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Touchstone Bankshares, Inc. (OTC Pink: TSBA) announced that Allan Funk has been appointed as EVP, Chief Credit Officer. Funk has over 37 years of experience, previously serving as Senior Credit Officer at First Community Bank of South Carolina, which holds $1.5 billion in assets. His appointment aligns with the bank's strategic goals, emphasizing community banking values. Touchstone Bank operates in Virginia and North Carolina, offering full-service banking through multiple branches.
Touchstone Bankshares reported strong Q2 2021 results with a net income of $1.1 million, up from $457 thousand in Q2 2020. Earnings per share increased to $0.33. Net interest income rose to $4.8 million, a 12.2% increase year-over-year, despite a slight contraction in net interest margin to 3.60%. Non-interest income surged by 51.6% to $990 thousand, driven by increased service charges and gains on security sales. Total assets grew by 11.1% to $563.8 million, supported by higher deposits. The company maintains a robust loan pipeline and sound asset quality metrics.
Touchstone Bankshares, Inc. (OTC Pink: TSBA) appointed Mr. Randy Clayton as the SVP, Regional Market Executive for the Wake Forest, North Carolina area. Mr. Clayton brings over 20 years of banking experience, previously holding senior positions at Select Bank & Trust and Four Oaks Bank. His leadership is expected to enhance customer service and support market expansion. Touchstone Bank operates as a full-service community bank with branches in Virginia and North Carolina, providing comprehensive financial services.
Touchstone Bankshares, Inc. (OTC Pink: TSBA) announced that James R. Black, the President & CEO, will serve as interim Chief Credit Officer following the recent vacancy in that role. The company is actively seeking a qualified successor to fill this important position. Touchstone Bank operates as a full-service community bank in Virginia and North Carolina, with a focus on delivering financial services to its customers. The press release also mentions potential risks and uncertainties affecting future operations, including the impact of COVID-19 and changes in economic conditions.
Touchstone Bankshares, Inc. (OTC Pink: TSBA) has appointed Mr. William (Billy) Harper as the Senior Vice President and Regional Market Executive for the Richmond, Virginia market. Mr. Harper brings over 8 years of banking experience, with prior roles at SunTrust and BB&T Capital Markets. His addition is expected to enhance customer service and market presence in the Richmond area, supporting the company's growth strategy under the leadership of EVP Sean Link. Touchstone Bank serves Southern and Central Virginia and Northern North Carolina through multiple branches.
Touchstone Bankshares, Inc. (TSBA) announced its Q1 2021 results, reporting a net income of $919,000, up from $391,000 in Q1 2020. Earnings per share were $0.28 (basic) and $0.27 (diluted). Return on average assets improved to 0.69%, and return on average equity was 7.47%. Total assets increased by 20.3% year-over-year to $568.9 million, driven by a rise in deposits and loans, notably in the Paycheck Protection Program. Noninterest income rose by 15.8% to $871,000. However, net interest income decreased by 6.3% to $4.3 million, reflecting margin compression due to lower federal interest rates.