Truxton Corporation Reports Second Quarter 2026 Results
NASHVILLE, Tenn., July 30, 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 ended June 30, 2026. Second quarter net income attributable to common shareholders was $6.88 million, or $2.38 per diluted share, compared to $5.32 million, or $1.84 per diluted share, for the same quarter in 2025.
Key Highlights
- Non-interest income was $6.7 million in the second quarter of 2026, which was $351 thousand higher than the first quarter of 2026 and $560 thousand higher than the second quarter of 2025, which included a significant capital advisory fee. Wealth revenue in the second quarter of 2026 was $6.2 million, up 3% from $6.0 million in the prior quarter and up 19% from $5.2 million in the same period in the prior year.
- Net interest income, pre-provision, was $10.1 million in the second quarter of 2026, down 3% from $10.4 million in the first quarter of 2026 and up 19% from $8.5 million in the second quarter of 2025.
- Loans decreased 1% to $804 million at quarter end compared to $808 million at March 31, 2026, and were up 16% compared to $691 million at June 30, 2025. Quarterly average loan balances were $803 million for the second quarter of 2026, down 2% from $824 million in the first quarter of 2026 and up 16% from $692 million in the second quarter of 2025.
- Total deposits decreased by 5% from $1.18 billion at March 31, 2026 to $1.12 billion at June 30, 2026, and were 7% higher in comparison to $1.05 billion at June 30, 2025. This decline was caused by a decrease of $94 million in wholesale deposits from March 31, 2026, to June 30, 2026.
- Net interest margin for the second quarter of 2026 was 3.10%, a decrease of 8 basis points from the 3.18% experienced in the quarter ended March 31, 2026, and an increase of 21 basis points from the 2.89% recorded in the quarter ended June 30, 2025. Cost of funds was 2.76% in the second quarter of 2026, up from 2.70% for the quarter ended March 31, 2026, and down from 3.01% for the quarter ended June 30, 2025.
- Asset quality remains sound at Truxton. The Bank had $116 thousand of non-performing assets at June 30, 2026 compared to $120 thousand at March 31, 2026 and $0 at June 30, 2025.
- Allowance for credit losses on loans, excluding that for unfunded commitments, was $7.4 million at quarter end June 30, 2026, compared to $7.4 million at March 31, 2026, and $6.7 million at June 30, 2025. For those three periods, such allowance amounts were 0.92%, 0.91%, and 0.97% of gross loans outstanding at the respective period end. For the same three periods, the Bank’s allowance for unfunded commitments was $814 thousand, $629 thousand, and $729 thousand, respectively.
- The Bank’s capital position remains strong. Its Tier 1 leverage ratio was 9.27% at June 30, 2026, compared to 8.85% at March 31, 2026, and 9.36% at June 30, 2025. Book value per common share was $43.11, $41.36, and $35.75 at June 30, 2026, March 31, 2026, and June 30, 2025, respectively.
- During the three months ended June 30, 2026, Truxton Corporation paid dividends of $0.88 per common share, and repurchased 1,100 shares of its common stock for $106 thousand in the aggregate, or an average price of $96.00 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 | Media Relations |
| Austin Branstetter | Swan Burrus |
| 615-250-0783 | 615-250-0773 |
| austin.branstetter@truxtontrust.com | swan.burrus@truxtontrust.com |
| Truxton Corporation | |||||||||
| Consolidated Balance Sheets | |||||||||
| (000’s) | |||||||||
| (Unaudited) | |||||||||
