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Truxton Corporation Reports Fourth Quarter and Full Year 2025 Results

NASHVILLE, Tenn., Jan. 29, 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 and full year ended December 31, 2025. Fourth quarter net income attributable to common shareholders was $5.48 million, or $1.90 per diluted share, compared to $4.99 million, or $1.74 per diluted share, for the same quarter in 2024.

For the year ended December 31, 2025, net income increased by 17% to $21.5 million from $18.4 million in 2024. For the year ended December 31, 2025, earnings per diluted share rose to $7.46 from $6.34, an increase of 18% from 2024.

Key Highlights

  • Non-interest income was $5.9 million in the fourth quarter of 2025, which was $140 thousand lower than the third quarter of 2025 and $81 thousand over the fourth quarter of 2024. Excluding net losses on the sale of securities in each period of $413 thousand, $0, and $122 thousand, wealth revenue constituted 92% of non-interest income in the fourth quarter of 2025, compared to 94% for the third quarter of 2025 and to 89% for the fourth quarter of 2024.
  • Loans increased 13% to $814 million at year end compared to $721 million at September 30, 2025, and were up 21% compared to $670 million at December 31, 2024.
  • Total deposits increased by 7% from $1.16 billion at September 30, 2025, to $1.24 billion at December 31, 2025, and were 43% higher in comparison to $866 million at December 31, 2024. 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 fourth quarter of 2025 was 2.97%, an increase of 15 basis points from the 2.82% experienced in the quarter ended September 30, 2025, and an increase of 18 basis points from the 2.79% recorded in the quarter ended December 31, 2024. Cost of funds was 2.91% in the fourth quarter of 2025, down from 3.08% in each of the third quarter of 2025 and fourth quarter of 2024.
  • Asset quality remains sound at Truxton. The Bank had $106 thousand of non-performing assets at December 31, 2025. Provision for credit loss expense in the fourth quarter of 2025 included a $620 thousand reserve against one investment security held by the Bank.
  • Allowance for credit losses on loans, excluding that for unfunded commitments, was $7.4 million at quarter end December 31, 2025, compared to $7.0 million at September 30, 2025, and $6.4 million at December 31, 2024. For those three periods, such allowance amounts were 0.91%, 0.98%, 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 $741 thousand, $650 thousand, and $483 thousand, respectively.  
  • The Bank’s capital position remains strong. Its Tier 1 leverage ratio was 8.77% at December 31, 2025, compared to 8.90% at September 30, 2025, and 10.63% at December 31, 2024. Book value per common share was $40.55, $38.51, and $34.42 at December 31, 2025, September 30, 2025, and December 31, 2024, respectively.
  • During the twelve months ended December 31, 2025, Truxton Corporation paid dividends of $3.00 per common share, inclusive of a $1.00 special cash dividend, and repurchased 11,700 shares of its common stock for $923 thousand in the aggregate, or an average price of $78.91 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)
       
  December 31,
2025*
September 30,
2025*
December 31,
2024
ASSETS      
Cash and due from financial institutions $ 5,425   $ 4,575   $ 4,225  
Interest bearing deposits in other financial institutions   44,880     13,670     25,698  
Federal funds sold   6,795     4,369     4,054  
Cash and cash equivalents   57,100     22,614     33,977  
       
Time deposits in other financial institutions   -     -     245  
       
Securities available for sale   505,945     529,752     258,322  
Allowance for credit losses on securities   (620 )   -     -  
Securities available for sale, net   505,325     529,752     258,322  
       
Gross loans   813,554     720,735     669,982  
Allowance for credit losses on loans   (7,415 )   (7,035 )   (6,433 )
Net loans   806,139     713,700     663,549  
       
Bank owned life insurance   17,312     17,158     16,722  
Restricted equity securities   3,830     3,144     2,272  
Premises and equipment, net   2,919     3,005     3,293  
Accrued interest receivable   5,959     6,035     4,567  
Deferred tax asset, net   3,630     4,187     5,257  
Other assets   13,658     14,325     15,577  
       
