TOUCHSTONE BANKSHARES Stock Price, News & Analysis

Touchstone Bankshares, Inc. (OTC Pink: TSBA) reported unaudited net income of $1.1 million for Q1 2022, with basic earnings per share at $0.35. This is up from $919 thousand in Q1 2021, reflecting a 20% growth. Total assets rose 4.4% to $594.2 million, with total loans increasing 6.4% to $427 million. The bank's return on average assets was 0.78% and return on average equity stood at 9.30%. Despite rising operational costs and a reduction in PPP income, the company continues its expansion plans, including a new loan center in Raleigh, North Carolina.

Touchstone Bankshares, Inc. (OTC Pink: TSBA) announced the appointment of Ms. Jessica Ham as Senior Vice President, Human Resources Manager at Touchstone Bank. Ms. Ham brings 14 years of HR Management experience, previously serving at SERVPRO. Her expertise includes compliance, recruitment, and employee relations. President & CEO James R. Black expressed his delight at her joining, highlighting her fit within the company's culture and strategic initiatives. Touchstone Bank, headquartered in Prince George, Virginia, operates 10 branches in Virginia and two in North Carolina.

Touchstone Bankshares, Inc. (OTC Pink: TSBA) announced restated financial results for 2021, reversing a $531 thousand IRS penalty accrual after it was abated. For the year, net income reached $4.4 million ($1.33 per share), up 94.6% from $2.3 million in 2020. The return on average assets improved to 0.77%, and loans rose 11% to $402.9 million. Amid strong loan growth, a $10 million subordinated debt issue was announced to support future initiatives, despite potential short-term earnings pressure.

Touchstone Bankshares, Inc. (OTC Pink: TSBA) reported unaudited financial results for 2021, revealing a net income of $3.9 million, a 71.3% increase from $2.3 million in 2020. Earnings per share rose to $1.17 from $0.69 year-over-year. The bank's total assets grew 9.1% to $581.1 million, driven by a 16.1% increase in deposits. Despite a decline in net interest margin from 3.86% to 3.52%, the company anticipates double-digit loan growth in 2022. A $10 million subordinated debt raise was announced to support growth initiatives, though it may press earnings in the short term.

Touchstone Bankshares, Inc. (OTC Pink: TSBA) has successfully closed a private placement of $10.0 million in subordinated notes due January 30, 2032. The notes have a fixed interest rate of 4.00% for the first five years, transitioning to a variable rate thereafter. Proceeds from this offering will support the bank's growth and strategic initiatives. The company has reported solid growth across its operational footprint, anticipating continued positive trends. D.A. Davidson & Co. acted as the placement agent for this offering.

Touchstone Bankshares, Inc. (OTC Pink: TSBA) has declared an annual cash dividend of $0.30 per share, marking a 7.1% increase from the previous year. This dividend is for common and preferred shareholders of record as of January 7, 2021, and will be payable on January 21, 2021. CEO James R. Black expressed confidence in the company’s performance and business model, highlighting the dividend as a reward for loyal shareholders.

Touchstone Bankshares, Inc. (OTC Pink: TSBA) announced a share repurchase program authorized by its Board of Directors to buy back up to 150,000 shares of its common stock by August 31, 2022. CEO James Black stated that this move reflects the company's financial strength and aims to enhance shareholder value, especially in a thinly traded stock environment. The repurchases may be executed through various transactions, though there's no guarantee they will occur. D.A. Davidson & Co. will manage the buyback process.

Touchstone Bankshares, Inc. (OTC Pink: TSBA) reported a net income of $1.2 million for Q3 2021, up from $607 thousand in Q3 2020, translating to earnings per share of $0.36. The year-to-date net income stands at $3.2 million, compared to $1.5 million for the same period last year. Net interest income increased by 16.1% to $5.0 million, and total assets rose by 11.3% to $586.8 million. However, the net interest margin decreased to 3.60% from 3.89% year-over-year due to lower federal interest rates. The company maintains a solid loan pipeline and a well-capitalized position.