Truxton Corporation Reports Third Quarter 2025 Results

Rhea-AI Summary

Truxton Corporation (NASDAQ:TRUX) reported third quarter 2025 results for the period ended September 30, 2025. Net income attributable to common shareholders was $5.6 million or $1.95 diluted EPS, up 23% and 24% versus Q3 2024, respectively. Non-interest income was $6.0 million, while wealth revenue was $5.6 million (up 8% QoQ).

Loans rose to $721 million (+4% QoQ, +8% YoY) and total deposits increased to $1.16 billion (+11% QoQ, +30% YoY). Book value per share was $38.51 at quarter end. The company paid $2.50 per share in dividends YTD (including a $1.00 special) and repurchased 11,700 shares for $923,000. Tier 1 leverage ratio was 8.90% at September 30, 2025.

Positive

• Net income +23% YoY to $5.6M
• Diluted EPS +24% YoY to $1.95
• Total deposits +30% YoY to $1.16B
• Book value per share +15.6% YoY to $38.51
• Dividends paid $2.50 per share YTD (includes $1.00 special)
• Share repurchase 11,700 shares for $923k

Negative

• Tier 1 leverage ratio declined to 8.90% from 10.45% YoY
• Net interest margin fell 10 bps QoQ to 2.82%
• Cost of funds rose QoQ to 3.08% from 3.01%

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 3^rd 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.

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, 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.

FAQ

What were Truxton (TRUX) Q3 2025 net income and EPS?

Truxton reported $5.6 million net income and $1.95 diluted EPS for Q3 2025.

How much did Truxton (TRUX) deposits grow in Q3 2025?

Total deposits increased to $1.16 billion, up 11% QoQ and 30% YoY at September 30, 2025.

Did Truxton (TRUX) return capital to shareholders in 2025?

Yes; Truxton paid $2.50 per common share YTD (including a $1.00 special) and repurchased 11,700 shares for $923,000.

What happened to Truxton's (TRUX) capital ratios in Q3 2025?

Tier 1 leverage ratio was 8.90% at September 30, 2025, down from 10.45% a year earlier.

How did Truxton's (TRUX) loan balances change in Q3 2025?

Loans increased to $721 million, up 4% from June 30, 2025 and 8% YoY.