Welcome to our dedicated page for Towne Bank news (Ticker: TOWN), a resource for investors and traders seeking the latest updates and insights on Towne Bank stock.
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.
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.
TowneBank (NASDAQ: TOWN) declared a cash dividend of $0.18 per common share for Q2 2020, payable on July 10, 2020. Shareholders of record on June 30, 2020 are eligible. The declaration of future dividends will depend on Board approval and regulatory guidelines. TowneBank, headquartered in Suffolk, Virginia, operates 42 banking offices in Virginia and North Carolina, with total assets of $12.62 billion as of March 31, 2020. The bank is recognized as a leading community bank in its region, providing a wide array of financial services.