Truxton Q2 up 24%

Asset base shrinks slightly

The holding company for Truxton Trust Co., the former Nashville Bank & Trust, said its second-quarter profits rose 24 percent from a year ago to $782,000.

Per fully diluted share, profits for the three months ended June 30 came to 33 cents versus 27 cents in 2012. Fee income for the quarter was more than $1.3 million, an increase of 17 percent from the year prior. Total loans grew 9 percent to $194 million year over year while deposits climbed 11 percent.

Through the first of half of this year, Truxton has earned $1.5 million, up 26 percent from last year. Assets ended the first half at a shade under $300 million, a 10 percent increase from June 30, 2012, but down slightly from March 31.

“We delivered solid earnings growth in the first half of 2013,” said CEO Tom Stumb, pictured. “We have continued to grow earnings at over 25 percent versus a year ago despite a difficult interest rate environment. We are controlling expenses and adding assets in our wealth management business. Asset quality remains a core strength.”

The thinly traded shares of Truxton (Ticker: NBTH) jumped 5 percent in Monday’s trading to $15.99, just below their all-time high.