Townebank Portsmouth Va Stock Price, News & Analysis

TowneBank (Nasdaq: TOWN) has announced new leadership roles for its banking teams in Virginia and North Carolina. Brian Skinner will serve as president and regional banking director for Virginia and Northeastern North Carolina, while Matt Davis will lead operations in North Carolina. Skinner, with over 15 years at Towne, will also oversee specialty banking lines. Davis brings nearly 30 years of experience and will focus on growth in key North Carolina markets. John Wallace has been appointed as chief risk officer. TowneBank operates over 40 banking offices and has total assets of $16.86 billion as of June 30, 2022.

TowneBank (Nasdaq: TOWN) has appointed Dawn S. Glynn as President and Chief Experience Officer to lead its new Corporate Services Group. Glynn, with over 35 years of banking experience, will oversee human resources, marketing, and product development, aiming to enhance member and employee experiences. TowneBank, founded in 1999, operates over 40 offices and has total assets of $16.86 billion as of June 30, 2022. The company's leadership emphasizes a culture of caring and community involvement in its banking operations.

TowneBank (NASDAQ: TOWN) has appointed William (Billy) I. Foster, III as the new Chief Executive Officer, succeeding J. Morgan Davis, who will step down on December 31, 2022. Foster, who has been with TowneBank since 2004, has held various executive positions, most recently as President of the Bank's markets in Central Virginia and North Carolina. Davis will remain as an executive consultant until March 31, 2023. The transition is part of a broader strategic plan to ensure continuity in leadership and maintain the bank's culture of caring.

TowneBank (NASDAQ: TOWN) has declared a cash dividend of $0.23 per common share for the third quarter, payable on October 14, 2022, to shareholders recorded on September 30, 2022. This decision underscores the bank's commitment to returning value to its shareholders. Future dividends will depend on the Board of Directors' approval and regulatory considerations. With total assets of $16.86 billion as of June 30, 2022, TowneBank continues to be a significant banking institution in Virginia, with over 40 banking offices across key regions.

TowneBank (NASDAQ: TOWN) has announced a definitive merger agreement with Farmers Bankshares, Inc. (OTCPK: FBVA). This merger is set to enhance TowneBank’s market share in the Virginia Beach-Norfolk-Newport News area and is valued at approximately $56 million, with Farmers shareholders receiving 0.6050 shares of TowneBank for each share owned. The combined assets will total $17.5 billion, with expectations for a 5% increase in earnings per share. The merger is anticipated to close in Q1 2023, pending regulatory and shareholder approvals.

TowneBank (TOWN) reported Q2 2022 earnings of $46.55 million ($0.64 per diluted share), down from $55.80 million ($0.77) in Q2 2021. Total revenues decreased by 0.20% to $166.98 million, primarily due to a $12.35 million drop in residential mortgage income. However, net interest income rose by $8.20 million. Loans held for investment increased by 10.63% year-over-year to $10.43 billion, while total deposits rose by 7.96% to $14.00 billion. The net interest margin was 2.88%, with a return on common equity of 10.03%. Noninterest income decreased by 12.90% to $57.64 million.

TowneBank (NASDAQ: TOWN) announced a 15% increase in its quarterly cash dividend, declaring $0.23 per common share. This dividend is payable on July 12, 2022 to shareholders of record as of June 30, 2022. This raises the annual dividend to $0.92 per share. The future dividends will depend on the Board of Directors' approval and regulatory restrictions. As of March 31, 2022, TowneBank holds $16.67 billion in total assets, making it one of Virginia's largest banks.

TowneBank (NASDAQ: TOWN) reported a first-quarter 2022 net income of $45.59 million, or $0.63 per diluted share, down from $69.00 million ($0.95 per share) in Q1 2021. Total revenues were $165.41 million, a decrease of 9.37%, primarily due to a decline in residential mortgage banking income. Despite the revenue drop, loans held for investment increased by 1.79% to $9.91 billion. Additionally, deposits rose 13.44% to $13.77 billion. The bank's net interest margin was 2.67%, and nonperforming assets decreased to 0.03% of total assets.

TowneBank (Nasdaq: TOWN) announced that three long-serving Board members, E. Lee Baynor, Thomas C. Broyles, and F. Lewis Wood, will not seek re-election and will transition to Emeritus status after the 2022 Annual Meeting of Shareholders. Executive Chairman G. Robert Aston emphasized their significant contributions to the bank's growth. Founded in 1999, TowneBank has over 40 branches in Virginia and North Carolina, with total assets of $16.36 billion as of December 31, 2021. The bank focuses on a mission of serving others and offering a broad range of financial services.