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Truxton Corporation Reports Second Quarter 2013 Results

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NASHVILLE, Tenn., July 22, 2013 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCQB:NBTH), a bank holding company and the parent of Truxton Trust Company, reported consolidated net income of $782,000 for the second quarter of 2013, a 24 percent increase compared with $630,000 for the second quarter of 2012. Earnings per fully diluted share for the quarter ended June 30, 2013 totaled $0.33 versus $0.27 for the same period in 2012.

For the six months ended June 30, 2013, net income was $1,523,000 compared to $1,210,000 for the comparable period in 2012, a 26 percent increase. Earnings per fully diluted share rose to $0.65 for the six-month period compared to $0.52 for the same period in 2012.

At June 30, 2013, the company reported total assets of $299.6 million, a 10 percent increase from June 30, 2012. Over the same period, deposits increased 11 percent to $252.3 million, while total loans grew 9% to $193.6 million. At June 30, 2013, the Bank's Tier 1 leverage ratio was 9.69%.

Non-interest income for the second quarter of 2013 was $1,344,000, compared to $1,147,000 for the same period in 2012, an increase of 17 percent. Year-to-date ended June 30, 2013, non-interest income totaled $2,712,000 compared to $2,221,000 for the first six months of 2012, representing a 22% increase.

Tangible Book Value per share at June 30, 2013 was $12.86 compared to $12.05 at the same time a year ago.

On June 28, 2013, Truxton Corporation paid its initial semi-annual dividend of $0.10 per common share on June 28, 2013 to shareholders of record on June 3, 2013.

"We delivered solid earnings growth in the first half of 2013," said CEO Tom Stumb. "We have continued to grow earnings at over 25% versus a year ago despite a difficult interest rate environment. We are controlling expenses and adding assets in our wealth management business. Asset quality remains a core strength."

A full-service bank and wealth management company, Truxton Trust services include personal and business loans, depository accounts, wealth management and trust services. Personal, expert service is the bank's hallmark. Customers benefit from direct contact with senior-level, experienced bank executives who have decision-making authority and a full understanding of the local community and the client's relationship with the bank.

CONTACT: Andrew L. May 615.515.1707 andrew.may@truxtontrust.com

Source:Truxton Trust Company