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TRUXTON CORP
Symbol	TRUX
Recent Sedar+ Documents

Truxton Corporation Reports Third Quarter 2026 Results

2026-10-29 09:00 ET - News Release

NASHVILLE, Tenn., Oct. 29, 2026 (GLOBE NEWSWIRE) -- Truxton Corporation, the parent company of Truxton Trust Company (“Truxton” or “the Bank”) and its subsidiaries, announced its operating results for the quarter ended September 30, 2026. Third-quarter net income attributable to common shareholders was $7.86 million, or $0.68 per diluted share, compared to $5.63 million, or $0.49 per diluted share, for the same quarter in 2025. Truxton completed a 4-for-1 stock split on August 28, 2026. Accordingly, all share and per share data in current and comparable periods have been adjusted to reflect the split.

Key Highlights

Non-interest income was $7.1 million in the third quarter of 2026, which was $395 thousand higher than the second quarter of 2026 and $1.08 million higher than the third quarter of 2025. Wealth revenue in the third quarter of 2026 was $6.6 million, up 6% from $6.2 million in the prior quarter and up 17% from $5.6 million in the same period in the prior year.
Net interest income, pre-provision, was $10.1 million in the third quarter and second quarter of 2026 and was up 15% from $8.8 million in the third quarter of 2025.
The purchase of a renewable energy tax credit for the 2022, 2023 and 2025 tax years benefited net income by approximately $645 thousand in the quarter ended September 30, 2026, by lowering tax expense.
Loans decreased 1% to $799 million at quarter end compared to $804 million at June 30, 2026, and were up 11% compared to $720 million at September 30, 2025. Quarterly average loan balances were $803 million for the third quarter and second quarter of 2026 and up 14% from $704 million in the third quarter of 2025.
Total deposits remained the same from June 30, 2026 to September 30, 2026 at $1.12 billion, and were 3% lower in comparison to $1.16 billion at September 30, 2025. This decline was caused by a decrease of $81 million in wholesale deposits from September 30, 2025 to September 30, 2026.
Net interest margin for the third quarter of 2026 was 3.13%, an increase of 3 basis points from the 3.10% experienced in the quarter ended June 30, 2026, and an increase of 31 basis points from the 2.82% recorded in the quarter ended September 30, 2025. Cost of funds was 2.79% in the third quarter of 2026, up from 2.76% for the quarter ended June 30, 2026, and down from 3.08% for the quarter ended September 30, 2025.
Asset quality remains sound at Truxton. The Bank had $96 thousand of non-performing assets at September 30, 2026, compared to $141 thousand at June 30, 2026, and $97 thousand at September 30, 2025.
Allowance for credit losses on loans, excluding that for unfunded commitments, was $7.3 million at quarter end September 30, 2026, compared to $7.4 million at June 30, 2026, and $7.0 million at September 30, 2025. For those three periods, such allowance amounts were 0.92%, 0.92%, and 0.98% of gross loans outstanding at the respective period end. For the same three periods, the Bank’s allowance for unfunded commitments was $797 thousand, $814 thousand, and $650 thousand, respectively.
The Bank’s capital position remains strong. Its Tier 1 leverage ratio was 9.66% at September 30, 2026, compared to 9.27% at June 30, 2026, and 8.90% at September 30, 2025. Book value per common share was $10.62, $10.78, and $9.63 at September 30, 2026, June 30, 2026, and September 30, 2025, respectively.
During the three months ended September 30, 2026, Truxton Corporation paid dividends of $0.22 per common share, and repurchased 20,324 shares of its common stock for $519 thousand in the aggregate, or an average price of $25.51 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)

	September 30, 2026*			June 30, 2026*			September 30, 2025*
ASSETS
Cash and due from financial institutions	$	5,407		$	5,269		$	4,597
Restricted cash		1,270			400			880
Interest-bearing deposits in other financial institutions		4,031			10,961			12,790
Federal funds sold		1,508			1,500			4,369
Cash and cash equivalents		12,216			18,130			22,636


Available-for-sale securities		485,648			492,163			529,752
Allowance for credit losses on securities		(342	)		(342	)		-
Available-for-sale securities, net		485,306			491,821			529,752

