Skip to main content

Market Overview

Truxton Corporation Reports Second Quarter 2017 Results

Share:

NASHVILLE, Tenn., July 20, 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 $1,661,000 for the second quarter of 2017, a 23 percent increase compared with $1,351,000 for the second quarter of 2016.  Earnings per fully diluted share for the quarter ended June 30, 2017 totaled $0.61 versus $0.50 for the same period in 2016. 

For the six months ended June 30, 2017, the company reported net income of $3,121,000 compared to $2,473,000 for the comparable 2016 period, an increase of 26 percent.  Earnings per fully diluted share for the six months ended June 30, 2017 totaled $1.16 versus $0.93 for the same period in 2016.

At June 30, 2017, the company reported total assets of $417.9 million, a 0.2 percent decrease from June 30, 2016. Over the same period, total loans increased 6.7 percent to $294.6 million, while deposits grew 9.2 percent to $345.7 million.  At June 30, 2017, the Bank's estimated Tier 1 leverage ratio was 10.62 percent.

Non-interest income for the second quarter of 2017 was $2,537,000, compared to $2,139,000 for the same period in 2016, an increase of 18.6 percent.

Tangible Book Value per share at June 30, 2017 was $18.38 compared to $17.04 at the same time a year ago.

"We continue to experience steady 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 2017   December 2016   June 2016  
ASSETS            
Cash and due from financial institutions $   6,602     $   6,547     $   3,856    
Interest bearing deposits in other financial institutions     1,783         3,466         3,134    
Federal funds sold     28         295         100    
Cash and cash equivalents     8,413         10,308         7,090    
             
Time deposits in other financial institutions     12,529         16,628         24,645    
Securities available for sale     89,083         78,988         97,329    
             
Gross loans     294,558         288,096         276,098    
Allowance for loan losses     (3,048 )       (2,998 )       (2,949 )  
Net loans     291,510         285,098         273,149    
             
Bank owned life insurance     9,422         9,304         9,181    
Restricted equity securities     2,549         2,543         2,537    
Premises and equipment, net     917         817         982    
Accrued interest receivable     1,276         1,261         1,232    
Deferred tax asset, net     629         830         212    
Other assets     1,588         1,293         2,523    
             
Total assets $   417,916     $   407,070     $   418,880    
             
             
LIABILITIES AND SHAREHOLDERS' EQUITY            
Deposits            
Non-interest bearing $   75,105     $   76,097     $   70,140    
Interest bearing     270,620         262,897         246,516    
Total deposits     345,725         338,994         316,656    
             
Federal Home Loan Bank advances     20,764         20,522
View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com