Townebank Portsmouth Va Stock Price, News & Analysis

TowneBank (NASDAQ: TOWN) has declared its first-quarter cash dividend for shareholders. The Hampton Roads based financial institution will distribute $0.25 per common share on April 11, 2025, to shareholders of record as of March 31, 2025. The company notes that future dividend amounts and declarations will require Board approval and must comply with regulatory restrictions.

TowneBank (TOWN) reported full-year 2024 earnings of $161.76 million ($2.15 per diluted share), up from $153.72 million ($2.06 per diluted share) in 2023. Fourth quarter 2024 earnings were $41.27 million ($0.55 per diluted share), compared to $28.80 million ($0.39 per diluted share) in Q4 2023.

Total revenues slightly decreased to $693.75 million in 2024. While net interest income declined by $15.18 million due to higher deposit costs, noninterest income grew by $14.80 million, driven by residential mortgage banking and insurance commissions. Total deposits increased by $0.54 billion to $14.44 billion, representing a 3.92% growth. Loans held for investment grew by $130.03 million, or 1.15%.

The company maintained strong asset quality with nonperforming assets at 0.05% of total assets. The net interest margin was 2.87% for 2024, compared to 3.03% in 2023. TowneBank expects to close its previously announced acquisition of Village Bank by the end of first quarter 2025.

TowneBank (NASDAQ: TOWN) has declared a fourth-quarter cash dividend of $0.25 per common share. The dividend will be payable on January 14, 2025, to shareholders of record on December 31, 2024. The Hampton Roads based bank's future dividend payments remain subject to Board approval and regulatory restrictions.

TowneBank (NASDAQ: TOWN) reported Q3 2024 earnings of $42.95 million, or $0.57 per diluted share, compared to $44.86 million, or $0.60 per diluted share in Q3 2023. Total revenues increased 0.96% to $174.52 million. Total deposits grew 3.48% to $14.36 billion, while loans held for investment increased 2.14% to $11.41 billion compared to Q3 2023. Net interest margin was 2.90%, with noninterest income rising by $2.43 million driven by growth in residential mortgage banking and insurance commissions. The company maintained strong asset quality with nonperforming assets at 0.04% of total assets.

TowneBank (NASDAQ: TOWN) and Village Bank and Trust Financial Corp. (NASDAQCM: VBFC) have announced a definitive agreement to merge. The acquisition will enhance TowneBank's presence in the Richmond MSA and provide opportunities for revenue synergies. Key details include:

- Village shareholders will receive $80.25 per share in cash
- Total transaction value of approximately $120.0 million
- Combined entity will have $17.8 billion in assets, $12.1 billion in loans, and $14.9 billion in deposits
- Expected to be 6% accretive to TowneBank's earnings per share
- Transaction expected to close in the first half of 2025

The merger is subject to regulatory approval and Village shareholders' approval.

TowneBank (NASDAQ: TOWN), based in Hampton Roads, has announced its third-quarter shareholder cash dividend of $0.25 per common share. The dividend will be payable on October 11, 2024, to shareholders of record on September 30, 2024. This declaration demonstrates TowneBank's commitment to providing returns to its shareholders. However, it's important to note that future cash dividends are subject to Board of Directors' approval and regulatory restrictions. This announcement provides investors with clarity on the upcoming dividend payment and reinforces the company's financial stability.

TowneBank (NASDAQ: TOWN) reported Q2 2024 earnings of $42.86 million, or $0.57 per diluted share, compared to $41.72 million in Q2 2023. Core earnings increased by 10.10% to $42.56 million. Total revenues decreased by 3.63% to $174.97 million. Net interest income declined due to higher deposit costs, while noninterest income decreased due to a gain on sale in Q2 2023.

Key highlights include:

• Total deposits increased 3.68% YoY to $14.27 billion
• Loans held for investment grew 2.17% YoY to $11.45 billion
• Net interest margin was 2.86%, down from 2.98% in Q2 2023
• Noninterest-bearing deposits decreased 9.87% YoY but increased 2.61% QoQ
• Asset quality remained strong with nonperforming assets at 0.04% of total assets

Hampton Roads based TowneBank (NASDAQ: TOWN) announced a second-quarter cash dividend of $0.25 per common share. This dividend is payable on July 12, 2024, to shareholders of record on June 28, 2024. Future dividends are subject to Board of Directors' approval and regulatory restrictions.