Financial Performance - TowneBank's total assets reached $17.1 billion as of Q2-FY24 [9], with total loans at $11.5 billion and total deposits at $14.3 billion [9] - The bank reported a Core Return on Average Assets (ROAA) of 1.01% and a Core Return on Average Tangible Common Equity (ROTCE) of 12.08% [9] - Net Interest Margin (NIM) on a fully tax-equivalent basis was 2.89%, while noninterest-bearing deposits accounted for 30.2% of total deposits [9] - For Q2-FY24, net income attributable to TowneBank was $42.9 million, a 2.7% increase year-over-year [47] - Earnings per share (diluted) for Q2-FY24 were $0.57, up 1.8% year-over-year [47] Business Segments - The bank's revenue mix is diversified, with net interest income accounting for 62% and noninterest income for 38% YTD Q2-FY24 [24] - Insurance segment contributes 39% to the total noninterest income YTD Q2-FY24 [26] - Towne Insurance is the largest bank-owned insurance company in the country [105], with insurance revenue of $29.6 million in Q2-24 [105] Balance Sheet and Asset Quality - Noninterest-bearing deposits accounted for 30.15% of total deposits in Q2-FY24 [47] - Nonperforming assets represent 0.04% of total assets [47] - The bank's loan-to-deposit ratio was 80.24% [47] Capital and Liquidity - The total risk-based capital ratio was 15.34% [47] - The tangible common equity to tangible assets ratio was 9.37% [47] - Total liquidity sources were $6.471 billion [171], covering 105% of adjusted uninsured deposits [172]

Financial Performance - TowneBank's total assets reached $17.25 billion, a 2.4% increase year-over-year[12] - Net income attributable to TowneBank was $41.26 million for the quarter, a 43.3% increase year-over-year[12] - Earnings per share-diluted increased to $0.55, a 41.0% increase year-over-year[12] - The net interest margin (TE) was 3.02%, a 16 bps increase year-over-year[12] Deposits and Loans - Total deposits amounted to $14.44 billion, a 3.9% increase year-over-year[12] - Total loans reached $11.46 billion, a 1.1% increase year-over-year[12] - Noninterest bearing deposits accounted for 29.46% of total deposits[12] Noninterest Income and Expense - Noninterest income totaled $59.10 million, a 23.6% increase year-over-year[14] - Noninterest expense was $127.44 million, a 4.6% increase year-over-year[14] Asset Quality and Capital - Nonperforming assets represented 0.05% of total assets[12] - The total risk-based capital ratio was 15.68%[12] Outlook - The company is targeting annualized loan growth in the mid-single digits[161] - Net interest income is expected to range between $510 million and $520 million for FY2025[161]

Financial Performance - TowneBank reported total assets of $1751 billion for Q1-FY25, a 37% increase year-over-year[9] - Net income attributable to TowneBank was $5059 million in Q1-FY25, up 459% from $3469 million in Q1-FY24[12, 14] - Core earnings per share-diluted reached $068 in Q1-FY25, compared to $048 in Q1-FY24, representing a 417% increase[14] - The return on average tangible common equity was 1330% for Q1-FY25[9] Balance Sheet & Lending - Total loans amounted to $1165 billion in Q1-FY25, reflecting a 17% increase year-over-year[9, 12] - Total deposits reached $1461 billion in Q1-FY25, a 34% increase compared to Q1-FY24[9, 12] - Noninterest-bearing deposits accounted for 30% of total deposits in Q1-FY25[9] - The loan-to-deposit ratio stood at 7977% in Q1-FY25[12] Non-Interest Income - Noninterest income totaled $7157 million in Q1-FY25, a 120% increase compared to $6388 million in Q1-FY24[14, 55] - Insurance commissions income net was $2642 million in Q1-FY25, up 35% year-over-year[55]

What's Next for TowneBank? TowneBank (TOWN) came out with quarterly earnings of $0.68 per share, beating the Zacks Consensus Estimate of $0.61 per share. This compares to earnings of $0.48 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 11.48%. A quarter ago, it was expected that this community bank would post earnings of $0.45 per share when it actually produced earnings of $0.55, delivering a surprise of 22.22%. Over the la ...

