NASHVILLE, Tenn., Oct. 22, 2015 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCPK: TRUX), a financial holding company and the parent of Truxton Trust Company, reported consolidated net income of $1,264,000 for the third quarter of 2015, a 16 percent increase compared with $1,089,000 for the third quarter of 2014. Earnings per fully diluted share for the three months were $0.48 for 2015 compared to $0.43 for the comparable period in 2014, a 12% increase. For the nine month period ended September 30, 2015, net income rose from $3,090,000 to $3,535,000, an increase of 14% from the same period a year ago. Earnings per fully diluted share for the nine months ended September 30, 2015 rose to $1.35 from $1.24 in the comparable period in 2014, an 8% rise.
At September 30, 2015, the company reported total assets of $487.0 million, a 45 percent increase from September 30, 2014. The asset total was affected by a single, large, short-term deposit received at the end of September. Deposits were $420.2 million at September 30, 2015, up 48% from the year ago quarter end. Over the same period, total loans increased 16 percent to $251.4 million. At September 30, 2015, the Bank's estimated Tier 1 leverage ratio was 10.99%.
Wealth Management revenue was up 10% compared to the comparable quarter in 2014, reaching $1,790,000.
Tangible Book Value per share at September 30, 2015 was $15.97 compared to $14.52 at the same time a year ago.
"Loan and deposit growth have been very strong this year, aided by Nashville's strong economy and our bankers' relationships," said CEO Tom Stumb. "We continue to see a solid pipeline of loan demand. Our wealth management team produces the vast majority of our non-interest income. We have continued to add clients and experience revenue growth even in the face of moderate declines in equity markets."
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) | |||
| Third Quarter 2015 Earnings Release | |||
| (In Thousands) | |||
|
September 30, 2015 (unaudited) |
December 31, 2014 |
September 30, 2014 (unaudited) |
|
| Balance Sheet Data: | |||
| Assets | |||
| Cash and due from banks | 4,247 | 4,094 | 6,854 |
| Fed funds sold & repos | 14,071 | 6,284 | 70 |
| Interest bearing deposits with banks | 123,666 | 8,532 | 12,008 |
| Investment Securities - Taxable | 55,431 | 61,036 | 65,294 |
| Investment Securities - Tax-exempt | 25,740 | 24,524 | 24,627 |
| Loans, net of unearned income | 251,354 | 229,317 | 217,027 |
| Less: Allowance for loan losses | (2,733) | (2,733) | (2,911) |
| Premises and equipment, net | 588 | 643 | 672 |
| Accrued interest receivable | 1,021 | 1,057 | 1,038 |
| Other assets | 13,625 | 12,416 | 12,041 |
| Total Assets | 487,010 | 345,172 | 336,719 |
| Liabilities | |||
| Time Deposits - Retail | 15,497 | 14,460 | 18,639 |
| Time Deposits - Wholesale | 2,554 | 2,352 | 2,351 |
| Total Deposits | 420,209 | 282,077 | 269,010 |
| Accrued expenses and other liabilities | 1,369 | 1,590 | 1,283 |
| FHLB Advances | 23,967 | 23,353 | 29,931 |
| Total Liabilities | 445,545 | 307,019 | 300,223 |
| Equity | |||
| Common stock | 254 | 253 | 247 |
| Capital surplus | 25,584 | 25,252 | 24,618 |
| Retained earnings | 11,673 | 8,248 | 8,761 |
| Accumulated other comprehensive income (loss) | 419 | 198 | (219) |
| Net Income | 3,535 | 4,202 | 3,090 |
| Total Equity | 41,464 | 38,152 | 36,496 |
| Total Liabilities & Equity | 487,010 | 345,172 | 336,719 |
| Truxton Corporation and Subsidiary | ||||
| Income Statement | ||||
| (In Thousands) | ||||
| Three Months Ended | Nine Months Ended | |||
| September 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |
| Income Statement Data: | ||||
| Interest Income | ||||
| Interest on Loans | 2,544 | 2,319 | 7,455 | 6,747 |
| Fees on Loans | 132 | 26 | 175 | 62 |
| Interest on federal funds sold | 3 | 1 | 6 | 5 |
| Interest on deposits with banks | 32 | 22 | 77 | 64 |
| Investment Securities - Taxable | 220 | 258 | 673 | 843 |
| Investment Securities - Tax-exempt | 182 | 155 | 537 | 481 |
| Total Interest Income | 3,112 | 2,780 | 8,924 | 8,202 |
| Interest Expense | ||||
| Interest bearing demand deposits | 9 | 198 | 40 | 578 |
| Savings and Money Market Deposits | 208 | 12 | 628 | 40 |
| Time Deposits - Retail | 22 | 33 | 69 | 98 |
| Time Deposits - Wholesale | 8 | 8 | 24 | 27 |
| Total Interest Expense on Deposits | 248 | 252 | 762 | 744 |
| FHLB Advances | 71 | 59 | 208 | 157 |
| Interest on other borrowings | 0 | 0 | 2 | 3 |
| Total Interest Expense | 320 | 311 | 972 | 904 |
| Net Interest Income | 2,793 | 2,469 | 7,952 | 7,298 |
| Net In. Inc. After Prov. for Loan Losses | 2,793 | 2,469 | 7,952 | 7,298 |
| Non Interest Income | ||||
| Service charges and fees | 72 | 56 | 189 | 173 |
| Securities gains (losses), net | 0 | 26 | 0 | 26 |
| Other noninterest income | 1,750 | 1,726 | 5,697 | 4,891 |
| Total Non Interest Income | 1,821 | 1,809 | 5,885 | 5,091 |
| Non Interest Expense | ||||
| Salaries and employee benefits | 1,889 | 1,815 | 5,570 | 5,249 |
| Occupancy | 211 | 214 | 653 | 614 |
| Other noninterest expense | 663 | 706 | 2,475 | 2,062 |
| Total Non Interest Expense | 2,762 | 2,736 | 8,699 | 7,925 |
| Income Before Taxes | 1,852 | 1,542 | 5,139 | 4,463 |
| Income taxes | 588 | 453 | 1,604 | 1,374 |
| Net Income | 1,264 | 1,089 | 3,535 | 3,090 |
| Weighted Average Shares -Basic | 2,536 | 2,444 | 2,530 | 2,350 |
| Weighted Average Shares -Diluted | 2,571 | 2,499 | 2,559 | 2,436 |
| Net Income per share - Basic | $ 0.49 | $ 0.43 | $ 1.37 | $ 1.28 |
| Net Income per share - Diluted | $ 0.48 | $ 0.43 | $ 1.35 | $ 1.24 |
| Truxton Corporation (unaudited) | ||
| Second Quarter 2015 Earnings Release | ||
| Operating Statistics | ||
| Nine Months Ended | ||
| September 30, 2015 | September 30, 2014 | |
| Performance Ratios | ||
| Efficiency Ratio | 61.54% | 62.73% |
| Net Interest Margin | 3.24% | 3.18% |
| Capital Ratios | ||
| Return on Average Assets | 1.31% | 1.24% |
| Return on Average Equity | 11.89% | 12.20% |
| Est. Tier 1 Leverage Ratio (Bank) | 10.99% | 11.10% |
| Asset Quality Data | ||
| Net Loan Charge-Offs | $ -- | $ -- |
| Non-Performing Loans | $ 18 | $ -- |