Truxton Corporation Reports Fourth Quarter and Full Year 2013 Results

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NASHVILLE, Tenn., Jan. 30, 2014 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCQB:TRUX), a bank holding company and the parent of Truxton Trust Company, reported consolidated net income of $906,000 for the fourth quarter of 2013, an 8 percent increase compared with $841,000 for the fourth quarter of 2012. Earnings per fully diluted share for the quarter ended December 31, 2013 totaled $0.37 versus $0.37 for the same period in 2012.

For the year ended December 31, 2013, net income was $3,573,000 compared to $2,898,000 for the comparable period in 2012, a 23 percent increase. Earnings per fully diluted share rose to $1.48 for 2013 compared to $1.26 in 2012, a 17 percent increase.

At December 31, 2013, the company reported total assets of $329.0 million, a 10 percent increase from December 31, 2012. Over the same period, deposits increased 11 percent to $280.4 million, while total loans grew 10 percent to $208.9 million. At December 31, 2013, the Bank's Tier 1 leverage ratio was 9.95%.

Non-interest income for the fourth quarter of 2013 was $1,556,000, compared to $1,266,000 for the same period in 2012, an increase of 23 percent. For 2013, non-interest income totaled $5,694,000 compared to $4,831,000 for 2012, representing an 18 percent increase.

Tangible Book Value per share at December 31, 2013 was $13.34 compared to $12.97 at the same time a year ago.

"We had an outstanding year in 2013," said CEO Tom Stumb. "Loan growth was strong, wealth management won important new relationships, and expenses remained in check. I want to thank all of our clients for the trust they place in us and all the people who work at Truxton Trust for their effort, expertise, and constant fidelity to our principles."

A full-service bank and wealth management company, Truxton Trust services include personal and business loans, depository accounts, wealth management and trust services. Personal, expert service is the bank's hallmark. Customers benefit from direct contact with senior-level, experienced bank executives who have decision-making authority and a full understanding of the local community and the client's relationship with the bank.

CONTACT: Andrew L. May 615.515.1707 andrew.may@truxtontrust.com

Source:Truxton Trust Company