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Truxton Corporation Reports First Quarter 2017 Results

NASHVILLE, Tenn., April 20, 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 $1,459,763 for the first quarter of 2017, a 30 percent increase compared with $1,122,320 for the first quarter of 2016. Earnings per fully diluted share for the quarter ended March 31, 2017 totaled $0.54 versus $0.42 for the same period in 2016.

At March 31, 2017, the company reported total assets of $431.4 million, a 5 percent increase from March 31, 2016. Over the same period, total loans increased 11 percent to $289.7 million, while deposits grew 4 percent to $361.6 million. At March 31, 2017, the Bank’s estimated Tier 1 leverage ratio was 10.80 percent.

Non-interest income for the first quarter of 2017 was $2,257,000, compared to $1,937,000 for the same period in 2016, an increase of 16 percent.

Tangible Book Value per share at March 31, 2017 was $17.84 compared to $16.69 at the same time a year ago.

“We’ve begun 2017 very strongly, growing our EPS 29% compared to a year ago,” said CEO Tom Stumb. He continued, “We have experienced excellent loan growth in the past year. Wealth Management revenue grew by 17% compared to the March quarter of 2016. We controlled expenses tightly and delivered improved margins.”

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)
March 2017December 31, 2016March 2016
ASSETS
Cash and due from financial institutions$3,935 $6,547 $6,948
Interest bearing deposits in other financial institutions 30,938 3,466 3,314
Federal funds sold 4,771 295 1,818
Cash and cash equivalents 39,644 10,308 12,080
Time deposits in other financial institutions 10,454 16,628 28,126
Securities available for sale 78,848 78,988 97,880
Gross loans 289,731 288,096 261,520
Allowance for loan losses (3,041) (2,998) (2,850)
Net loans 286,690 285,098 258,670
Bank owned life insurance 9,362 9,304 9,119
Restricted equity securities 2,546 2,543 2,534
Premises and equipment, net 801 817 1,080
Accrued interest receivable 1,190 1,261 1,199
Deferred tax asset, net 764 830 476
Other assets 1,097 1,448 1,371
Total assets$431,396 $407,225 $412,535
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest bearing$79,594 $76,035 $74,624
Interest bearing 281,999 262,896 273,022
Total deposits 361,593 338,931 347,646
Federal Home Loan Bank advances 21,090 20,522 19,542
Other liabilities 1,421 1,644 1,314
Total liabilities 384,104 361,097 368,502
SHAREHOLDERS' EQUITY
Additional paid-in capital 26,861 26,734 26,296
Retained earnings 20,449 19,519 17,041
Accumulated other comprehensive income (loss) (18) (125) 696
Total shareholders' equity 47,292 46,128 44,033
Total liabilities and shareholders' equity$431,396 $407,225 $412,535

Truxton Corporation
Consolidated Statements of Net Income
(000's)
(Unaudited)
Three Months Ended
March 31, 2017 March 31, 2016
Non-interest income
Wealth management services$2,081 $1,784
Service charges on deposit accounts 86 67
Bank owned life insurance income 58 58
Other 32 28
Total non-interest income 2,257 1,937
Interest income
Loans, including fees$3,064 $2,732
Taxable securities 250 254
Tax-exempt securities 178 203
Interest bearing deposits 45 88
Federal funds sold 1 12
Total interest income 3,538 3,289
Interest expense
Deposits 317 265
Short-term borrowings 1 -
Long-term borrowings 80 60
Total interest expense 398 325
Net interest income 3,140 2,964
Provision for loan losses 43 102
Net interest income after provision for loan losses 3,097 2,862
Total revenue, net 5,354 4,799
Non-interest expense
Salaries and employee benefits 2,285 2,177
Occupancy 175 164
Furniture and equipment 42 43
Data processing 297 258
Wealth management processing fees 111 190
Advertising and public relations 44 51
Professional services 158 120
FDIC insurance assessments 35 61
Other 158 130
Total non-interest expense 3,305 3,194
Income before income taxes 2,049 1,605
Income tax expense 589 483
Net income$1,460 $1,122
Earnings per share:
Basic$0.55 $0.43
Diluted$0.54 $0.42

Truxton Corporation
Operating Statistics
(Unaudited)
Three Months Ended
March 31, 2017March 31, 2016
Performance Ratios
Efficiency Ratio 62.83% 64.68%
Net Interest Margin 3.29% 3.01%
Capital Ratios
Return on Average Assets 1.33% 1.05%
Return on Average Equity 11.58% 10.44%
Tier 1 Leverage Ratio (Bank) 10.80% 9.48%
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