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Truxton Corporation (TRUX)

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54.90+1.40 (+2.62%)
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Neutralpattern detected
Previous Close53.50
Open54.00
Bid0.00 x 0
Ask0.00 x 0
Day's Range54.00 - 54.90
52 Week Range37.50 - 54.90
Volume200
Avg. Volume1,446
Market Cap19.783M
Beta (5Y Monthly)0.67
PE Ratio (TTM)13.44
EPS (TTM)4.08
Earnings DateN/A
Forward Dividend & Yield1.20 (2.28%)
Ex-Dividend DateJun 08, 2021
1y Target EstN/A
  • Truxton Corporation Announces Quarterly Cash Dividend
    GlobeNewswire

    Truxton Corporation Announces Quarterly Cash Dividend

    NASHVILLE, Tenn., April 22, 2021 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCPK: TRUX), a financial holding company and the parent of Truxton Trust Company, announced that its Board of Directors has approved a quarterly cash dividend of $0.30 per common share payable June 25, 2021, to shareholders of record as of June 9, 2021. About Truxton TrustTruxton Trust Company is a provider of private banking, wealth management, trust, and family office services for wealthy individuals, their families and their business interests. Serving clients across the world, Truxton’s vastly experienced team of professionals provides customized solutions to its clients’ complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton Trust upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCPK: TRUX). For more information, visit truxtontrust.com. Investor RelationsMedia RelationsAndrew MayTamara Schoeplein615-515-1707615-515-1714andrew.may@truxtontrust.comtamara.schoeplein@truxtontrust.com

