×

Truxton Corporation Reports First Quarter 2014 Results

Truxton Trust Company logo

NASHVILLE, Tenn., April 17, 2014 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCQB:TRUX), a bank holding company and the parent of Truxton Trust Company, reported consolidated net income of $939,000 for the first quarter of 2014, a 27 percent increase compared with $741,000 for the first quarter of 2013. Earnings per fully diluted share for the quarter ended March 31, 2014 totaled $0.38 versus $0.32 for the same period in 2013, a 19% increase.

At March 31, 2014, the company reported total assets of $338.5 million, a 12 percent increase from March 31, 2013. Over the same period, deposits increased 12 percent to $286.4 million, while total loans grew 7 percent to $200.4 million. At March 31, 2013, the Bank's estimated Tier 1 leverage ratio was 9.73%.

Non-interest income for the first quarter of 2014 was $1,564,000, compared to $1,368,000 for the same period in 2013, an increase of 14 percent.

Tangible Book Value per share at March 31, 2014 was $13.89 compared to $13.11 at the same time a year ago.

"2014 is off to a very good start," said CEO Tom Stumb. "Finding loans remains a challenge in our crowded banking market, but we expect some growth in the quarter ahead. Meanwhile, our credit quality has remained very strong and we are delivering excellent growth in non-interest income. Our expenses are well under control."

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.

Truxton Corporation (unaudited)
First Quarter 2014 Earnings Release
(In Thousands)

March 31, 2014
(unaudited)

December 31, 2013

March 31, 2013
(unaudited)
Balance Sheet Data:
Assets
Cash and due from banks 6,700 6,581 8,815
Fed funds sold & repos 1,130 1,714 7,911
Interest bearing deposits with banks 16,470 20,740 12,169
Investment Securities - Taxable 76,347 58,742 57,642
Investment Securities - Tax-exempt 26,627 21,271 21,173
Loans, net of unearned income 200,431 208,923 187,351
Less: Allowance for loan losses (2,911) (2,911) (2,911)
Premises and equipment, net 752 786 815
Accrued interest receivable 1,067 999 948
Other assets, principally BOLI 11,856 11,869 8,884
Total Assets 338,471 328,714 302,796
Liabilities
Total Deposits 286,411 280,603 255,379
Accrued expenses and other liabilities 966 1,614 790
FHLB Advances 18,681 15,704 16,849
Total Liabilities 306,058 297,920 273,018
Equity
Common stock 229 229 225
Capital surplus 22,676 22,556 22,031
Retained earnings 9,261 5,688 6,148
Accumulated other comprehensive income (loss) (691) (1,252) 634
Net Income 938 3,573 741
Total Equity 32,413 30,793 29,778
Total Liabilities & Equity 338,471 328,714 302,796
Truxton Corporation and Subsidiary
Income Statement
(In Thousands)
Three Months Ended
March 31, 2014 March 31, 2013
Income Statement Data:
Interest Income
Interest on Loans 2,204 2,177
Fees on Loans 16 70
Interest on federal funds sold 2 12
Interest on deposits with banks 18 31
Investment Securities - Taxable 288 192
Investment Securities - Tax-exempt 159 122
Total Interest Income 2,687 2,604
Interest Expense
Interest bearing demand deposits 192 194
Savings and Money Market Deposits 15 23
Time Deposits - Retail 33 59
Time Deposits - Wholesale 12 5
Total Interest Expense on Deposits 252 281
FHLB Advances 46 46
Interest on other borrowings 1 0
Total Interest Expense 299 327
Net Interest Income 2,388 2,277
Net In. Inc. After Prov. for Loan Losses 2,388 2,277
Non Interest Income
Service charges and fees 58 56
Securities gains (losses), net 0 24
Mortgage loan and related fees 0 2
Other noninterest income, principally Wealth Management 1,505 1,285
Total Non Interest Income 1,564 1,368
Non Interest Expense
Salaries and employee benefits 1,724 1,703
Occupancy 188 218
Other noninterest expense 667 681
Total Non Interest Expense 2,579 2,601
Income Before Taxes 1,372 1,044
Income taxes 434 303
Net Income 939 741
Weighted Average Shares - Basic 2,323 2,258
Weighted Average Shares - Diluted 2,444 2,327
Net Income per share - Basic $ 0.40 $ 0.33
Net Income per share - Diluted $ 0.38 $ 0.32
Truxton Corporation (unaudited)
First Quarter 2014 Earnings Release
Operating Statistics
Three Months Ended
March 31, 2014 March 31, 2013
Performance Ratios
Efficiency Ratio 63.81% 70.41%
Net Interest Margin 3.18% 3.34%
Capital Ratios
Return on Average Assets 1.14% 1.01%
Return on Average Equity 12.01% 10.16%
Tier 1 Leverage Ratio 9.73% 9.59%
Asset Quality Data
Net Loan Charge-Offs $ -- $ --
Non-Performing Loans $ -- $ 436

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

Source:Truxton Trust Company