Loans		798,585			803,705			719,842
Allowance for credit losses on loans		(7,323	)		(7,386	)		(7,035	)
Net loans		791,262			796,319			712,807

Bank owned life insurance		17,777			17,619			17,158
Restricted equity securities		6,097			5,994			3,144
Premises and equipment, net		2,525			2,664			3,005
Accrued interest receivable		5,963			5,967			6,035
Deferred tax asset, net		6,822			3,915			4,187
Other assets		22,487			23,990			14,325

Total assets	$	1,350,455		$	1,366,419		$	1,313,049


LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Noninterest-bearing	$	134,705		$	143,625		$	134,017
Interest-bearing		986,455			980,520			1,024,696
Total deposits		1,121,160			1,124,145			1,158,713

Federal funds purchased		2,300			-			-
Federal Home Loan Bank advances		88,000			86,000			31,000
Federal Reserve Bank borrowings		-			16,000			-
Other liabilities		16,476			15,739			12,539
Total liabilities		1,227,936			1,241,884			1,202,252

Shareholders' equity
Common stock, $0.10 par value		1,153			287			284
Additional paid-in capital		28,760			29,716			29,217
Retained earnings		106,483			101,158			88,524
Accumulated other comprehensive loss		(13,877	)		(6,626	)		(7,228	)
Total shareholders' equity		122,519			124,535			110,797

Total liabilities and shareholders' equity	$	1,350,455		$	1,366,419		$	1,313,049

*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, 2026*			June 30, 2026*			September 30, 2025*		September 30, 2026*			September 30, 2025*
Noninterest income
Wealth management services	$	6,564		$	6,219		$	5,631	$	18,794		$	16,177
Advisory services		42			57			15		114			1,029
Service charges on deposit accounts		89			85			88		265			251
Bank owned life insurance income		157			155			149		464			436
Other		244			185			133		541			645
Total noninterest income		7,096			6,701			6,016		20,178			18,538

Interest income
Loans, including fees		12,664			12,346			11,312		37,463			32,572
Taxable securities		5,291			5,400			5,710		16,218			14,389
Tax-exempt securities		614			607			518		1,816			1,077
Interest-bearing deposits in other financial institutions		181			252			513		637			1,159
Federal funds sold		46			41			41		143			99
Total interest income		18,796			18,646			18,094		56,277			49,296

Interest expense
Deposits		7,868			7,924			8,710		23,733			23,028
Subordinated debentures and other		-			-			189		-			565
Short-term borrowings		71			28			20		108			188
Long-term borrowings		740			632			392		1,838			1,024
Total interest expense		8,679			8,584			9,311		25,679			24,805

Net interest income		10,117			10,062			8,783		30,598			24,491

Provision for credit losses on available-for-sale securities		-			(278	)		-		(278	)		-
Provision for credit losses on loans		(80	)		201			266		(35	)		776

Net interest income after provision for credit losses		10,197			10,139			8,517		30,911			23,715

Total revenue, net		17,293			16,840			14,533		51,089			42,253

Noninterest expense
Compensation and employee benefits		6,196			5,546			5,121		17,619			15,821
Occupancy		341			362			325		1,040			1,012
Furniture and equipment		107			108			107		322			322
Data processing		409			608			519		1,611			1,341
Wealth management processing fees		192			211			211		616			640
Advertising and public relations		46			48			38		135			170
Professional services		248			271			361		756			889
FDIC insurance assessments		225			465			274		1,045			532
Other		557			614			537		1,776			1,439
Total noninterest expense		8,321			8,233			7,493		24,920			22,166

Income before income taxes		8,972			8,607			7,040		26,169			20,087

Income tax expense		1,109			1,731			1,411		4,632			4,086

Net income	$	7,863		$	6,876		$	5,629	$	21,537		$	16,001

Earnings per share**:
Basic	$	0.68		$	0.60		$	0.49	$	1.87		$	1.44
Diluted	$	0.68		$	0.59		$	0.49	$	1.87		$	1.44
The information is preliminary, unaudited and based on company data available at the time of presentation. *Historical earnings per share is adjusted retrospectively to reflect the 4-for-1 stock split effective August 28, 2026.

