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.
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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.