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Truxton Corporation Reports Fourth Quarter 2017 Results

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NASHVILLE, Tenn., Jan. 25, 2018 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCPK:TRUX), a financial holding company and the parent of Truxton Trust Company (the "Bank"), reported consolidated net income of $1,453,000 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

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 )  
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