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]

Core Insights - TowneBank reported a year-over-year increase in earnings for 2024, with net income reaching $161.76 million, or $2.15 per diluted share, compared to $153.72 million, or $2.06 per diluted share in 2023 [1][2] - The fourth quarter of 2024 saw earnings of $41.27 million, or $0.55 per diluted share, a significant increase from $28.80 million, or $0.39 per diluted share in the same quarter of 2023 [1][2] - The company anticipates growth opportunities through the acquisition of Village Bank and plans to enhance fee-based businesses [5][16] Annual Highlights for 2024 Compared to 2023 - Core earnings (non-GAAP) for 2024 were $163.65 million, or $2.18 per diluted share, compared to $160.94 million, or $2.16 per diluted share in 2023 [1] - Total revenues slightly decreased to $693.75 million from $694.12 million in the prior year, with net interest income decreasing by $15.18 million due to higher deposit costs [7] - Noninterest income increased by $14.80 million, driven by growth in residential mortgage banking income and insurance commissions [7] Highlights for Fourth Quarter 2024 - Total revenues for the fourth quarter were $177.16 million, an increase of $21.61 million, or 13.90% from the prior year quarter [7] - Net interest income increased by $10.32 million, or 9.58%, driven by increases in loan interest income [7] - Noninterest income rose by $11.29 million, or 23.61%, compared to the same quarter in 2023 [7] Quarterly Net Interest Income - Net interest income for the fourth quarter was $118.06 million, up from $107.73 million in the fourth quarter of 2023 [6] - The increase was primarily due to higher yields impacting interest income on loans and investment securities [6] Deposits and Loans - Total deposits increased to $14.44 billion, a rise of $0.54 billion, or 3.92%, compared to the previous year [7][21] - Loans held for investment increased by $130.03 million, or 1.15%, from December 31, 2023 [7][21] Asset Quality and Credit Losses - The provision for credit losses was an expense of $1.61 million in the current quarter, compared to a benefit of $1.10 million in the linked quarter [8] - Nonperforming loans were 0.06% of period-end loans at both December 31, 2024, and 2023 [21] Capital Ratios - Common equity tier 1 capital ratio was 12.77%, and total risk-based capital ratio was 15.68% [21] - Book value per share was $28.43, compared to $27.24 at December 31, 2023 [21] Investment Securities - Total investment securities were $2.59 billion, with a weighted average duration of 3.3 years [13] - The carrying value of the AFS debt securities portfolio included $155.28 million in net unrealized losses due to changes in interest rates [13]

TowneBank (TOWN) came out with quarterly earnings of $0.58 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.60 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this community bank would post earnings of $0.49 per share when it actually produced earnings of $0.57, delivering a surprise of 16.33%.Over the last four quarters, the company has surpassed consensus EPS estimates just once.TowneBank, which belongs to th ...

TowneBank (TOWN) came out with quarterly earnings of $0.57 per share, beating the Zacks Consensus Estimate of $0.49 per share. This compares to earnings of $0.52 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 16.33%. A quarter ago, it was expected that this community bank would post earnings of $0.48 per share when it actually produced earnings of $0.48, delivering no surprise. Over the last four quarters, the company has su ...

SUFFOLK, Va., July 24, 2024 (GLOBE NEWSWIRE) -- TowneBank (the "Company" or "Towne") (NASDAQ:TOWN) today reported earnings for the quarter ended June 30, 2024 of $42.86 million, or $0.57 per diluted share, compared to $41.72 million, or $0.56 per diluted share, for the quarter ended June 30, 2023. Excluding certain items affecting comparability, core earnings (nonGAAP) were $42.56 million, or $0.57 per diluted share, in the current quarter, an increase of 10.10% compared to $38.66 million, or $0.52 per dilu ...

SUFFOLK, Va., May 29, 2024 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ:TOWN) announced today that its Board of Directors declared its second-quarter shareholder cash dividend of $0.25 per common share payable on July 12, 2024, to shareholders of record on June 28, 2024. The amount and declaration of future cash dividends are subject to Board of Directors' approval in addition to regulatory restrictions. About TowneBank: Founded in 1999, TowneBank is a company built on relationships, offering a ...

Investor Presentation - September 2020 Update CAUTIONARY STATEMENTS Forward-Looking Statements This presentation contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, but instead represent only the beliefs, expectations, or opinions of TowneBank and its management regarding future events, many of which, by their nature, are inherently uncertain. Forward-looking statements may be identified by the u ...