NASHVILLE, Tenn., Oct. 16, 2014 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCQB:TRUX), a bank holding company and the parent of Truxton Trust Company, reported consolidated net income of $1,089,000 for the third quarter of 2014, a 4.1 percent decrease compared with $1,136,000 for the third quarter of 2013. Earnings per fully diluted share for the quarter ended September 30, 2014 totaled $0.43 versus $0.48 for the same period in 2013, a 10 percent decrease. The September 2013 quarter contained several unusual items that, in aggregate, provided $0.10 per share after tax.
For the nine month period ended September 30, 2014, Truxton reported net income of $3,090,000, a 16 percent increase compared to the year ago period. Earnings per fully diluted share for the nine months were $1.24 for 2014 compared to $1.14 for the comparable period in 2013.
At September 30, 2014, the company reported total assets of $336.7 million, a 10 percent increase from September 30, 2013. Over the same period, deposits increased 4 percent to $269.0 million, while total loans grew 6 percent to $217.0 million. At September 30, 2013, the company's bank subsidiary's estimated Tier 1 leverage ratio was 10.40%.
Non-interest income for the third quarter of 2014 was $1,808,000, compared to $1,425,000 for the same period in 2013, an increase of 27 percent.
Tangible Book Value per share at September 30, 2014 was $14.52 compared to $13.21 at the same time a year ago.
"Despite continued margin compression, our company's 2014 results continue to be very strong," said CEO Tom Stumb. "While the economic recovery seems to be breeding increasing levels of optimism across many sectors, we remain steadfastly focused on giving our individual clients sound financial advice based on each client's unique risk profile and tolerances."
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) | |||
| Third Quarter 2014 Earnings Release | |||
| (In Thousands) | |||
|
September 30, 2014 (unaudited) |
December 31, 2013 |
September 30, 2013 (unaudited) |
|
| Balance Sheet Data: | |||
| Assets | |||
| Cash and due from banks | 6,854 | 6,581 | 6,140 |
| Fed funds sold & repos | 70 | 1,714 | 1,633 |
| Interest bearing deposits with banks | 12,008 | 20,740 | 7,644 |
| Investment Securities - Taxable | 65,294 | 58,742 | 54,508 |
| Investment Securities - Tax-exempt | 24,627 | 21,271 | 21,177 |
| Loans, net of unearned income | 217,027 | 208,923 | 204,959 |
| Less: Allowance for loan losses | (2,911) | (2,911) | (2,911) |
| Premises and equipment, net | 672 | 786 | 772 |
| Accrued interest receivable | 1,038 | 999 | 788 |
| Other assets, principally BOLI | 12,041 | 11,869 | 11,278 |
| Total Assets | 336,719 | 328,714 | 305,988 |
| Liabilities | |||
| Non-Interest Bearing Deposits | 11,194 | 12,431 | 12,431 |
| Interest bearing demand deposits | 24,202 | 19,549 | 19,549 |
| Savings and Money Market Deposits | 212,624 | 220,713 | 220,713 |
| Time Deposits - Retail | 18,639 | 18,116 | 18,116 |
| Time Deposits - Wholesale | 2,351 | 9,794 | 9,794 |
| Total Deposits | 269,010 | 280,603 | 280,603 |
| Accrued expenses and other liabilities | 1,283 | 1,614 | 1,614 |
| FHLB Advances | 29,931 | 15,704 | 15,704 |
| Other Borrowings | -- | -- | -- |
| Total Liabilities | 300,223 | 297,920 | 275,708 |
| Equity | |||
| Common stock | 247 | 229 | 227 |
