Truxton Corporation Reports Fourth Quarter 2017 Results

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NASHVILLE, Tenn., Jan. 25, 2018 (GLOBE NEWSWIRE) -- Truxton Corporation TRUX, a financial holding company and the parent of Truxton Trust Company (the "Bank"), reported consolidated net income of $1,453,000 for the fourth quarter of 2017, a 13.6 percent decrease compared with $1,682,000 for the fourth quarter of 2016.  Earnings per fully diluted share for the quarter ended December 31, 2017, totaled $0.54 versus $0.62 for the same period in 2016. 

For the twelve months ended December 31, 2017, the company reported net income of $6,178,000 compared to $5,505,000 for the comparable 2016 period, an increase of 12.2 percent.  Earnings per fully diluted share for the twelve months ended December 31, 2017, totaled $2.28 versus $2.06 for the same period in 2016.

As seen industry wide, there were two items negatively impacting the firm's most recent quarter and annual results for 2017:

  • Strategic, pre-tax investment securities losses of $210,000 for the three months and $189,000 for twelve months ended December 31, 2017
  • Resulting from the new corporate tax rate, after-tax charges related to the revaluation of the company's deferred tax assets of $164,000 for the three months and twelve months ended December 31, 2017

Excluding these two items, earnings per fully diluted share were $0.64 and $2.39 for the three months and twelve months ended December 31, 2017, respectively.

At December 31, 2017, the company reported total assets of $437.7 million, a 7.5 percent increase from December 31, 2016.  Over the same period, total loans increased 1.7 percent to $293.1 million, while deposits increased 7.1 percent at $363.0 million.  At December 31, 2017, the Bank's estimated Tier 1 leverage ratio was 10.54 percent.

Non-interest income for 2017 was $9,730,000 compared to $8,508,000 for 2016, an increase of 14.4 percent.

Tangible Book Value per share at December 31, 2017, was $18.92 compared to $17.41 at the same time a year ago, an 8.7 percent increase after paying $0.80 per share in dividends in the trailing twelve months.

"We had an excellent year in 2017, increasing fully diluted, adjusted EPS by 17 percent.  Truxton Trust benefits from long-term relationships with our clients who value our remarkable professionals' advice and guidance.  We believe the tax law passed at year end 2017 will be very positive for Truxton Trust and our shareholders," said Tom Stumb, Chairman and Chief Executive Officer.  

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.

Investor Relations                          
Andrew May                                     
615-515-1707                                    
andrew.may@truxtontrust.com

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Media Relations
Tamara Schoeplein
615-515-1714
tamara.schoeplein@truxtontrust.com


Truxton Corporation   
Consolidated Balance Sheet  
(000's)  
(Unaudited)  
    
 December 2017*December 2016 
ASSETS   
Cash and due from financial institutions$  6,425 $  6,547  
Interest bearing deposits in other financial institutions   3,750    3,467   
Federal funds sold   6    294  
Cash and cash equivalents   10,181    10,308    
    
Time deposits in other financial institutions   11,544    16,628   
Securities available for sale   109,295    78,988   
    
Gross loans   293,117    288,096  
Allowance for loan losses   (3,074)   (2,998) 
Net loans   290,043    285,098    
     
Bank owned life insurance   9,535    9,304   
Restricted equity securities   2,556    2,543   
Premises and equipment, net   731    817   
Accrued interest receivable   1,444    1,261    
Other real estate owned   -    -   
Deferred tax asset, net   363    830   
Other assets   1,991    1,448   
    
Total assets$  437,683 $  407,225    
    
    
LIABILITIES AND SHAREHOLDERS' EQUITY   
Deposits   
Non-interest bearing$  87,049 $  76,035   
Interest bearing   275,906    262,896   
Total deposits   362,955    338,931    
    
Federal Home Loan Bank advances   20,198    20,522  
Federal Funds purchased   1,071    -  
Other liabilities   2,681    1,644   
Total liabilities   386,905    361,097    
    
SHAREHOLDERS' EQUITY   
Common Stock & Additional paid-in capital   27,253    26,734   
Retained earnings   23,570    19,519   
Accumulated other comprehensive income (loss)   (45)   (125) 
    
Total shareholders' equity    50,778    46,128    
    
Total liabilities and shareholders' equity $  437,683 $  407,225    
    
*The information is preliminary, unaudited and based on company data available at the time of presentation.  
    