Core Viewpoint - TowneBank reported strong financial performance for the first quarter of 2025, with net income of $50.59 million, a significant increase from $34.69 million in the same quarter of 2024, reflecting a robust growth strategy and effective management of liquidity and capital levels [1][2]. Financial Performance - Earnings per diluted share for the quarter were $0.67, up from $0.46 in the first quarter of 2024 [1]. - Core earnings (non-GAAP) were $50.98 million, or $0.68 per diluted share, compared to $36.27 million, or $0.48 per diluted share, in the prior year [1]. - Total revenues increased by $24.94 million, or 14.93%, to $192.04 million compared to the first quarter of 2024 [7]. Loan and Deposit Growth - Annualized loan growth was nearly 7%, with loans held for investment reaching $11.65 billion, an increase of $200.40 million, or 1.75%, year-over-year [7][15]. - Total deposits rose to $14.61 billion, an increase of $482.47 million, or 3.42%, compared to the first quarter of 2024 [7][15]. - Noninterest-bearing deposits increased by 2.85% to $4.31 billion compared to the prior year [15]. Interest Income and Margin - Net interest income for the quarter was $120.48 million, up from $103.22 million in the first quarter of 2024, driven by lower deposit costs [7]. - The net interest margin was 3.14%, an increase from 2.72% in the same quarter of the previous year [7][24]. Credit Quality - The quarterly provision for credit losses was an expense of $2.42 million, compared to a benefit of $0.88 million in the prior year [7]. - Nonperforming assets were $7.37 million, or 0.04% of total assets, down from $7.77 million, or 0.05%, at March 31, 2024 [15]. Strategic Partnerships - The company completed a partnership with Village Bank and Trust Financial Corp. and signed a definitive agreement with Old Point Financial Corporation, which are expected to enhance shareholder returns with low execution risk [4]. Capital Ratios - The common equity tier 1 capital ratio was 12.75%, and the total risk-based capital ratio was 15.65% [21]. - Book value per common share increased to $29.19 from $27.33 a year ago [21]. Noninterest Income - Total noninterest income rose to $71.57 million, an increase of $7.68 million, or 12.02%, compared to the first quarter of 2024 [14]. - Property management fee revenue increased by 16.26% to $19.50 million, driven by organic growth [14]. Asset Quality - The allowance for credit losses on loans represented 1.08% of total loans, consistent with the previous year [15]. - The ratio of net charge-offs to average loans was 0.02%, unchanged from the first quarter of 2024 [15]. Investment Securities - Total investment securities were $2.70 billion, an increase from $2.54 billion at March 31, 2024 [10]. - The carrying value of available-for-sale debt securities included net unrealized losses of $119.25 million, down from $170.84 million a year ago [10]. Overall Growth Strategy - The company emphasizes a conservative approach to relationship banking and diversified fee income businesses to strengthen its position during economic uncertainty [2]. - The focus on measured growth and maintaining healthy liquidity and capital levels is expected to support the company in the face of potential short-term challenges [2].

Core Points - TowneBank has signed a definitive agreement to acquire Old Point Financial Corporation and its subsidiary, The Old Point National Bank of Phoebus, enhancing its position in the Hampton Roads MSA with a strong core deposit franchise [1][2] - The combined company, post-acquisition, is projected to have total assets of $19.5 billion, loans of $13.1 billion, and deposits of $16.3 billion as of December 31, 2024, with an expected 10% accretion to earnings per share [2][4] - Old Point shareholders can choose to receive either $41.00 in cash or 1.1400 shares of TowneBank common stock for each share of Old Point, resulting in an aggregate transaction value of approximately $203 million [3][4] Company Overview - TowneBank, founded in 1999, operates over 50 banking offices across Hampton Roads and Central Virginia, with total assets of $17.25 billion as of December 31, 2024 [6][7] - Old Point Financial Corporation, headquartered in Hampton, Virginia, operates 13 branch offices and offers a full range of retail and commercial financial services, including mortgage and insurance products [8]

