Truxton profit growth slowed in Q4

Fee income offsets deceleration in loan growth

Local bank holding company Truxton Corp. posted a fourth-quarter profit of $906,000, an increase of 8 percent from the number of the last three months of 2012, helped by a more than 20 percent jump in fee income.

The Q4 numbers contributed to a 2013 in which Truxton, the former Nashville Bank & Trust, grew its profits by 23 percent. But the Q4 gains were a good bit smaller than the figures during the first three quarters in the year when the company's bottom line was up 28, 24 and 34 percent, respectively, from 2012.

During the last three months of 2013, Truxton grew its loan book to $209 million from $205 million and deposits to $280 million from $258 million. Noninterest income grew at a faster pace than in the previous three quarters, growing 23 percent to almost $1.6 million from about $1.3 million.

CEO Tom Stumb said he was pleased with Truxton's 2013 performance, which included growing total assets 10 percent to $329 million.

"Loan growth was strong, wealth management won important new relationships, and expenses remained in check," Stumb said. "I want to thank all of our clients for the trust they place in us and all the people who work at Truxton Trust for their effort, expertise, and constant fidelity to our principles."