Truxton Corporation Reports Fourth Quarter 2016 Results

NASHVILLE, Tenn., Jan. 26, 2017 -- Truxton Corporation (OTCPK:TRUX), a financial holding company and the parent of Truxton Trust Company (the “Bank”), reported consolidated net income of $1,682,000 for the fourth quarter of 2016, a 12 percent increase compared with $1,496,000 for the fourth quarter of 2015. Earnings per fully diluted share for the quarter ended December 31, 2016 totaled $0.62 versus $0.57 for the same period in 2015.

For the twelve months ended December 31, 2016, the company reported net income of $5,505,000 compared to $5,031,000 for the comparable 2015 period, an increase of 9.4 percent. Earnings per fully diluted share for the year ended December 31, 2016 totaled $2.06 versus $1.92 for the same period in 2015.

At December 31, 2016, the company reported total assets of $407.2 million, a 0.5 percent increase from December 31, 2015. Over the same period, total loans increased 12 percent to $288.1 million, while deposits remained the same at $339 million. At December 31, 2016, the Bank’s estimated Tier 1 leverage ratio was 10.50 percent.

Non-interest income for 2016 was $8,508,000 compared to $8,325,000 for 2015, an increase of 2.15 percent.

Tangible Book Value per share at December 31, 2016 was $17.41 compared to $16.14 at the same time a year ago, an 8% increase after paying $0.72 per share in dividends in the trailing twelve months.

“We have added staff and systems to allow accelerated growth in the years ahead but are still increasing our earnings according to our plan,” said CEO Tom Stumb.

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)

	December 2016*			December 2015
ASSETS
Cash and due from financial institutions	$	6,547		$	5,699
Interest bearing deposits in other financial institutions		3,467			17,340
Federal funds sold		294			9,815
Cash and cash equivalents		10,308			32,854

Time deposits in other financial institutions		16,628			19,995
Securities available for sale		78,988			82,482

Gross loans		288,096			257,159
Allowance for loan losses		(2,998	)		(2,754	)
Net loans		285,098			254,405

Bank owned life insurance		9,304			9,060
Restricted equity securities		2,543			2,527
Premises and equipment, net		817			1,175
Accrued interest receivable		1,262			1,107
Other real estate owned		-			-
Deferred tax asset, net		985			805
Other assets		1,292			1,042

Total assets	$	407,225		$	405,452


LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest bearing	$	76,035		$	75,561
Interest bearing		262,896			263,453
Total deposits		338,931			339,014

Federal Home Loan Bank advances		20,522			22,479
Other liabilities		1,644			1,685
Total liabilities		361,097			363,178

SHAREHOLDERS' EQUITY
Common Stock & Additional paid-in capital		26,734			26,190
Retained earnings		19,519			15,919
Accumulated other comprehensive income (loss)		(125	)		165

Total shareholders' equity		46,128			42,274

Total liabilities and shareholders' equity	$	407,225		$	405,452

*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 2016 *		December 2015		December 2016*		December 2015
Non-interest income
Wealth management services	$	1,972	$	1,812	$	7,646	$	7,204
Service charges on deposit accounts		88		88		325		278
Bank owned life insurance income		61		60		244		226
Other		91		466		293		617
Total non-interest income		2,212		2,426		8,508		8,325

Interest income
Loans, including fees	$	2,921	$	2,656	$	11,310	$	10,286
Taxable securities		224		240		954		913
Tax-exempt securities		177		192		745		730
Interest bearing deposits		73		62		287		142
Federal funds sold		4		4		21		10
Total interest income		3,399		3,154		13,317		12,081

Interest expense
Deposits		285		244		1,046		1,006
Short-term borrowings		62		67		266		275
Long-term borrowings		0		2		12		4
Total interest expense		347		313		1,324		1,285

Net interest income		3,052		2,841		11,993		10,796

Provision for loan losses		7		21		248		21

Net interest income after provision for loan losses		3,045		2,820		11,745		10,775

Total revenue, net		5,257		5,246		20,253		19,100

Non-interest expense
Salaries and employee benefits		2,007		2,176		8,192		7,840
Occupancy		159		140		664		655
Furniture and equipment		42		44		171		173
Data processing		375		284		1,158		929
Wealth management processing fees		178		128		523		588
Advertising and public relations		23		37		166		150
Professional services		126		104		663		525
FDIC insurance assessments		9		73		171		194
Other		93		204		876		812
Total non-interest expense		3,012		3,190		12,584		11,866

Income before income taxes		2,245		2,056		7,669		7,234

Income tax expense		563		600		2,164		2,203

Net income	$	1,682	$	1,456	$	5,505	$	5,031

Earnings per share:
Basic	$	0.63	$	0.57	$	2.09	$	1.94
Diluted	$	0.62	$	0.57	$	2.06	$	1.92

*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 2016			December 2015			December 2016			December 2015
Performance Ratios
Efficiency Ratio		58.99	%		58.74	%		62.07	%		60.77	%
Net Interest Margin		3.21	%		3.01	%		3.15	%		3.17	%

Capital Ratios
Return on Average Assets		1.63	%		1.46	%		1.33	%		1.35	%
Return on Average Equity		14.36	%		14.06	%		12.22	%		12.46	%
Tier 1 Leverage Ratio (Bank)								10.50	%		9.67	%

Asset Quality Data
Net Loan Charge-Offs	$	-		$	-		$	4		$	135
Non-Performing Loans	$	786		$	-		$	786		$	-

*The information is preliminary unaudited and based on company data available at the time of presentation.

Investor Relations		
Andrew May			
615-515-1707			
[email protected]  

Media Relations		
Tamara Schoeplein
615-515-1714
[email protected]

Truxton Corporation Reports Fourth Quarter 2016 Results

Editor's Picks

Welcome to EconoTimes