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Truxton Corporation Reports Third Quarter 2017 Results

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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
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