First-quarter profits at Truxton Corp. came in at $939,000, an increase of 27 percent from a year ago. Per diluted share, earnings were 38 cents versus 32 cents in early 2013.
The strong bottom-line numbers at the parent of Truxton Trust (the former Nashville Bank & Trust) came after a Q4 lull and were driven by the combination of expenses staying flat from last year at $2.6 million and fee income growth of 14 percent to almost $1.6 million. Growth in net income essentially offset a larger tax tab.
"Finding loans remains a challenge in our crowded banking market, but we expect some growth in the quarter ahead," said CEO Tom Stumb. "Meanwhile, our credit quality has remained very strong and we are delivering excellent growth in non-interest income. Our expenses are well under control."
Total loans finished the first quarter at $200 million, an increase of 7 percent from March 2013. Deposits grew 12 percent from the year before to $286 million.
Shares of Truxton (Ticker: TRUX) fell more than 2 percent to $18.50 Thursday. Year to date, the thinly traded paper is up about 12 percent.
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