| Capital surplus | 24,618 | 22,556 | 22,333 |
| Retained earnings | 8,761 | 5,688 | 5,919 |
| Pict (Accumulated other comprehensive loss) | (219) | (1,252) | (865) |
| Net Income | 3,090 | 3,573 | 2,667 |
| Total Equity | 36,496 | 30,793 | 30,280 |
| Total Liabilities & Equity | 336,719 | 328,714 | 305,988 |
| Truxton Corporation and Subsidiary | ||||
| Income Statement | ||||
| (In Thousands) | ||||
| Three Months Ended | Nine Months Ended | |||
| September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | |
| Income Statement Data: | ||||
| Interest Income | ||||
| Interest on Loans | 2,319 | 2,286 | 6,747 | 6,696 |
| Fees on Loans | 26 | 97 | 62 | 186 |
| Interest on federal funds sold | 1 | 2 | 5 | 19 |
| Interest on deposits with banks | 21 | 27 | 56 | 97 |
| Investment Securities - Taxable | 260 | 214 | 851 | 636 |
| Investment Securities - Tax-exempt | 155 | 133 | 481 | 383 |
| Total Interest Income | 2,780 | 2,760 | 8,202 | 8,015 |
| Interest Expense | ||||
| Interest bearing demand deposits | 198 | 178 | 578 | 557 |
| Savings and Money Market Deposits | 12 | 14 | 40 | 54 |
| Time Deposits - Retail | 33 | 41 | 98 | 157 |
| Time Deposits - Wholesale | 8 | 14 | 27 | 29 |
| Total Interest Expense on Deposits | 252 | 247 | 744 | 797 |
| FHLB Advances | 59 | 49 | 157 | 146 |
| Interest on other borrowings | -- | 1 | 3 | 1 |
| Total Interest Expense | 311 | 297 | 904 | 944 |
| Net Interest Income | 2,469 | 2,463 | 7,298 | 7,071 |
| Provision for Loan Losses | -- | -- | -- | -- |
| Net In. Inc. After Prov. for Loan Losses | 2,469 | 2,463 | 7,298 | 7,071 |
| Non Interest Income | ||||
| Service charges and fees | 56 | 61 | 172 | 180 |
| Securities gains (losses), net | 26 | -- | 26 | 26 |
| Mortgage loan and related fees | -- | 7 | -- | 12 |
| Other noninterest income, principally Wealth Management | 1,726 | 1,357 | 4,891 | 3,920 |
| Total Non Interest Income | 1,808 | 1,425 | 5,089 | 4,138 |
| Non Interest Expense | ||||
| Salaries and employee benefits | 1,815 | 1,556 | 5,249 | 4,765 |
| Occupancy | 214 | 186 | 614 | 613 |
| Other noninterest expense | 706 | 572 | 2,061 | 1,989 |
| Total Non Interest Expense | 2,736 | 2,313 | 7,924 | 7,367 |
| Income Before Taxes | 1,542 | 1,575 | 4,463 | 3,843 |
| Income taxes | 453 | 439 | 1,374 | 1,176 |
| Net Income | 1,089 | 1,136 | 3,090 | 2,667 |
| Weighted Average Shares -Basic | 2,504 | 2,258 | 2,410 | 2,256 |
| Weighted Average Shares -Diluted | 2,559 | 2,351 | 2,496 | 2,342 |
| Net Income per share - Basic | $ 0.44 | $ 0.50 | $ 1.28 | $ 1.18 |
| Net Income per share - Diluted | $ 0.43 | $ 0.48 | $ 1.24 | $ 1.14 |
| Truxton Corporation (unaudited) | ||||
| Third Quarter 2014 Earnings Release | ||||
| Operating Statistics | ||||
| Three Months Ended | Nine Months Ended | |||
| September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | |
| Performance Ratios | ||||
| Efficiency Ratio | 63.04% | 58.33% | 62.72% | 64.56% |
| Net Interest Margin | 3.22% | 3.49% | 3.19% | 3.39% |
| Capital Ratios | ||||
| Return on Average Assets | 1.31% | 1.48% | 1.24% | 1.18% |
| Return on Average Equity | 12.02% | 15.34% | 12.21% | 11.99% |
| Tier 1 Leverage Ratio (Bank) | 10.48% | 10.08% | 10.40% | 10.15% |
| Asset Quality Data | ||||
| Net Loan Charge-Offs | $ -- | $ -- | $ -- | $ -- |
| Non-Performing Loans | $ -- | $ -- | $ -- | $ -- |