×

Truxton Corporation Reports First Quarter 2016 Results

NASHVILLE, Tenn., April 21, 2016 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCPK:TRUX), a financial holding company and the parent of Truxton Trust Company (the “Bank”), reported consolidated net income of $1,122,320 for the first quarter of 2016, a 12 percent increase compared with $1,000,852 for the first quarter of 2015. Earnings per fully diluted share for the quarter ended March 31, 2016 totaled $0.42 versus $0.38 for the same period in 2015.

At March 31, 2016, the company reported total assets of $412.4 million, a 17 percent increase from March 31, 2015. Over the same period, total loans increased 11 percent to $261.5 million, while deposits grew 26 percent to $347.6 million. At March 31, 2016, the Bank’s estimated Tier 1 leverage ratio was 9.48 percent.

Non-interest income for the first quarter of 2016 was $2,069,000, compared to $1,874,000 for the same period in 2015, an increase of 10 percent.

Tangible Book Value per share at March 31, 2016 was $16.69 compared to $15.30 at the same time a year ago.

“We are thrilled with the initial gains made in the first quarter of 2016,” said CEO Tom Stumb. He continued, “We have experienced excellent loan and deposit growth and continue to see a consistent rise in non-interest income. A big thank you to our dedicated employees and devoted clients; we hope to continue this outstanding development into the second quarter and the rest of the year.”

About Truxton Trust

Truxton Trust Company is 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)
(Unaudited)
March 2016December 31, 2015March 2015
ASSETS
Cash and due from financial institutions$ 6,948 $ 5,699 $ 10,110
Interest bearing deposits in other financial institutions 3,314 17,340 266
Federal funds sold 1,818 9,815 1,737
Cash and cash equivalents 12,080 32,854 12,113
Time deposits in other financial institutions 28,126 19,995 8,368
Securities available for sale 97,880 82,482 84,633
Gross loans 261,520 257,159 235,695
Allowance for loan losses (2,850) (2,754) (2,733)
Net loans 258,670 254,405 232,962
Bank owned life insurance 9,119 9,305 8,114
Restricted equity securities 2,534 2,527 2,520
Premises and equipment, net 1,080 1,175 1,324
Accrued interest receivable 1,199 1,107 1,014
Other real estate owned - - 687
Deferred tax asset, net 476 805 724
Other assets 1,214 797 1,043
Total assets$ 412,377 $ 405,452 $ 353,503
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest bearing$ 74,624 $ 75,561 $ 58,290
Interest bearing 273,022 263,453 217,621
Total deposits 347,647 339,014 275,911
Federal Home Loan Bank advances 19,542 22,479 37,145
Other liabilities 1,148 1,685 892
Total liabilities 368,344 363,178 313,955
SHAREHOLDERS' EQUITY
Additional paid-in capital 26,042 25,928 25,402
Retained earnings 15,919 16,181 12,450
Accumulated other comprehensive income (loss) 696 165 441
Total shareholders' equity 44,033 42,274 39,548
Total liabilities and shareholders' equity $ 412,377 $ 405,452 $ 353,503

Truxton Corporation
Consolidated Statements of Net Income
(000's)
(Unaudited)
Three Months Ended
March 31, 2016 March 31, 2015
Non-interest income
Wealth management services$ 1,784 $ 1,735
Service charges on deposit accounts 67 49
Bank owned life insurance income 58 56
Other 160 34
Total non-interest income 2,069 1,874
Interest income
Loans, including fees$ 2,732 $ 2,447
Taxable securities 254 226
Tax-exempt securities 202 173
Interest bearing deposits 88 22
Federal funds sold 12 2
Total interest income 3,289 2,870
Interest expense
Deposits 265 253
Short-term borrowings - 2
Long-term borrowings 60 67
Total interest expense 325 321
Net interest income 2,964 2,548
Provision for loan losses 102 -
Net interest income after provision for loan losses 2,862 2,548
Total revenue, net 4,931 4,422
Non-interest expense
Salaries and employee benefits 2,140 1,853
Occupancy 164 186
Furniture and equipment 43 43
Data processing 256 178
Wealth management processing fees 190 203
Advertising and public relations 51 33
Professional services 120 154
FDIC insurance assessments 61 41
Other 302 263
Total non-interest expense 3,326 2,954
Income before income taxes 1,605 1,468
Income tax expense 483 467
Net income$ 1,122 $ 1,001
Earnings per share:
Basic$ 0.43 $ 0.39
Diluted$ 0.42 $ 0.38

Truxton Corporation
Operating Statistics
(Unaudited)
Three Months Ended
March 31, 2016March 31, 2015
Performance Ratios
Efficiency Ratio 64.68% 65.37%
Net Interest Margin 3.01% 3.21%
Capital Ratios
Return on Average Assets 1.05% 1.16%
Return on Average Equity 10.44% 10.43%
Tier 1 Leverage Ratio (Bank) 9.48% 10.42%
Asset Quality Data
Net Loan Charge-Offs $ - $ -
Non-Performing Loans $ - $ -


Investor Relations Andrew May 615-515-1707 andrew.may@truxtontrust.com Media Relations Tamara Schoeplein 615-515-1714 tamara.schoeplein@truxtontrust.com

Source:Truxton Trust Company