NASHVILLE, Tenn., Jan. 28, 2016 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCQB:TRUX), a financial holding company and the parent of Truxton Trust Company (the “Bank”) reported consolidated net income of $1,496,000 for the fourth quarter of 2015, a 32 percent increase compared with $1,132,000 for the fourth quarter of 2014. Earnings per fully diluted share for the quarter ended December 31, 2015 totaled $0.57 versus $0.45 for the same period in 2014.
For the year ended December 31, 2015, net income was $5,031,000 compared to $4,202,000 for the comparable period in 2014, a 20 percent increase. Earnings per fully diluted share rose to $1.92 for 2015 compared to $1.66 in 2014, a 16 percent increase.
At December 31, 2015, the company reported total assets of $405.5 million, a 17 percent increase from December 31, 2014. Over the same period, deposits increased 20 percent to $339 million, while total loans grew 12 percent to $257.2 million. At December 31, 2015, the Bank’s Tier 1 leverage ratio was 9.66%.
Non-interest income for the fourth quarter of 2015 was $2,489,000, compared to $1,796,000 for the same period in 2014, an increase of 39 percent. For 2015, non-interest income totaled $8,370,000 compared to $6,887,000 for 2014, representing a 22 percent increase. Wealth Management Services provide over 72% of our non-interest income.
Tangible Book Value per share at December 31, 2015, was $16.14 compared to $14.85 at the same time a year ago.
The company experienced unusual gains in the fourth quarter because of a sale of other real estate owned and life insurance death benefit. This increased our diluted EPS by $.08 for the fourth quarter after relevant taxes and other related accruals.
“Our performance this year was excellent,” said CEO Tom Stumb. “We saw double-digit loan growth. Non-interest income, mostly from wealth management, rose by more than 20% again. We delivered return on average equity (ROAE) above 12%. Truxton’s great professionals and loyal clients deserve the deep gratitude of the shareholders for another superb year.”
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 | ||||||||
| Consolidated Balance Sheets | ||||||||
| (000's) | ||||||||
| 2015* | 2014 | |||||||
| ASSETS | ||||||||
| Cash and due from financial institutions | $ | 5,699 | $ | 4,119 | ||||
| Interest bearing deposits in other financial institutions | 17,340 | 1,658 | ||||||
| Federal funds sold | 9,815 | 6,284 | ||||||
| Cash and cash equivalents | 32,854 | 12,061 | ||||||
| Time deposits in other financial institutions | 19,995 | 6,874 | ||||||
| Securities available for sale | 82,482 | 85,560 | ||||||
| Gross loans | 257,159 | 229,293 | ||||||
| Allowance for loan losses | (2,754 | ) | (2,733 | ) | ||||
| Net loans | 254,405 | 226,560 | ||||||
| Bank owned life insurance | 9,060 | 8,059 | ||||||
| Restricted equity securities | 2,527 | 2,297 | ||||||
| Premises and equipment, net | 1,175 | 700 | ||||||
| Accrued interest receivable | 1,107 | 1,057 | ||||||
| Prepaid long-term compensation | 245 | 131 | ||||||
| Other real estate owned | - | 641 | ||||||
| Deferred tax asset, net | 805 | 875 | ||||||
| Other assets | 797 | 378 | ||||||
| Total assets | $ | 405,452 | $ | 345,193 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Deposits | ||||||||
| Non-interest bearing | $ | 75,561 | $ | 65,117 | ||||
| Interest bearing | 263,453 | 216,713 | ||||||
| Total deposits | 339,014 | 281,830 | ||||||
| Federal Home Loan Bank advances | 22,479 | 23,353 | ||||||
| Accrued interest payable | 6 | 8 | ||||||
| Other liabilities | 1,679 | 1,850 | ||||||
| Total liabilities | 363,178 | 307,041 | ||||||
| Shareholders' equity | ||||||||
| Preferred stock, $0.10 par value; 5,000,000 shares authorized; | ||||||||
| no shares issued | - | - | ||||||
| Common stock, $0.10 par value; 40,000,000 shares authorized; | ||||||||
| 2,618,964 shares issued in 2015 and 2,569,051 shares | ||||||||
| issued in 2014 | 262 | 257 | ||||||
| Additional paid-in capital | 25,928 | 25,247 | ||||||
| Retained earnings | 15,919 | 12,450 | ||||||