  • Truxton Corporation Reports First Quarter 2021 Results
    GlobeNewswire

    Truxton Corporation Reports First Quarter 2021 Results

    NASHVILLE, Tenn., April 22, 2021 (GLOBE NEWSWIRE) -- Truxton Corporation, the parent company for Truxton Trust Company (“Truxton” or “the Bank”) and subsidiaries, announced its operating results for the quarter ended March 31, 2021. First quarter net income attributable to common shareholders was $3 million or $1.06 per share compared to $2.5 million or $0.87 per share for the same quarter in 2020. Net income rose by 24% for the quarter while earnings per share rose by 22%. “Truxton’s first quarter 2021 performance was very strong in both of our core businesses, wealth management and private banking,” said Chairman and CEO Tom Stumb. “Wealth management benefitted from rising assets under management because of new client relationships combined with increasing equity prices in 2021. Private banking found new lending opportunities as the economy in our core Nashville market continues to improve following the past year’s coronavirus impacts. Low interest rates have pressured our net interest margin; however, strong balance sheet growth has supported earnings per share and returns on equity capital.” Key Highlights Non-interest income grew to $3.6 million in the first quarter, an increase of 8% from the fourth quarter of 2020 and 18% in comparison to the first quarter of 2020. Wealth management services constituted 96% of non-interest income in the first quarter of 2021.Loans rose by 15% to $431 million compared to March 31, 2020, and were up 4% compared to December 31, 2020. Excluding loans made under the Paycheck Protection Program (PPP), loans rose by 7.9% compared to March 31, 2020, and 3.3% compared to December 31, 2020.Total deposits increased by 5% from December 31, 2020 to $655.5 million, and increased by 53% in comparison to March 31, 2020. Truxton continues to fund its growth from a single banking location through superior deposit operations service and technology. As a result, occupancy expenditures and fixed asset investments are a fraction of typical peers.Net interest margin for the first quarter of 2021 was 2.64%. A decrease of 31 basis points from the 2.95% experienced in the quarter ended December 31, 2020, and a decrease of 74 basis points from the quarter ended March 31, 2020. Cost of funds was 0.49% in the first quarter of 2021, up from 0.47% for the quarter ended December 31, 2020, but down 0.71% from the quarter ended March 31, 2020. We continue to have excess liquidity as a result of the deposit growth we experienced in 2020 that has continued into the first quarter of 2021.Asset quality remains sound at Truxton. Truxton had $2 million in non-performing assets at March 31, 2021, 100% of which was a single residential mortgage. Truxton had $9 thousand of charge-offs in the quarter and none in the trailing quarter, $2 thousand in the same quarter a year ago. All of these charge-offs are from small loans acquired from a housing not-for profit.Allowance for loan losses was $4.6 million, $4.5 million, and $3.6 million at quarter end March 31, 2021, December 31, 2020, and March 31, 2020, respectively. For the same three periods, the Bank’s allowance was 1.05%, 1.07%, and 0.95%, respectively, of gross loans outstanding at period end.Tax expense increased by 26% from the December 31, 2020 quarter and by 4% from the March 31, 2020 period. Effective tax rate in the fourth quarter of 2020 was favorably impacted by certain loans, funded late in the year, for which Truxton receives a direct credit against state income tax based on the year-end balance of the loan. Truxton believes that the effective tax rate of approximately 19% of pretax net income will persist under current state and federal law. Truxton has several sources of lightly taxed income including yield on bank-owned life insurance, the earnings of the bank’s captive insurance company, and the interest income from the bank’s tax-exempt bond portfolio that cause its effective rate to be below the combined statutory rates.The Bank’s capital position remains strong. Its Tier 1 leverage ratio was 9.39% at March 31, 2021, 9.38% at December 31, 2020, and 11.21% at March 31, 2020. Book value per common share was $25.93, $26.77, and $23.19 at March 31, 2021, December 31, 2020, and March 31, 2020, respectively. During the twelve months ended March 31, 2021, Truxton Corporation paid dividends of $2.14 per common share. About Truxton TrustTruxton Trust Company is a provider of private banking, wealth management, trust, and family office services for wealthy individuals, their families and their business interests. Serving clients across the world, Truxton’s vastly experienced team of professionals provides customized solutions to its clients’ complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton Trust upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCPK: TRUX). For more information, visit truxtontrust.com. Investor RelationsMedia RelationsAndrew MayTamara Schoeplein615-515-1707615-515-1714andrew.may@truxtontrust.com tamara.schoeplein@truxtontrust.com Truxton CorporationConsolidated Balance Sheets(000's)(Unaudited) March 31,2021*December 31,2020March 31,2020*ASSETS Cash and due from financial institutions$11,352 $9,742 $6,864 Interest bearing deposits in other financial institutions 65,373 84,429 7,964 Federal funds sold 4,923 169 2,038 Cash and cash equivalents 81,648 94,340 16,866 Time deposits in other financial institutions 2,187 2,687 4,659 Securities available for sale 228,214 206,318 122,112 Gross loans, excluding Paycheck Protection Program (PPP) 408,232 395,106 379,072 PPP Loans 27,593 24,522 - Allowance for loan losses (4,574) (4,490) (3,592)Net loans 431,251 415,138 375,480 Bank owned life insurance 10,236 10,185 10,026 Restricted equity securities 3,221 3,214 2,605 Premises and equipment, net 468 507 376 Accrued interest receivable 2,500 2,653 1,865 Deferred tax asset, net 352 - 802 Other assets 6,333 6,576 6,767 Total assets$766,410 $741,618 $541,558 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits Non-interest bearing$179,883 $170,251 $120,269 Interest bearing 475,616 453,774 309,032 Total deposits 655,499 624,025 429,301 Federal Home Loan Bank advances 15,533 17,673 38,262 Federal Funds purchased - - - Subordinated debt 14,554 14,529 - Deferred tax liability, net 479 Other liabilities 6,016 8,254 8,648 Total liabilities 691,602 664,960 476,211 SHAREHOLDERS' EQUITY Additional paid-in capital 31,745 31,651 30,362 Retained earnings 40,761 41,433 35,151 Accumulated other comprehensive income (loss) 2,302 3,574 (166) Total shareholders' equity 74,808 76,658 65,347 Total liabilities and