Truxton Corporation
Selected Quarterly Financial Data
At Or For The Three Months Ended
(000's)
(Unaudited)

	September 30, 2026*	June 30, 2026*	September 30, 2025*

Per Common Share Data
Net income attributable to common shareholders, per share:
Basic	$0.68	$0.60	$0.49
Diluted	$0.68	$0.59	$0.49
Book value per common share	$10.62	$10.78	$9.63
Tangible book value per common share	$10.62	$10.78	$9.63
Basic weighted average common shares	11,220,122	11,266,726	11,203,764
Diluted weighted average common shares	11,228,247	11,272,753	11,215,931
Common shares outstanding at period end	11,534,908	11,555,336	11,507,336


Selected Balance Sheet Data
Tangible common equity ratio	9.07%	9.11%	8.44%
Average Loans	$803,068	$803,039	$703,823
Average earning assets (1)	$1,327,804	$1,338,849	$1,279,930
Average total assets	$1,365,948	$1,376,052	$1,309,545
Average shareholders' equity	$126,897	$122,335	$104,688


Selected Asset Quality Measures
Nonaccrual loans	$84	$87	$97
90+ days past due still accruing	$12	$54	$0
Total nonperforming loans	$96	$141	$97
Total nonperforming assets	$96	$141	$97
Net charge offs (recoveries)	$1	$2	$0
Nonperforming loans to assets	0.01%	0.01%	0.01%
Nonperforming assets to total assets	0.01%	0.01%	0.01%
Nonperforming assets to total loans and other real estate	0.01%	0.02%	0.01%
Allowance for credit losses to total loans	0.92%	0.92%	0.98%
Net charge offs to average loans	0.00%	0.00%	0.00%


Capital Ratios (Bank Subsidiary Only)
Tier 1 leverage	9.66%	9.27%	8.90%
Common equity tier 1	14.54%	14.02%	13.35%
Total risk-based capital	15.44%	14.92%	14.24%

Selected Performance Ratios
Efficiency ratio	48.34%	49.11%	50.63%
Return on average assets	2.28%	2.00%	1.71%
Return on average shareholders' equity	24.58%	22.54%	21.33%
Return on average tangible common equity	24.58%	22.54%	21.33%
Net interest margin	3.13%	3.10%	2.82%

*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 September 30, 2026*			Three Months Ended June 30, 2026*			Three Months Ended September 30, 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	$803,068	6.16	$12,460	$803,039	6.04	$12,091	$703,823	6.19	$10,988
Loan fees	$0	0.10	$204	$0	0.13	$255	$0	0.18	$324
Loans, including fees	$803,068	6.26	$12,664	$803,039	6.17	$12,346	$703,823	6.37	$11,312
Taxable securities	$432,504	4.89	$5,291	$436,307	4.95	$5,400	$464,406	4.92	$5,710
Tax-exempt securities	$67,221	5.45	$614	$67,101	5.40	$607	$60,971	5.07	$518
Interest-bearing deposits in other financial institutions	$20,099	3.56	$181	$28,022	3.61	$252	$47,042	4.33	$513
Federal funds sold	$4,912	3.63	$46	$4,380	3.68	$41	$3,688	4.35	$41
Total earning assets	$1,327,804	5.72	$18,796	$1,338,849	5.67	$18,646	$1,279,930	5.70	$18,094
Noninterest earning assets
Allowance for credit losses	($7,751)			($7,944)			($6,749)
Cash and due from financial institutions	$6,656			$5,383			$5,058
Premises and equipment	$2,609			$2,743			$3,094
Accrued interest receivable	$4,577			$4,363			$4,433
Other assets	$46,052			$44,387			$40,883
Unrealized loss on investment securities	($13,999)			($11,729)			($17,104)
Total assets	$1,365,948			$1,376,052			$1,309,545
Interest-bearing liabilities
Interest-bearing demand	$400,561	2.88	$2,904	$384,078	2.82	$2,699	$357,704	3.21	$2,894
Savings and money market	$283,304	2.48	$1,772	$279,119	2.48	$1,729	$261,382	2.74	$1,807
Time deposits - retail	$12,102	3.23	$98	$8,812	3.23	$71	$11,998	3.35	$101
Time deposits - wholesale	$311,638	3.94	$3,094	$356,978	3.85	$3,425	$381,887	4.06	$3,908
Total interest-bearing deposits	$1,007,605	3.10	$7,868	$1,028,987	3.09	$7,924	$1,012,971	3.41	$8,710
Subordinated debentures and other	$0	0.00	$0	$0	0.00	$0	$13,743	5.36	$189
Short-term borrowings	$10,141	2.75	$71	$7,364	1.48	$28	$5,614	4.23	$20
Long-term borrowings	$77,120	3.76	$740	$67,319	3.72	$632	$36,467	4.20	$392
Total borrowed funds	$87,261	3.64	$811	$74,683	3.50	$660	$55,824	4.21	$601
Total interest-bearing liabilities	$1,094,866	3.14	$8,679	$1,103,670	3.12	$8,584	$1,068,795	3.45	$9,311
Net interest rate spread		2.58	$10,117		2.55	$10,062		2.25	$8,783
Non-interest bearing deposits	$139,238			$141,300			$127,953
Other liabilities	$4,947			$8,747			$8,109
Shareholders' equity	$126,897			$122,335			$104,688
Total liabilities and shareholders' equity	$1,365,948			$1,376,052			$1,309,545
Cost of funds		2.79			2.76			3.08
Net interest margin		3.13			3.10			2.82

