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 (NASDAQ: TOWN) generates frequent news coverage as a regional commercial bank and financial services company active in Virginia, North Carolina, South Carolina, and parts of Tennessee. This news page aggregates company announcements, market updates, and transaction-related disclosures so readers can follow developments that affect TowneBank’s operations and footprint.
Recent news has highlighted TowneBank’s growth through mergers and acquisitions. The bank completed its merger with Old Point Financial Corporation, adding Old Point National Bank and Old Point Wealth Management and enhancing its core deposit base in the Hampton Roads region. TowneBank also announced and then completed the merger of Dogwood State Bank, a community bank headquartered in Raleigh, North Carolina, which expanded TowneBank’s presence along the Interstate 85 corridor and in key Carolinas markets, including Raleigh, Charlotte, Greensboro–Winston Salem, Greenville, and coastal North Carolina communities, as well as Charleston, South Carolina, and Elizabethton, Tennessee.
Investors and observers can expect TowneBank news to cover quarterly earnings releases, dividend declarations, regulatory approvals for mergers, closing announcements for acquisitions, and integration milestones for acquired institutions such as Village Bank and Trust Financial Corp., Old Point Financial Corporation, and Dogwood State Bank. Company updates also describe changes in deposits, loans, asset quality, and capital ratios, as well as commentary from TowneBank’s leadership on strategy, credit trends, and market conditions.
This page is useful for tracking how TowneBank’s Main Street banking strategy, community focus, and expansion efforts translate into financial performance and regional growth. For ongoing insight into TOWN news, readers can review the latest press releases, transaction updates, and earnings summaries as they are published.
TowneBank (Nasdaq: TOWN) reported a significant increase in earnings for 2021, achieving $215.38 million or $2.97 per diluted share, up from $145.54 million or $2.01 per diluted share in 2020. Total revenues for the year reached $680.33 million, a 2.41% increase. However, fourth-quarter earnings fell to $40.18 million, down 19.75% from the previous year. Total deposits grew to $13.57 billion, a 17.29% increase. Notably, credit quality remained strong, affirming TowneBank's market leadership in Hampton Roads.
On November 24, 2021, TowneBank (NASDAQ: TOWN) declared a fourth-quarter cash dividend of $0.20 per common share. This dividend will be payable on January 12, 2022, to shareholders recorded by December 30, 2021. The future dividend amounts are contingent on the Board's approval and regulatory conditions. As of September 30, 2021, TowneBank reported total assets of $15.81 billion, positioning itself as a key player in Virginia's banking sector.
TowneBank (TOWN) reported strong earnings for Q3 2021, with a net income of $50.40 million or $0.69 per diluted share, up from $34.46 million or $0.48 in Q3 2020. Total revenues decreased by 11.48% to $170.08 million, impacted by a prior year gain on the sale of Red Sky Travel Insurance. Notably, loans held for investment fell 4.84% to $9.30 billion, while total deposits rose 11.18% to $13.01 billion. Nonperforming assets improved significantly, now at 0.09% of total assets, reflecting robust credit quality.
TowneBank (NASDAQ: TOWN) has declared a third-quarter cash dividend of $0.20 per common share, payable on October 12, 2021 to shareholders of record on September 30, 2021. This decision reflects the bank's commitment to returning value to its shareholders. However, the amount and future dividend declarations are contingent upon Board approval and regulatory constraints. As of June 30, 2021, TowneBank holds total assets of $15.80 billion, making it one of Virginia's largest banks.
TowneBank (NASDAQ: TOWN) has appointed Brad Schwartz as President and COO, succeeding J. Morgan Davis, who will remain CEO. Schwartz, who joined Towne in 2016 with the Monarch Bank merger, has significantly contributed to enhancing operational capabilities, leading to more than doubled assets and earnings since his joining. The bank, founded in 1999, has over 40 offices in Virginia and North Carolina, boasting total assets of $15.80 billion as of June 30, 2021.
TowneBank (NASDAQ: TOWN) reported a robust Q2 2021 with earnings of $55.80 million ($0.77 per diluted share), rising from $34.61 million ($0.48 per diluted share) in Q2 2020. Total revenues increased by 16% to $167.32 million. Loans held for investment decreased 3.86% to $9.42 billion, while total deposits surged 15.09% to $12.96 billion. Noninterest income fell 4.62% to $66.18 million. The annualized return on equity stood at 12.31%, and net interest margin was 2.92%. The company anticipates pressure on net interest margins moving forward.
TowneBank (NASDAQ: TOWN) declared a second-quarter cash dividend of $0.20 per common share, payable on July 9, 2021, to shareholders of record on June 30, 2021. This marks an 11.11% increase from the previous dividend rate, bringing the annual dividend to $0.80 per share. The decision on future dividends will depend on the Board of Directors' approval and regulatory conditions. As of March 31, 2021, TowneBank reported total assets of $15.08 billion, making it one of Virginia's largest banks.
TowneBank (TOWN) reported a strong performance for Q1 2021, with earnings of $69.0 million ($0.95 per diluted share), up from $26.38 million ($0.36) in Q1 2020. Total revenues reached $182.51 million, a 32.54% increase, while pre-tax net revenues surged 105.99%. Loans held for investment increased by 10.82% to $9.73 billion, and deposits rose 30.42% to $12.14 billion. Nonperforming assets decreased to 0.11% of total assets. Overall, the company remains positive about its growth opportunities as it expands its presence in new markets.
TowneBank (NASDAQ: TOWN) declared a first-quarter cash dividend of $0.18 per common share, payable on April 9, 2021, for shareholders of record as of March 30, 2021. The dividend's amount and future declarations are subject to approval from the Board of Directors and regulatory limitations. Established in 1999, TowneBank offers comprehensive banking services and aims to enrich the lives of its customers while promoting economic growth in the communities it serves. As of December 31, 2020, the bank reported total assets of $14.63 billion.
TowneBank (Nasdaq: TOWN) has expanded its Executive Management Team at its subsidiary, Towne Insurance Agency, to enhance strategic growth in Virginia, North Carolina, and the southeastern U.S. Effective February 16, 2021, W. Douglas Russell was appointed President and CEO, succeeding F. Dudley Fulton, who will become President Emeritus. With over 35 years in the insurance industry, Russell aims to build on Towne Insurance's success, which reported over $78 million in revenue, making it the fifth largest bank-owned insurance agency in the U.S.
FAQ
What is the current stock price of Townebank Portsmouth Va (TOWN)?
What is the market cap of Townebank Portsmouth Va (TOWN)?
