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	)		(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 2017			December 2016				December 2017			December 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.

 

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.