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Truxton Corporation Reports Third Quarter 2016 Results

NASHVILLE, Tenn., Oct. 20, 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 $1,349,000 for the third quarter of 2016, a 7 percent increase compared with $1,264,000 for the third quarter of 2015. Earnings per fully diluted share for the quarter ended September 30, 2016 totaled $0.50 versus $0.48 for the same period in 2015.

For the nine months ended September 30, 2016, the company reported net income of $3,822,000 compared to $3,534,000 for the comparable 2015 period, an increase of 8 percent. Earnings per fully diluted share for the nine months ended September 30, 2016 totaled $1.43 versus $1.35 for the same period in 2015.

At September 30, 2016, the company reported total assets of $398.2 million, an 18 percent decrease from September 30, 2015. As reported a year ago, the 2015 assets were inflated by a single transitory deposit of over $100 million, which was disbursed before December 31, 2015. Over the same period, total loans increased 12 percent to $280.5 million, while deposits declined 21 percent to $330.1 million for the reason discussed above. At September 30, 2016, the Bank’s Tier 1 leverage ratio was 10.56 percent.

Non-interest income for the third quarter of 2016 was $2,357,000, compared to $1,821,000 for the same period in 2015, an increase of 29 percent.

Tangible Book Value per share at September 30, 2016 was $17.50 compared to $15.97 at the same time a year ago, a 10% increase after paying $0.66 per share in dividends in the trailing twelve months.

“We have added staff and systems to allow accelerated growth in the years ahead but are still increasing our earnings according to our plan,” said CEO Tom Stumb.

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)
September
2016
December
2015
September
2015
ASSETS
Cash and due from financial institutions$ 5,601 $ 5,699 $ 4,247
Interest bearing deposits in other financial institutions 7,691 17,340 98,501
Federal funds sold 2,654 9,815 14,071
Cash and cash equivalents 15,946 32,854 116,819
Time deposits in other financial institutions 14,238 19,995 25,165
Securities available for sale 74,712 82,482 81,146
Gross loans 280,469 257,159 251,354
Allowance for loan losses (2,991) (2,754) (2,733)
Net loans 277,478 254,405 248,621
Bank owned life insurance 9,243 9,060 8,224
Restricted equity securities 2,537 2,527 2,520
Premises and equipment, net 884 1,175 1,209
Accrued interest receivable 1,163 1,107 1,021
Other real estate owned - - -
Deferred tax asset, net 346 805 738
Other assets 1,660 1,043 1,546
Total assets$ 398,207 $ 405,452 $ 487,009
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest bearing$ 76,118 $ 75,561 $ 177,256
Interest bearing 253,940 263,453 242,953
Total deposits 330,058 339,014 420,209
Federal Home Loan Bank advances 19,932 22,479 23,967
Other liabilities 1,996 1,685 1,369
Total liabilities 351,986 363,178 445,545
SHAREHOLDERS' EQUITY
Additional paid-in capital 26,525 26,190 25,837
Retained earnings 18,790 15,919 15,208
Accumulated other comprehensive income (loss) 906 165 419
Total shareholders' equity 46,221 42,274 41,464
Total liabilities and shareholders' equity $ 398,207 $ 405,452 $ 487,009

Truxton Corporation
Consolidated Statements of Net Income
(000's)
(Unaudited)
Three Months Ended Nine Months Ended
September 2016 September 2015 September 2016 September 2015
Non-interest income
Wealth management services$ 1,947 $ 1,790 $ 5,602 $ 5,347
Service charges on deposit accounts 85 72 238 189
Bank owned life insurance income 62 54 183 166
Other 263 (95) 799 183
Total non-interest income 2,357 1,821 6,822 5,885
Interest income
Loans, including fees$ 2,912 $ 2,676 $ 8,389 $ 7,630
Taxable securities 211 220 730 673
Tax-exempt securities 154 182 568 537
Interest bearing deposits 58 32 214 77
Federal funds sold 1 3 17 6
Total interest income 3,336 3,113 9,918 8,923
Interest expense
Deposits 250 248 761 762
Short-term borrowings 7 - 12 2
Long-term borrowings 76 71 204 208
Total interest expense 333 319 977 972
Net interest income 3,003 2,794 8,941 7,951
Provision for loan losses 42 - 241 -
Net interest income after provision for loan losses 2,961 2,794 8,700 7,951
Total revenue, net 5,318 4,615 15,522 13,836
Non-interest expense
Salaries and employee benefits 1,935 1,889 6,066 5,570
Occupancy 171 165 504 515
Furniture and equipment 42 43 129 129
Data processing 270 194 746 573
Wealth management processing fees 24 128 345 460
Advertising and public relations 55 42 143 113
Professional services 197 125 538 421
FDIC insurance assessments 51 41 162 121
Other 684 136 1,467 796
Total non-interest expense 3,429 2,763 10,100 8,698
Income before income taxes 1,889 1,852 5,422 5,138
Income tax expense 540 588 1,600 1,604
Net income$ 1,349 $ 1,264 $ 3,822 $ 3,534
Earnings per share:
Basic$ 0.51 $ 0.49 $ 1.45 $ 1.37
Diluted$ 0.50 $ 0.48 $ 1.43 $ 1.35

Truxton Corporation
Operating Statistics
(000's)
(Unaudited)
Nine Months Ended
September
2016
September
2015
Performance Ratios
Efficiency Ratio 63.81% 61.44%
Net Interest Margin 3.13% 3.24%
Capital Ratios
Return on Average Assets 1.16% 1.32%
Return on Average Equity 11.55% 12.77%
Tier 1 Leverage Ratio (Bank) 10.56% 10.30%
Asset Quality Data
Net Loan Charge-Offs $ - $ -
Non-Performing Loans $ - $ 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