Truxton Corporation Reports Third Quarter 2017 Results
NASHVILLE, Tenn., Oct. 19, 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 $1,604,000 for the third quarter of 2017, a 19 percent increase compared with $1,349,000 for the third quarter of 2016. Earnings per fully diluted share for the quarter ended September 30, 2017, totaled $0.59 versus $0.50 for the same period in 2016.
For the nine months ended September 30, 2017, the company reported net income of $4,725,000 compared to $3,823,000 for the comparable 2016 period, an increase of 24 percent. Earnings per fully diluted share for the nine months ended September 30, 2017, totaled $1.76 versus $1.43 for the same period in 2016.
At September 30, 2017, the company reported total assets of $425.8 million, a 6.9 percent increase from September 30, 2016. Over the same period, total loans increased 5.1 percent to $294.9 million, while deposits grew 6.9 percent to $352.7 million. At September 30, 2017, the Bank's estimated Tier 1 leverage ratio was 10.88 percent.
Non-interest income for the third quarter of 2017 was $2,481,000, compared to $2,223,000 for the same period in 2016, an increase of 11.6 percent.
Tangible Book Value per share at September 30, 2017, was $18.78 compared to $17.50 at the same time a year ago.
"Our business continues its steady, profitable growth," said CEO Tom Stumb. "Truxton Trust has returned more than 13 percent on our average equity through three quarters of 2017, our strongest performance ever despite very conservative capital levels. We are mindful that Nashville, our core market, is booming and that booms do end. We are equally cognizant that securities markets have been exceptionally strong, providing wind at the back of our wealth management business. Regardless of market conditions, our talented professional staff will provide thoughtful advice and service to clients who value our work."
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) | |||||||||
| September 2017 | December 2016 | September 2016 | |||||||
| ASSETS | |||||||||
| Cash and due from financial institutions | $ | 6,209 | $ | 6,547 | $ | 5,601 | |||
| Interest bearing deposits in other financial institutions | 9,582 | 3,467 | 7,091 | ||||||
| Federal funds sold | 3,301 | 294 | 2,654 | ||||||
| Cash and cash equivalents | 19,092 | 10,308 | 15,346 | ||||||
| Time deposits in other financial institutions | 11,292 | 16,628 | 14,838 | ||||||
| Securities available for sale | 86,742 | 78,988 | 74,711 | ||||||
| Gross loans | 294,850 | 288,097 | 280,469 | ||||||
| Allowance for loan losses | (3,073 | ) | (2,998 | ) | (2,991 | ) | |||
| Net loans | 291,777 | 285,099 | 277,478 | ||||||
| Bank owned life insurance | 9,479 | 9,304 | 9,243 | ||||||
| Restricted equity securities | 2,552 | 2,543 | 2,537 | ||||||
| Premises and equipment, net | 835 | 817 | 884 | ||||||
| Accrued interest receivable | 1,293 | 1,262 | 1,163 | ||||||
| Other real estate owned | - | - | - | ||||||
| Deferred tax asset, net | 637 | 830 | 346 | ||||||
| Other assets | 2,114 | 1,292 | 1,661 | ||||||
| Total assets | $ | 425,813 | $ | 407,070 | $ | 398,207 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
| Deposits | |||||||||
| Non-interest bearing | $ | 81,071 | $ | 76,098 | $ | 76,117 | |||
| Interest bearing | 271,644 | 262,896 | 253,941 | ||||||
| Total deposits | 352,715 | 338,994 | 330,058 | ||||||
| Federal Home Loan Bank advances | 20,541 | 20,522 | 19,932 | ||||||
| Other liabilities | 2,619 | 1,407 | 1,996 | ||||||
| Total liabilities | 375,875 | 360,923 | 351,986 | ||||||
| SHAREHOLDERS' EQUITY | |||||||||
| Additional paid-in capital | 27,099 | 26,753 | 26,525 | ||||||
| Retained earnings | |||||||||
