Truxton Corporation Reports First Quarter 2016 Results

| Source: Truxton Trust Company Truxton Trust Company

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 2016December 31, 2015March 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, 2016March 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 $  -  $  -    
     



            








        

            

                

                    
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