shareholders' equity$766,410 $741,618 $541,558 *The information is unaudited and based on company data available at the time of presentation. Truxton CorporationConsolidated Statements of Net Income(000's)(Unaudited) Three Months Ended March 31,2021* December 31,2020* March 31,2020* Non-interest income Wealth management services$3,430 $3,101 $2,742 Service charges on deposit accounts 59 59 79 Securities gains (losses), net - - - Bank owned life insurance income 51 53 54 Other 16 65 148 Total non-interest income 3,556 3,278 3,023 Interest income Loans, including fees$4,202 $4,616 $4,177 Taxable securities 660 646 534 Tax-exempt securities 379 347 196 Interest bearing deposits 62 79 109 Federal funds sold 0 1 14 Other interest income 20 35 12 Total interest income 5,323 5,724 5,042 Interest expense Deposits 525 451 732 Short-term borrowings - - - Subordinated debentures 198 194 - Long-term borrowings 77 115 91 Total interest expense 800 760 823 Net interest income 4,523 4,964 4,219 Provision for loan losses 92 228 185 Net interest income after provision for loan losses 4,431 4,736 4,034 Total revenue, net 7,987 8,014 7,057 Non interest expense Salaries and employee benefits 3,106 2,872 2,928 Occupancy 221 219 199 Furniture and equipment 46 46 26 Data processing 347 319 263 Wealth management processing fees 176 163 124 Advertising and public relations 39 66 43 Professional services 127 112 168 FDIC insurance assessments 42 52 15 Other 228 168 264 Total non interest expense 4,332 4,017 4,030 Income before income taxes 3,655 3,997 3,027 Income tax expense 574 457 550 Net income$3,081 $3,540 $2,477 Earnings per share: Basic$1.07 $1.25 $0.88 Diluted$1.06 $1.23 $0.87 *The information is unaudited and based on company data available at the time of presentation. Truxton CorporationSelected Quarterly Financial dataAt Or For The Three Months Ended(000's)(Unaudited) March 31, 2021*December 31, 2020*March 31, 2020* Per Common Share Data Net income attributable to common shareholders, per share Basic$1.07$1.25$0.88Diluted$1.06$1.23$0.87Book value per common share$25.93$26.77$23.19Tangible book value per common share$25.93$26.77$23.19Basic weighted average common shares2,794,1752,768,2702,728,667Diluted weighted average common shares2,806,8562,794,4612,761,139Common shares outstanding at period end2,885,2332,863,6712,817,354 Selected Balance Sheet Data Tangible common equity (TCE) ratio9.76%10.34%12.07%Average loans$428,864$420,106$368,017Average earning assets (1)$709,535$683,594$510,886Average total assets$743,462$719,206$538,336Average stockholders' equity$77,851$73,764$65,434 Selected Asset Quality Measures Nonaccrual loans$2,007$2,017$090+ days past due still accruing$0$11$0Total nonperforming loans$2,007$2,017$0Total nonperforming assets$2,007$2,017$0Net charge offs$1$12$2Nonperforming loans to assets0.26%0.27%0.00%Nonperforming assets to total assets0.26%0.27%0.00%Nonperforming assets to total loans and other real estate0.46%0.48%0.00%Allowance for loan losses to gross loans1.05%1.07%0.95%Net charge offs to average loans0.00%0.00%0.00% Capital Ratios (Bank Subsidiary Only) Tier 1 leverage9.39%9.38%11.21%Common equity tier 113.99%14.10%13.41%Total risk-based capital14.92%15.05%14.21% Selected Performance Ratios Efficiency ratio53.62%48.74%55.65%Return on average assets (ROA)1.68%1.96%1.85%Return on average stockholders' equity (ROE)16.05%19.09%15.22%Return on tangible common equity (ROTCE)16.05%19.09%15.22%Net interest margin2.64%2.95%3.38% *The information is unaudited and based on company data available at the time of presentation. (1) Average earning assets is the daily average of earning assets. Earning assets consists of loans, mortgage loans held for sale, federal funds sold, deposits with banks, investment securities and restricted equity securities. Truxton CorporationYield TablesFor The Periods Indicated(000's)(Unaudited) The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest bearing liabilities and the average interest rate for interest earning assets and interest bearing liabilities, net interest spread and net interest margin for the periods indicated below: Three Months Ended Three Months Ended Three Months Ended March 31, 2021* December 31, 2020* March 31, 2020* AverageBalancesRates/Yields(%)InterestIncome/Expense AverageBalancesRates/Yields(%)InterestIncome/Expense AverageBalancesRates/Yields(%) InterestIncome/Expense Earning Assets Loans$428,864 3.65 $3,861 $420,106 3.75 $3,957 $368,017 4.55 $4,159 Loan fees$0 0.32 $342 $0 0.63 $665 $0 0.04 $34 Loans with fees$428,864 3.97 $4,203 $420,106 4.38 $4,622 $368,017 4.58 $4,193 Mortgage loans held for sale$96 2.90 $1 $78 3.33 $1 $122 3.23 $1 Federal funds sold$2,173 0.05 $0 $2,581 0.14 $1 $3,143 1.75 $14 Deposits with banks$66,900 0.37 $62 $77,539 0.41 $79 $24,224 1.82 $109 Investment securities - taxable$149,117 1.77 $660 $127,864 2.02 $646 $87,665 2.44 $534 Investment securities - tax-exempt$62,385 3.29 $379 $55,425 3.39 $347 $26,939 3.93 $196 Total Earning Assets$709,535 3.10 $5,305 $683,593 3.39 $5,696 $510,110 4.03 $5,048Non interest earning assets Allowance for loan losses (4,541) (4,359) (3,411) Cash and due from banks$10,346 $11,611 $9,399 Premises and equipment$460 $500 $1,728 Accrued interest receivable$2,209 $2,573 $1,651 Other real estate$0 $0 $0 Other assets$19,614 $20,416 $16,829 Unrealized gain (loss) on inv. securities 5,839 4,871 2,028 Total Assets$743,462 $719,205 $538,334 Interest bearing liabilities Interest bearing demand$36,530 0.39 $35 $30,668 (0.08) ($6) $32,868 0.69 $56 Savings and Money Market$530,414 0.35 $464 $487,041 0.34 $415 $368,211 0.66 $605 Time deposits - Retail$8,291 0.73 $15 $8,538 1.13 $24 $10,497 1.46 $38 Time Deposits - Wholesale$24,299 0.19 $11 $22,451 0.31 $18 $5,488 2.38 $32 Total interest bearing deposits$599,534 0.36 $525 $548,698 0.33 $451 $417,075 0.71 $732 Federal home Loan Bank advances$15,981 1.93 $77 $17,738 1.92 $87 $20,950 1.72 $91 Subordinated debt$14,798 5.34 $198 $14,629 5.19 $194 $0 Other borrowings$1,456 0.61 $0 $31,730 1.10 $28 $1,456 0.04 $0 Total borrowed funds$31,918 3.44 $275 $64,097 1.88 $309 $22,405 1.61 $91 Total interest bearing liabilities$631,452 0.51 $800 $612,795 0.49 $760 $439,480 0.75 $823Net interest rate spread 2.59 $4,505 2.90 $4,936 3.28 $4,225 Non-interest bearing deposits$28,242 $24,645 $27,470 Other liabilities$5,916 $7,787 $5,938 Stockholder's equity$77,851 $73,764 $64,434 Total Liabilities and Stockholder's Equity$743,462 $718,991 $538,323 Cost of funds 0.49 0.47 0.71 Net interest margin 2.64 2.95 3.38 *The information is unaudited and based on company data available at the time of presentation. Yield Table Assumptions - Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category.

