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Truxton Corporation Reports Second Quarter 2016 Results

NASHVILLE, Tenn., July 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 $1,351,000 for the second quarter of 2016, a 6 percent increase compared with $1,270,000 for the second quarter of 2015. Earnings per fully diluted share for the quarter ended June 30, 2016 totaled $0.50 versus $0.48 for the same period in 2015.

For the six months ended June 30, 2016, the company reported net income of $2,473,000 compared to $2,271,000 for the comparable 2015 period, an increase of 9 percent. Earnings per fully diluted share for the six months ended June 30, 2016 totaled $0.93 versus $0.86 for the same period in 2015.

At June 30, 2016, the company reported total assets of $418.9 million, an 18 percent increase from June 30, 2015. Over the same period, total loans increased 14 percent to $276.1 million, while deposits grew 12 percent to $316.7 million. At June 30, 2016, the Bank’s estimated Tier 1 leverage ratio was 9.89 percent.

Non-interest income for the first quarter of 2016 was $2,395,000, compared to $2,190,000 for the same period in 2015, an increase of 9 percent.

Tangible Book Value per share at June 30, 2016 was $17.04 compared to $15.43 at the same time a year ago.

“We continue to experience double digit loan growth while maintaining the highest credit standards,” said CEO Tom Stumb. He continued, “We have added staff to position for further business expansion and anticipate moderate increases in earnings for the balance of the year.”

About Truxton Trust
Truxton Trust is a full-service private bank and trust company founded in 2004. Since its inception, Truxton Trust has been focused on a singular guiding principle: do the right thing. Truxton Trust delivers the highest level of personal service through its vastly experienced and credentialed team of professionals who provide comprehensive and customized financial solutions to individuals, their families and their business interests.

Truxton Corporation
Consolidated Balance Sheets
(000's)
(Unaudited)
June 2016December 2015June 2015
ASSETS
Cash and due from financial institutions$ 3,856 $ 5,699 $ 6,694
Interest bearing deposits in other financial institutions 3,134 17,340 4,225
Federal funds sold 100 9,815 1,492
Cash and cash equivalents 7,090 32,854 12,411
Time deposits in other financial institutions 24,645 19,995 8,593
Securities available for sale 97,329 82,482 81,662
Gross loans 276,098 257,159 241,116
Allowance for loan losses (2,949) (2,754) (2,733)
Net loans 273,149 254,405 238,383
Bank owned life insurance 9,181 9,060 8,170
Restricted equity securities 2,537 2,527 2,520
Premises and equipment, net 982 1,175 1,259
Accrued interest receivable 1,232 1,107 989
Other real estate owned - - -
Deferred tax asset, net 212 805 969
Other assets 2,523 1,043 1,190
Total assets$ 418,880 $ 405,452 $ 356,146
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest bearing$ 70,140 $ 75,561 $ 67,045
Interest bearing 246,516 263,453 216,278
Total deposits 316,656 339,014 283,323
Federal Home Loan Bank advances 42,177 22,479 32,237
Other liabilities 15,067 1,685 842
Total liabilities 373,900 363,178 316,402
SHAREHOLDERS' EQUITY
Additional paid-in capital 26,417 26,190 25,753
Retained earnings 17,441 15,919 13,944
Accumulated other comprehensive income (loss) 1,122 165 47
Total shareholders' equity 44,980 42,274 39,744
Total liabilities and shareholders' equity $ 418,880 $ 405,452 $ 356,146

Truxton Corporation
Consolidated Statements of Net Income
(000's)
(Unaudited)
Three Months Ended Six Months Ended
June 2016 June 2015 June 2016 June 2015
Non-interest income
Wealth management services$ 1,870 $ 1,822 $ 3,655 $ 3,557
Service charges on deposit accounts 85 68 152 117
Bank owned life insurance income 63 56 121 111
Other 377 244 536 279
Total non-interest income 2,395 2,190 4,464 4,064
Interest income
Loans, including fees$ 2,745 $ 2,507 $ 5,476 $ 4,954
Taxable securities 267 227 520 453
Tax-exempt securities 211 183 414 356
Interest bearing deposits 68 24 157 45
Federal funds sold 3 1 16 3
Total interest income 3,294 2,942 6,583 5,811
Interest expense
Deposits 247 261 511 514
Short-term borrowings 5 1 6 2
Long-term borrowings 68 69 128 136
Total interest expense 320 331 645 652
Net interest income 2,974 2,611 5,938 5,159
Provision for loan losses 97 - 199 -
Net interest income after provision for loan losses 2,877 2,611 5,739 5,159
Total revenue, net 5,272 4,801 10,203 9,223
Non-interest expense
Salaries and employee benefits 1,991 1,829 4,131 3,682
Occupancy 169 164 333 350
Furniture and equipment 43 44 87 87
Data processing 230 202 486 380
Wealth management processing fees 321 332 321 332
Advertising and public relations 36 38 87 71
Professional services 220 142 341 296
FDIC insurance assessments 50 40 111 81
Other 283 191 772 657
Total non-interest expense 3,343 2,982 6,669 5,936
Income before income taxes 1,929 1,819 3,534 3,287
Income tax expense 578 549 1,061 1,016
Net income$ 1,351 $ 1,270 $ 2,473 $ 2,271
Earnings per share:
Basic$ 0.51 $ 0.49 $ 0.94 $ 0.88
Diluted$ 0.50 $ 0.48 $ 0.93 $ 0.86

Truxton Corporation
Operating Statistics
(000's)
(Unaudited)
Six Months Ended
June 2016June 2015
Performance Ratios
Efficiency Ratio 62.76% 63.00%
Net Interest Margin 3.01% 3.23%
Capital Ratios
Return on Average Assets 1.18% 1.30%
Return on Average Equity 11.31% 11.64%
Tier 1 Leverage Ratio (Bank) 9.89% 11.20%
Asset Quality Data
Net Loan Charge-Offs $ 4 $ -
Non-Performing Loans $ 773 $ 18


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