Truxton Corporation Reports Fourth Quarter 2016 Results
NASHVILLE, Tenn., Jan. 26, 2017 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCPK:TRUX), a financial holding company and the parent of Truxton Trust Company (the "Bank"), reported consolidated net income of $1,682,000 for the fourth quarter of 2016, a 12 percent increase compared with $1,496,000 for the fourth quarter of 2015. Earnings per fully diluted share for the quarter ended December 31, 2016 totaled $0.62 versus $0.57 for the same period in 2015.
For the twelve months ended December 31, 2016, the company reported net income of $5,505,000 compared to $5,031,000 for the comparable 2015 period, an increase of 9.4 percent. Earnings per fully diluted share for the year ended December 31, 2016 totaled $2.06 versus $1.92 for the same period in 2015.
At December 31, 2016, the company reported total assets of $407.2 million, a 0.5 percent increase from December 31, 2015. Over the same period, total loans increased 12 percent to $288.1 million, while deposits remained the same at $339 million. At December 31, 2016, the Bank's estimated Tier 1 leverage ratio was 10.50 percent.
Non-interest income for 2016 was $8,508,000 compared to $8,325,000 for 2015, an increase of 2.15 percent.
Tangible Book Value per share at December 31, 2016 was $17.41 compared to $16.14 at the same time a year ago, an 8% increase after paying $0.72 per share in dividends in the trailing twelve months.
"We have added staff and systems to allow accelerated growth in the years ahead but are still increasing our earnings according to our plan," said CEO Tom Stumb.
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) | |||||||||
| December 2016* | December 2015 | ||||||||
| ASSETS | |||||||||
| Cash and due from financial institutions | $ | 6,547 | $ | 5,699 | |||||
| Interest bearing deposits in other financial institutions | 3,467 | 17,340 | |||||||
| Federal funds sold | 294 | 9,815 | |||||||
| Cash and cash equivalents | 10,308 | 32,854 | |||||||
| Time deposits in other financial institutions | 16,628 | 19,995 | |||||||
| Securities available for sale | 78,988 | 82,482 | |||||||
| Gross loans | 288,096 | 257,159 | |||||||
| Allowance for loan losses | (2,998 | ) | (2,754 | ) | |||||
| Net loans | 285,098 | 254,405 | |||||||
| Bank owned life insurance | 9,304 | 9,060 | |||||||
| Restricted equity securities | 2,543 | 2,527 | |||||||
| Premises and equipment, net | 817 | 1,175 | |||||||
| Accrued interest receivable | 1,262 | 1,107 | |||||||
| Other real estate owned | - | - | |||||||
| Deferred tax asset, net | 985 | 805 | |||||||
| Other assets | 1,292 | 1,042 | |||||||
| Total assets | $ | 407,225 | $ | 405,452 | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
| Deposits | |||||||||
| Non-interest bearing | $ | 76,035 | $ | 75,561 | |||||
| Interest bearing | 262,896 | 263,453 | |||||||
| Total deposits | 338,931 | 339,014 | |||||||
| Federal Home Loan Bank advances | 20,522 | 22,479 | |||||||
| Other liabilities | 1,644 | 1,685 | |||||||
| Total liabilities | 361,097 | 363,178 | |||||||
| SHAREHOLDERS' EQUITY | |||||||||
| Common Stock & Additional paid-in capital | 26,734 | 26,190 | |||||||
| Retained earnings | 19,519 | 15,919 | |||||||
| Accumulated other comprehensive income (loss) | (125 | ) | 165 | ||||||
| Total shareholders' equity | 46,128 | 42,274 | |||||||
| Total liabilities and shareholders' equity | $ | 407,225 | $ |
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