| Accumulated other comprehensive income (loss) | 165 | 198 | ||||||
| Total shareholders' equity | 42,274 | 38,152 | ||||||
| Total liabilities and shareholders' equity | $ | 405,452 | $ | 345,193 | ||||
| *The information is preliminary unaudited and based on company data available at the time of presentation. | ||||||||
| Truxton Corporation | ||||||||||||||||||
| Consolidated Statements of Net Income | ||||||||||||||||||
| (000's) | ||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| December 31, 2015* | December 31, 2014* | December 31, 2015* | December 31, 2014 | |||||||||||||||
| Non-interest income | ||||||||||||||||||
| Wealth management services | $ | 1,809 | $ | 1,626 | $ | 7,204 | $ | 6,245 | ||||||||||
| Service charges on deposit accounts | 88 | 55 | 278 | 228 | ||||||||||||||
| Gain (loss) on securities | - | 7 | - | 33 | ||||||||||||||
| Gain on other real estate sold | 221 | - | 221 | - | ||||||||||||||
| Bank owned life insurance income | 60 | 56 | 226 | 230 | ||||||||||||||
| Life insurance death benefit income | 247 | - | 247 | - | ||||||||||||||
| Other | 64 | 52 | 194 | 151 | ||||||||||||||
| Total non-interest income | 2,489 | 1,796 | 8,370 | 6,887 | ||||||||||||||
| Interest income | ||||||||||||||||||
| Loans, including fees | $ | 2,656 | $ | 2,428 | $ | 10,286 | $ | 9,231 | ||||||||||
| Taxable securities | 240 | 230 | 913 | 1,074 | ||||||||||||||
| Tax-exempt securities | 192 | 153 | 730 | 634 | ||||||||||||||
| Interest bearing deposits | 62 | 27 | 142 | 91 | ||||||||||||||
| Federal funds sold | 4 | 5 | 10 | 10 | ||||||||||||||
| Total interest income | 3,154 | 2,843 | 12,081 | 11,040 | ||||||||||||||
| Interest expense | ||||||||||||||||||
| Deposits | 244 | 251 | 1,006 | 995 | ||||||||||||||
| Short-term borrowings | 2 | - | 4 | 3 | ||||||||||||||
| Long-term borrowings | 67 | 57 | 275 | 214 | ||||||||||||||
| Total interest expense | 313 | 308 | 1,285 | 1,212 | ||||||||||||||
| Net interest income | 2,841 | 2,535 | 10,796 | 9,828 | ||||||||||||||
| Provision (credit) for loan losses | 21 | - | 21 | (43 | ) | |||||||||||||
| Net interest income after provision (credit) for loan losses | 2,820 | 2,535 | 10,775 | 9,871 | ||||||||||||||
| Total revenue, net | 5,309 | 4,331 | 19,145 | 16,758 | ||||||||||||||
| Non-interest expense | ||||||||||||||||||
| Salaries and employee benefits | 2,143 | 1,778 | 7,713 | 7,040 | ||||||||||||||
| Occupancy | 198 | 211 | 655 | 628 | ||||||||||||||
| Other | 872 | 707 | 3,543 | 3,011 | ||||||||||||||
| Total non-interest expense | 3,213 | 2,696 | 11,911 | 10,679 | ||||||||||||||
| Income before income taxes | 2,096 | 1,635 | 7,234 | 6,079 | ||||||||||||||
| Income tax expense | 600 | 503 | 2,203 | 1,877 | ||||||||||||||
| Net income | $ | 1,496 | $ | 1,132 | $ | 5,031 | $ | 4,202 | ||||||||||
| Earnings per share: | ||||||||||||||||||
| Basic | $ | 0.57 | $ | 0.45 | $ | 1.94 | $ | 1.72 | ||||||||||
| Diluted | $ | 0.57 | $ | 0.45 | $ | 1.92 | $ | 1.66 | ||||||||||
| *The information is preliminary unaudited and based on company data available at the time of presentation. | ||||||||||||||||||
| Truxton Corporation | |||||||||||||||
| Operating Statistics | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, 2015* | December 31, 2014* | December 31, 2015* | December 31, 2014 | ||||||||||||
| Performance Ratios | |||||||||||||||
| Efficiency Ratio | 58.74 | % | 61.13 | % | 60.77 | % | 62.41 | % | |||||||
| Net Interest Margin | 3.01 | % | 3.12 | % | 3.17 | % | 3.16 | % | |||||||
| Capital Ratios | |||||||||||||||
| Return on Average Assets | 1.46 | % | 1.28 | % | 1.35 | % | 1.24 | % | |||||||
| Return on Average Equity | 14.06 | % | 11.94 | % | 12.46 | % | 12.08 | % | |||||||
| Tier 1 Leverage Ratio (Bank) | 9.66 | % | 10.11 | % | |||||||||||
| Asset Quality Data | |||||||||||||||
| Net Loan Charge-Offs | $ | - | $ | 135 | $ | - | $ | 135 | |||||||
| Non-Performing Loans | $ | - | $ | - | $ | - | $ | - | |||||||
| *The information is preliminary unaudited and based on company data available at the time of presentation. | |||||||||||||||