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 2017 December 31, 2016 March 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, 2017 March 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 $   $      
         

 

CONTACT: Investor Relations
Andrew May
615-515-1707
andrew.may@truxtontrust.com

Media Relations
Tamara Schoeplein
615-515-1714
tamara.schoeplein@truxtontrust.com

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