Total assets $ 1,415,872   $ 1,313,920   $ 1,003,781  
       
       
LIABILITIES AND SHAREHOLDERS' EQUITY      
Deposits      
Non-interest bearing $ 142,268   $ 130,559   $ 126,016  
Interest bearing $ 1,097,738     1,028,154   $ 740,406  
Total deposits   1,240,006     1,158,713     866,422  
       
Swap counterparty cash collateral   930     620     4,230  
Federal Home Loan Bank advances   46,000     31,000     8,250  
Subordinated debt   -     -     14,426  
Other liabilities   12,292     12,790     11,747  
Total liabilities   1,299,228     1,203,123     905,075  
       
SHAREHOLDERS' EQUITY      
Common stock, $0.10 par value $ 287   $ 284   $ 286  
Additional paid-in capital   29,610     29,217     28,945  
Retained earnings   71,084     72,523     61,316  
Accumulated other comprehensive income (loss)   (5,821 )   (7,228 )   (10,252 )
Net Income $ 21,484   $ 16,001   $ 18,411  
Total shareholders' equity   116,644     110,797     98,706  
       
Total liabilities and shareholders' equity $ 1,415,872   $ 1,313,920   $ 1,003,781  
       
*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
  December 31,
2025*
  September 30,
2025*
  December 31,
2024*
  December 31,
2025*
  December 31,
2024
Non-interest income                    
Wealth management services $ 5,811     $ 5,631     $ 5,242     $ 21,988     $ 20,597  
Capital advisory fees   15       15       70       1,045       191  
Service charges on deposit accounts   91       33       85       343       360  
Securities gains (losses), net   (413 )     0       (122 )     (413 )     (335 )
Bank owned life insurance income   154       150       124       590       333  
Other   213       183       321       855       973  
Total non-interest income   5,871       6,011       5,720       24,408       22,119  
                     
Interest income                    
Loans, including fees $ 11,959     $ 11,312     $ 10,354     $ 44,531     $ 41,721  
Taxable securities   5,727       5,710       3,039       20,116       11,932  
Tax-exempt securities   608       518       217       1,685       834  
Interest bearing deposits   256       518       348       1,415       1,475  
Federal funds sold   34       41       75       133       288  
Total interest income   18,584       18,099       14,033       67,880       56,250  
                     
Interest expense                    
Deposits   8,650       8,710       6,798       31,678       27,854  
Short-term borrowings   12       21       90       200       1,294  
Long-term borrowings   385       392       85       1,409       164  
Subordinated debentures   -       188       188       565       752  
Total interest expense   9,047       9,311       7,161       33,852       30,064  
                     
Net interest income   9,537       8,788       6,872       34,028       26,186  
                     
Provision for credit losses   1,092       266       145       1,869       217  
                     
Net interest income after provision for credit losses   8,445       8,522       6,727       32,159       25,969  
                     
Total revenue, net   14,316       14,533       12,447       56,567       48,088  
                     
Non interest expense                    
Salaries and employee benefits   4,865       5,121       4,635       20,685       16,652  
Occupancy   330       325       326       1,343       1,578  
Furniture and equipment   107       107       107       429       300  
Data processing   754       520       282       2,095       1,763  
Wealth management processing fees   173       212       195       813       838  
Advertising and public relations   121       38       96       291       206  
Professional services   87       360       247       976       1,337  
FDIC insurance assessments   434       274       33       966       423  
Other   814       538       291       2,251       2,024  
Total non interest expense   7,685       7,495       6,212       29,849       25,121  
                     
Income before income taxes   6,631       7,038       6,235       26,718       22,967  
                     
Income tax expense   1,148       1,412       1,242       5,234       4,556  
                     
Net income $ 5,483     $ 5,626     $ 4,993     $ 21,484     $ 18,411  
                     
Earnings per share:                    
Basic $1.91     $1.96     $1.74     $7.46     $6.35  
Diluted $1.90     $1.95     $1.74     $7.46     $6.34  
*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)
       