  • Truxton Trust Advises BasePoint on Debt Financing for Expansion
    GlobeNewswire

    Truxton Trust Advises BasePoint on Debt Financing for Expansion

    Truxton Trust BasePoint Tombstone Truxton Trust Advises BasePoint on Debt Financing for Expansion NASHVILLE, Tenn., Feb. 16, 2021 (GLOBE NEWSWIRE) -- Truxton Trust Company is pleased to announce its role as advisor to BasePoint Health Management, a provider of non-clinical management services for affiliate psychiatrists. The financing is comprised of a senior secured loan facility and Truxton is serving as the sole underwriter. BasePoint’s plan for the proceeds is to capitalize on their exponential growth and expand from one to six locations in the Dallas, Texas area. Truxton Trust Company provides capital solutions to high-growth companies, family-owned businesses, and financial sponsors. Roy Serpa, Basepoint CEO, said, “As founder and CEO, I appreciate the confidence Truxton and their team, led by Philip Skipp AVP of Private Banking, has put into BasePoint Health Management as we expand our footprint and enhance our mental health programs across the Adolescent and Adult spectrum.” About Truxton TrustTruxton Trust Company is a provider of private banking, wealth management, trust, and family office services for wealthy individuals, their families and their business interests. Serving clients across the world, Truxton’s vastly experienced team of professionals provides customized solutions to its clients’ complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton Trust upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCPK: TRUX). For more information, visit truxtontrust.com. About BasePoint Health ManagementBasePoint Health Management provides non-clinical management services to affiliate psychiatrists so that mental health providers can spend more time caring for patients and less time on the administrative, marketing, and financial aspects of operating a mental health practice. BasePoint Psychiatry and Wellness is a clinical leader in psychiatry, counseling, and alternative depression treatments such as TMS Therapy. BasePoint Academy is an outpatient program specifically designed to address the unique challenges that teens face today with mental health and substance use disorder. Together Basepoint is committed to providing accessible, understandable, and effective behavioral healthcare to our patients and their families. Media RelationsInvestor RelationsTamara SchoepleinAndrew May615-515-1714615-515-1707tamara.schoeplein@truxtontrust.comandrew.may@truxtontrust.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2f756d84-1185-4521-b307-7a1b69320a74