Truxton Corporation Reports Third Quarter 2018 Results
NASHVILLE, Tenn., Oct. 18, 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 $2,279,000 for the third quarter of 2018, a 42 percent increase compared with $1,604,000 for the third quarter of 2017. Earnings per fully diluted share for the quarter ended September 30, 2018, totaled $0.82 versus $0.59 for the same period in 2017. For the nine months ended September 30, 2018, the company reported net income of $6,084,000 compared to $4,725,000 for the comparable 2017 period, an increase of 28.8 percent. Earnings per fully diluted share for the nine months ended September 30, 2018, totaled $2.20 versus $1.76 for the same period in 2017.At September 30, 2018, the company reported total assets of $509.3 million, a 19.7 percent increase from September 30, 2017. Over the same period, total loans increased 4.4 percent to $304.7 million, while deposits grew 22.9 percent to $433.2 million. At September 30, 2018, the Bank’s estimated Tier 1 leverage ratio was 10.55 percent.Non-interest income for the third quarter of 2018 was $2,724,000 compared to $2,444,000 for the same period in 2017, an increase of 11.5 percent.Tangible Book Value per share at September 30, 2018, was $19.87 compared to $18.78 at the same time a year ago.“We experienced steady exceptional earnings and asset growth in the quarter,” said CEO Tom Stumb. He continued, “Tight expense control and continued growth in our wealth management business fueled the expansion of revenues and 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.
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