| June 30, 2026* | March 31, 2026* | June 30, 2025* | |||||||
| ASSETS | |||||||||
| Cash and due from financial institutions | $ | 5,269 | $ | 5,054 | $ | 5,821 | |||
| Restricted cash | 400 | 770 | 880 | ||||||
| Interest-bearing deposits in other financial institutions | 10,961 | 19,114 | 19,312 | ||||||
| Federal funds sold | 1,500 | 4,540 | 64 | ||||||
| Cash and cash equivalents | 18,130 | 29,478 | 26,077 | ||||||
| Time deposits in other financial institutions | – | – | 245 | ||||||
| Available-for-sale securities | 492,163 | 493,948 | 492,758 | ||||||
| Allowance for credit losses on securities | (342 | ) | (620 | ) | – | ||||
| Available-for-sale securities, net | 491,821 | 493,328 | 492,758 | ||||||
| Loans | 803,705 | 807,765 | 690,840 | ||||||
| Allowance for credit losses on loans | (7,386 | ) | (7,369 | ) | (6,689 | ) | |||
| Net loans | 796,319 | 800,396 | 684,151 | ||||||
| Bank owned life insurance | 17,619 | 17,464 | 17,009 | ||||||
| Restricted equity securities | 5,994 | 4,292 | 4,977 | ||||||
| Premises and equipment, net | 2,664 | 2,790 | 3,091 | ||||||
| Accrued interest receivable | 5,967 | 5,792 | 5,574 | ||||||
| Deferred tax asset, net | 3,915 | 4,074 | 5,389 | ||||||
| Other assets | 23,990 | 13,643 | 16,191 | ||||||
| Total assets | $ | 1,366,419 | $ | 1,371,257 | $ | 1,255,462 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||
| Deposits | |||||||||
| Noninterest-bearing | $ | 136,136 | $ | 142,061 | $ | 129,228 | |||
| Interest-bearing | 988,009 | 1,042,006 | 919,238 | ||||||
| Total deposits | 1,124,145 | 1,184,067 | 1,048,466 | ||||||
| Federal Home Loan Bank advances | 86,000 | 56,096 | 72,000 | ||||||
| Federal Reserve Bank borrowings | 16,000 | – | 4,324 | ||||||
| Subordinated debentures | – | – | 14,638 | ||||||
| Other liabilities | 15,739 | 11,658 | 13,184 | ||||||
| Total liabilities | 1,241,884 | 1,251,821 | 1,152,612 | ||||||
| Shareholders’ equity | |||||||||
| Common stock, $0.10 par value | 287 | 287 | 284 | ||||||
| Additional paid-in capital | 29,716 | 29,401 | 28,857 | ||||||
| Retained earnings | 101,158 | 96,825 | 84,335 | ||||||
| Accumulated other comprehensive loss | (6,626 | ) | (7,077 | ) | (10,626 | ) | |||
| Total shareholders’ equity | 124,535 | 119,436 | 102,850 | ||||||
| Total liabilities and shareholders’ equity | $ | 1,366,419 | $ | 1,371,257 | $ | 1,255,462 | |||
| *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 | |||||||||||||||||
| June 30, 2026* | March 31, 2026* | June 30, 2025* | June 30, 2026* | June 30, 2025* | ||||||||||||||
| Noninterest income | ||||||||||||||||||
| Wealth management services | $ | 6,219 | $ | 6,011 | $ | 5,208 | $ | 12,230 | $ | 10,546 | ||||||||
| Advisory services | 57 | 15 | 459 | 72 | 1,014 | |||||||||||||
| Service charges on deposit accounts | 85 | 91 | 92 | 176 | 163 | |||||||||||||
| Bank owned life insurance income | 155 | 152 | 146 | 307 | 287 | |||||||||||||
| Other | 185 | 112 | 236 | 297 | 512 | |||||||||||||
| Total noninterest income | 6,701 | 6,381 | 6,141 | 13,082 | 12,522 | |||||||||||||
| Interest income | ||||||||||||||||||
| Loans, including fees | 12,346 | 12,453 | 10,882 | 24,799 | 21,260 | |||||||||||||
| Taxable securities | 5,400 | 5,527 | 5,308 | 10,927 | 8,679 | |||||||||||||
| Tax-exempt securities | 607 | 595 | 377 | 1,202 | 559 | |||||||||||||
| Interest-bearing deposits in other financial institutions | 252 | 204 | 320 | 456 | 646 | |||||||||||||
| Federal funds sold | 41 | 56 | 24 | 97 | 58 | |||||||||||||
| Total interest income | 18,646 | 18,835 | 16,911 | 37,481 | 31,202 | |||||||||||||
