Welcome to our dedicated page for Townebank Portsmouth Va news (Ticker: TOWN), a resource for investors and traders seeking the latest updates and insights on Townebank Portsmouth Va stock.
TowneBank reports developments tied to its community banking franchise, shareholder returns, governance, and expansion across Virginia, North Carolina, and South Carolina. The company provides business and personal banking through a regional office network and operates affiliated services including wealth management, insurance, employee benefits, mortgage banking, commercial mortgage brokerage, real estate, 1031 exchange services, and trust services.
Recurring company news includes quarterly and annual earnings, credit quality, liquidity and capital commentary, common-stock dividends, board appointments, bank acquisition activity, and completed portfolio changes such as the sale of its Resort Property Management segment. Updates also reflect the company’s local banking model and the contribution of nonbank financial-services affiliates.
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.
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