NASHVILLE, Tenn., July 20, 2015 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCPK:TRUX), a bank holding company and the parent of Truxton Trust Company, reported consolidated net income of $1,270,000 for the second quarter of 2015, a 20 percent increase compared with $1,117,000 for the second quarter of 2014. Earnings per fully diluted share for the three months were $0.48 for 2015 compared to $0.42 for the comparable period in 2014, a 14% increase. For the six month period ending June 30, 2015, net income rose from $2,001,000 to $2,271,000, an increase of 14% from the same period a year ago. Earnings per fully diluted share for the same periods rose from $0.81 to $0.86, a 6% rise.
At June 30, 2015, the company reported total assets of $356.2 million, a 7 percent increase from June 30, 2014. Over the same period, total loans increased 17 percent to $241.1 million, while deposits grew 6 percent to $283.3 million. At June 30, 2015, the Bank's estimated Tier 1 leverage ratio was 11.20%.
Non-interest income for the second quarter of 2015 was $2,190,000, compared to $1,718,000 for the same period in 2014, an increase of 27 percent.
Tangible Book Value per share at June 30, 2015 was $15.43 compared to $14.32 at the same time a year ago.
"Wealth Management and Private Banking have both experienced strong results so far this year," said CEO Tom Stumb. "Clients who need thoughtful, knowledgeable help with their critical financial decisions keep finding their way to Truxton. Our strong financial results are the fruit of growing numbers of relationships between our team and our clients."
A full-service bank and wealth management firm organized in 2003, 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 2015 Earnings Release | |||
| (In Thousands) | |||
|
June 30, 2015 (unaudited) |
December 31, 2014 |
June 30, 2014 (unaudited) |
|
| Balance Sheet Data: | |||
| Assets | |||
| Cash and due from banks | 6,694 | 4,094 | 5,312 |
| Fed funds sold & repos | 1,492 | 6,284 | 180 |
| Interest bearing deposits with banks | 12,818 | 8,532 | 8,686 |
| Investment Securities - Taxable | 57,125 | 61,036 | 75,819 |
| Investment Securities - Tax-exempt | 24,379 | 24,524 | 26,962 |
| Loans, net of unearned income | 241,116 | 229,317 | 205,692 |
| Less: Allowance for loan losses | (2,733) | (2,733) | (2,911) |
| Premises and equipment, net | 609 | 643 | 705 |
| Accrued interest receivable | 989 | 1,057 | 981 |
| Other assets | 13,656 | 12,416 | 12,086 |
| Total Assets | 356,146 | 345,172 | 333,513 |
| Liabilities | |||
| Savings and Money Market Deposits | 267,149 | 265,265 | 248,211 |
| Time Deposits - Retail | 13,621 | 14,460 | 16,638 |
| Time Deposits - Wholesale | 2,553 | 2,352 | 2,347 |
| Total Deposits | 283,323 | 282,077 | 267,196 |
| Accrued expenses and other liabilities | 842 | 1,590 | 1,066 |
| FHLB Advances | 32,237 | 23,353 | 29,228 |
| Other Borrowings | -- | -- | 756 |
| Total Liabilities | 316,402 | 307,019 | 298,246 |
| Equity | |||
| Common stock | 254 | 253 | 246 |
| Capital surplus | 25,499 | 25,252 | 24,388 |
| Retained earnings | 11,673 | 8,248 | 8,761 |
| Accumulated other comprehensive income (loss) | 47 | 198 | (128) |