*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. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. 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, 2026*			September 30, 2025*
	Average Balances	Rates / Yields (%)	Interest Income / Expense	Average Balances	Rates / Yields (%)	Interest Income / Expense

Earning assets
Loans	$809,801	6.07	$36,738	$695,162	6.13	$31,705
Loan fees	$0	0.12	$725	$0	0.13	$867
Loans, including fees	$809,801	6.19	$37,463	$695,162	6.26	$32,572
Taxable securities	$436,437	4.95	$16,218	$394,960	4.86	$14,389
Tax-exempt securities	$66,707	5.42	$1,816	$47,251	4.54	$1,077
Interest-bearing deposits in other financial institutions	$22,890	3.72	$637	$35,788	4.33	$1,159
Federal funds sold	$5,189	3.65	$143	$3,128	4.18	$99
Total earning assets	$1,341,024	5.69	$56,277	$1,176,289	5.66	$49,296
Noninterest earning assets
Allowance for credit losses	($7,943)			($6,691)
Cash and due from financial institutions	$6,231			$9,132
Premises and equipment	$2,740			$3,157
Accrued interest receivable	$4,461			$4,033
Other assets	$43,001			$50,825
Unrealized loss on investment securities	($11,466)			($17,598)
Total assets	$1,378,048			$1,219,147
Interest-bearing liabilities
Interest-bearing demand	$386,458	2.83	$8,169	$338,396	3.09	$7,821
Savings and money market	$272,986	2.47	$5,036	$249,101	2.70	$5,033
Time deposits - retail	$10,130	3.20	$242	$12,547	3.38	$317
Time deposits - wholesale	$363,330	3.79	$10,286	$314,845	4.19	$9,857
Total interest-bearing deposits	$1,032,904	3.07	$23,733	$914,889	3.37	$23,028
Subordinated debentures and other	$0	0.00	$0	$14,319	5.20	$565
Short-term borrowings	$7,601	1.88	$108	$8,727	4.31	$188
Long-term borrowings	$64,839	3.74	$1,838	$32,525	4.15	$1,024
Total borrowed funds	$72,440	3.54	$1,946	$55,571	4.22	$1,777
Total interest-bearing liabilities	$1,105,344	3.10	$25,679	$970,460	3.41	$24,805
Net interest rate spread		2.59	$30,598		2.24	$24,491
Non-interest bearing deposits	$142,661			$130,989
Other liabilities	$7,104			$5,552
Shareholders' equity	$122,939			$112,146
Total liabilities and shareholders' equity	$1,378,048			$1,219,147
Cost of funds		2.75			3.01
Net interest margin		3.14			2.84

*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. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. 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.