Core Viewpoint - TowneBank has successfully completed its merger with Village Bank and Trust Financial Corp, enhancing its presence in the Richmond MSA and creating opportunities for revenue synergies and strategic capital deployment [1][2]. Company Overview - TowneBank, founded in 1999, focuses on building relationships and offers a full range of banking and financial services, emphasizing community engagement and enriching lives [4]. - As of December 31, 2024, TowneBank has total assets of $17.25 billion, making it one of the largest banks headquartered in Virginia [5]. Merger Details - The merger was announced in September 2024 and received strong support from Village shareholders during a special meeting in December 2024 [1]. - Following the merger effective April 1, 2025, Village Bank locations will operate as "Village Bank, a Division of TowneBank" until June 2025, when their systems will be integrated [2]. - Frank E. Jenkins, Jr., a former director of Village, has been appointed to the TowneBank board of directors as of April 1, 2025 [2]. Leadership Statements - G. Robert Aston, Jr., Executive Chairman of TowneBank, expressed enthusiasm about the merger and the opportunity to welcome more members in the Richmond area [2]. - James E. Hendricks, Jr., former President and CEO of Village, highlighted the merger as a chance to partner with an organization committed to community engagement [3].

Core Viewpoint - TowneBank has received regulatory approval for its acquisition of Village Bank and Trust Financial Corp, with over 86% of Village's shareholders voting in favor of the merger, which is expected to enhance TowneBank's presence in the Richmond MSA and create revenue synergies [1][2][3] Group 1: Merger Details - The merger is anticipated to be completed in early April 2025, pending customary closing conditions [2] - Following the merger, Village Bank locations will operate as "Village Bank, a Division of TowneBank" until mid-June 2025, when systems will be integrated [2] Group 2: Company Profiles - TowneBank, founded in 1999, operates over 50 banking offices and has total assets of $17.25 billion as of December 31, 2024, making it one of the largest banks in Virginia [5] - Village Bank and Trust Financial Corp, also founded in 1999, operates nine branch offices and had total assets of $756.1 million as of December 31, 2024 [6]

Core Viewpoint - TowneBank (TOWN) is showing solid improvement in earnings estimates, which may lead to continued short-term price momentum and a favorable investment opportunity [1][2]. Estimate Revisions - The upward trend in earnings estimate revisions reflects growing analyst optimism regarding TowneBank's earnings prospects, which is expected to positively impact its stock price [2]. - For the current quarter, TowneBank is projected to earn $0.63 per share, representing a +31.25% change from the previous year, with the Zacks Consensus Estimate increasing by 8.62% over the last 30 days [4]. - For the full year, the earnings estimate stands at $2.60 per share, indicating a +19.27% change from the prior year, with a 5.05% increase in the consensus estimate due to two upward revisions [5]. Zacks Rank - TowneBank has achieved a Zacks Rank 2 (Buy), supported by strong agreement among analysts in raising earnings estimates, which historically correlates with stock performance [3][6]. - Stocks with Zacks Rank 1 (Strong Buy) and 2 (Buy) have been shown to significantly outperform the S&P 500 [6]. Investment Outlook - The strong estimate revisions have led to a stock price increase of 11.2% over the past four weeks, suggesting potential for further upside, making it a candidate for portfolio addition [7].

分组1 - TowneBank reported quarterly earnings of $0.55 per share, exceeding the Zacks Consensus Estimate of $0.45 per share, and up from $0.42 per share a year ago, representing an earnings surprise of 22.22% [1] - The company posted revenues of $178.26 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 5.60%, compared to year-ago revenues of $155.55 million [2] - Over the last four quarters, TowneBank has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] 分组2 - The current consensus EPS estimate for the coming quarter is $0.58 on revenues of $186.8 million, and for the current fiscal year, it is $2.48 on revenues of $788.2 million [7] - The Zacks Industry Rank for Banks - Southeast is currently in the top 24% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]