| Net Income | 2,271 | 4,202 | 2,001 |
| Total Equity | 39,744 | 38,153 | 35,268 |
| Total Liabilities & Equity | 356,146 | 345,172 | 333,513 |
| Truxton Corporation and Subsidiary | ||||
| Income Statement | ||||
| (In Thousands) | ||||
| Three Months Ended | Six Months Ended | |||
| June 30, 2015 | June 30, 2014 | June 30, 2015 | June 30, 2014 | |
| Income Statement Data: | ||||
| Interest Income | ||||
| Interest on Loans | 2,463,794 | 2,223,782 | 4,911,557 | 4,428,103 |
| Fees on Loans | 43,098 | 20,649 | 42,720 | 36,497 |
| Interest on federal funds sold | 1,274 | 2,647 | 3,158 | 4,185 |
| Interest on deposits with banks | 21,091 | 16,642 | 40,550 | 34,604 |
| Investment Securities - Taxable | 229,664 | 303,987 | 457,496 | 591,690 |
| Investment Securities - Tax-exempt | 182,738 | 167,445 | 355,776 | 326,647 |
| Total Interest Income | 2,941,659 | 2,735,151 | 5,811,257 | 5,421,726 |
| Interest Expense | ||||
| Interest bearing demand deposits | 9,487 | 187,357 | 30,760 | 379,751 |
| Savings and Money Market Deposits | 219,883 | 12,684 | 419,912 | 27,669 |
| Time Deposits - Retail | 23,528 | 32,168 | 47,065 | 65,063 |
| Time Deposits - Wholesale | 8,017 | 8,270 | 15,829 | 19,784 |
| Total Interest Expense on Deposits | 260,914 | 240,479 | 513,567 | 492,267 |
| FHLB Advances | 69,335 | 51,232 | 136,234 | 97,393 |
| Interest on other borrowings | 604 | 2,036 | 2,209 | 2,739 |
| Total Interest Expense | 330,852 | 293,748 | 652,010 | 592,399 |
| Net Interest Income | 2,610,807 | 2,441,404 | 5,159,247 | 4,829,327 |
| Net In. Inc. After Prov. for Loan Losses | 2,610,807 | 2,441,404 | 5,159,247 | 4,829,327 |
| Non Interest Income | ||||
| Service charges and fees | 68,023 | 58,473 | 116,777 | 117,085 |
| Other noninterest income | 2,122,300 | 1,659,218 | 3,947,343 | 3,164,573 |
| Total Non Interest Income | 2,190,323 | 1,717,691 | 4,064,120 | 3,281,659 |
| Non Interest Expense | ||||
| Salaries and employee benefits | 1,828,786 | 1,709,690 | 3,681,619 | 3,433,554 |
| Occupancy | 209,490 | 211,704 | 442,350 | 400,017 |
| Other noninterest expense | 944,134 | 688,588 | 1,812,407 | 1,356,032 |
| Total Non Interest Expense | 2,982,410 | 2,609,983 | 5,936,377 | 5,189,604 |
| Income Before Taxes | 1,818,720 | 1,549,112 | 3,286,991 | 2,921,382 |
| Income taxes | 548,522 | 486,279 | 1,015,941 | 920,521 |
| Net Income | 1,270,198 | 1,062,833 | 2,271,050 | 2,000,861 |
| Weighted Average Shares -Basic | 2,533 | 2,341 | 2,527 | 2,301 |
| Weighted Average Shares -Diluted | 2,574 | 2,435 | 2,571 | 2,405 |
| Net Income per share - Basic | $ 0.49 | $ 0.44 | $ 0.88 | $ 0.85 |
| Net Income per share - Diluted | $ 0.48 | $ 0.42 | $ 0.86 | $ 0.81 |
| Truxton Corporation (unaudited) | ||
| Second Quarter 2015 Earnings Release | ||
| Operating Statistics | ||
| Six Months Ended | ||
| June 30, 2015 | June 30, 2014 | |
| Performance Ratios | ||
| Efficiency Ratio | 63.00% | 62.60% |
| Net Interest Margin | 3.23% | 3.16% |
| Capital Ratios | ||
| Return on Average Assets | 1.30% | 1.20% |
| Return on Average Equity | 11.64% | 12.30% |
| Est. Tier 1 Leverage Ratio (Bank) | 11.20% | 9.95% |
| Asset Quality Data | ||
| Net Loan Charge-Offs | $ - | $ - |
| Non-Performing Loans | $ 18 | $ - |