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Truxton Corporation Reports First Quarter 2015 Results

NASHVILLE, Tenn., April 16, 2015 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCQB:TRUX), a bank holding company and the parent of Truxton Trust Company, reported consolidated net income of $1,001,000 for the first quarter of 2015, a 7 percent increase compared with $938,000 for the first quarter of 2014. Earnings per fully diluted share for the three months were $0.38 for 2015 compared to $0.38 for the comparable period in 2014.

At March 31, 2015, the company reported total assets of $353.5 million, a 4 percent increase from March 31, 2014. Over the same period, total loans increased 18 percent to $235.7 million, while deposits fell 4 percent to $276.1 million. At March 31, 2015, the Bank's estimated Tier 1 leverage ratio was 10.44%.

Non-interest income for the first quarter of 2015 was $1,874,000, compared to $1,564,000 for the same period in 2014, an increase of 20 percent.

Tangible Book Value per share at March 31, 2015 was $15.30 compared to $13.89 at the same time a year ago.

"We are pleased with the start to 2015," said CEO Tom Stumb. "We have experienced excellent loan growth so far this year and continue to see strong increases in our non-interest income, over 90% of which comes from wealth management. We expect solid EPS growth in the balance of 2015."

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 (unaudited)
First Quarter 2015 Earnings Release
(In Thousands)
March 31, 2015
(unaudited)

December 31, 2014
March 31, 2014
(unaudited)
Balance Sheet Data:
Assets
Cash and due from banks 10,110 4,094 6,640
Fed funds sold & repos 1,737 6,284 1,131
Interest bearing deposits with banks 8,634 8,532 16,470
Investment Securities - Taxable 59,790 61,036 76,315
Investment Securities - Tax-exempt 24,833 24,524 26,627
Loans, net of unearned income 235,695 229,318 200,524
Less: Allowance for loan losses (2,733) (2,733) (2,911)
Premises and equipment, net 641 643 752
Accrued interest receivable 1,014 1057 1,035
Other assets, principally BOLI 13,755 12,417 11,856
Total Assets 353,476 345,172 338,439
Liabilities
Non-Interest Bearing Deposits (1,332) (681) 14,547
Interest bearing demand deposits -- -- 15,839
Savings and Money Market Deposits 261,162 265,946 236,326
Time Deposits - Retail 13,883 14,460 17,194
Time Deposits - Wholesale 2,352 2,352 2,413
Total Deposits 276,065 282,077 286,319
Accrued expenses and other liabilities 718 1,590 1,058
FHLB Advances 37,145 23,353 18,681
Other Borrowings -- -- --
Total Liabilities 313,928 307,020 306,058
Equity
Common stock 254 253 229
Capital surplus 25,402 25,251 22,676
Retained earnings 12,450 8,248 9,261
Pict (Accumulated other comprehensive loss) 441 198 (723)
Net Income 1,001 4,202 938
Total Equity 39,548 38,152 32,381
Total Liabilities & Equity 353,476 345,172 338,439
Truxton Corporation and Subsidiary
Income Statement
(In Thousands)
Three Months Ended
March 31, 2015 March 31, 2014
Income Statement Data:
Interest Income
Interest on Loans 2,448 2,204
Fees on Loans -- 16
Interest on federal funds sold 2 2
Interest on deposits with banks 21 23
Investment Securities - Taxable 226 283
Investment Securities - Tax-exempt 173 159
Total Interest Income 2,870 2,687
Interest Expense
Interest bearing demand deposits 201 192
Savings and Money Market Deposits 21 15
Time Deposits - Retail 24 33
Time Deposits - Wholesale 8 12
Total Interest Expense on Deposits 254 252
FHLB Advances 67 46
Interest on other borrowings 1 1
Total Interest Expense 322 299
Net Interest Income 2,548 2,388
Provision for Loan Losses -- --
Net In. Inc. After Prov. for Loan Losses 2,548 2,388
Non Interest Income
Service charges and fees 49 59
Securities gains (losses), net 17 15
Mortgage loan and related fees 9 --
Other noninterest income, principally Wealth Management 1,799 1,490
Total Non Interest Income 1,874 1,564
Non Interest Expense
Salaries and employee benefits 1,853 1,724
Occupancy 233 188
Other noninterest expense 868 668
Total Non Interest Expense 2,954 2,580
Income Before Taxes 1,468 1,372
Income taxes 467 434
Net Income 1,001 938
Weighted Average Shares -Basic 2,518 2,253
Weighted Average Shares -Diluted 2,558 2,364
Net Income per share - Basic $ 0.39 $ 0.40
Net Income per share - Diluted $ 0.38 $ 0.38
Truxton Corporation (unaudited)
First Quarter 2015 Earnings Release
Operating Statistics
Three Months Ended
March 31, 2015 March 31, 2014
Performance Ratios
Efficiency Ratio 65.37% 63.81%
Net Interest Margin 3.21% 3.18%
Capital Ratios
Return on Average Assets 1.16% 1.14%
Return on Average Equity 10.43% 12.01%
Est. Tier 1 Leverage Ratio (Bank) 10.44% 9.73%
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