TRUX Truxton Corporation (PK)

Truxton Corporation (OTCQB:TRUX), a bank holding company and the parent of Truxton Trust Company, reported consolidated net income of $939,000 for the first quarter of 2014, a 27 percent increase compared with $741,000 for the first quarter of 2013. Earnings per fully diluted share for the quarter ended March 31, 2014 totaled $0.38 versus $0.32 for the same period in 2013, a 19% increase.

At March 31, 2014, the company reported total assets of $338.5 million, a 12 percent increase from March 31, 2013. Over the same period, deposits increased 12 percent to $286.4 million, while total loans grew 7 percent to $200.4 million. At March 31, 2013, the Bank's estimated Tier 1 leverage ratio was 9.73%.

Non-interest income for the first quarter of 2014 was $1,564,000, compared to $1,368,000 for the same period in 2013, an increase of 14 percent.  

Tangible Book Value per share at March 31, 2014 was $13.89 compared to $13.11 at the same time a year ago.  

"2014 is off to a very good start," said CEO Tom Stumb. "Finding loans remains a challenge in our crowded banking market, but we expect some growth in the quarter ahead. Meanwhile, our credit quality has remained very strong and we are delivering excellent growth in non-interest income. Our expenses are well under control." 

A full-service bank and wealth management company, 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)
First Quarter 2014 Earnings Release
(In Thousands)
	March 31, 2014 (unaudited)	December 31, 2013	March 31, 2013 (unaudited)
Balance Sheet Data:
Assets
Cash and due from banks	6,700	6,581	8,815
Fed funds sold & repos	1,130	1,714	7,911
Interest bearing deposits with banks	16,470	20,740	12,169
Investment Securities - Taxable	76,347	58,742	57,642
Investment Securities - Tax-exempt	26,627	21,271	21,173
Loans, net of unearned income	200,431	208,923	187,351
Less: Allowance for loan losses	(2,911)	(2,911)	(2,911)
Premises and equipment, net	752	786	815
Accrued interest receivable	1,067	999	948
Other assets, principally BOLI	11,856	11,869	8,884
Total Assets	338,471	328,714	302,796
Liabilities
Total Deposits	286,411	280,603	255,379
Accrued expenses and other liabilities	966	1,614	790
FHLB Advances	18,681	15,704	16,849
Total Liabilities	306,058	297,920	273,018
Equity
Common stock	229	229	225
Capital surplus	22,676	22,556	22,031
Retained earnings	9,261	5,688	6,148
Accumulated other comprehensive income (loss)	(691)	(1,252)	634
Net Income	938	3,573	741
Total Equity	32,413	30,793	29,778
Total Liabilities & Equity	338,471	328,714	302,796

Truxton Corporation and Subsidiary
Income Statement
(In Thousands)
	Three Months Ended
	March 31,  2014	March 31,  2013
Income Statement Data:
Interest Income
Interest on Loans	2,204	2,177
Fees on Loans	16	70
Interest on federal funds sold	2	12
Interest on deposits with banks	18	31
Investment Securities - Taxable	288	192
Investment Securities - Tax-exempt	159	122
Total Interest Income	2,687	2,604
Interest Expense
Interest bearing demand deposits	192	194
Savings and Money Market Deposits	15	23
Time Deposits - Retail	33	59
Time Deposits - Wholesale	12	5
Total Interest Expense on Deposits	252	281
FHLB Advances	46	46
Interest on other borrowings	1	0
Total Interest Expense	299	327
Net Interest Income	2,388	2,277
Net In. Inc. After Prov. for Loan Losses	2,388	2,277
Non Interest Income
Service charges and fees	58	56
Securities gains (losses), net	0	24
Mortgage loan and related fees	0	2
Other noninterest income, principally Wealth Management	1,505	1,285
Total Non Interest Income	1,564	1,368
Non Interest Expense
Salaries and employee benefits	1,724	1,703
Occupancy	188	218
Other noninterest expense	667	681
Total Non Interest Expense	2,579	2,601
Income Before Taxes	1,372	1,044
Income taxes	434	303
Net Income	939	741
Weighted Average Shares - Basic	2,323	2,258
Weighted Average Shares - Diluted	2,444	2,327
Net Income per share - Basic	$ 0.40	$ 0.33
Net Income per share - Diluted	$ 0.38	$ 0.32

Truxton Corporation (unaudited)
First Quarter 2014 Earnings Release
Operating Statistics
	Three Months Ended
	March 31, 2014	March 31, 2013
Performance Ratios
Efficiency Ratio	63.81%	70.41%
Net Interest Margin	3.18%	3.34%
Capital Ratios
Return on Average Assets	1.14%	1.01%
Return on Average Equity	12.01%	10.16%
Tier 1 Leverage Ratio	9.73%	9.59%
Asset Quality Data
Net Loan Charge-Offs	$ --	$ --
Non-Performing Loans	$ --	$ 436

CONTACT: Andrew L. May
         615.515.1707
         andrew.may@truxtontrust.com