| Interest expense | ||||||||||||||||||
| Deposits | 7,924 | 7,941 | 7,719 | 15,865 | 14,318 | |||||||||||||
| Subordinated debentures and other | – | – | 188 | – | 376 | |||||||||||||
| Short-term borrowings | 28 | 9 | 108 | 37 | 168 | |||||||||||||
| Long-term borrowings | 632 | 466 | 433 | 1,098 | 632 | |||||||||||||
| Total interest expense | 8,584 | 8,416 | 8,448 | 17,000 | 15,494 | |||||||||||||
| Net interest income | 10,062 | 10,419 | 8,463 | 20,481 | 15,708 | |||||||||||||
| Provision for credit losses on available-for-sale securities | (278 | ) | – | – | (278 | ) | – | |||||||||||
| Provision for credit losses on loans | 201 | (156 | ) | 120 | 45 | 510 | ||||||||||||
| Net interest income after provision for credit losses | 10,139 | 10,575 | 8,343 | 20,714 | 15,198 | |||||||||||||
| Total revenue, net | 16,840 | 16,956 | 14,484 | 33,796 | 27,720 | |||||||||||||
| Noninterest expense | ||||||||||||||||||
| Compensation and employee benefits | 5,546 | 5,877 | 5,655 | 11,423 | 10,700 | |||||||||||||
| Occupancy | 362 | 337 | 336 | 699 | 687 | |||||||||||||
| Furniture and equipment | 108 | 107 | 106 | 215 | 215 | |||||||||||||
| Data processing | 608 | 594 | 414 | 1,202 | 822 | |||||||||||||
| Wealth management processing fees | 211 | 213 | 214 | 424 | 429 | |||||||||||||
| Advertising and public relations | 48 | 41 | 79 | 89 | 132 | |||||||||||||
| Professional services | 271 | 237 | 306 | 508 | 528 | |||||||||||||
| FDIC insurance assessments | 465 | 355 | 150 | 820 | 258 | |||||||||||||
| Other | 614 | 605 | 430 | 1,219 | 902 | |||||||||||||
| Total noninterest expense | 8,233 | 8,366 | 7,690 | 16,599 | 14,673 | |||||||||||||
| Income before income taxes | 8,607 | 8,590 | 6,794 | 17,197 | 13,047 | |||||||||||||
| Income tax expense | 1,731 | 1,792 | 1,473 | 3,523 | 2,675 | |||||||||||||
| Net income | $ | 6,876 | – | $ | 6,798 | $ | 5,321 | $ | – | $ | 13,674 | $ | 10,372 | |||||
| Earnings per share: | ||||||||||||||||||
| Basic | $ | 2.38 | $ | 2.36 | $ | 1.85 | $ | 4.74 | $ | 3.60 | ||||||||
| Diluted | $ | 2.38 | $ | 2.35 | $ | 1.84 | $ | 4.73 | $ | 3.59 | ||||||||
| *The information is preliminary, unaudited and based on company data available at the time of presentation. | ||||||||||||||||||
| Truxton Corporation | |||||||||||
| Selected Quarterly Financial data | |||||||||||
| At Or For The Three Months Ended | |||||||||||
| (000’s) | |||||||||||
| (Unaudited) | |||||||||||
| June 30, 2026* | March 31, 2026* | June 30, 2025* | |||||||||
| Per Common Share Data | |||||||||||
| Net income attributable to common shareholders, per share: | |||||||||||
| Basic | $ | 2.38 | $ | 2.36 | $ | 1.85 | |||||
| Diluted | $ | 2.38 | $ | 2.35 | $ | 1.84 | |||||
| Book value per common share | $ | 43.11 | $ | 41.36 | $ | 35.75 | |||||
| Tangible book value per common share | $ | 43.11 | $ | 41.36 | $ | 35.75 | |||||
| Basic weighted average common shares | 2,816,682 | 2,811,928 | 2,806,478 | ||||||||
| Diluted weighted average common shares | 2,818,188 | 2,813,693 | 2,809,382 | ||||||||
| Common shares outstanding at period end | 2,888,834 | 2,887,734 | 2,876,939 | ||||||||
| Selected Balance Sheet Data | |||||||||||
| Tangible common equity ratio | 9.11 | % | 8.71 | % | 8.19 | % | |||||
| Average Loans | $ | 803,039 | $ | 823,521 | $ | 692,158 | |||||
| Average earning assets (1) | $ | 1,338,849 | $ | 1,356,740 | $ | 1,200,600 | |||||
| Average total assets | $ | 1,376,052 | $ | 1,392,439 | $ | 1,229,283 | |||||
| Average shareholders’ equity | $ | 122,335 | $ | 119,503 | $ | 100,564 | |||||
