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Truxton Corporation Reports Third Quarter 2017 Results

NASHVILLE, Tenn., Oct. 19, 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 $1,604,000 for the third quarter of 2017, a 19 percent increase compared with $1,349,000 for the third quarter of 2016. Earnings per fully diluted share for the quarter ended September 30, 2017, totaled $0.59 versus $0.50 for the same period in 2016.

For the nine months ended September 30, 2017, the company reported net income of $4,725,000 compared to $3,823,000 for the comparable 2016 period, an increase of 24 percent. Earnings per fully diluted share for the nine months ended September 30, 2017, totaled $1.76 versus $1.43 for the same period in 2016.

At September 30, 2017, the company reported total assets of $425.8 million, a 6.9 percent increase from September 30, 2016. Over the same period, total loans increased 5.1 percent to $294.9 million, while deposits grew 6.9 percent to $352.7 million. At September 30, 2017, the Bank’s estimated Tier 1 leverage ratio was 10.88 percent.

Non-interest income for the third quarter of 2017 was $2,481,000, compared to $2,223,000 for the same period in 2016, an increase of 11.6 percent.

Tangible Book Value per share at September 30, 2017, was $18.78 compared to $17.50 at the same time a year ago.

“Our business continues its steady, profitable growth,” said CEO Tom Stumb. “Truxton Trust has returned more than 13 percent on our average equity through three quarters of 2017, our strongest performance ever despite very conservative capital levels. We are mindful that Nashville, our core market, is booming and that booms do end. We are equally cognizant that securities markets have been exceptionally strong, providing wind at the back of our wealth management business. Regardless of market conditions, our talented professional staff will provide thoughtful advice and service to clients who value our work.”

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 2017 December 2016 September 2016
ASSETS
Cash and due from financial institutions$ 6,209 $ 6,547 $ 5,601
Interest bearing deposits in other financial institutions 9,582 3,467 7,091
Federal funds sold 3,301 294 2,654
Cash and cash equivalents 19,092 10,308 15,346
Time deposits in other financial institutions 11,292 16,628 14,838
Securities available for sale 86,742 78,988 74,711
Gross loans 294,850 288,097 280,469
Allowance for loan losses (3,073) (2,998) (2,991)
Net loans 291,777 285,099 277,478
Bank owned life insurance 9,479 9,304 9,243
Restricted equity securities 2,552 2,543 2,537
Premises and equipment, net 835 817 884
Accrued interest receivable 1,293 1,262 1,163
Other real estate owned - - -
Deferred tax asset, net 637 830 346
Other assets 2,114 1,292 1,661
Total assets$ 425,813 $ 407,070 $ 398,207
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest bearing$ 81,071 $ 76,098 $ 76,117
Interest bearing 271,644 262,896 253,941
Total deposits 352,715 338,994 330,058
Federal Home Loan Bank advances 20,541 20,522 19,932
Other liabilities 2,619 1,407 1,996
Total liabilities 375,875 360,923 351,986
SHAREHOLDERS' EQUITY
Additional paid-in capital 27,099 26,753 26,525
Retained earnings 22,653 19,519 18,790
Accumulated other comprehensive income (loss) 186 (125) 906
Total shareholders' equity 49,938 46,147 46,221
Total liabilities and shareholders' equity $ 425,813 $ 407,070 $ 398,207

Truxton Corporation
Consolidated Statements of Net Income
(000's)
(Unaudited)
Three Months Ended Nine Months Ended
September 2017 September 2016 September 2017 September 2016
Non-interest income
Wealth management services$ 2,276 $ 1,949 $ 6,703 $ 5,674
Service charges on deposit accounts 85 85 254 238
Securities gains (losses), net 21 85 21 85
Bank owned life insurance income 57 62 175 183
Other 42 42 124 119
Total non-interest income 2,481 2,223 7,277 6,299
Interest income
Loans, including fees$ 3,210 $ 2,912 $ 9,392 $ 8,389
Taxable securities 296 211 846 730
Tax-exempt securities 190 154 545 568
Interest bearing deposits 70 58 182 214
Federal funds sold 3 1 11 17
Total interest income 3,769 3,336 10,976 9,918
Interest expense
Deposits 365 250 1,040 761
Short-term borrowings 1 7 3 12
Long-term borrowings 85 76 247 204
Total interest expense 451 333 1,290 977
Net interest income 3,318 3,003 9,686 8,941
Provision for loan losses 26 42 75 241
Net interest income after provision for loan losses 3,292 2,961 9,611 8,700
Total revenue, net 5,773 5,184 16,888 14,999
Non-interest expense
Salaries and employee benefits 2,381 1,973 6,951 6,184
Occupancy 188 171 537 504
Furniture and equipment 60 42 156 129
Data processing 262 252 788 688
Wealth management processing fees 143 24 376 345
Advertising and public relations 34 55 118 143
Professional services 217 197 562 538
FDIC insurance assessments 35 51 105 162
Other 250 530 658 883
Total non-interest expense 3,570 3,295 10,251 9,576
Income before income taxes 2,203 1,889 6,637 5,423
Income tax expense 599 540 1,912 1,600
Net income$ 1,604 $ 1,349 $ 4,725 $ 3,823
Earnings per share:
Basic$ 0.60 $ 0.61 $ 1.79 $ 1.45
Diluted$ 0.59 $ 0.50 $ 1.76 $ 1.43

Truxton Corporation
Operating Statistics
(000's)
(Unaudited)
Nine Months Ended
September 2017 September 2016
Performance Ratios
Efficiency Ratio 60.74% 63.17%
Net Interest Margin 3.34% 3.12%
Capital Ratios
Return on Average Assets 1.51% 1.23%
Return on Average Equity 13.08% 11.47%
Tier 1 Leverage Ratio (Bank) 10.88% 10.56%
Asset Quality Data
Net Loan Charge-Offs $ - $ -
Non-Performing Loans $ - $ -


Investor Relations Media Relations
Andrew MayTamara Schoeplein
615-515-1707615-515-1714
andrew.may@truxtontrust.com tamara.schoeplein@truxtontrust.com

Source:Truxton Trust Company