Truxton Corporation Reports Third Quarter 2013 Results

Truxton Corporation (OTCQB:TRUX), a bank holding company and the parent of Truxton Trust Company, reported consolidated net income of $1,136,000 for the third quarter of 2013, a 34 percent increase compared with $847,000 for the third quarter of 2012. Earnings per fully diluted share for the quarter ended September 30, 2013 totaled $0.48 versus $0.37 for the same period in 2012.

For the nine months ended September 30, 2013, net income was $2,667,000 compared to $2,056,000 for the comparable period in 2012, a 30 percent increase. Earnings per fully diluted share rose to $1.13 for the nine-month period compared to $0.90 for the same period in 2012.

At September 30, 2013, the company reported total assets of $306.0 million, a 10 percent increase from September 30, 2012. Over the same period, deposits increased 14 percent to $257.8 million, while total loans grew 18% to $205.0 million. At September 30, 2013, the Bank's Tier 1 leverage ratio was 10.29%.

Non-interest income for the third quarter of 2013 was $1,425,000, compared to $1,345,000 for the same period in 2012, an increase of 6 percent. Year-to-date, non-interest income totaled $4,138,000 compared to $3,862,000 for the first nine months of 2012, representing a 7% increase.

Tangible Book Value per share at September 30, 2013 was $13.21 compared to $12.61 at the same time a year ago.  

"All parts of our business performed well in this quarter." said CEO Tom Stumb.   "Loan growth was strong, wealth management won important new relationships, and expenses remained in check." 

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.

CONTACT: Andrew L. May
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