| Selected Asset Quality Measures | |||||||||||
| Nonaccrual loans | $ | 87 | $ | 91 | $ | 0 | |||||
| 90+ days past due still accruing | $ | 29 | $ | 29 | $ | 0 | |||||
| Total nonperforming loans | $ | 116 | $ | 120 | $ | 0 | |||||
| Total nonperforming assets | $ | 116 | $ | 120 | $ | 0 | |||||
| Net charge offs (recoveries) | $ | 2 | $ | 3 | $ | 8 | |||||
| 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 | 0.92 | % | 0.91 | % | 0.97 | % | |||||
| Net charge offs to average loans | 0.00 | % | 0.00 | % | 0.00 | % | |||||
| Capital Ratios (Bank Subsidiary Only) | |||||||||||
| Tier 1 leverage | 9.27 | % | 8.85 | % | 9.36 | % | |||||
| Common equity tier 1 | 14.02 | % | 13.69 | % | 13.64 | % | |||||
| Total risk-based capital | 14.92 | % | 14.58 | % | 14.53 | % | |||||
| Selected Performance Ratios | |||||||||||
| Efficiency ratio | 49.11 | % | 49.80 | % | 52.66 | % | |||||
| Return on average assets | 2.00 | % | 1.98 | % | 1.74 | % | |||||
| Return on average shareholders’ equity | 22.54 | % | 23.07 | % | 21.22 | % | |||||
| Return on average tangible common equity | 22.54 | % | 23.07 | % | 21.22 | % | |||||
| Net interest margin | 3.10 | % | 3.18 | % | 2.89 | % | |||||
| *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 | Three Months Ended | Three Months Ended | |||||||||
| June 30, 2026* | March 31, 2026* | June 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 | $803,039 | 6.04 | $12,092 | $823,521 | 6.00 | $12,186 | $692,158 | 6.15 | $10,609 | ||
| Loan fees | $0 | 0.13 | $256 | $0 | 0.13 | $266 | $0 | 0.16 | $272 | ||
| Loans with fees | $803,039 | 6.17 | $12,348 | $823,521 | 6.13 | $12,452 | $692,158 | 6.31 | $10,881 | ||
| Federal funds sold | $4,380 | 3.68 | $41 | $6,292 | 3.64 | $57 | $2,385 | 3.98 | $24 | ||
| Deposits with banks | $28,022 | 3.61 | $252 | $20,554 | 4.02 | $204 | $30,374 | 4.22 | $315 | ||
| Investment securities – taxable | $436,307 | 4.95 | $5,400 | $440,590 | 5.02 | $5,527 | $427,467 | 4.97 | $5,308 | ||
| Investment securities – tax-exempt | $67,101 | 5.40 | $607 | $65,783 | 5.40 | $595 | $48,216 | 4.67 | $377 | ||
| Total Earning Assets | $1,338,849 | 5.67 | $18,648 | $1,356,740 | 5.69 | $18,835 | $1,200,600 | 5.71 | $16,905 | ||
| Noninterest earning assets | |||||||||||
| Allowance for credit losses | ($7,944) | ($8,139) | ($6,705) | ||||||||
| Cash and due from financial institutions | $5,383 | $6,656 | $5,148 | ||||||||
| Premises and equipment | $2,743 | $2,873 | $3,129 | ||||||||
| Accrued interest receivable | $4,363 | $4,440 | $4,049 | ||||||||
| Other assets | $44,387 | $38,479 | $41,489 | ||||||||
| Unrealized loss on investment securities | ($11,729) | ($8,610) | ($18,427) | ||||||||
| Total Assets | $1,376,052 | $1,392,439 | $1,229,283 | ||||||||
| Interest-bearing liabilities | |||||||||||
| Interest-bearing demand | $384,078 | 2.82 | $2,698 | $374,448 | 2.78 | $2,566 | $330,353 | 3.01 | $2,479 | ||
| Savings and money market | $279,119 | 2.48 | $1,729 | $256,237 | 2.43 | $1,535 | $256,265 | 2.72 | $1,740 | ||
| Time deposits – retail | $8,812 | 3.23 | $71 | $9,446 | 3.14 | $73 | $12,687 | 3.17 | $100 | ||
| Time deposits – wholesale | $356,978 | 3.85 | $3,425 | $422,593 | 3.61 | $3,767 | $319,443 | 4.27 | $3,398 | ||
| Total interest-bearing deposits | $1,028,987 | 3.09 | $7,923 | $1,062,724 | 3.03 | $7,941 | $918,748 | 3.37 | $7,717 | ||
| Federal Home Loan Bank advances | $67,319 | 3.72 | $633 | $49,778 | 3.75 | $466 | $40,560 | 4.23 | $433 | ||
| Subordinated debentures | $0 | 0.00 | $0 | $0 | 0.00 | $0 | $14,536 | 5.12 | $189 | ||
