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Townebank Portsmouth VA - TOWN STOCK NEWS

Welcome to our dedicated news page for Townebank Portsmouth VA (Ticker: TOWN), a resource for investors and traders seeking the latest updates and insights on Townebank Portsmouth VA.

Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect Townebank Portsmouth VA's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.

Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of Townebank Portsmouth VA's position in the market.

News
TowneBank Reports First Quarter 2024 Earnings
Rhea-AI Summary
TowneBank reported first-quarter 2024 earnings of $34.69 million, or $0.46 per diluted share, compared to $38.33 million, or $0.52 per diluted share, for the same period in 2023. Adjusted earnings for Q1 2024 were $36.27 million, or $0.48 per diluted share, showcasing a focus on maintaining healthy capital and liquidity. Total revenues decreased by 9.25% to $167.10 million. Net interest income declined due to higher deposit rates. Total deposits increased by 3.88% to $14.13 billion. Loans held for investment saw a 2.49% increase to $11.45 billion. Annualized return on common shareholders' equity was 6.89%. Noninterest income rose by 5.13% to $63.88 million. Total noninterest expense increased by 0.96% to $125.59 million. Total assets were $16.88 billion, with loans held for investment growing by 2.49%. Nonperforming assets were at 0.05% of total assets.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-2.16%
Tags
earnings
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News
TowneBank Announces Retirement of Two Directors
Rhea-AI Summary
TowneBank announces the retirement of two long-serving Board members, Jacqueline B. Amato and Bradford L. Cherry, who will move to Emeritus status after the 2024 Annual Meeting of Shareholders. TowneBank, founded in 1999, operates 50 banking offices in multiple states, offering a full range of financial services. With total assets of $16.84 billion as of December 31, 2023, TowneBank is a significant player in the banking industry.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.47%
Tags
none
-
News
Sachin Shetty, Ph.D., Joins TowneBank Corporate Board of Directors
Rhea-AI Summary
TowneBank appoints Dr. Sachin Shetty to its Board of Directors, bringing cybersecurity expertise. TowneBank, a relationship-focused company, values diversity and community growth.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-0.11%
Tags
management
News
TowneBank Announces Quarterly Cash Dividend
Rhea-AI Summary
TowneBank (TOWN) declares a first-quarter shareholder cash dividend of $0.25 per common share, payable on April 12, 2024. Future dividends subject to Board approval and regulatory restrictions.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
1.61%
Tags
dividends
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News
TowneBank Reports Full Year and Fourth Quarter Financial Results For 2023
Rhea-AI Summary
TowneBank reported financial results for the full year and fourth quarter ended December 31, 2023. Earnings for the year were $153.72 million, or $2.06 per diluted share, compared to $188.99 million, or $2.60 per diluted share, for the year ended December 31, 2022. For the fourth quarter of 2023, earnings were $28.80 million, or $0.39 per diluted share, compared to $46.69 million, or $0.64 per diluted share, for the fourth quarter of 2022. The banking industry faced challenges in 2023 due to rising interest rates and inflationary impact on expenses. TowneBank's total revenues increased by 1.05%, driven by an increase in noninterest income and the insurance segment's gross revenue exceeding $100 million. However, noninterest-bearing deposits declined by 17.52%, and the provision for credit losses increased. Total assets increased by 6.25%, and common equity tier 1 capital ratio was 12.18%.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-2.3%
Tags
earnings
-
News
Townebank Announces Quarterly Cash Dividend
Rhea-AI Summary
TowneBank (NASDAQ: TOWN) declares a fourth-quarter shareholder cash dividend of $0.25 per common share, payable on January 12, 2024, to shareholders of record on December 29, 2023. Future dividends are subject to Board of Directors' approval and regulatory restrictions.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.96%
Tags
dividends
News
TowneBank Reports Third Quarter 2023 Earnings
Rhea-AI Summary
TowneBank reports earnings for Q3 2023, with a decrease in net interest income and an increase in noninterest income. Loans held for investment and total deposits both increased compared to the previous year. The company's total assets decreased, while total borrowings increased. Total investment securities remained relatively stable.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
4.13%
Tags
earnings
-
News
TowneBank Announces Quarterly Cash Dividend
Rhea-AI Summary
TowneBank declares third-quarter cash dividend of $0.25 per share.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.26%
Tags
dividends
-
News
TowneBank Reports Second Quarter 2023 Earnings
Rhea-AI Summary
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-3.8%
Tags
earnings
News
KBRA Affirms Ratings for TowneBank
Rhea-AI Summary
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.88%
Tags
none
Stock TOWN logo
Townebank Portsmouth VA

Nasdaq:TOWN

TOWN Rankings

#1867 Ranked by Market Cap
#3790 Ranked by Stock Gains
#931 Ranked by Dividends

TOWN Stock Data

1.98B
67.86M
4.21%
55.02%
0.68%
Commercial Banking
Finance and Insurance
Link
US
Portsmouth