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Truxton Corporation Reports Third Quarter 2015 Results

NASHVILLE, Tenn., Oct. 22, 2015 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCPK: TRUX), a financial holding company and the parent of Truxton Trust Company, reported consolidated net income of $1,264,000 for the third quarter of 2015, a 16 percent increase compared with $1,089,000 for the third quarter of 2014. Earnings per fully diluted share for the three months were $0.48 for 2015 compared to $0.43 for the comparable period in 2014, a 12% increase. For the nine month period ended September 30, 2015, net income rose from $3,090,000 to $3,535,000, an increase of 14% from the same period a year ago. Earnings per fully diluted share for the nine months ended September 30, 2015 rose to $1.35 from $1.24 in the comparable period in 2014, an 8% rise.

At September 30, 2015, the company reported total assets of $487.0 million, a 45 percent increase from September 30, 2014. The asset total was affected by a single, large, short-term deposit received at the end of September. Deposits were $420.2 million at September 30, 2015, up 48% from the year ago quarter end. Over the same period, total loans increased 16 percent to $251.4 million. At September 30, 2015, the Bank's estimated Tier 1 leverage ratio was 10.99%.

Wealth Management revenue was up 10% compared to the comparable quarter in 2014, reaching $1,790,000.

Tangible Book Value per share at September 30, 2015 was $15.97 compared to $14.52 at the same time a year ago.

"Loan and deposit growth have been very strong this year, aided by Nashville's strong economy and our bankers' relationships," said CEO Tom Stumb. "We continue to see a solid pipeline of loan demand. Our wealth management team produces the vast majority of our non-interest income. We have continued to add clients and experience revenue growth even in the face of moderate declines in equity markets."

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)
Third Quarter 2015 Earnings Release
(In Thousands)

September 30, 2015
(unaudited)

December 31, 2014

September 30, 2014
(unaudited)
Balance Sheet Data:
Assets
Cash and due from banks 4,247 4,094 6,854
Fed funds sold & repos 14,071 6,284 70
Interest bearing deposits with banks 123,666 8,532 12,008
Investment Securities - Taxable 55,431 61,036 65,294
Investment Securities - Tax-exempt 25,740 24,524 24,627
Loans, net of unearned income 251,354 229,317 217,027
Less: Allowance for loan losses (2,733) (2,733) (2,911)
Premises and equipment, net 588 643 672
Accrued interest receivable 1,021 1,057 1,038
Other assets 13,625 12,416 12,041
Total Assets 487,010 345,172 336,719
Liabilities
Time Deposits - Retail 15,497 14,460 18,639
Time Deposits - Wholesale 2,554 2,352 2,351
Total Deposits 420,209 282,077 269,010
Accrued expenses and other liabilities 1,369 1,590 1,283
FHLB Advances 23,967 23,353 29,931
Total Liabilities 445,545 307,019 300,223
Equity
Common stock 254 253 247
Capital surplus 25,584 25,252 24,618
Retained earnings 11,673 8,248 8,761
Accumulated other comprehensive income (loss) 419 198 (219)
Net Income 3,535 4,202 3,090
Total Equity 41,464 38,152 36,496
Total Liabilities & Equity 487,010 345,172 336,719
Truxton Corporation and Subsidiary
Income Statement
(In Thousands)
Three Months Ended Nine Months Ended
September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014
Income Statement Data:
Interest Income
Interest on Loans 2,544 2,319 7,455 6,747
Fees on Loans 132 26 175 62
Interest on federal funds sold 3 1 6 5
Interest on deposits with banks 32 22 77 64
Investment Securities - Taxable 220 258 673 843
Investment Securities - Tax-exempt 182 155 537 481
Total Interest Income 3,112 2,780 8,924 8,202
Interest Expense
Interest bearing demand deposits 9 198 40 578
Savings and Money Market Deposits 208 12 628 40
Time Deposits - Retail 22 33 69 98
Time Deposits - Wholesale 8 8 24 27
Total Interest Expense on Deposits 248 252 762 744
FHLB Advances 71 59 208 157
Interest on other borrowings 0 0 2 3
Total Interest Expense 320 311 972 904
Net Interest Income 2,793 2,469 7,952 7,298
Net In. Inc. After Prov. for Loan Losses 2,793 2,469 7,952 7,298
Non Interest Income
Service charges and fees 72 56 189 173
Securities gains (losses), net 0 26 0 26
Other noninterest income 1,750 1,726 5,697 4,891
Total Non Interest Income 1,821 1,809 5,885 5,091
Non Interest Expense
Salaries and employee benefits 1,889 1,815 5,570 5,249
Occupancy 211 214 653 614
Other noninterest expense 663 706 2,475 2,062
Total Non Interest Expense 2,762 2,736 8,699 7,925
Income Before Taxes 1,852 1,542 5,139 4,463
Income taxes 588 453 1,604 1,374
Net Income 1,264 1,089 3,535 3,090
Weighted Average Shares -Basic 2,536 2,444 2,530 2,350
Weighted Average Shares -Diluted 2,571 2,499 2,559 2,436
Net Income per share - Basic $ 0.49 $ 0.43 $ 1.37 $ 1.28
Net Income per share - Diluted $ 0.48 $ 0.43 $ 1.35 $ 1.24
Truxton Corporation (unaudited)
Second Quarter 2015 Earnings Release
Operating Statistics
Nine Months Ended
September 30, 2015 September 30, 2014
Performance Ratios
Efficiency Ratio 61.54% 62.73%
Net Interest Margin 3.24% 3.18%
Capital Ratios
Return on Average Assets 1.31% 1.24%
Return on Average Equity 11.89% 12.20%
Est. Tier 1 Leverage Ratio (Bank) 10.99% 11.10%
Asset Quality Data
Net Loan Charge-Offs $ -- $ --
Non-Performing Loans $ 18 $ --

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

Source:Truxton Trust Company