Truxton Corporation Reports First Quarter 2017 Results

NASHVILLE, Tenn., April 20, 2017 -- Truxton Corporation (OTCPK:TRUX), a financial holding company and the parent of Truxton Trust Company (the “Bank”), reported consolidated net income of $1,459,763 for the first quarter of 2017, a 30 percent increase compared with $1,122,320 for the first quarter of 2016. Earnings per fully diluted share for the quarter ended March 31, 2017 totaled $0.54 versus $0.42 for the same period in 2016.

At March 31, 2017, the company reported total assets of $431.4 million, a 5 percent increase from March 31, 2016. Over the same period, total loans increased 11 percent to $289.7 million, while deposits grew 4 percent to $361.6 million. At March 31, 2017, the Bank’s estimated Tier 1 leverage ratio was 10.80 percent.

Non-interest income for the first quarter of 2017 was $2,257,000, compared to $1,937,000 for the same period in 2016, an increase of 16 percent.

Tangible Book Value per share at March 31, 2017 was $17.84 compared to $16.69 at the same time a year ago.

“We’ve begun 2017 very strongly, growing our EPS 29% compared to a year ago,” said CEO Tom Stumb. He continued, “We have experienced excellent loan growth in the past year. Wealth Management revenue grew by 17% compared to the March quarter of 2016. We controlled expenses tightly and delivered improved 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.

Truxton Corporation
Consolidated Balance Sheets
(000's)
(Unaudited)

	March 2017			December 31, 2016			March 2016
ASSETS
Cash and due from financial institutions	$	3,935		$	6,547		$	6,948
Interest bearing deposits in other financial institutions		30,938			3,466			3,314
Federal funds sold		4,771			295			1,818
Cash and cash equivalents		39,644			10,308			12,080

Time deposits in other financial institutions		10,454			16,628			28,126
Securities available for sale		78,848			78,988			97,880

Gross loans		289,731			288,096			261,520
Allowance for loan losses		(3,041	)		(2,998	)		(2,850	)
Net loans		286,690			285,098			258,670

Bank owned life insurance		9,362			9,304			9,119
Restricted equity securities		2,546			2,543			2,534
Premises and equipment, net		801			817			1,080
Accrued interest receivable		1,190			1,261			1,199
Deferred tax asset, net		764			830			476
Other assets		1,097			1,448			1,371

Total assets	$	431,396		$	407,225		$	412,535


LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest bearing	$	79,594		$	76,035		$	74,624
Interest bearing		281,999			262,896			273,022
Total deposits		361,593			338,931			347,646

Federal Home Loan Bank advances		21,090			20,522			19,542
Other liabilities		1,421			1,644			1,314
Total liabilities		384,104			361,097			368,502

SHAREHOLDERS' EQUITY
Additional paid-in capital		26,861			26,734			26,296
Retained earnings		20,449			19,519			17,041
Accumulated other comprehensive income (loss)		(18	)		(125	)		696

Total shareholders' equity		47,292			46,128			44,033

Total liabilities and shareholders' equity	$	431,396		$	407,225		$	412,535

Truxton Corporation
Consolidated Statements of Net Income
(000's)
(Unaudited)

	Three Months Ended
	March 31, 2017		March 31, 2016
Non-interest income
Wealth management services	$	2,081	$	1,784
Service charges on deposit accounts		86		67
Bank owned life insurance income		58		58
Other		32		28
Total non-interest income		2,257		1,937

Interest income
Loans, including fees	$	3,064	$	2,732
Taxable securities		250		254
Tax-exempt securities		178		203
Interest bearing deposits		45		88
Federal funds sold		1		12
Total interest income		3,538		3,289

Interest expense
Deposits		317		265
Short-term borrowings		1		-
Long-term borrowings		80		60
Total interest expense		398		325

Net interest income		3,140		2,964

Provision for loan losses		43		102

Net interest income after provision for loan losses		3,097		2,862

Total revenue, net		5,354		4,799

Non-interest expense
Salaries and employee benefits		2,285		2,177
Occupancy		175		164
Furniture and equipment		42		43
Data processing		297		258
Wealth management processing fees		111		190
Advertising and public relations		44		51
Professional services		158		120
FDIC insurance assessments		35		61
Other		158		130
Total non-interest expense		3,305		3,194

Income before income taxes		2,049		1,605

Income tax expense		589		483

Net income	$	1,460	$	1,122

Earnings per share:
Basic	$	0.55	$	0.43
Diluted	$	0.54	$	0.42

Truxton Corporation
Operating Statistics
(Unaudited)

	Three Months Ended
	March 31, 2017			March 31, 2016
Performance Ratios
Efficiency Ratio		62.83	%		64.68	%
Net Interest Margin		3.29	%		3.01	%

Capital Ratios
Return on Average Assets		1.33	%		1.05	%
Return on Average Equity		11.58	%		10.44	%
Tier 1 Leverage Ratio (Bank)		10.80	%		9.48	%

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

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

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

Truxton Corporation Reports First Quarter 2017 Results

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