
$
51
Subordinated debt
$
13,743
5.36
$
188
$
14,536
5.12
$
188
$
14,656
4.53
$
188
Other borrowings
$
5,593
4.23
$
21
$
11,190
4.55
$
108
$
24,011
4.22
$
259
Total borrowed funds
$
55,803
4.21
$
601
$
66,286
4.35
$
729
$
44,395
4.40
$
499
Total interest bearing liabilities
$
1,068,775
3.45
$
9,311
$
985,036
3.44
$
8,448
$
813,501
3.99
$
8,166
Net interest rate spread
2.25
$
8,788
2.30
$
8,571
1.93
$
6,672
Non-interest bearing deposits
$
127,953
$
138,929
$
118,216
Other liabilities
$
7,736
$
4,753
$
3,860
Shareholder's equity
$
104,688
$
100,500
$
94,225
Total Liabilities and Shareholder's Equity
$
1,309,152
$
1,229,218
$
1,029,802
Cost of funds
3.08
3.01
3.48
Net interest margin
2.82
2.92
2.69
*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:
Nine Months Ended
Nine Months Ended
September 30, 2025*
September 30, 2024*
Average Balances
Rates/ Yields (%)
Interest Income/ Expense
Average Balances
Rates/ Yields (%)
Interest Income/ Expense
Earning Assets
Loans
$
696,739
6.12
$
31,897
$
654,958
6.35
$
31,113
Loan fees
$
0
0.13
$
675
$
0
0.07
$
358
Loans with fees
$
696,739
6.25
$
32,572
$
654,958
6.42
$
31,471
Mortgage loans held for sale
$
0
0.00
$
0
$
0
0.00
$
0
Federal funds sold
$
3,128
4.18
$
99
$
5,377
5.22
$
214
Deposits with banks
$
35,788
4.29
$
1,174
$
27,765
5.42
$
1,126
Investment securities – taxable
$
394,960
4.86
$
14,389
$
258,878
4.58
$
8,892
Investment securities – tax-exempt
$
47,251
4.54
$
1,077
$
34,656
3.54
$
617
Total Earning Assets
$
1,177,866
5.65
$
49,311
$
981,634
5.8
$
42,320
Non interest earning assets
Allowance for loan losses
(6,691
)
(6,279
)
Cash and due from banks
$
5,527
$
6,220
Premises and equipment
$
3,157
$
2,446
Accrued interest receivable
$
4,033
$
3,733
Other real estate
$
0
$
0
Other assets
$
36,143
$
32,526
Unrealized gain (loss) on inv. securities
(17,598
)
(20,560
)
Total Assets
$
1,202,437
$
999,720
Interest bearing liabilities
Interest bearing demand
$
338,396
3.09
$
7,821
$
334,564
3.58
$
8,978
Savings and Money Market
$
249,101
2.7
$
5,033
$
177,950
3.52
$
4,694
Time deposits – Retail
$
12,547
3.38
$
317
$
14,646
3.41
$
374
Time Deposits – Wholesale
$
314,845
4.19
$
9,856
$
200,511
4.67
$
7,010
Total interest bearing deposits
$
914,889
3.37
$
23,028
$
727,671
3.87
$
21,056
Federal home Loan Bank advances
$
32,526
4.15
$
1,024
$
4,107
2.53
$
79
Subordinated debt
$
14,319
5.20
$
564
$
14,579
5.08
$
564
Other borrowings
$
8,583
3.03
$
180
$
37,299
4.43
$
1,204
Total borrowed funds
$
55,428
4.32
$
1,768
$
55,985
4.34
$
1,847
Total interest bearing liabilities
$
970,317
3.41
$
24,805
$
783,657
3.90
$
22,903
Net interest rate spread
2.24
$
24,506
1.90
$
19,417
Non-interest bearing deposits
$
127,070
$
120,343
Other liabilities
$
4,886
$
4,178
Shareholder's equity
$
100,164
$
91,542
Total Liabilities and Shareholder's Equity
$
1,202,437
$
999,720
Cost of funds
3.01
3.38
Net interest margin
2.84
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.
