TRUX - Truxton Corporation Reports First Quarter 2018 Results
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 |