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Truxton Corporation Reports Second Quarter 2015 Results

20:00 EDT 19 Jul 2015 | Globe Newswire

NASHVILLE, Tenn., July 20, 2015 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCPK:TRUX), a bank holding company and the parent of Truxton Trust Company, reported consolidated net income of $1,270,000 for the second quarter of 2015, a 20 percent increase compared with $1,117,000 for the second quarter of 2014. Earnings per fully diluted share for the three months were $0.48 for 2015 compared to $0.42 for the comparable period in 2014, a 14% increase. For the six month period ending June 30, 2015, net income rose from $2,001,000 to $2,271,000, an increase of 14% from the same period a year ago. Earnings per fully diluted share for the same periods rose from $0.81 to $0.86, a 6% rise.

At June 30, 2015, the company reported total assets of $356.2 million, a 7 percent increase from June 30, 2014. Over the same period, total loans increased 17 percent to $241.1 million, while deposits grew 6 percent to $283.3 million. At June 30, 2015, the Bank's estimated Tier 1 leverage ratio was 11.20%.

Non-interest income for the second quarter of 2015 was $2,190,000, compared to $1,718,000 for the same period in 2014, an increase of 27 percent.   

Tangible Book Value per share at June 30, 2015 was $15.43 compared to $14.32 at the same time a year ago.  

"Wealth Management and Private Banking have both experienced strong results so far this year," said CEO Tom Stumb. "Clients who need thoughtful, knowledgeable help with their critical financial decisions keep finding their way to Truxton. Our strong financial results are the fruit of growing numbers of relationships between our team and our clients." 

A full-service bank and wealth management firm organized in 2003, Truxton Trust services include personal and business loans, depository accounts, wealth management and trust services. Personal, expert service is the bank's hallmark. Customers benefit from direct contact with senior-level, experienced bank executives who have decision-making authority and a full understanding of the local community and the client's relationship with the bank.

 
Truxton Corporation (unaudited)
Second Quarter 2015 Earnings Release
(In Thousands)
       
  June 30, 2015
(unaudited)
December 31, 2014 June 30, 2014
(unaudited)
Balance Sheet Data:      
Assets      
Cash and due from banks  6,694  4,094  5,312
Fed funds sold & repos  1,492  6,284  180
Interest bearing deposits with banks  12,818  8,532  8,686
Investment Securities - Taxable  57,125  61,036  75,819
Investment Securities - Tax-exempt  24,379  24,524  26,962
Loans, net of unearned income  241,116  229,317  205,692
Less: Allowance for loan losses  (2,733)  (2,733)  (2,911)
Premises and equipment, net  609  643  705
Accrued interest receivable  989  1,057  981
Other assets  13,656  12,416  12,086
Total Assets  356,146  345,172  333,513
Liabilities      
Savings and Money Market Deposits  267,149  265,265  248,211
Time Deposits - Retail  13,621  14,460  16,638
Time Deposits - Wholesale  2,553  2,352  2,347
Total Deposits  283,323  282,077  267,196
Accrued expenses and other liabilities  842  1,590  1,066
FHLB Advances  32,237  23,353  29,228
Other Borrowings  --   --   756
Total Liabilities  316,402  307,019  298,246
Equity      
Common stock  254  253  246
Capital surplus  25,499  25,252  24,388
Retained earnings  11,673  8,248  8,761
Accumulated other comprehensive income (loss)  47  198  (128)
Net Income  2,271  4,202  2,001
Total Equity  39,744  38,153  35,268
Total Liabilities & Equity  356,146  345,172  333,513
 
Truxton Corporation and Subsidiary
Income Statement
(In Thousands)
         
  Three Months Ended Six Months Ended
  June 30,  2015 June 30,  2014 June 30,  2015 June 30,  2014
Income Statement Data:        
Interest Income        
Interest on Loans 2,463,794 2,223,782 4,911,557 4,428,103
Fees on Loans 43,098 20,649 42,720 36,497
Interest on federal funds sold 1,274 2,647 3,158 4,185
Interest on deposits with banks 21,091 16,642 40,550 34,604
Investment Securities - Taxable 229,664 303,987 457,496 591,690
Investment Securities - Tax-exempt 182,738 167,445 355,776 326,647
Total Interest Income 2,941,659 2,735,151 5,811,257 5,421,726
Interest Expense        
Interest bearing demand deposits 9,487 187,357 30,760 379,751
Savings and Money Market Deposits 219,883 12,684 419,912 27,669
Time Deposits - Retail 23,528 32,168 47,065 65,063
Time Deposits - Wholesale 8,017 8,270 15,829 19,784
Total Interest Expense on Deposits 260,914 240,479 513,567 492,267
FHLB Advances 69,335 51,232 136,234 97,393
Interest on other borrowings 604 2,036 2,209 2,739
Total Interest Expense 330,852 293,748 652,010 592,399
Net Interest Income 2,610,807 2,441,404 5,159,247 4,829,327
Net In. Inc. After Prov. for Loan Losses 2,610,807 2,441,404 5,159,247 4,829,327
Non Interest Income        
Service charges and fees 68,023 58,473 116,777 117,085
Other noninterest income 2,122,300 1,659,218 3,947,343 3,164,573
Total Non Interest Income 2,190,323 1,717,691 4,064,120 3,281,659
Non Interest Expense        
Salaries and employee benefits 1,828,786 1,709,690 3,681,619 3,433,554
Occupancy 209,490 211,704 442,350 400,017
Other noninterest expense 944,134 688,588 1,812,407 1,356,032
Total Non Interest Expense 2,982,410 2,609,983 5,936,377 5,189,604
Income Before Taxes 1,818,720 1,549,112 3,286,991 2,921,382
Income taxes 548,522 486,279 1,015,941 920,521
Net Income 1,270,198 1,062,833 2,271,050 2,000,861
         
Weighted Average Shares -Basic  2,533  2,341  2,527  2,301
Weighted Average Shares -Diluted  2,574  2,435  2,571  2,405
         
Net Income per share - Basic  $ 0.49  $ 0.44  $ 0.88  $ 0.85
Net Income per share - Diluted  $ 0.48  $ 0.42  $ 0.86  $ 0.81
 
Truxton Corporation (unaudited)
Second Quarter 2015 Earnings Release
Operating Statistics
     
  Six Months Ended
  June 30,  2015 June 30,  2014
Performance Ratios    
Efficiency Ratio  63.00% 62.60%
Net Interest Margin  3.23% 3.16%
     
Capital Ratios    
Return on Average Assets  1.30% 1.20%
Return on Average Equity  11.64% 12.30%
Est. Tier 1 Leverage Ratio (Bank) 11.20% 9.95%
     
Asset Quality Data    
Net Loan Charge-Offs   $ -   $ -
Non-Performing Loans   $ 18  $ -
CONTACT: Andrew L. May
         615.515.1707
         andrew.may@truxtontrust.com

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