Townebank Portsmouth Va Stock Price, News & Analysis

TowneBank (NASDAQ: TOWN) reported its Q1 2023 earnings, announcing a net income of $38.33 million or $0.52 per diluted share, down from $45.59 million or $0.63 per diluted share in Q1 2022. Core earnings rose slightly to $46.30 million or $0.62 per diluted share. Total revenues increased by 11.32% to $184.14 million, driven by a $24.17 million rise in net interest income despite a decline in noninterest income. Loans increased to $11.17 billion, a 12.76% year-over-year rise, while deposits totaled $13.60 billion, reflecting a 1.26% decrease from the previous year. The bank maintained a solid capital position with a common equity tier 1 ratio of 11.68%.

TowneBank (Nasdaq: TOWN) has announced the appointment of Aubrey L. Layne, Jr. and J. Christopher Perry to its Corporate Board of Directors. Layne, currently the executive vice president of governance and external affairs for Sentara Healthcare, brings extensive experience from previous roles such as Virginia Secretary of Finance. Perry is the founder and CEO of Suburban Capital, managing over 50 hotels in the southeast. Both appointees will also serve on regional boards, aiming to enhance TowneBank's governance and community engagement. With total assets of $15.85 billion as of December 31, 2022, TowneBank continues to focus on serving the community effectively.

TowneBank (NASDAQ: TOWN), based in Hampton Roads, has declared a first-quarter cash dividend of $0.23 per common share, payable on April 12, 2023, to shareholders of record by March 30, 2023. Future dividends remain subject to Board approval and regulatory restrictions. Additionally, TowneBank's 2023 Annual Meeting of Shareholders is scheduled for May 24, 2023, at the Virginia Beach Convention Center.

Founded in 1999, TowneBank offers a wide range of banking and financial services, with over 45 banking offices across Hampton Roads and Central Virginia. As of December 31, 2022, TowneBank reported total assets of $15.85 billion.

TowneBank (TOWN) reported its financial results for 2022, showing earnings of $188.99 million ($2.60 per diluted share), down from $215.38 million ($2.97 per diluted share) in 2021. Total revenues increased to $686.94 million, with a $59 million rise in net interest income offset by a $52 million decline in noninterest income. Q4 2022 earnings were $46.69 million ($0.64 per share), an increase from the previous year's $40.18 million ($0.55 per share). Despite challenges in residential mortgage banking, the bank maintained a strong credit quality and a market share leadership in Hampton Roads. Looking ahead, the company plans to enhance its balance sheet and expand noninterest income activities.

TowneBank (Nasdaq: TOWN) has successfully completed its merger with Farmers Bankshares, Inc., effective January 13, 2023. This strategic merger strengthens TowneBank’s position in the Virginia Beach-Norfolk-Newport News MSA, expanding its market to include Isle of Wight and Southampton counties. The merger, initially announced in August 2022, received strong support from Farmers shareholders by December 2022. The Farmers Bank branches will operate under the TowneBank brand by mid-April 2023, following an integration of systems. TowneBank, founded in 1999, has grown to over 45 branches with total assets of $16.17 billion.

TowneBank has announced the promotion of R. Lee Clark to Chief Operating Officer, effective immediately. Clark has been with the bank since 2006, showcasing a strong background in financial services and leadership roles, including Chief Human Resources Officer since 2019. CEO Billy Foster praised Clark's operational expertise and commitment to the company's culture. Founded in 1999 and headquartered in Virginia, TowneBank has over $15.95 billion in assets and operates more than 40 banking offices across various regions.

TowneBank (Nasdaq: TOWN) and Farmers Bankshares, Inc. (OTCPK: FBVA) are set to finalize their merger in early January 2023, having received necessary regulatory and shareholder approvals. Over 85% of Farmers Bankshares’ shareholders voted in favor of the merger during a meeting on December 14, 2022. This merger will enhance TowneBank’s market presence in the Virginia Beach-Norfolk-Newport News area and expand its service area to include Isle of Wight and Southampton counties, alongside boosting Towne Insurance Agency's market base.

TowneBank (NASDAQ: TOWN) announced a fourth-quarter cash dividend of $0.23 per common share, payable on January 12, 2023, to shareholders of record on December 30, 2022. The Board of Directors declared this dividend on November 23, 2022. Future dividends will require Board approval and may be subject to regulatory restrictions. With total assets of $15.95 billion as of September 30, 2022, TowneBank is a leading Virginia bank focused on community enrichment through a variety of banking and financial services.

TowneBank (Nasdaq: TOWN) announced that Brad E. Schwartz will retire as president and COO effective December 31, 2022. Schwartz, who joined Towne in 2016 following the Monarch Bank merger, will continue to serve as a senior advisor through 2025 to assist in the transition. The Board has appointed William (Billy) I. Foster III as the new president, who will also take over as CEO at year-end. TowneBank, with total assets of $15.95 billion as of September 30, 2022, operates over 40 banking offices in Virginia and North Carolina, emphasizing community-focused financial services.