NASHVILLE, Tenn., April 17, 2014 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCQB:TRUX), a bank holding company and the parent of Truxton Trust Company, reported consolidated net income of $939,000 for the first quarter of 2014, a 27 percent increase compared with $741,000 for the first quarter of 2013. Earnings per fully diluted share for the quarter ended March 31, 2014 totaled $0.38 versus $0.32 for the same period in 2013, a 19% increase.
At March 31, 2014, the company reported total assets of $338.5 million, a 12 percent increase from March 31, 2013. Over the same period, deposits increased 12 percent to $286.4 million, while total loans grew 7 percent to $200.4 million. At March 31, 2013, the Bank's estimated Tier 1 leverage ratio was 9.73%.
Non-interest income for the first quarter of 2014 was $1,564,000, compared to $1,368,000 for the same period in 2013, an increase of 14 percent.
Tangible Book Value per share at March 31, 2014 was $13.89 compared to $13.11 at the same time a year ago.
"2014 is off to a very good start," said CEO Tom Stumb. "Finding loans remains a challenge in our crowded banking market, but we expect some growth in the quarter ahead. Meanwhile, our credit quality has remained very strong and we are delivering excellent growth in non-interest income. Our expenses are well under control."
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.
| Truxton Corporation (unaudited) | |||
| First Quarter 2014 Earnings Release | |||
| (In Thousands) | |||
|
March 31, 2014 (unaudited) |
December 31, 2013 |
March 31, 2013 (unaudited) |
|
| Balance Sheet Data: | |||
| Assets | |||
| Cash and due from banks | 6,700 | 6,581 | 8,815 |
| Fed funds sold & repos | 1,130 | 1,714 | 7,911 |
| Interest bearing deposits with banks | 16,470 | 20,740 | 12,169 |
| Investment Securities - Taxable | 76,347 | 58,742 | 57,642 |
| Investment Securities - Tax-exempt | 26,627 | 21,271 | 21,173 |
| Loans, net of unearned income | 200,431 | 208,923 | 187,351 |
| Less: Allowance for loan losses | (2,911) | (2,911) | (2,911) |
| Premises and equipment, net | 752 | 786 | 815 |
| Accrued interest receivable | 1,067 | 999 | 948 |
| Other assets, principally BOLI | 11,856 | 11,869 | 8,884 |
| Total Assets | 338,471 | 328,714 | 302,796 |
| Liabilities | |||
| Total Deposits | 286,411 | 280,603 | 255,379 |
| Accrued expenses and other liabilities | 966 | 1,614 | 790 |
| FHLB Advances | 18,681 | 15,704 | 16,849 |
| Total Liabilities | 306,058 | 297,920 | 273,018 |
| Equity | |||
| Common stock | 229 | 229 | 225 |
| Capital surplus | 22,676 | 22,556 | 22,031 |
| Retained earnings | 9,261 | 5,688 | 6,148 |
| Accumulated other comprehensive income (loss) | (691) | (1,252) | 634 |
| Net Income | 938 | 3,573 | 741 |
| Total Equity | 32,413 | 30,793 | 29,778 |
| Total Liabilities & Equity | 338,471 | 328,714 | 302,796 |
| Truxton Corporation and Subsidiary | ||
| Income Statement | ||
| (In Thousands) | ||
| Three Months Ended | ||
| March 31, 2014 | March 31, 2013 | |
| Income Statement Data: | ||
| Interest Income | ||
| Interest on Loans | 2,204 | 2,177 |
| Fees on Loans | 16 | 70 |
| Interest on federal funds sold | 2 | 12 |
| Interest on deposits with banks | 18 | 31 |
| Investment Securities - Taxable | 288 | 192 |
| Investment Securities - Tax-exempt | 159 | 122 |
| Total Interest Income | 2,687 | 2,604 |
| Interest Expense | ||
| Interest bearing demand deposits | 192 | 194 |
| Savings and Money Market Deposits | 15 | 23 |
| Time Deposits - Retail | 33 | 59 |
| Time Deposits - Wholesale | 12 | 5 |
| Total Interest Expense on Deposits | 252 | 281 |
| FHLB Advances | 46 | 46 |
| Interest on other borrowings | 1 | 0 |
| Total Interest Expense | 299 | 327 |
| Net Interest Income | 2,388 | 2,277 |
| Net In. Inc. After Prov. for Loan Losses | 2,388 | 2,277 |
| Non Interest Income | ||
| Service charges and fees | 58 | 56 |
| Securities gains (losses), net | 0 | 24 |
| Mortgage loan and related fees | 0 | 2 |
| Other noninterest income, principally Wealth Management | 1,505 | 1,285 |
| Total Non Interest Income | 1,564 | 1,368 |
| Non Interest Expense | ||
| Salaries and employee benefits | 1,724 | 1,703 |
| Occupancy | 188 | 218 |
| Other noninterest expense | 667 | 681 |
| Total Non Interest Expense | 2,579 | 2,601 |
| Income Before Taxes | 1,372 | 1,044 |
| Income taxes | 434 | 303 |
| Net Income | 939 | 741 |
| Weighted Average Shares - Basic | 2,323 | 2,258 |
| Weighted Average Shares - Diluted | 2,444 | 2,327 |
| Net Income per share - Basic | $ 0.40 | $ 0.33 |
| Net Income per share - Diluted | $ 0.38 | $ 0.32 |
| Truxton Corporation (unaudited) | ||
| First Quarter 2014 Earnings Release | ||
| Operating Statistics | ||
| Three Months Ended | ||
| March 31, 2014 | March 31, 2013 | |
| Performance Ratios | ||
| Efficiency Ratio | 63.81% | 70.41% |
| Net Interest Margin | 3.18% | 3.34% |
| Capital Ratios | ||
| Return on Average Assets | 1.14% | 1.01% |
| Return on Average Equity | 12.01% | 10.16% |
| Tier 1 Leverage Ratio | 9.73% | 9.59% |
| Asset Quality Data | ||
| Net Loan Charge-Offs | $ -- | $ -- |
| Non-Performing Loans | $ -- | $ 436 |