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Truxton Corporation Reports Fourth Quarter 2016 Results

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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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