Truxton Corporation Reports Second Quarter 2016 Results

NASHVILLE, Tenn., July 21, 2016 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCPK:TRUX), a financial holding company and the parent of Truxton Trust Company (the “Bank”), reported consolidated net income of $1,351,000 for the second quarter of 2016, a 6 percent increase compared with $1,270,000 for the second quarter of 2015. Earnings per fully diluted share for the quarter ended June 30, 2016 totaled $0.50 versus $0.48 for the same period in 2015.

For the six months ended June 30, 2016, the company reported net income of $2,473,000 compared to $2,271,000 for the comparable 2015 period, an increase of 9 percent. Earnings per fully diluted share for the six months ended June 30, 2016 totaled $0.93 versus $0.86 for the same period in 2015.

At June 30, 2016, the company reported total assets of $418.9 million, an 18 percent increase from June 30, 2015. Over the same period, total loans increased 14 percent to $276.1 million, while deposits grew 12 percent to $316.7 million. At June 30, 2016, the Bank’s estimated Tier 1 leverage ratio was 9.89 percent.

Non-interest income for the first quarter of 2016 was $2,395,000, compared to $2,190,000 for the same period in 2015, an increase of 9 percent.

Tangible Book Value per share at June 30, 2016 was $17.04 compared to $15.43 at the same time a year ago.

“We continue to experience double digit 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 2016			December 2015			June 2015
ASSETS
Cash and due from financial institutions	$	3,856		$	5,699		$	6,694
Interest bearing deposits in other financial institutions		3,134			17,340			4,225
Federal funds sold		100			9,815			1,492
Cash and cash equivalents		7,090			32,854			12,411

Time deposits in other financial institutions		24,645			19,995			8,593
Securities available for sale		97,329			82,482			81,662

Gross loans		276,098			257,159			241,116
Allowance for loan losses		(2,949	)		(2,754	)		(2,733	)
Net loans		273,149			254,405			238,383

Bank owned life insurance		9,181			9,060			8,170
Restricted equity securities		2,537			2,527			2,520
Premises and equipment, net		982			1,175			1,259
Accrued interest receivable		1,232			1,107			989
Other real estate owned		-			-			-
Deferred tax asset, net		212			805			969
Other assets		2,523			1,043			1,190

Total assets	$	418,880		$	405,452		$	356,146


LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest bearing	$	70,140		$	75,561		$	67,045
Interest bearing		246,516			263,453			216,278
Total deposits		316,656			339,014			283,323

Federal Home Loan Bank advances		42,177			22,479			32,237
Other liabilities		15,067			1,685			842
Total liabilities		373,900			363,178			316,402

SHAREHOLDERS' EQUITY
Additional paid-in capital		26,417			26,190			25,753
Retained earnings		17,441			15,919			13,944
Accumulated other comprehensive income (loss)		1,122			165			47

Total shareholders' equity		44,980			42,274			39,744

Total liabilities and shareholders' equity	$	418,880		$	405,452		$	356,146

Truxton Corporation
Consolidated Statements of Net Income
(000's)
(Unaudited)

	Three Months Ended				Six Months Ended
	June 2016		June 2015		June 2016		June 2015
Non-interest income
Wealth management services	$	1,870	$	1,822	$	3,655	$	3,557
Service charges on deposit accounts		85		68		152		117
Bank owned life insurance income		63		56		121		111
Other		377		244		536		279
Total non-interest income		2,395		2,190		4,464		4,064

Interest income
Loans, including fees	$	2,745	$	2,507	$	5,476	$	4,954
Taxable securities		267		227		520		453
Tax-exempt securities		211		183		414		356
Interest bearing deposits		68		24		157		45
Federal funds sold		3		1		16		3
Total interest income		3,294		2,942		6,583		5,811

Interest expense
Deposits		247		261		511		514
Short-term borrowings		5		1		6		2
Long-term borrowings		68		69		128		136
Total interest expense		320		331		645		652

Net interest income		2,974		2,611		5,938		5,159

Provision for loan losses		97		-		199		-

Net interest income after provision for loan losses		2,877		2,611		5,739		5,159

Total revenue, net		5,272		4,801		10,203		9,223

Non-interest expense
Salaries and employee benefits		1,991		1,829		4,131		3,682
Occupancy		169		164		333		350
Furniture and equipment		43		44		87		87
Data processing		230		202		486		380
Wealth management processing fees		321		332		321		332
Advertising and public relations		36		38		87		71
Professional services		220		142		341		296
FDIC insurance assessments		50		40		111		81
Other		283		191		772		657
Total non-interest expense		3,343		2,982		6,669		5,936

Income before income taxes		1,929		1,819		3,534		3,287

Income tax expense		578		549		1,061		1,016

Net income	$	1,351	$	1,270	$	2,473	$	2,271

Earnings per share:
Basic	$	0.51	$	0.49	$	0.94	$	0.88
Diluted	$	0.50	$	0.48	$	0.93	$	0.86

Truxton Corporation
Operating Statistics
(000's)
(Unaudited)

	Six Months Ended
	June 2016			June 2015
Performance Ratios
Efficiency Ratio		62.76	%		63.00	%
Net Interest Margin		3.01	%		3.23	%

Capital Ratios
Return on Average Assets		1.18	%		1.30	%
Return on Average Equity		11.31	%		11.64	%
Tier 1 Leverage Ratio (Bank)		9.89	%		11.20	%

Asset Quality Data
Net Loan Charge-Offs	$	4		$	-
Non-Performing Loans	$	773		$	18

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

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

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Truxton Corporation Reports Second Quarter 2016 Results

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