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Truxton Corporation Reports Second Quarter 2017 Results

NASHVILLE, Tenn., July 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 $1,661,000 for the second quarter of 2017, a 23 percent increase compared with $1,351,000 for the second quarter of 2016. Earnings per fully diluted share for the quarter ended June 30, 2017 totaled $0.61 versus $0.50 for the same period in 2016.

For the six months ended June 30, 2017, the company reported net income of $3,121,000 compared to $2,473,000 for the comparable 2016 period, an increase of 26 percent. Earnings per fully diluted share for the six months ended June 30, 2017 totaled $1.16 versus $0.93 for the same period in 2016.

At June 30, 2017, the company reported total assets of $417.9 million, a 0.2 percent decrease from June 30, 2016. Over the same period, total loans increased 6.7 percent to $294.6 million, while deposits grew 9.2 percent to $345.7 million. At June 30, 2017, the Bank’s estimated Tier 1 leverage ratio was 10.62 percent.

Non-interest income for the second quarter of 2017 was $2,537,000, compared to $2,139,000 for the same period in 2016, an increase of 18.6 percent.

Tangible Book Value per share at June 30, 2017 was $18.38 compared to $17.04 at the same time a year ago.

“We continue to experience steady 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 2017 December 2016 June 2016
ASSETS
Cash and due from financial institutions$ 6,602 $ 6,547 $ 3,856
Interest bearing deposits in other financial institutions 1,783 3,466 3,134
Federal funds sold 28 295 100
Cash and cash equivalents 8,413 10,308 7,090
Time deposits in other financial institutions 12,529 16,628 24,645
Securities available for sale 89,083 78,988 97,329
Gross loans 294,558 288,096 276,098
Allowance for loan losses (3,048) (2,998) (2,949)
Net loans 291,510 285,098 273,149
Bank owned life insurance 9,422 9,304 9,181
Restricted equity securities 2,549 2,543 2,537
Premises and equipment, net 917 817 982
Accrued interest receivable 1,276 1,261 1,232
Deferred tax asset, net 629 830 212
Other assets 1,588 1,293 2,523
Total assets$ 417,916 $ 407,070 $ 418,880
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest bearing$ 75,105 $ 76,097 $ 70,140
Interest bearing 270,620 262,897 246,516
Total deposits 345,725 338,994 316,656
Federal Home Loan Bank advances 20,764 20,522 42,177
Other liabilities 2,707 1,407 15,067
Total liabilities 369,196 360,923 373,900
SHAREHOLDERS' EQUITY
Additional paid-in capital 26,942 26,753 26,417
Retained earnings 21,580 19,519 17,441
Accumulated other comprehensive income (loss) 198 (125) 1,122
Total shareholders' equity 48,720 46,147 44,980
Total liabilities and shareholders' equity $ 417,916 $ 407,070 $ 418,880

Truxton Corporation
Consolidated Statements of Net Income
(000's)
(Unaudited)
Three Months Ended Six Months Ended
June 2017 June 2016 June 2017 June 2016
Non-interest income
Wealth management services$ 2,346 $ 1,941 $ 4,426 $ 3,725
Service charges on deposit accounts 83 85 168 152
Bank owned life insurance income 59 63 118 121
Other 49 50 81 77
Total non-interest income 2,537 2,139 4,793 4,075
Interest income
Loans, including fees$ 3,119 $ 2,745 $ 6,183 $ 5,476
Taxable securities 300 265 550 518
Tax-exempt securities 177 211 355 414
Interest bearing deposits 67 68 112 157
Federal funds sold 7 3 9 16
Total interest income 3,670 3,292 7,209 6,581
Interest expense
Deposits 357 247 674 511
Short-term borrowings 2 5 3 6
Long-term borrowings 81 68 162 128
Total interest expense 440 320 839 645
Net interest income 3,230 2,972 6,370 5,936
Provision for loan losses 6 97 49 199
Net interest income after provision for loan losses 3,224 2,875 6,321 5,737
Total revenue, net 5,761 5,014 11,114 9,812
Non-interest expense
Salaries and employee benefits 2,285 2,034 4,570 4,212
Occupancy 174 169 349 333
Furniture and equipment 53 43 95 86
Data processing 262 211 526 436
Wealth management processing fees 122 131 233 321
Advertising and public relations 40 37 84 88
Professional services 188 220 345 340
FDIC insurance assessments 35 50 70 111
Other 217 189 408 351
Total non-interest expense 3,376 3,084 6,680 6,278
Income before income taxes 2,385 1,930 4,434 3,534
Income tax expense 724 579 1,313 1,061
Net income$ 1,661 $ 1,351 $ 3,121 $ 2,473
Earnings per share:
Basic$ 0.63 $ 0.51 $ 1.18 $ 0.94
Diluted$ 0.61 $ 0.50 $ 1.16 $ 0.93

Truxton Corporation
Operating Statistics
(000's)
(Unaudited)
Six Months Ended
June 2017 June 2016
Performance Ratios
Efficiency Ratio 60.12% 62.76%
Net Interest Margin 3.33% 3.01%
Capital Ratios
Return on Average Assets 1.51% 1.18%
Return on Average Equity 13.21% 11.31%
Tier 1 Leverage Ratio (Bank) 10.62% 9.89%
Asset Quality Data
Net Loan Charge-Offs $ - $ 4
Non-Performing Loans $ - $ 786

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