| Other borrowings | $7,364 | 1.48 | $28 | $5,243 | 0.71 | $9 | $11,190 | 4.55 | $107 | ||
| Total borrowed funds | $74,683 | 3.50 | $661 | $55,021 | 3.46 | $475 | $66,286 | 4.35 | $729 | ||
| Total interest-bearing liabilities | $1,103,670 | 3.12 | $8,584 | $1,117,745 | 3.05 | $8,416 | $985,034 | 3.44 | $8,446 | ||
| Net interest rate spread | 2.55 | $10,064 | 2.64 | $10,419 | 2.27 | $8,459 | |||||
| Non-interest bearing deposits | $141,300 | $147,535 | $138,929 | ||||||||
| Other liabilities | $8,747 | $7,656 | $4,756 | ||||||||
| Shareholders’ equity | $122,335 | $119,503 | $100,564 | ||||||||
| Total Liabilities and Shareholders’ Equity | $1,376,052 | $1,392,439 | $1,229,283 | ||||||||
| Cost of funds | 2.76 | 2.70 | 3.01 | ||||||||
| Net interest margin | 3.10 | 3.18 | 2.89 | ||||||||
| *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. | |||||||||||
| 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: | |||||||
| Six Months Ended | Six Months Ended | ||||||
| Earning Assets | June 30, 2026* | June 30, 2025* | |||||
| Average Balances | Rates/Yields (%) | Interest Income/ Expense | Average Balances | Rates/Yields (%) | Interest Income/ Expense | ||
| Loans | $813,223 | 6.02 | $24,278 | $690,759 | 6.10 | $20,909 | |
| Loan fees | $0 | 0.13 | $522 | $0 | 0.10 | $543 | |
| Loans with fees | $813,223 | 6.15 | $24,800 | $690,759 | 6.20 | $21,452 | |
| Federal funds sold | $5,330 | 3.65 | $98 | $2,844 | 4.08 | $58 | |
| Deposits with banks | $24,309 | 3.78 | $456 | $30,067 | 4.33 | $646 | |
| Investment securities – taxable | $438,437 | 4.98 | $10,927 | $359,662 | 4.83 | $8,679 | |
| Investment securities – tax-exempt | $66,446 | 5.40 | $1,202 | $40,277 | 4.15 | $559 | |
| Total Earning Assets | $1,347,745 | 5.68 | $37,483 | $1,123,609 | 5.64 | $31,394 | |
| Noninterest earning assets | |||||||
| Allowance for credit losses | ($8,041) | ($6,662) | |||||
| Cash and due from financial institutions | $6,016 | $11,202 | |||||
| Premises and equipment | $2,807 | $3,189 | |||||
| Accrued interest receivable | $4,401 | $3,829 | |||||
| Other assets | $41,449 | $56,514 | |||||
| Unrealized loss on investment securities | ($10,178) | ($17,850) | |||||
| Total Assets | $1,384,199 | $1,173,831 | |||||
| Interest-bearing liabilities | |||||||
| Interest-bearing demand | $379,290 | 2.80 | $5,264 | $328,583 | 3.02 | $4,927 | |
| Savings and money market | $267,741 | 2.46 | $3,264 | $242,859 | 2.68 | $3,226 | |
| Time deposits – retail | $9,127 | 3.19 | $144 | $12,825 | 3.39 | $216 | |
| Time deposits – wholesale | $389,604 | 3.72 | $7,192 | $280,768 | 4.27 | $5,948 | |
| Total interest-bearing deposits | $1,045,762 | 3.06 | $15,864 | $865,035 | 3.34 | $14,317 | |
| Federal Home Loan Bank advances | $58,597 | 3.73 | $1,099 | $30,521 | 4.12 | $632 | |
| Subordinated debentures | $0 | 0.00 | $0 | $14,611 | 5.13 | $377 | |
| Other borrowings | $6,310 | 1.16 | $37 | $10,309 | 4.34 | $167 | |
| Total borrowed funds | $64,907 | 3.48 | $1,136 | $55,441 | 4.22 | $1,176 | |
| Total interest-bearing liabilities | $1,110,669 | 3.08 | $17,000 | $920,476 | 3.39 | $15,493 | |
| Net interest rate spread | 2.60 | $20,483 | 2.24 | $15,901 | |||
| Non-interest bearing deposits | $144,400 | $132,532 | |||||
| Other liabilities | $8,203 | $4,886 | |||||
| Shareholders’ equity | $120,927 | $115,937 | |||||
| Total Liabilities and Shareholders’ Equity | $1,384,199 | $1,173,831 | |||||
| Cost of funds | 2.73 | 2.96 | |||||
| Net interest margin | 3.14 | 2.86 | |||||
| *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. | |||||||
