Truxton Corporation Reports Fourth Quarter and Full Year 2014 Results

NASHVILLE, Tenn., Feb. 6, 2015 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCQB:TRUX), a bank holding company and the parent of Truxton Trust Company (the "Bank"), reported consolidated net income of $1,132,000 for the fourth quarter of 2014, a 25 percent increase compared with $906,000 for the fourth quarter of 2013. Earnings per fully diluted share for the quarter ended December 31, 2014 totaled $0.44 versus $0.37 for the same period in 2013.

For the year ended December 31, 2014, net income was $4,202,000 compared to $3,573,000 for the comparable period in 2013, an 18 percent increase. Earnings per fully diluted share rose to $1.66 for 2014 compared to $1.48 in 2013, a 12 percent increase.

At December 31, 2014, the company reported total assets of $345.2 million, a 5 percent increase from December 31, 2013. Over the same period, deposits increased 1 percent to $281.8 million, while total loans grew 10 percent to $229.3 million. At December 31, 2014, the Bank's Tier 1 leverage ratio was 10.11%.

Non-interest income for the fourth quarter of 2014 was $1,796,000, compared to $1,556,000 for the same period in 2013, an increase of 15 percent. For 2014, non-interest income totaled $6,887,000 compared to $5,694,000 for 2013, representing a 21 percent increase.

Tangible Book Value per share at December 31, 2014 was $14.85 compared to $13.34 at the same time a year ago.

"Our performance in 2014 was solid," said CEO Tom Stumb. "We saw double-digit loan growth. Non-interest income, mostly from wealth management, rose by more than 20% again. We delivered return on average equity (ROAE) above 12%. We doubled our dividend, opened a new Wealth Management office in Georgia, and increased our staff by 25% to prepare for further growth ahead. We thank our employees for their hard work and clients for their loyalty and patronage."

A full-service bank and wealth management firm organized in 2003, 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
Consolidated Balance Sheets
(000's)
2014 2013
ASSETS
Cash and due from financial institutions $ 4,119 $ 6,581
Interest bearing deposits in other financial institutions 1,658 13,575
Federal funds sold 6,284 1,714
Cash and cash equivalents 12,061 21,870
Time deposits in other financial institutions 6,874 7,165
Securities available for sale 85,560 80,012
Gross loans 229,293 208,923
Allowance for loan losses (2,733) (2,911)
Net loans 226,560 206,012
Bank owned life insurance 8,059 7,829
Restricted equity securities 2,296 2,158
Premises and equipment, net 701 829
Accrued interest receivable 1,057 999
Prepaid long-term compensation 131 8
Other real estate owned 641 --
Deferred tax asset, net 854 1,754
Other assets 378 329
Total assets $ 345,172 $ 328,965
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest bearing $ 65,117 $ 62,781
Interest bearing 216,713 217,707
Total deposits 281,830 280,488
Federal Home Loan Bank advances 23,353 15,704
Accrued interest payable 8 14
Other liabilities 1,829 1,966
Total liabilities 307,020 298,172
Shareholders' equity
Preferred stock, $0.10 par value; 5,000,000 shares authorized;
no shares issued -- --
Common stock, $0.10 par value; 40,000,000 shares authorized;
2,569,051 shares issued in 2014 and 2,308,068 shares issued in 2013 257 231
Additional paid-in capital 25,247 22,553
Retained earnings 12,450 9,261
Accumulated other comprehensive income (loss) 198 (1,252)
Total shareholders' equity 38,152 30,793
Total liabilities and shareholders' equity $ 345,172 $ 328,965
The information is preliminary and based on company data available at the time of presentation.
Truxton Corporation
Consolidated Statements of Net Income
(000's)
Three Months Ended Twelve Months Ended
December 31, 2014 December 31, 2013 December 31, 2014 December 31, 2013
Non-interest income
Wealth management services $ 1,626 $ 1,406 $ 6,245 $ 5,080
Service charges on deposit accounts 55 58 228 237
Gain (loss) on securities 7 (6) 33 19
Bank owned life insurance income 56 60 230 223
Other 52 38 151 135
Total non-interest income 1,796 1,556 6,887 5,694
Interest income
Loans, including fees 2,428 2,372 9,231 9,254
Taxable securities 230 246 1,074 876
Tax-exempt securities 153 133 634 516
Interest bearing deposits 27 22 91 123
Federal funds sold 5 2 10 21
Total interest income 2,843 2,775 11,040 10,790
Interest expense
Deposits 251 240 995 1,036
Other Borrowings 57 47 217 195
Total interest expense 308 287 1,212 1,231
Net interest income 2,535 2,488 9,828 9,559
Provision for loan losses (43) -- (43) --
Net interest income after provision for loan losses 2,578 2,488 9,871 9,559
Total revenue, net 4,374 4,044 16,758 15,253
Non-interest expense
Salaries and employee benefits 1,778 1,902 7,040 6,667
Occupancy 211 160 628 586
Other 751 634 3,011 2,809
Total non-interest expense 2,740 2,696 10,679 10,062
Income before income taxes 1,634 1,348 6,079 5,191
Income tax expense 502 442 1,877 1,618
Net income $ 1,132 $ 906 $ 4,202 $ 3,573
Earnings per share:
Basic $ 0.45 $ 0.39 $ 1.72 $ 1.55
Diluted $ 0.44 $ 0.37 $ 1.66 $ 1.48
Truxton Corporation
Operating Statistics
Three Months Ended Twelve Months Ended
December 31, 2014 December 31, 2013 December 31, 2014 December 31, 2013
Performance Ratios
Efficiency Ratio 61.13% 65.30% 62.41% 64.76%
Net Interest Margin 3.12% 3.39% 3.16% 3.39%
Capital Ratios
Return on Average Assets 1.28% 1.14% 1.24% 1.17%
Return on Average Equity 11.94% 11.58% 12.08% 11.91%
Tier 1 Leverage Ratio (Bank) 10.11% 9.95%
Asset Quality Data
Net Loan Charge-Offs $ 135 $ -- $ 135 $ --
Non-Performing Loans $ -- $ -- $ -- $ --

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

Source:Truxton Trust Company