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CST: 15/09/2019 17:32:30   

Truxton Corporation Reports Fourth Quarter 2018 Results

227 Days ago

NASHVILLE, Tenn., Jan. 31, 2019 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCPK: TRUX), a financial holding company and the parent of Truxton Trust Company (the “Bank”), reported consolidated net income of $2,109,000 for the fourth quarter of 2018, a 45 percent increase compared with $1,453,000 for the fourth quarter of 2017.  Earnings per fully diluted share for the quarter ended December 31, 2018, totaled $0.76 versus $0.54 for the same period in 2017. 

For the twelve months ended December 31, 2018, the company reported net income of $8,194,000 compared to $6,178,000 for the comparable 2017 period, an increase of 32.6 percent.  Earnings per fully diluted share for the twelve months ended December 31, 2018, totaled $2.95 versus $2.28 in 2017.

A year ago, the company reported adjusted earnings, adding back the negative effects of a downward revision in its deferred tax asset and the losses taken on certain bond sale transactions.  Both adjustments were a response to the reduction in Federal Income Tax Rates contained in the Tax Cuts and Jobs Act of 2017.

Compared to the adjusted 2017 earnings per share of $0.64 and $2.39 for the fourth quarter and full year, respectively, adjusted earnings per share for 2018 rose 19 percent for the quarter and 23 percent for the full year.

At December 31, 2018, the company reported total assets of $485 million, a 10.8 percent increase from December 31, 2017.  Over the same period, total loans increased 13.2 percent to $331.8 million, while deposits grew 11.5 percent to $404.7 million.  At December 31, 2018, the Bank’s Tier 1 leverage ratio was 10.71 percent.

Non-interest income for the fourth quarter of 2018 was $2,605,000 compared to $2,355,000 for the same period in 2017, an increase of 10.6 percent.

Tangible Book Value per share at December 31, 2018, was $20.63 compared to $18.92 at the same time a year ago.

“Loan growth in 2018 was excellent.  Our private banking team and our clients worked together to meet many unique personal and commercial lending needs.  Our treasury management team attracted the deposit relationships that allowed us to fund these loans at moderate cost in a rising rate environment,” said CEO Tom Stumb.  He continued, “Wealth management grew revenues at a double-digit pace despite challenging market volatility that intensified in the fourth quarter.”  

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)
     
  December 2018* December 2017
ASSETS    
Cash and due from financial institutions $   7,139   $   6,425  
Interest bearing deposits in other financial institutions     3,660       3,750  
Federal funds sold     6       6  
Cash and cash equivalents     10,805       10,181  
     
Time deposits in other financial institutions     18,268       11,544  
Securities available for sale     109,696       109,295  
     
Gross loans     331,809       293,117  
Allowance for loan losses     (3,356 )     (3,074 )
Net loans     328,453       290,043  
     
Bank owned life insurance     9,755       9,535  
Restricted equity securities     2,578       2,556  
Premises and equipment, net     429       731  
Accrued interest receivable     1,804       1,444  
Other real estate owned     -       -  
Deferred tax asset, net     1,022       363  
Other assets     2,323       1,990  
     
Total assets $   485,133   $   437,682  
     
     
LIABILITIES AND SHAREHOLDERS' EQUITY    
Deposits    
Non-interest bearing $   93,464   $   87,049  
Interest bearing     311,218       275,906  
Total deposits     404,682       362,955  
     
Federal Home Loan Bank advances     19,249       20,198  
Federal Funds purchased     1,282       1,071  
Other liabilities     3,525       2,681  
Total liabilities     428,738       386,905  
     
SHAREHOLDERS' EQUITY    
Additional paid-in capital     28,527       27,253  
Retained earnings     29,283       23,569  
Accumulated other comprehensive income (loss)     (1,415 )     (45 )
     
Total shareholders' equity      56,395       50,777  
     
Total liabilities and shareholders' equity  $   485,133   $   437,682  
     
*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 2018 *   December 2017     December 2018 *   December 2017  
Non-interest income                  
Wealth management services $   2,476     $   2,406       $   9,843     $   9,108    
Service charges on deposit accounts   86       87         344       341    
Securities gains (losses), net   (86 )     (210 )       (74 )     (189 )  
Bank owned life insurance income   55       56         220       231    
Other   74       16         220       100    
Total non-interest income   2,605       2,355         10,553       9,591    
                   
Interest income                  
Loans, including fees $   3,819     $   3,138       $   13,828     $   12,531    
Taxable securities   494       294         1,672       1,140    
Tax-exempt securities   232       250         982       795    
Interest bearing deposits   231       131         656       313    
Federal funds sold   16       11         54       22    
 Other Interest Income   51       48         156       139    
Total interest income   4,843       3,872         17,348       14,940    
                   
Interest expense                  
Deposits     940         411           2,596         1,451    
Short-term  borrowings     2         -           11         3    
Long-term  borrowings   87       85         374       332    
Total interest expense   1,029       496         2,981       1,786    
                   
Net interest income   3,814       3,376         14,367       13,154    
                   
Provision for loan losses   226       0         283       75    
                   
Net interest income after provision for loan losses   3,588       3,376         14,084       13,079    
                   
Total revenue, net   6,193       5,731         24,637       22,670    
                   
Non-interest expense                  
Salaries and employee benefits   2,683       2,607         10,339       9,557    
Occupancy   202       180         764       718    
Furniture and equipment   28       61         157       217    
Data processing   295       328         1,135       1,218    
Wealth management processing fees   92       99         442       475    
Advertising and public relations   43       54         111       172    
Professional services   142       55         602       617    
FDIC insurance assessments   19       35         124       140    
Other   207       194         942       801    
Total non-interest expense   3,711       3,613         14,616       13,915    
                   
Income before income taxes   2,482       2,118         10,021       8,755    
                   
Income tax expense   373       665         1,827       2,577    
                   
Net income $   2,109     $   1,453       $   8,194     $   6,178    
                   
Earnings per share:                   
Basic $   0.78     $   0.55       $   3.02     $   2.32    
  Basic: Excluding gains and losses on sales of investment securities and revaluation of deferred tax assets $   0.78     $   0.65       $   3.02     $   2.42    
                   
Diluted $   0.76     $   0.54       $   2.95     $   2.28    
  Diluted: Excluding gains and losses on sales of investment securities and revaluation of deferred tax assets $   0.76     $   0.64       $   2.95     $   2.39    
                   
*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 2018* December 2017 December 2018* December 2017
Performance Ratios        
Efficiency Ratio    56.73 %   61.46 %   59.30 %   60.93 %
Net Interest Margin    3.25 %   3.22 %   3.30 %   3.31 %
         
Capital Ratios        
Return on Average Assets    1.70 %   1.31 %   1.76 %   1.46 %
ROAA excluding gains and losses on sales of investment securities and revaluation of deferred tax assets   1.70 %   1.55 %   1.76 %   1.52 %
Return on Average Equity    15.29 %   11.51 %   15.53 %   12.67 %
ROAE excluding gains and losses on sales of investment securities and revaluation of deferred tax assets   15.29 %   13.67 %   15.53 %   13.23 %
Tier 1 Leverage Ratio (Bank)     10.71 %   10.54 %
         
Asset Quality Data        
Net Loan Charge-Offs  $   -    $   -    $   -    $   -   
Non-Performing Loans  $   -    $   -    $   -    $   -   
         
*The information is preliminary unaudited and based on company data available at the time of presentation.

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