NASHVILLE, Tenn., April 21, 2016 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCPK:TRUX), a financial holding company and the parent of Truxton Trust Company (the “Bank”), reported consolidated net income of $1,122,320 for the first quarter of 2016, a 12 percent increase compared with $1,000,852 for the first quarter of 2015. Earnings per fully diluted share for the quarter ended March 31, 2016 totaled $0.42 versus $0.38 for the same period in 2015.
At March 31, 2016, the company reported total assets of $412.4 million, a 17 percent increase from March 31, 2015. Over the same period, total loans increased 11 percent to $261.5 million, while deposits grew 26 percent to $347.6 million. At March 31, 2016, the Bank’s estimated Tier 1 leverage ratio was 9.48 percent.
Non-interest income for the first quarter of 2016 was $2,069,000, compared to $1,874,000 for the same period in 2015, an increase of 10 percent.
Tangible Book Value per share at March 31, 2016 was $16.69 compared to $15.30 at the same time a year ago.
“We are thrilled with the initial gains made in the first quarter of 2016,” said CEO Tom Stumb. He continued, “We have experienced excellent loan and deposit growth and continue to see a consistent rise in non-interest income. A big thank you to our dedicated employees and devoted clients; we hope to continue this outstanding development into the second quarter and the rest of the year.”
About Truxton Trust
Truxton Trust Company is 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) | ||||||||||
(Unaudited) | ||||||||||
March 2016 | December 31, 2015 | March 2015 | ||||||||
ASSETS | ||||||||||
Cash and due from financial institutions | $ | 6,948 | $ | 5,699 | $ | 10,110 | ||||
Interest bearing deposits in other financial institutions | 3,314 | 17,340 | 266 | |||||||
Federal funds sold | 1,818 | 9,815 | 1,737 | |||||||
Cash and cash equivalents | 12,080 | 32,854 | 12,113 | |||||||
Time deposits in other financial institutions | 28,126 | 19,995 | 8,368 | |||||||
Securities available for sale | 97,880 | 82,482 | 84,633 | |||||||
Gross loans | 261,520 | 257,159 | 235,695 | |||||||
Allowance for loan losses | (2,850 | ) | (2,754 | ) | (2,733 | ) | ||||
Net loans | 258,670 | 254,405 | 232,962 | |||||||
Bank owned life insurance | 9,119 | 9,305 | 8,114 | |||||||
Restricted equity securities | 2,534 | 2,527 | 2,520 | |||||||
Premises and equipment, net | 1,080 | 1,175 | 1,324 | |||||||
Accrued interest receivable | 1,199 | 1,107 | 1,014 | |||||||
Other real estate owned | - | - | 687 | |||||||
Deferred tax asset, net | 476 | 805 | 724 | |||||||
Other assets | 1,214 | 797 | 1,043 | |||||||
Total assets | $ | 412,377 | $ | 405,452 | $ | 353,503 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
Deposits | ||||||||||
Non-interest bearing | $ | 74,624 | $ | 75,561 | $ | 58,290 | ||||
Interest bearing | 273,022 | 263,453 | 217,621 | |||||||
Total deposits | 347,647 | 339,014 | 275,911 | |||||||
Federal Home Loan Bank advances | 19,542 | 22,479 | 37,145 | |||||||
Other liabilities | 1,148 | 1,685 | 892 | |||||||
Total liabilities | 368,344 | 363,178 | 313,955 | |||||||
SHAREHOLDERS' EQUITY | ||||||||||
Additional paid-in capital | 26,042 | 25,928 | 25,402 | |||||||
Retained earnings | 15,919 | 16,181 | 12,450 | |||||||
Accumulated other comprehensive income (loss) | 696 | 165 | 441 | |||||||
Total shareholders' equity | 44,033 | 42,274 | 39,548 | |||||||
Total liabilities and shareholders' equity | $ | 412,377 | $ | 405,452 | $ | 353,503 | ||||
Truxton Corporation | |||||||||
Consolidated Statements of Net Income | |||||||||
(000's) | |||||||||
(Unaudited) | |||||||||
Three Months Ended | |||||||||
March 31, 2016 | March 31, 2015 | ||||||||
Non-interest income | |||||||||
Wealth management services | $ | 1,784 | $ | 1,735 | |||||
Service charges on deposit accounts | 67 | 49 | |||||||
Bank owned life insurance income | 58 | 56 | |||||||
Other | 160 | 34 | |||||||
Total non-interest income | 2,069 | 1,874 | |||||||
Interest income | |||||||||
Loans, including fees | $ | 2,732 | $ | 2,447 | |||||
Taxable securities | 254 | 226 | |||||||
Tax-exempt securities | 202 | 173 | |||||||
Interest bearing deposits | 88 | 22 | |||||||
Federal funds sold | 12 | 2 | |||||||
Total interest income | 3,289 | 2,870 | |||||||
Interest expense | |||||||||
Deposits | 265 | 253 | |||||||
Short-term borrowings | - | 2 | |||||||
Long-term borrowings | 60 | 67 | |||||||
Total interest expense | 325 | 321 | |||||||
Net interest income | 2,964 | 2,548 | |||||||
Provision for loan losses | 102 | - | |||||||
Net interest income after provision for loan losses | 2,862 | 2,548 | |||||||
Total revenue, net | 4,931 | 4,422 | |||||||
Non-interest expense | |||||||||
Salaries and employee benefits | 2,140 | 1,853 | |||||||
Occupancy | 164 | 186 | |||||||
Furniture and equipment | 43 | 43 | |||||||
Data processing | 256 | 178 | |||||||
Wealth management processing fees | 190 | 203 | |||||||
Advertising and public relations | 51 | 33 | |||||||
Professional services | 120 | 154 | |||||||
FDIC insurance assessments | 61 | 41 | |||||||
Other | 302 | 263 | |||||||
Total non-interest expense | 3,326 | 2,954 | |||||||
Income before income taxes | 1,605 | 1,468 | |||||||
Income tax expense | 483 | 467 | |||||||
Net income | $ | 1,122 | $ | 1,001 | |||||
Earnings per share: | |||||||||
Basic | $ | 0.43 | $ | 0.39 | |||||
Diluted | $ | 0.42 | $ | 0.38 | |||||
Truxton Corporation | ||||||||
Operating Statistics | ||||||||
(Unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, 2016 | March 31, 2015 | |||||||
Performance Ratios | ||||||||
Efficiency Ratio | 64.68 | % | 65.37 | % | ||||
Net Interest Margin | 3.01 | % | 3.21 | % | ||||
Capital Ratios | ||||||||
Return on Average Assets | 1.05 | % | 1.16 | % | ||||
Return on Average Equity | 10.44 | % | 10.43 | % | ||||
Tier 1 Leverage Ratio (Bank) | 9.48 | % | 10.42 | % | ||||
Asset Quality Data | ||||||||
Net Loan Charge-Offs | $ | - | $ | - | ||||
Non-Performing Loans | $ | - | $ | - | ||||