NASHVILLE, Tenn., July 17, 2014 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCQB:TRUX), a bank holding company and the parent of Truxton Trust Company, reported consolidated net income of $1,062,000 for the second quarter of 2014, a 36 percent increase compared with $782,000 for the second quarter of 2013. Earnings per fully diluted share for the quarter ended June 30, 2014 totaled $0.42 versus $0.33 for the same period in 2013, a 27 percent increase.
For the six month period ended June 30, 2014, Truxton reported net income of $2,000,000, a 31 percent increase compared to the year ago period. Earnings per fully diluted share for the six months were $0.81 for 2014 compared to $0.65 for the comparable period in 2013.
At June 30, 2014, the company reported total assets of $333.2 million, an 11 percent increase from June 30, 2013. Over the same period, deposits increased 6 percent to $266.4 million, while total loans grew 6 percent to $205.6 million. At June 30, 2013, the company's Bank subsidiary's estimated Tier 1 leverage ratio was 9.95%.
Non-interest income for the second quarter of 2014 was $1,717,000, compared to $1,344,000 for the same period in 2013, an increase of 28 percent.
Tangible Book Value per share at June 30, 2014 was $14.32 compared to $12.86 at the same time a year ago.
"We continue our steady growth in 2014" said CEO Tom Stumb. "The first half saw us open a Wealth Management office in Northeast Georgia, bring in over $1.5 million in new capital through option and warrant exercises, grow non-interest income to record levels, and continue our steady progress in traditional loan and deposit businesses."
A full-service bank and wealth management company, 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 2014 Earnings Release | |||
| (In Thousands) | |||
|
June 30, 2014 (unaudited) |
December 31, 2013 |
June 30, 2013 (unaudited) |
|
| Balance Sheet Data: | |||
| Assets | |||
| Cash and due from banks | 5,371 | 6,581 | 5,446 |
| Fed funds sold & repos | 180 | 1,714 | 4,545 |
| Interest bearing deposits with banks | 8,686 | 20,740 | 10,164 |
| Investment Securities - Taxable | 75,819 | 58,742 | 56,851 |
| Investment Securities - Tax-exempt | 26,962 | 21,271 | 20,453 |
| Loans, net of unearned income | 205,600 | 208,923 | 193,647 |
| Less: Allowance for loan losses | (2,911) | (2,911) | (2,911) |
| Premises and equipment, net | 705 | 786 | 804 |
| Accrued interest receivable | 1,014 | 999 | 908 |
| Other assets, principally BOLI | 12,086 | 11,869 | 9,655 |
| Total Assets | 333,513 | 328,714 | 299,563 |
| Liabilities | |||
| Non-Interest Bearing Deposits | 12,158 | 12,431 | 13,320 |
| Interest bearing demand deposits | 19,874 | 19,549 | 12,110 |
| Savings and Money Market Deposits | 216,271 | 220,713 | 196,423 |
| Time Deposits - Retail | 16,638 | 18,116 | 22,541 |
| Time Deposits - Wholesale | 2,347 | 9,794 | 7,941 |
| Total Deposits | 267,288 | 280,603 | 252,336 |
| Accrued expenses and other liabilities | 974 | 1,614 | 1,295 |
| FHLB Advances | 29,228 | 15,704 | 16,714 |
| Other Borrowings | 756 | -- | -- |
| Total Liabilities | 298,248 | 297,920 | 270,345 |
| Equity | |||
| Common stock | 246 | 229 | 227 |
| Capital surplus | 24,388 | 22,556 | 22,275 |
