NASHVILLE, Tenn., April 19, 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 $1,757,835 for the first quarter of 2018, a 20 percent increase compared with $1,459,763 for the first quarter of 2017.  Earnings per fully diluted share for the quarter ended March 31, 2018, totaled $0.64 versus $0.54 for the same period in 2017. 

At March 31, 2018, the company reported total assets of $440.4 million, a 2 percent increase from March 31, 2017. Over the same period, total loans increased 5 percent to $304.6 million, while deposits grew 2 percent to $368 million. Total loans grew 4 percent from December 31, 2017.  At March 31, 2018, the Bank’s estimated Tier 1 leverage ratio was 11.12 percent.

Non-interest income for the first quarter of 2018 was $2,546,000, compared to $2,257,000 for the same period in 2017, an increase of 13 percent.

Tangible Book Value per share at March 31, 2018, was $18.85 compared to $17.84 at the same time a year ago.

“We have begun 2018 very strongly, growing our EPS 19 percent compared to the first quarter of 2017,” said CEO Tom Stumb.  He continued, “We have experienced excellent loan growth in the year so far.   Wealth Management revenue grew by 14 percent compared to the first quarter of 2017.  We were strongly aided by a lower tax rate resulting from the enactment of the Tax Cuts and Jobs Act.”

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 Sheets
(000's)
(Unaudited)
		March 31, 2018 *			December 31, 2017			March 31, 2017
ASSETS
Cash and due from financial institutions	$	5,616		$	6,425		$	3,935
Interest bearing deposits in other financial institutions		2,797			3,750			30,938
Federal funds sold		2,158			6			4,771
Cash and cash equivalents		10,571			10,181			39,644
Time deposits in other financial institutions		7,809			11,544			10,454
Securities available for sale		104,134			109,295			78,848
Gross loans		304,584			293,117			289,731
Allowance for loan losses		(3,123	)		(3,074	)		(3,041	)
Net loans		301,461			290,043			286,690
Bank owned life insurance		9,590			9,535			9,362
Restricted equity securities		2,560			2,556			2,546
Premises and equipment, net		631			731			801
Accrued interest receivable		1,445			1,444			1,190
Deferred tax asset, net		716			363			764
Other assets		1,466			1,991			1,097
Total assets	$	440,383		$	437,683		$	431,396
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest bearing	$	106,774		$	87,049		$	79,594
Interest bearing		261,073			275,906			281,999
Total deposits		367,847			362,955			361,593
Federal Home Loan Bank advances		20,027			20,198			21,090
Federal Funds purchased		-			1,071			-
Other liabilities		1,420			2,681			1,421
Total liabilities		389,294			386,905			384,104
SHAREHOLDERS' EQUITY
Additional paid-in capital		27,514			27,253			26,861
Retained earnings		24,647			23,570			20,449
Accumulated other comprehensive income (loss)		(1,072	)		(45	)		(18	)
Total shareholders' equity		51,089			50,778			47,292
Total liabilities and shareholders' equity	$	440,383		$	437,683		$	431,396
*unaudited

 

Truxton Corporation
Consolidated Statements of Net Income
(000's)
(Unaudited)
	Three Months Ended
	March 31, 2018*			March 31, 2017
Non-interest income
Wealth management services	$	2,366		$	2,081
Service charges on deposit accounts		85			86
Bank owned life insurance income		54			58
Other		41			32
Total non-interest income		2,546			2,257
Interest income
Loans, including fees	$	3,166		$	3,064
Taxable securities		380			250
Tax-exempt securities		265			178
Interest bearing deposits		52			45
Federal funds sold		3			1
Total interest income		3,866			3,538
Interest expense
Deposits		428			317
Short-term  borrowings		3			1
Long-term  borrowings		91			80
Total interest expense		522			398
Net interest income		3,344			3,140
Provision for loan losses		49			43
Net interest income after provision for loan losses		3,295			3,097
Total revenue, net		5,841			5,354
Non-interest expense
Salaries and employee benefits		2,512			2,285
Occupancy		183			175
Furniture and equipment		56			42
Data processing		277			297
Wealth management processing fees		129			111
Advertising and public relations		30			44
Professional services		147			158
FDIC insurance assessments		35			35
Other		308			158
Total non-interest expense		3,677			3,305
Income before income taxes		2,164			2,049
Income tax expense		406			589
Net income	$	1,758		$	1,460
Earnings per share:
Basic	$	0.65		$	0.55
Diluted	$	0.64		$	0.54
*unaudited

 

Truxton Corporation
Operating Statistics
(Unaudited)
	Three Months Ended
		March 31, 2018*			March 31, 2017
Performance Ratios
Efficiency Ratio		64.66	%		62.83	%
Net Interest Margin		3.38	%		3.29	%
Capital Ratios
Return on Average Assets		1.64	%		1.33	%
Return on Average Equity		13.97	%		11.58	%
Tier 1 Leverage Ratio (Bank)		11.12	%		10.80	%
Asset Quality Data
Net Loan Charge-Offs	$	-		$	-
Non-Performing Loans	$	-		$	-
*unaudited

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