Truxton Corporation Reports Second Quarter 2025 Results

Core Insights - Truxton Corporation reported a strong second quarter for 2025, achieving a net income of $5.3 million, or $1.84 per diluted share, representing an 18% increase in net income and a 19% increase in earnings per share compared to the same quarter in 2024 [1][2][4]. Financial Performance - The second quarter earnings were 5% higher than the previous quarter and 19% higher than the same quarter last year, indicating robust growth [2]. - Non-interest income totaled $6.1 million, which was $240 thousand lower than the first quarter of 2025 but $604 thousand higher than the second quarter of 2024 [4]. - Wealth revenue was $5.2 million, down 2% from the first quarter of 2025 but flat compared to the second quarter of 2024 [4]. - Loans decreased by 1% to $692 million compared to $702 million at the end of the first quarter of 2025, but increased by 7% compared to $648 million at the end of the second quarter of 2024 [4]. - Total deposits rose by 2% from $1.03 billion at the end of the first quarter of 2025 to $1.05 billion at the end of the second quarter of 2025, and were 25% higher than $840 million at the end of the second quarter of 2024 [4]. Capital and Asset Quality - The net interest margin for the second quarter of 2025 was 2.92%, an increase of 2 basis points from the previous quarter and 17 basis points from the same quarter last year [4][12]. - The allowance for credit losses was $6.7 million, remaining stable compared to the previous quarter and slightly higher than $6.2 million a year ago [4]. - The Tier 1 leverage ratio was 9.36% at the end of the second quarter of 2025, down from 10.46% at the end of the first quarter of 2025 [4][12]. Shareholder Returns - Truxton Corporation paid dividends of $2.00 per common share during the first half of 2025, which included a special cash dividend of $1.00 [4]. - The company repurchased 11,700 shares of its common stock for $923 thousand, averaging $78.85 per share [4].