Truxton Corporation Reports Second Quarter 2014 Results

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| Source: Truxton Trust Company

NASHVILLE, Tenn., July 17, 2014 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCQB:TRUX), a bank holding company and the parent of Truxton Trust Company, reported consolidated net income of $1,062,000 for the second quarter of 2014, a 36 percent increase compared with $782,000 for the second quarter of 2013. Earnings per fully diluted share for the quarter ended June 30, 2014 totaled $0.42 versus $0.33 for the same period in 2013, a 27 percent increase.

For the six month period ended June 30, 2014, Truxton reported net income of $2,000,000, a 31 percent increase compared to the year ago period. Earnings per fully diluted share for the six months were $0.81 for 2014 compared to $0.65 for the comparable period in 2013.

At June 30, 2014, the company reported total assets of $333.2 million, an 11 percent increase from June 30, 2013. Over the same period, deposits increased 6 percent to $266.4 million, while total loans grew 6 percent to $205.6 million. At June 30, 2013, the company's Bank subsidiary's estimated Tier 1 leverage ratio was 9.95%.

Non-interest income for the second quarter of 2014 was $1,717,000, compared to $1,344,000 for the same period in 2013, an increase of 28 percent.

Tangible Book Value per share at June 30, 2014 was $14.32 compared to $12.86 at the same time a year ago.

"We continue our steady growth in 2014" said CEO Tom Stumb. "The first half saw us open a Wealth Management office in Northeast Georgia, bring in over $1.5 million in new capital through option and warrant exercises, grow non-interest income to record levels, and continue our steady progress in traditional loan and deposit businesses."

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)      
Second Quarter 2014 Earnings Release      
(In Thousands)      
       
 
June 30, 2014
(unaudited)


December 31, 2013

June 30, 2013
(unaudited)
Balance Sheet Data:      
Assets      
Cash and due from banks 5,371 6,581 5,446
Fed funds sold & repos 180 1,714 4,545
Interest bearing deposits with banks 8,686 20,740 10,164
Investment Securities - Taxable 75,819 58,742 56,851
Investment Securities - Tax-exempt 26,962 21,271 20,453
Loans, net of unearned income 205,600 208,923 193,647
Less: Allowance for loan losses (2,911) (2,911) (2,911)
Premises and equipment, net 705 786 804
Accrued interest receivable 1,014 999 908
Other assets, principally BOLI 12,086 11,869 9,655
Total Assets 333,513 328,714 299,563
Liabilities      
Non-Interest Bearing Deposits 12,158 12,431 13,320
Interest bearing demand deposits 19,874 19,549 12,110
Savings and Money Market Deposits 216,271 220,713 196,423
Time Deposits - Retail 16,638 18,116 22,541
Time Deposits - Wholesale 2,347 9,794 7,941
Total Deposits 267,288 280,603 252,336
Accrued expenses and other liabilities 974 1,614  1,295
FHLB Advances 29,228 15,704 16,714
Other Borrowings 756 -- --
Total Liabilities 298,248 297,920 270,345
Equity      
Common stock 246 229 227
Capital surplus 24,388 22,556 22,275
Retained earnings 8,761 5,688 5,919
Pict Accumulated other comprehensive income (loss) (128) (1,252) (724)
Net Income 2,001 3,573 1,523
Total Equity 35,267 30,793 29,219
Total Liabilities & Equity 333,513 328,714 299,563
         
         
Truxton Corporation and Subsidiary        
Income Statement        
(In Thousands)        
         
  Three Months Ended Six Months Ended
  June 30,  2014 June 30,  2013 June 30,  2014 June 30,  2013
Income Statement Data:        
Interest Income        
Interest on Loans 2,224 2,225 4,428 4,402
Fees on Loans 21 18 36 88
Interest on federal funds sold 3 5 4 17
Interest on deposits with banks 17 38 35 69
Investment Securities - Taxable 304 230 592 421
Investment Securities - Tax-exempt 167 128 327 250
Total Interest Income 2,735 2,643 5,421 5,248
Interest Expense        
Interest bearing demand deposits 187 186 380 380
Savings and Money Market Deposits 13 17 28 40
Time Deposits - Retail 32 57 65 116
Time Deposits - Wholesale 8 9 20 14
Total Interest Expense on Deposits 240 269 492 550
FHLB Advances 51 51 97 97
Interest on other borrowings 2 0 2 230
Total Interest Expense 294 320 592 647
Net Interest Income 2,441 2,323 4,829 4,601
Net In. Inc. After Prov. for Loan Losses 2,441 2,323 4,829 4,601
Non Interest Income        
Service charges and fees 58 62 116 119
Securities gains (losses), net 0 2 0 26
Mortgage loan and related fees 0 3 0 5
Other noninterest income, principally Wealth Management 1,659 1,278 3,164 2,563
Total Non Interest Income 1,717 1,344 3,280 2,712
Non Interest Expense        
Salaries and employee benefits 1,710 1,507 3,435 3,209
Occupancy 212 210 400 428
Other noninterest expense 688 736  1,355  1,417
Total Non Interest Expense 2,610 2,452 5,189 5,054
Income Before Taxes 1,549 1,215 2,921 2,259
Income taxes 486 433 921 736
Net Income  1,063 782  2,000  1,523
         
Weighted Average Shares -Basic  2,404  2,268  2,364  2,256
Weighted Average Shares -Diluted  2,498  2,355  2,465  2,325
         
Net Income per share - Basic  $ 0.44  $ 0.34  $ 0.85  $ 0.68
Net Income per share - Diluted  $ 0.42  $ 0.33  $ 0.81  $ 0.65
         
         
Truxton Corporation (unaudited)        
Second Quarter 2014 Earnings Release        
Operating Statistics        
         
  Three Months Ended Six Months Ended
  June 30,  2014 June 30,  2013 June 30,  2014 June 30,  2013
Performance Ratios        
Efficiency Ratio  61.36% 65.54% 62.56% 67.96%
Net Interest Margin  3.16% 3.31% 3.17% 3.32%
         
Capital Ratios        
Return on Average Assets  1.26% 1.03% 1.20% 1.02%
Return on Average Equity  12.57% 10.35% 12.30% 10.26%
Tier 1 Leverage Ratio (Bank) 9.95% 9.95% 10.01% 9.95%
         
Asset Quality Data        
Net Loan Charge-Offs   $ --   $ --   $ --   $ -- 
Non-Performing Loans   $ --   $ --   $ --   $ -- 
Andrew L. May
615.515.1707