| Retained earnings | 8,761 | 5,688 | 5,919 |
| Pict Accumulated other comprehensive income (loss) | (128) | (1,252) | (724) |
| Net Income | 2,001 | 3,573 | 1,523 |
| Total Equity | 35,267 | 30,793 | 29,219 |
| Total Liabilities & Equity | 333,513 | 328,714 | 299,563 |
| Truxton Corporation and Subsidiary | ||||
| Income Statement | ||||
| (In Thousands) | ||||
| Three Months Ended | Six Months Ended | |||
| June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |
| Income Statement Data: | ||||
| Interest Income | ||||
| Interest on Loans | 2,224 | 2,225 | 4,428 | 4,402 |
| Fees on Loans | 21 | 18 | 36 | 88 |
| Interest on federal funds sold | 3 | 5 | 4 | 17 |
| Interest on deposits with banks | 17 | 38 | 35 | 69 |
| Investment Securities - Taxable | 304 | 230 | 592 | 421 |
| Investment Securities - Tax-exempt | 167 | 128 | 327 | 250 |
| Total Interest Income | 2,735 | 2,643 | 5,421 | 5,248 |
| Interest Expense | ||||
| Interest bearing demand deposits | 187 | 186 | 380 | 380 |
| Savings and Money Market Deposits | 13 | 17 | 28 | 40 |
| Time Deposits - Retail | 32 | 57 | 65 | 116 |
| Time Deposits - Wholesale | 8 | 9 | 20 | 14 |
| Total Interest Expense on Deposits | 240 | 269 | 492 | 550 |
| FHLB Advances | 51 | 51 | 97 | 97 |
| Interest on other borrowings | 2 | 0 | 2 | 230 |
| Total Interest Expense | 294 | 320 | 592 | 647 |
| Net Interest Income | 2,441 | 2,323 | 4,829 | 4,601 |
| Net In. Inc. After Prov. for Loan Losses | 2,441 | 2,323 | 4,829 | 4,601 |
| Non Interest Income | ||||
| Service charges and fees | 58 | 62 | 116 | 119 |
| Securities gains (losses), net | 0 | 2 | 0 | 26 |
| Mortgage loan and related fees | 0 | 3 | 0 | 5 |
| Other noninterest income, principally Wealth Management | 1,659 | 1,278 | 3,164 | 2,563 |
| Total Non Interest Income | 1,717 | 1,344 | 3,280 | 2,712 |
| Non Interest Expense | ||||
| Salaries and employee benefits | 1,710 | 1,507 | 3,435 | 3,209 |
| Occupancy | 212 | 210 | 400 | 428 |
| Other noninterest expense | 688 | 736 | 1,355 | 1,417 |
| Total Non Interest Expense | 2,610 | 2,452 | 5,189 | 5,054 |
| Income Before Taxes | 1,549 | 1,215 | 2,921 | 2,259 |
| Income taxes | 486 | 433 | 921 | 736 |
| Net Income | 1,063 | 782 | 2,000 | 1,523 |
| Weighted Average Shares -Basic | 2,404 | 2,268 | 2,364 | 2,256 |
| Weighted Average Shares -Diluted | 2,498 | 2,355 | 2,465 | 2,325 |
| Net Income per share - Basic | $ 0.44 | $ 0.34 | $ 0.85 | $ 0.68 |
| Net Income per share - Diluted | $ 0.42 | $ 0.33 | $ 0.81 | $ 0.65 |
| Truxton Corporation (unaudited) | ||||
| Second Quarter 2014 Earnings Release | ||||
| Operating Statistics | ||||
| Three Months Ended | Six Months Ended | |||
| June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |
| Performance Ratios | ||||
| Efficiency Ratio | 61.36% | 65.54% | 62.56% | 67.96% |
| Net Interest Margin | 3.16% | 3.31% | 3.17% | 3.32% |
| Capital Ratios | ||||
| Return on Average Assets | 1.26% | 1.03% | 1.20% | 1.02% |
| Return on Average Equity | 12.57% | 10.35% | 12.30% | 10.26% |
| Tier 1 Leverage Ratio (Bank) | 9.95% | 9.95% | 10.01% | 9.95% |
| Asset Quality Data | ||||
| Net Loan Charge-Offs | $ -- | $ -- | $ -- | $ -- |
| Non-Performing Loans | $ -- | $ -- | $ -- | $ -- |