 


Truxton Corporation  
Consolidated Statements of Net Income 
(000's) 
(Unaudited)  
           
 Three  Months Ended  Twelve Months Ended  
 December 2017* December 2016  December 2017* December 2016  
Non-interest income          
Wealth management services$  2,406  $  1,972  $  9,108 $  7,646  
Service charges on deposit accounts 87   88   341  325  
Bank owned life insurance income 56   61   231  244  
Other (146)  91   50  293   
Total non-interest income 2,403   2,212   9,730  8,508   
            
Interest income          
Loans, including fees$  3,138  $  2,921  $  12,531 $  11,310  
Taxable securities 294   224   1,140  954  
Tax-exempt securities 250   177   795  745  
Interest bearing deposits 131   73   313  287  
Federal funds sold 11   4   22  21  
Total interest income 3,824   3,399   14,801  13,317  
           
Interest expense          
Deposits   411     285     1,451    1,046  
Short-term  borrowings   -     62     332    266  
Long-term  borrowings 85   0   3  12  
Total interest expense 496   347   1,786  1,324  
           
Net interest income 3,328   3,052   13,015  11,993  
           
Provision for loan losses 0   7   75  248  
           
Net interest income after provision for loan losses 3,328   3,045   12,940  11,745  
           
Total revenue, net 5,731   5,257   22,670  20,253  
           
Non-interest expense           
Salaries and employee benefits 2,607   2,007   9,557  8,192  
Occupancy 180   159   718  664  
Furniture and equipment 61   42   217  171  
Data processing 328   375   1,218  1,158  
Wealth management processing fees 99   178   475  523  
Advertising and public relations 54   23   172  166  
Professional services 55   126   617  663  
FDIC insurance assessments 35   9   140  171  
Other 194   93   801  876   
Total non-interest expense 3,613   3,012   13,915  12,584  
           
Income before income taxes 2,118   2,245   8,755  7,669  
           
Income tax expense 665   563   2,577  2,164  
           
Net income$  1,453  $  1,682  $  6,178 $  5,505  
           
Earnings per share:            
Basic$  0.55  $  0.63  $  2.32 $  2.09   
  Basic: Excluding gains and losses on sales of investment securities and revaluation of deferred tax assets$  0.65  $  0.63  $  2.42 $  2.07  
           
Diluted$  0.54  $  0.62  $  2.28 $  2.06  
  Diluted: Excluding gains and losses on sales of investment securities and revaluation of deferred tax assets$  0.64  $  0.62  $  2.39 $  2.04  
           
           
*The information is preliminary, unaudited and based on company data available at the time of presentation.    
     

 


Truxton Corporation  
Operating Statistics 
(000's) 
(Unaudited) 
     
 Three Months Ended Twelve Months Ended 
 December 2017December 2016 December 2017December 2016  
Performance Ratios      
Efficiency Ratio  61.46% 58.99%  60.93% 62.07% 
Net Interest Margin  3.22% 3.21%  3.31% 3.15% 
       
Capital Ratios      
Return on Average Assets  1.31% 1.63%  1.46% 1.33% 
ROAA excluding gains and losses on sales of investment securities and revaluation of deferred tax assets 1.55% 1.63%  1.52% 1.31% 
Return on Average Equity  11.51% 14.36%  12.67% 12.22% 
ROAE excluding gains and losses on sales of investment securities and revaluation of deferred tax assets 13.67% 14.36%  13.23% 12.09% 
Tier 1 Leverage Ratio (Bank)    10.54% 10.50% 
       
Asset Quality Data      
Net Loan Charge-Offs $  -  $  -   $  -  $  4  
Non-Performing Loans $  -  $  786  $  -  $  786  
     
*The information is preliminary unaudited and based on company data available at the time of presentation.

 

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