  December 31,
2025*
September 30,
2025*
December 31,
2024*
       
Per Common Share Data      
Net income attributable to common shareholders, per share      
Basic $1.91 $1.96 $1.96
Diluted $1.90 $1.95 $1.95
Book value per common share $40.55 $38.51 $34.42
Tangible book value per common share $40.55 $38.51 $34.42
Basic weighted average common shares 2,803,013 2,800,941 2,787,805
Diluted weighted average common shares 2,805,015 2,803,983 2,792,363
Common shares outstanding at period end 2,876,752 2,876,834 2,867,850
       
       
Selected Balance Sheet Data      
Tangible common equity (TCE) ratio 8.24% 8.43% 9.83%
Average Loans $755,332 $705,050 $667,957
Average earning assets (1) $1,323,048 $1,281,157 $998,861
Average total assets $1,357,750 $1,309,545 $1,025,415
Average shareholders' equity $114,010 $104,688 $97,026
       
       
Selected Asset Quality Measures      
Nonaccrual loans $96 $97 $0
90+ days past due still accruing $10 $0 $11
Total nonperforming loans $106 $97 $11
Total nonperforming assets $106 $97 $11
Net charge offs (recoveries) $1 $0 $4
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% 0.98% 0.91%
Net charge offs to average loans 0.00% 0.00% 0.00%
       
       
Capital Ratios (Bank Subsidiary Only)      
Tier 1 leverage 8.77% 8.90% 10.63%
Common equity tier 1 12.93% 13.35% 15.19%
Total risk-based capital 13.81% 14.24% 16.15%
       
Selected Performance Ratios      
Efficiency ratio 47.68% 50.64% 48.45%
Return on average assets (ROA) 1.60% 1.70% 1.94%
Return on average shareholders' equity (ROE) 19.08% 21.32% 20.47%
Return on average tangible common equity (ROTCE) 19.08% 21.32% 20.47%
Net interest margin 2.97% 2.82% 2.79%
       
*Some 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
  December 31,  2025*
  September 30, 2025*
  December 31,  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 $755,332   6.11 $11,640   $705,050   6.18 $10,988   $667,957   6.08 $10,215
Loan fees $0   0.17 $319   $0   0.18 $324   $0   0.09 $146
Loans with fees $755,332   6.28 $11,959   $705,050   6.36 $11,312     667,957   6.17 $10,361
                       
Federal funds sold $3,551   3.77 $34   $3,688   4.35 $41   $6,232   4.71 $75
Deposits with banks $29,736   3.42 $256   $47,042   4.37 $518   $28,570   4.85 $348
Investment securities - taxable $466,611   4.91 $5,727   $464,406   4.92 $5,710   $260,605   4.66 $3,039
Investment securities - tax-exempt $67,818   5.35 $607   $60,971   5.07 $518   $35,497   3.65 $217
Total Earning Assets $1,323,048   5.68 $18,583   $1,281,157   5.70 $18,099   $998,861   5.64 $14,040
Non interest earning assets                      
Allowance for credit losses   (7,236 )         (6,749 )         (6,359 )    
Cash and due from banks $5,845         $5,058         $5,985      
Premises and equipment $2,979         $3,094         $3,305      
Accrued interest receivable $4,527         $4,433         $3,721      
Other real estate $0         $0         $0      
Other assets $38,786         $39,656         $36,453      
Unrealized gain (loss) on inv. securities   (10,199 )         (17,104 )         (16,551 )    
Total Assets $1,357,750         $1,309,545         $1,025,415      
Interest bearing liabilities                      
Interest bearing demand $347,572   3.06 $2,677   $357,704   3.21 $2,894   $329,625   3.26 $2,703
Savings and money market $263,705   2.59 $1,722   $261,382   2.74 $1,807   $200,257   2.83 $1,427
Time deposits - retail $10,276   3.22 $84   $11,998   3.35 $101   $13,170   3.39 $112
Time deposits - wholesale $423,966   3.90 $4,167   $381,887   4.06 $3,908   $228,144   4.46 $2,556
Total interest bearing deposits $1,045,519   3.28 $8,650   $1,012,971   3.41 $8,710   $771,196   3.51 $6,798
Federal Home Loan Bank advances $38,554   3.91 $385   $36,467   4.2 $392   $9,554   3.48 $85
Subordinated debt $0   0.00 $0   $13,743   5.36 $188   $14,520   5.08 $188
Other borrowings $4,470   1.01 $12   $5,593   4.23 $21   $12,369   4.04 $90
Total borrowed funds $43,024   3.61 $397   $55,803   4.21 $601   $36,443   3.90 $363
Total interest bearing liabilities $1,088,543   3.30 $9,047   $1,068,775   3.45 $9,311   $807,639   3.52 $7,161
Net interest rate spread   2.38 $9,536     2.25 $8,788     2.12 $6,879
Non-interest bearing deposits $145,936         $127,953         $115,593      
Other liabilities $9,261         $7,736         $5,157      
Shareholder's equity $114,010         $104,688         $97,026      
Total Liabilities and Shareholder's Equity $1,357,750         $1,309,152         $1,025,415      
Cost of funds   2.91       3.08       3.08  
Net interest margin   2.97       2.82       2.79  
                       
