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 ...

TOWNE BANK Investor Presentation – Third Quarter 2019 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 use of such wor ...