Townebank Portsmouth Va Stock Price, News & Analysis

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.

TowneBank (Nasdaq: TOWN) reported a successful financial year for 2020, achieving its 21st consecutive year of earnings improvement. Earnings totaled $145.54 million (or $2.01 per diluted share), representing an increase from $138.78 million in 2019. The fourth quarter saw earnings of $50.08 million (or $0.69 per diluted share). Total revenues reached a record $664 million for the year, driven by a robust performance in mortgage banking and substantial growth in deposits. Despite economic challenges, the bank prudently built reserves to address future uncertainties.

TowneBank (NASDAQ: TOWN) has declared a fourth-quarter cash dividend of $0.18 per common share, payable on January 11, 2021, to shareholders of record as of December 30, 2020. This decision reflects the bank's ongoing commitment to shareholder returns, although future dividends are contingent upon Board approval and regulatory requirements. As of September 30, 2020, TowneBank reported total assets of $14.80 billion, affirming its status as one of Virginia's largest banks.

TowneBank (TOWN) reported Q3 2020 earnings of $34.46 million ($0.48/share), down from $37.66 million ($0.52/share) in Q3 2019. Total revenues reached a record $192.14 million, a 31.71% increase year-over-year. Loans held for investment grew by 19.4% year-over-year to $9.77 billion, while total deposits increased by 24.02% to $11.70 billion. The provision for credit losses rose to $28.26 million, reflecting economic uncertainties. Nonperforming assets improved to 0.19% of total assets. The company maintained solid capital ratios with common equity tier 1 at 11.75%.

TowneBank (NASDAQ: TOWN) has declared a third-quarter cash dividend of $0.18 per common share, payable on October 9, 2020 to shareholders of record on September 30, 2020. This decision reflects the bank's ongoing commitment to providing returns to its shareholders, although future dividends remain subject to Board approval and regulatory constraints. As of June 30, 2020, TowneBank reported total assets of $15.58 billion, highlighting its stature as one of Virginia's largest banks.

TowneBank (TOWN) reported Q2 2020 earnings of $34.61 million, or $0.48 per diluted share, showing stability compared to Q2 2019. Key highlights include record revenues of $162.66 million, a 12.54% increase year-over-year, and a 20.61% rise in loans held for investment, reaching $9.80 billion. Total deposits surged 21.54%, totaling $11.26 billion. However, the bank recorded a significant provision for credit losses of $25.99 million amid economic challenges from COVID-19. The annualized return on common shareholders' equity was 8.24%, reflecting solid capital ratios.