*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:
  Twelve Months Ended   Twelve Months Ended
  December  31, 2025*   December  31, 2024*
  Average
Balances
Rates/
Yields
(%)
Interest
Income/
Expense
  Average
Balances
Rates/
Yields
(%)
Interest
Income/
Expense
               
Earning Assets              
Loans $710,328   6.13 $43,537   $658,226   6.28 $41,328
Loan fees $0   0.14 $994   $0   0.08 $504
Loans with fees $710,328   6.27 $44,531   $658,226   6.36 $41,832
               
Federal funds sold $3,235   4.07 $133   $5,592   5.08 $289
Deposits with banks $34,262   4.13 $1,415   $27,967   5.27 $1,475
Investment securities - taxable $413,020   4.87 $20,116   $259,313   4.6 $11,931
Investment securities - tax-exempt $52,435   4.79 $1,685   $34,867   3.57 $834
Total Earning Assets $1,213,280   5.66 $67,880   $985,965   5.76 $56,361
Non interest earning assets              
Allowance for credit losses   (6,828 )         (6,299 )    
Cash and due from banks $8,303         $6,161      
Premises and equipment $3,112         $2,662      
Accrued interest receivable $4,157         $3,730      
Other real estate $0         $0      
Other assets $47,791         $33,513      
Unrealized gain (loss) on inv. securities   (15,733 )         (19,553 )    
Total Assets $1,254,082         $1,006,179      
Interest bearing liabilities              
Interest bearing demand $340,709   3.08 $10,498   $333,322   3.5 $11,681
Savings and Money Market $252,782   2.67 $6,755   $183,557   3.33 $6,121
Time deposits - Retail $11,974   3.35 $401   $14,275   3.41 $486
Time Deposits - Wholesale $342,349   4.1 $14,024   $207,457   4.61 $9,566
Total interest bearing deposits $947,814   3.34 $31,678   $738,611   3.77 $27,854
Federal home Loan Bank advances $34,045   4.08 $1,409   $5,476   2.95 $164
Subordinated debt $10,703   5.21 $565   $14,565   5.08 $752
Other borrowings $7,640   2.49 $200   $31,032   4.41 $1,294
Total borrowed funds $52,388   4.09 $2,174   $51,073   4.26 $2,210
Total interest bearing liabilities $1,000,202   3.88 $33,852   $789,685   3.80 $30,064
Net interest rate spread   2.28 $34,028     1.95 $26,297
Non-interest bearing deposits $134,756         $119,150      
Other liabilities $6,723         $4,424      
Shareholder's equity $112,615         $92,920      
Total Liabilities and Shareholder's Equity $1,254,296         $1,006,179      
Cost of funds   2.98       3.30  
Net interest margin   2.88       2.71  
               
*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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