Truxton Corporation Reports Third Quarter 2018 Results

NASHVILLE, Tenn., Oct. 18, 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 $2,279,000 for the third quarter of 2018, a 42 percent increase compared with $1,604,000 for the third quarter of 2017.  Earnings per fully diluted share for the quarter ended September 30, 2018, totaled $0.82 versus $0.59 for the same period in 2017. 

For the nine months ended September 30, 2018, the company reported net income of $6,084,000 compared to $4,725,000 for the comparable 2017 period, an increase of 28.8 percent.  Earnings per fully diluted share for the nine months ended September 30, 2018, totaled $2.20 versus $1.76 for the same period in 2017.

At September 30, 2018, the company reported total assets of $509.3 million, a 19.7 percent increase from September 30, 2017.  Over the same period, total loans increased 4.4 percent to $304.7 million, while deposits grew 22.9 percent to $433.2 million.  At September 30, 2018, the Bank’s estimated Tier 1 leverage ratio was 10.55 percent.

Non-interest income for the third quarter of 2018 was $2,724,000 compared to $2,444,000 for the same period in 2017, an increase of 11.5 percent.

Tangible Book Value per share at September 30, 2018, was $19.87 compared to $18.78 at the same time a year ago.

“We experienced steady exceptional earnings and asset growth in the quarter,” said CEO Tom Stumb.  He continued, “Tight expense control and continued growth in our wealth management business fueled the expansion of revenues and margins.”  

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		Media Relations
Andrew May		Tamara Schoeplein
615-515-1707		615-515-1714
andrew.may@truxtontrust.com		tamara.schoeplein@truxtontrust.com

Truxton Corporation
Consolidated Balance Sheets
(000's)
(Unaudited)
	September 2018			December 2017			September 2017
ASSETS
Cash and due from financial institutions	$	6,090		$	6,425		$	6,209
Interest bearing deposits in other financial institutions		45,037			3,750			9,582
Federal funds sold		4,547			6			3,301
Cash and cash equivalents		55,674			10,181			19,092
Time deposits in other financial institutions		22,992			11,544			11,292
Securities available for sale		108,965			109,295			86,742
Gross loans		307,803			293,117			294,850
Allowance for loan losses		(3,131	)		(3,074	)		(3,073	)
Net loans		304,672			290,043			291,777
Bank owned life insurance		9,700			9,535			9,479
Restricted equity securities		2,572			2,556			2,552
Premises and equipment, net		477			731			835
Accrued interest receivable		1,567			1,444			1,293
Other real estate owned		-			-			-
Deferred tax asset, net		1,020			363			637
Other assets		1,662			1,992			1,840
Total assets	$	509,301		$	437,683		$	425,539
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest bearing	$	117,411		$	87,049		$	80,743
Interest bearing		315,784			275,906			271,644
Total deposits		433,195			362,955			352,387
Federal Home Loan Bank advances		19,534			20,198			20,541
Federal Funds Purchased		-			1,071			-
Other liabilities		2,814			2,681			2,673
Total liabilities		455,543			386,905			375,601
SHAREHOLDERS' EQUITY
Additional paid-in capital		27,896			27,253			27,099
Retained earnings		27,783			23,570			22,653
Accumulated other comprehensive income (loss)		(1,921	)		(45	)		186
Total shareholders' equity		53,758			50,778			49,938
Total liabilities and shareholders' equity	$	509,301		$	437,683		$	425,539

 

Truxton Corporation
Consolidated Statements of Net Income
(000's)
(Unaudited)
	Three  Months Ended								Nine Months Ended
	September 2018				September 2017				September 2018			September 2017
Non-interest income
Wealth management services	$	2,570			$	2,276			$	7,366		$	6,702
Service charges on deposit accounts		86				85				258			254
Securities gains (losses), net		(8	)			21				13			21
Bank owned life insurance income		53				57				165			175
Other		23				5				47			16
Total non-interest income		2,724				2,444				7,849			7,168
Interest income
Loans, including fees	$	3,436			$	3,222			$	10,036		$	9,409
Taxable securities		437				296				1,178			846
Tax-exempt securities		235				190				750			545
Interest bearing deposits		312				70				425			182
Federal funds sold		30				2				38			11
Other Interest Income		29				25				105			91
Total interest income		4,479				3,805				12,532			11,084
Interest expense
Deposits		734				365				1,655			1,039
Short-term  borrowings		-				1				9			3
Long-term  borrowings		87				85				288			247
Total interest expense		821				451				1,952			1,289
Net interest income		3,658				3,354				10,580			9,795
Provision for loan losses		0				26				57			75
Net interest income after provision for loan losses		3,658				3,328				10,523			9,720
Total revenue, net		6,382				5,772				18,372			16,888
Non-interest expense
Salaries and employee benefits		2,504				2,381				7,655			6,951
Occupancy		193				188				566			538
Furniture and equipment		28				60				130			156
Data processing		280				301				844			890
Wealth management processing fees		110				143				350			376
Advertising and public relations		23				34				68			118
Professional services		137				217				456			562
FDIC insurance assessments		35				35				105			105
Other		224				210				660			555
Total non-interest expense		3,534				3,569				10,834			10,251
Income before income taxes		2,848				2,203				7,538			6,637
Income tax expense		569				599				1,454			1,912
Net income	$	2,279			$	1,604			$	6,084		$	4,725
Earnings per share:
Basic	$	0.84			$	0.60			$	2.25		$	1.79
Diluted	$	0.82			$	0.59			$	2.20		$	1.76

 

Truxton Corporation
Operating Statistics
(000's)
(Unaudited)
	Nine Months Ended
	September 2018			September 2017
Performance Ratios
Efficiency Ratio		60.17	%		60.74	%
Net Interest Margin		3.32	%		3.34	%
Capital Ratios
Return on Average Assets		1.79	%		1.51	%
Return on Average Equity		15.62	%		13.08	%
Tier 1 Leverage Ratio (Bank)		10.55	%		10.88	%
Asset Quality Data
Net Loan Charge-Offs	$	-		$	-
Non-Performing Loans	$	-		$	-