Truxton Corporation Reports Second Quarter 2016 Results


NASHVILLE, Tenn., July 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 $1,351,000 for the second quarter of 2016, a 6 percent increase compared with $1,270,000 for the second quarter of 2015.  Earnings per fully diluted share for the quarter ended June 30, 2016 totaled $0.50 versus $0.48 for the same period in 2015. 

For the six months ended June 30, 2016, the company reported net income of $2,473,000 compared to $2,271,000 for the comparable 2015 period, an increase of 9 percent. Earnings per fully diluted share for the six months ended June 30, 2016 totaled $0.93 versus $0.86 for the same period in 2015.

At June 30, 2016, the company reported total assets of $418.9 million, an 18 percent increase from June 30, 2015. Over the same period, total loans increased 14 percent to $276.1 million, while deposits grew 12 percent to $316.7 million. At June 30, 2016, the Bank’s estimated Tier 1 leverage ratio was 9.89 percent.

Non-interest income for the first quarter of 2016 was $2,395,000, compared to $2,190,000 for the same period in 2015, an increase of 9 percent.

Tangible Book Value per share at June 30, 2016 was $17.04 compared to $15.43 at the same time a year ago.

“We continue to experience double digit loan growth while maintaining the highest credit standards,” said CEO Tom Stumb. He continued, “We have added staff to position for further business expansion and anticipate moderate increases in earnings for the balance of the year.”

About Truxton Trust
Truxton Trust is a full-service private bank and trust company founded in 2004. Since its inception, Truxton Trust has been focused on a singular guiding principle: do the right thing. Truxton Trust delivers the highest level of personal service through its vastly experienced and credentialed team of professionals who provide comprehensive and customized financial solutions to individuals, their families and their business interests.

Truxton Corporation 
Consolidated Balance Sheets 
(000's) 
(Unaudited) 
     
 June 2016December 2015June 2015 
ASSETS    
Cash and due from financial institutions$  3,856 $  5,699 $  6,694  
Interest bearing deposits in other financial institutions   3,134    17,340    4,225  
Federal funds sold   100    9,815    1,492  
Cash and cash equivalents   7,090    32,854    12,411  
     
Time deposits in other financial institutions   24,645    19,995    8,593  
Securities available for sale   97,329    82,482    81,662  
     
Gross loans   276,098    257,159    241,116  
Allowance for loan losses   (2,949)   (2,754)   (2,733) 
Net loans   273,149    254,405    238,383  
     
Bank owned life insurance   9,181    9,060    8,170  
Restricted equity securities   2,537    2,527    2,520  
Premises and equipment, net   982    1,175    1,259  
Accrued interest receivable   1,232    1,107    989  
Other real estate owned   -    -    -  
Deferred tax asset, net   212    805    969  
Other assets   2,523    1,043    1,190  
     
Total assets$  418,880 $  405,452 $  356,146  
     
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
Deposits    
Non-interest bearing$  70,140 $  75,561 $  67,045  
Interest bearing   246,516    263,453    216,278  
Total deposits   316,656    339,014    283,323  
     
Federal Home Loan Bank advances   42,177    22,479    32,237  
Other liabilities   15,067    1,685    842  
Total liabilities   373,900    363,178    316,402  
     
SHAREHOLDERS' EQUITY    
Additional paid-in capital   26,417    26,190    25,753  
Retained earnings   17,441    15,919    13,944  
Accumulated other comprehensive income (loss)   1,122    165    47  
     
Total shareholders' equity    44,980    42,274    39,744  
     
Total liabilities and shareholders' equity $  418,880 $  405,452 $  356,146  
     

 

Truxton Corporation 
Consolidated Statements of Net Income 
(000's) 
(Unaudited) 
         
 Three  Months Ended Six  Months Ended 
 June 2016 June 2015 June 2016 June 2015 
Non-interest income        
Wealth management services$  1,870  $  1,822  $  3,655  $  3,557  
Service charges on deposit accounts 85   68   152   117  
Bank owned life insurance income 63   56   121   111  
Other 377   244   536   279  
Total non-interest income 2,395   2,190   4,464   4,064  
         
Interest income        
Loans, including fees$  2,745  $  2,507  $  5,476  $  4,954  
Taxable securities 267   227   520   453  
Tax-exempt securities 211   183   414   356  
Interest bearing deposits 68   24   157   45  
Federal funds sold 3   1   16   3  
Total interest income 3,294   2,942   6,583   5,811  
         
Interest expense        
Deposits   247     261     511     514  
Short-term  borrowings   5     1     6     2  
Long-term  borrowings 68     69   128     136  
Total interest expense 320   331   645   652  
         
Net interest income 2,974   2,611   5,938   5,159  
         
Provision for loan losses 97     -   199     -  
         
Net interest income after provision for loan losses 2,877   2,611   5,739   5,159  
         
Total revenue, net 5,272   4,801   10,203   9,223  
         
Non-interest expense        
Salaries and employee benefits 1,991   1,829   4,131   3,682  
Occupancy 169   164   333   350  
Furniture and equipment 43   44   87   87  
Data processing 230   202   486   380  
Wealth management processing fees 321   332   321   332  
Advertising and public relations 36   38   87   71  
Professional services 220   142   341   296  
FDIC insurance assessments 50   40   111   81  
Other 283   191   772   657  
Total non-interest expense 3,343   2,982   6,669   5,936  
         
Income before income taxes 1,929   1,819   3,534   3,287  
         
Income tax expense 578   549   1,061   1,016  
         
Net income$  1,351  $  1,270  $  2,473  $  2,271  
         
Earnings per share:         
Basic$  0.51  $  0.49  $  0.94  $  0.88  
Diluted$  0.50  $  0.48  $  0.93  $  0.86  
         

 

Truxton Corporation 
Operating Statistics 
(000's) 
(Unaudited) 
     
 Six  Months Ended  
 June 2016June 2015  
Performance Ratios    
Efficiency Ratio  62.76% 63.00%  
Net Interest Margin  3.01% 3.23%  
     
Capital Ratios    
Return on Average Assets  1.18% 1.30%  
Return on Average Equity  11.31% 11.64%  
Tier 1 Leverage Ratio (Bank) 9.89% 11.20%  
     
Asset Quality Data    
Net Loan Charge-Offs $  4 $  -    
Non-Performing Loans $  773 $  18   
     



            

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