Truxton Corporation Reports Fourth Quarter 2016 Results

NASHVILLE, Tenn., Jan. 26, 2017 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCPK:TRUX), a financial holding company and the parent of Truxton Trust Company (the “Bank”), reported consolidated net income of $1,682,000 for the fourth quarter of 2016, a 12 percent increase compared with $1,496,000 for the fourth quarter of 2015. Earnings per fully diluted share for the quarter ended December 31, 2016 totaled $0.62 versus $0.57 for the same period in 2015.

For the twelve months ended December 31, 2016, the company reported net income of $5,505,000 compared to $5,031,000 for the comparable 2015 period, an increase of 9.4 percent. Earnings per fully diluted share for the year ended December 31, 2016 totaled $2.06 versus $1.92 for the same period in 2015.

At December 31, 2016, the company reported total assets of $407.2 million, a 0.5 percent increase from December 31, 2015. Over the same period, total loans increased 12 percent to $288.1 million, while deposits remained the same at $339 million. At December 31, 2016, the Bank’s estimated Tier 1 leverage ratio was 10.50 percent.

Non-interest income for 2016 was $8,508,000 compared to $8,325,000 for 2015, an increase of 2.15 percent.

Tangible Book Value per share at December 31, 2016 was $17.41 compared to $16.14 at the same time a year ago, an 8% increase after paying $0.72 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)
December 2016*December 2015
ASSETS
Cash and due from financial institutions$ 6,547 $ 5,699
Interest bearing deposits in other financial institutions 3,467 17,340
Federal funds sold 294 9,815
Cash and cash equivalents 10,308 32,854
Time deposits in other financial institutions 16,628 19,995
Securities available for sale 78,988 82,482
Gross loans 288,096 257,159
Allowance for loan losses (2,998) (2,754)
Net loans 285,098 254,405
Bank owned life insurance 9,304 9,060
Restricted equity securities 2,543 2,527
Premises and equipment, net 817 1,175
Accrued interest receivable 1,262 1,107
Other real estate owned - -
Deferred tax asset, net 985 805
Other assets 1,292 1,042
Total assets$ 407,225 $ 405,452
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest bearing$ 76,035 $ 75,561
Interest bearing 262,896 263,453
Total deposits 338,931 339,014
Federal Home Loan Bank advances 20,522 22,479
Other liabilities 1,644 1,685
Total liabilities 361,097 363,178
SHAREHOLDERS' EQUITY
Common Stock & Additional paid-in capital 26,734 26,190
Retained earnings 19,519 15,919
Accumulated other comprehensive income (loss) (125) 165
Total shareholders' equity 46,128 42,274
Total liabilities and shareholders' equity $ 407,225 $ 405,452
*The information is preliminary unaudited and based on company data available at the time of presentation.

Truxton Corporation
Consolidated Statements of Net Income
(000's)
(Unaudited)
Three Months Ended Twelve Months Ended
December 2016 * December 2015 December 2016* December 2015
Non-interest income
Wealth management services$ 1,972 $ 1,812 $ 7,646 $ 7,204
Service charges on deposit accounts 88 88 325 278
Bank owned life insurance income 61 60 244 226
Other 91 466 293 617
Total non-interest income 2,212 2,426 8,508 8,325
Interest income
Loans, including fees$ 2,921 $ 2,656 $ 11,310 $ 10,286
Taxable securities 224 240 954 913
Tax-exempt securities 177 192 745 730
Interest bearing deposits 73 62 287 142
Federal funds sold 4 4 21 10
Total interest income 3,399 3,154 13,317 12,081
Interest expense
Deposits 285 244 1,046 1,006
Short-term borrowings 62 67 266 275
Long-term borrowings 0 2 12 4
Total interest expense 347 313 1,324 1,285
Net interest income 3,052 2,841 11,993 10,796
Provision for loan losses 7 21 248 21
Net interest income after provision for loan losses 3,045 2,820 11,745 10,775
Total revenue, net 5,257 5,246 20,253 19,100
Non-interest expense
Salaries and employee benefits 2,007 2,176 8,192 7,840
Occupancy 159 140 664 655
Furniture and equipment 42 44 171 173
Data processing 375 284 1,158 929
Wealth management processing fees 178 128 523 588
Advertising and public relations 23 37 166 150
Professional services 126 104 663 525
FDIC insurance assessments 9 73 171 194
Other 93 204 876 812
Total non-interest expense 3,012 3,190 12,584 11,866
Income before income taxes 2,245 2,056 7,669 7,234
Income tax expense 563 600 2,164 2,203
Net income$ 1,682 $ 1,456 $ 5,505 $ 5,031
Earnings per share:
Basic$ 0.63 $ 0.57 $ 2.09 $ 1.94
Diluted$ 0.62 $ 0.57 $ 2.06 $ 1.92
*The information is preliminary unaudited and based on company data available at the time of presentation.

Truxton Corporation
Operating Statistics
(000's)
(Unaudited)
Three Months Ended Twelve Months Ended
December 2016December 2015 December 2016December 2015
Performance Ratios
Efficiency Ratio 58.99% 58.74% 62.07% 60.77%
Net Interest Margin 3.21% 3.01% 3.15% 3.17%
Capital Ratios
Return on Average Assets 1.63% 1.46% 1.33% 1.35%
Return on Average Equity 14.36% 14.06% 12.22% 12.46%
Tier 1 Leverage Ratio (Bank) 10.50% 9.67%
Asset Quality Data
Net Loan Charge-Offs $ - $ - $ 4 $ 135
Non-Performing Loans $ 786 $ - $ 786 $ -
*The information is preliminary unaudited and based on company data available at the time of presentation.

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