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Truxton Corporation Reports Third Quarter 2014 Results

NASHVILLE, Tenn., Oct. 16, 2014 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCQB:TRUX), a bank holding company and the parent of Truxton Trust Company, reported consolidated net income of $1,089,000 for the third quarter of 2014, a 4.1 percent decrease compared with $1,136,000 for the third quarter of 2013. Earnings per fully diluted share for the quarter ended September 30, 2014 totaled $0.43 versus $0.48 for the same period in 2013, a 10 percent decrease. The September 2013 quarter contained several unusual items that, in aggregate, provided $0.10 per share after tax.

For the nine month period ended September 30, 2014, Truxton reported net income of $3,090,000, a 16 percent increase compared to the year ago period. Earnings per fully diluted share for the nine months were $1.24 for 2014 compared to $1.14 for the comparable period in 2013.

At September 30, 2014, the company reported total assets of $336.7 million, a 10 percent increase from September 30, 2013. Over the same period, deposits increased 4 percent to $269.0 million, while total loans grew 6 percent to $217.0 million. At September 30, 2013, the company's bank subsidiary's estimated Tier 1 leverage ratio was 10.40%.

Non-interest income for the third quarter of 2014 was $1,808,000, compared to $1,425,000 for the same period in 2013, an increase of 27 percent.

Tangible Book Value per share at September 30, 2014 was $14.52 compared to $13.21 at the same time a year ago.

"Despite continued margin compression, our company's 2014 results continue to be very strong," said CEO Tom Stumb. "While the economic recovery seems to be breeding increasing levels of optimism across many sectors, we remain steadfastly focused on giving our individual clients sound financial advice based on each client's unique risk profile and tolerances."

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)
Third Quarter 2014 Earnings Release
(In Thousands)

September 30, 2014
(unaudited)


December 31, 2013

September 30, 2013
(unaudited)
Balance Sheet Data:
Assets
Cash and due from banks 6,854 6,581 6,140
Fed funds sold & repos 70 1,714 1,633
Interest bearing deposits with banks 12,008 20,740 7,644
Investment Securities - Taxable 65,294 58,742 54,508
Investment Securities - Tax-exempt 24,627 21,271 21,177
Loans, net of unearned income 217,027 208,923 204,959
Less: Allowance for loan losses (2,911) (2,911) (2,911)
Premises and equipment, net 672 786 772
Accrued interest receivable 1,038 999 788
Other assets, principally BOLI 12,041 11,869 11,278
Total Assets 336,719 328,714 305,988
Liabilities
Non-Interest Bearing Deposits 11,194 12,431 12,431
Interest bearing demand deposits 24,202 19,549 19,549
Savings and Money Market Deposits 212,624 220,713 220,713
Time Deposits - Retail 18,639 18,116 18,116
Time Deposits - Wholesale 2,351 9,794 9,794
Total Deposits 269,010 280,603 280,603
Accrued expenses and other liabilities 1,283 1,614 1,614
FHLB Advances 29,931 15,704 15,704
Other Borrowings -- -- --
Total Liabilities 300,223 297,920 275,708
Equity
Common stock 247 229 227
Capital surplus 24,618 22,556 22,333
Retained earnings 8,761 5,688 5,919
Pict (Accumulated other comprehensive loss) (219) (1,252) (865)
Net Income 3,090 3,573 2,667
Total Equity 36,496 30,793 30,280
Total Liabilities & Equity 336,719 328,714 305,988
Truxton Corporation and Subsidiary
Income Statement
(In Thousands)
Three Months Ended Nine Months Ended
September 30, 2014 September 30, 2013 September 30, 2014 September 30, 2013
Income Statement Data:
Interest Income
Interest on Loans 2,319 2,286 6,747 6,696
Fees on Loans 26 97 62 186
Interest on federal funds sold 1 2 5 19
Interest on deposits with banks 21 27 56 97
Investment Securities - Taxable 260 214 851 636
Investment Securities - Tax-exempt 155 133 481 383
Total Interest Income 2,780 2,760 8,202 8,015
Interest Expense
Interest bearing demand deposits 198 178 578 557
Savings and Money Market Deposits 12 14 40 54
Time Deposits - Retail 33 41 98 157
Time Deposits - Wholesale 8 14 27 29
Total Interest Expense on Deposits 252 247 744 797
FHLB Advances 59 49 157 146
Interest on other borrowings -- 1 3 1
Total Interest Expense 311 297 904 944
Net Interest Income 2,469 2,463 7,298 7,071
Provision for Loan Losses -- -- -- --
Net In. Inc. After Prov. for Loan Losses 2,469 2,463 7,298 7,071
Non Interest Income
Service charges and fees 56 61 172 180
Securities gains (losses), net 26 -- 26 26
Mortgage loan and related fees -- 7 -- 12
Other noninterest income, principally Wealth Management 1,726 1,357 4,891 3,920
Total Non Interest Income 1,808 1,425 5,089 4,138
Non Interest Expense
Salaries and employee benefits 1,815 1,556 5,249 4,765
Occupancy 214 186 614 613
Other noninterest expense 706 572 2,061 1,989
Total Non Interest Expense 2,736 2,313 7,924 7,367
Income Before Taxes 1,542 1,575 4,463 3,843
Income taxes 453 439 1,374 1,176
Net Income 1,089 1,136 3,090 2,667
Weighted Average Shares -Basic 2,504 2,258 2,410 2,256
Weighted Average Shares -Diluted 2,559 2,351 2,496 2,342
Net Income per share - Basic $ 0.44 $ 0.50 $ 1.28 $ 1.18
Net Income per share - Diluted $ 0.43 $ 0.48 $ 1.24 $ 1.14
Truxton Corporation (unaudited)
Third Quarter 2014 Earnings Release
Operating Statistics
Three Months Ended Nine Months Ended
September 30, 2014 September 30, 2013 September 30, 2014 September 30, 2013
Performance Ratios
Efficiency Ratio 63.04% 58.33% 62.72% 64.56%
Net Interest Margin 3.22% 3.49% 3.19% 3.39%
Capital Ratios
Return on Average Assets 1.31% 1.48% 1.24% 1.18%
Return on Average Equity 12.02% 15.34% 12.21% 11.99%
Tier 1 Leverage Ratio (Bank) 10.48% 10.08% 10.40% 10.15%
Asset Quality Data
Net Loan Charge-Offs $ -- $ -- $ -- $ --
Non-Performing Loans $ -- $ -- $ -- $ --

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

Source:Truxton Trust Company