Truxton Corporation Reports Third Quarter 2026 Results

Higher wealth revenue and net interest income accompanied a tax-credit benefit of approximately $645 thousand to quarterly earnings.

Rhea-AI Summary

Truxton (TRUX) reported third-quarter 2026 net income of $7.86 million, up from $5.63 million in the same quarter last year. Diluted earnings per share rose to $0.68 from $0.49. Net interest income before credit-loss provisions reached $10.117 million, versus $8.783 million a year earlier, while wealth management revenue increased to $6.564 million from $5.631 million. Renewable energy tax credits benefited quarterly net income by approximately $645 thousand.

Net interest margin rose to 3.13% from 3.10% in the prior quarter and 2.82% a year earlier. Quarter-end loans were $799 million, down 1% sequentially but up 11% year over year. Deposits were $1.121 billion, versus $1.124 billion in June and $1.159 billion a year earlier. Book value per share fell to $10.62 from $10.78 sequentially. Truxton completed a 4-for-1 stock split on August 28, 2026; comparative share data reflect the split.

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Positive

• Moderate pointThird-quarter net income rose to $7.86 million from $5.63 million a year earlier.
• Moderate pointYear-to-date net income reached $21.537 million, versus $16.001 million; diluted earnings rose to $1.87 from $1.44.
• Moderate pointThird-quarter wealth management revenue reached $6.564 million, versus $6.219 million sequentially and $5.631 million a year earlier.
• Moderate pointThird-quarter pre-provision net interest income reached $10.117 million, versus $10.062 million sequentially and $8.783 million a year earlier.
• Moderate pointThird-quarter net interest margin reached 3.13%, versus 3.10% sequentially and 2.82% a year earlier.
• Moderate pointThird-quarter efficiency ratio improved to 48.34%, versus 49.11% sequentially and 50.63% a year earlier.
• Moderate pointThird-quarter return on average assets rose to 2.28%, versus 2.00% sequentially and 1.71% a year earlier.
• Moderate pointThird-quarter return on average shareholders’ equity rose to 24.58%, versus 22.54% sequentially and 21.33% a year earlier.

8 minor points

• Minor pointThird-quarter diluted earnings reached $0.68 per share, versus $0.59 sequentially and $0.49 a year earlier.
• Minor pointRenewable energy tax credits benefited third-quarter net income by approximately $645 thousand through lower tax expense.
• Minor pointThird-quarter loan-loss provision was a $80 thousand reversal, versus a $266 thousand expense a year earlier.
• Minor pointNonperforming assets fell to $96 thousand, versus $141 thousand in June and $97 thousand a year earlier.
• Minor pointBank Tier 1 leverage ratio rose to 9.66%, versus 9.27% in June and 8.90% a year earlier.
• Minor pointBank common equity Tier 1 ratio rose to 14.54%, versus 14.02% in June and 13.35% a year earlier.
• Minor pointBank total risk-based capital ratio rose to 15.44%, versus 14.92% in June and 14.24% a year earlier.
• Minor pointFederal Reserve Bank borrowings fell to zero from $16 million in June.

Negative

• Moderate pointQuarter-end loans fell 1% sequentially to $799 million, although they rose 11% year over year.
• Moderate pointDeposits declined to $1.121 billion, versus $1.124 billion in June and $1.159 billion a year earlier.
• Moderate pointThird-quarter noninterest expense rose to $8.321 million, versus $8.233 million sequentially and $7.493 million a year earlier.
• Moderate pointFederal Home Loan Bank advances rose to $88 million, versus $86 million in June and $31 million a year earlier.
• Moderate pointAccumulated other comprehensive loss widened to $13.877 million, from $6.626 million in June and $7.228 million a year earlier.

5 minor points

• Minor pointFederal funds purchased reached $2.3 million, versus zero in June and a year earlier.
• Minor pointBook value per share fell to $10.62 from $10.78 sequentially, but exceeded $9.63 a year earlier.
• Minor pointLoan-loss allowance coverage was 0.92%, unchanged sequentially but below 0.98% a year earlier.
• Minor pointThird-quarter cost of funds rose to 2.79% from 2.76% sequentially, but declined from 3.08% a year earlier.
• Minor pointYear-to-date advisory revenue fell to $114 thousand from $1.029 million a year earlier.

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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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Truxton’s third-quarter 2026 earnings?

Truxton earned $7.86 million, or $0.68 per diluted share, in the quarter ended September 30, 2026. That compares with $5.63 million, or $0.49 per diluted share, in the same quarter of 2025. Historical per-share figures reflect the completed stock split.

When did Truxton’s 2026 stock split take effect, and what was the ratio?

Truxton completed a 4-for-1 stock split on August 28, 2026. Current and comparative share and per-share data have been adjusted to reflect the split.

Why did Truxton’s deposits decline year over year in September 2026?

Truxton attributed the year-over-year deposit decline to an $81 million decrease in wholesale deposits between September 30, 2025, and September 30, 2026.

How much did Truxton pay in dividends and share repurchases in the third quarter of 2026?

Truxton paid $0.22 per common share in dividends and repurchased 20,324 shares during the three months ended September 30, 2026. Repurchases totaled $519 thousand at an average price of $25.51 per share.