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 (symbol: TOWN) is a prominent financial services company committed to serving the financial needs of individuals, commercial enterprises, and professionals across Virginia and North Carolina. Established to foster community growth and economic development, TowneBank operates over 50 banking offices throughout Hampton Roads, Central Virginia, and the Northeastern and Central regions of North Carolina. The company is structured into three primary segments: Banking, Realty, and Insurance.
Banking Segment: TowneBank offers a comprehensive range of loan and deposit services to both retail and commercial customers. Additionally, it provides commercial mortgage brokerage services and investment and asset management solutions. This segment emphasizes a client-first approach with personalized attention and local decision-making, playing a critical role in TowneBank's strategy.
Realty Segment: This segment delivers a full suite of residential real estate services, including mortgage loans. It also encompasses resort property management and the provision of residential and commercial title insurance. Berkshire Hathaway HomeServices RW Towne Realty, among other affiliates, extends TowneBank's reach in real estate markets.
Insurance Segment: Towne Insurance offers a diverse array of insurance products, including property, casualty, life, and health insurance. This segment has shown significant growth, with revenues surpassing $100 million, reflecting its intrinsic value to shareholders.
Recent achievements underscore TowneBank's robust performance. The company reported a solid quarterly performance, highlighting a 28% deposit market share in its home market in the Hampton Roads region. This reinforces the efficacy of its Main Street banking strategy. Notably, average deposits increased by $326 million, excluding brokered deposits, enabling a reduction in higher-cost borrowings. Despite the economic challenges of 2023, TowneBank maintained strong liquidity and robust capital levels, emphasizing its conservative balance sheet management approach.
Financially, TowneBank reported total assets of $16.84 billion as of December 31, 2023. The company employs non-GAAP financial measures to present a clearer picture of its core business performance and capital strength. These measures include fully tax-equivalent net interest margin, core operating earnings, and tangible book value per common share.
TowneBank's forward-looking strategy involves ongoing prudent management in uncertain economic environments, focusing on growth, liquidity, and capital deployment. The company is poised to leverage opportunities presented by market conditions, underpinned by its diversified revenue model and conservative growth approach.
With a commitment to ethical standards and community involvement, TowneBank continues to support social, cultural, and economic growth in the regions it serves. Its affiliated companies, like Towne Wealth Management, Towne Benefits, and Towne 1031 Exchange, LLC, further augment its capabilities beyond traditional banking, offering a broad spectrum of financial services.
For more information about TowneBank's latest performance, events, and developments, investors can stay updated through regular news releases and financial reports accessible on the company's official website and financial news platforms.
TowneBank (NASDAQ: TOWN) has declared a fourth-quarter cash dividend of $0.25 per common share. The dividend will be payable on January 14, 2025, to shareholders of record on December 31, 2024. The Hampton Roads based bank's future dividend payments remain subject to Board approval and regulatory restrictions.
TowneBank (NASDAQ: TOWN) reported Q3 2024 earnings of $42.95 million, or $0.57 per diluted share, compared to $44.86 million, or $0.60 per diluted share in Q3 2023. Total revenues increased 0.96% to $174.52 million. Total deposits grew 3.48% to $14.36 billion, while loans held for investment increased 2.14% to $11.41 billion compared to Q3 2023. Net interest margin was 2.90%, with noninterest income rising by $2.43 million driven by growth in residential mortgage banking and insurance commissions. The company maintained strong asset quality with nonperforming assets at 0.04% of total assets.
TowneBank (NASDAQ: TOWN) and Village Bank and Trust Financial Corp. (NASDAQCM: VBFC) have announced a definitive agreement to merge. The acquisition will enhance TowneBank's presence in the Richmond MSA and provide opportunities for revenue synergies. Key details include:
- Village shareholders will receive $80.25 per share in cash
- Total transaction value of approximately $120.0 million
- Combined entity will have $17.8 billion in assets, $12.1 billion in loans, and $14.9 billion in deposits
- Expected to be 6% accretive to TowneBank's earnings per share
- Transaction expected to close in the first half of 2025
The merger is subject to regulatory approval and Village shareholders' approval.
TowneBank (NASDAQ: TOWN), based in Hampton Roads, has announced its third-quarter shareholder cash dividend of $0.25 per common share. The dividend will be payable on October 11, 2024, to shareholders of record on September 30, 2024. This declaration demonstrates TowneBank's commitment to providing returns to its shareholders. However, it's important to note that future cash dividends are subject to Board of Directors' approval and regulatory restrictions. This announcement provides investors with clarity on the upcoming dividend payment and reinforces the company's financial stability.
TowneBank (NASDAQ: TOWN) reported Q2 2024 earnings of $42.86 million, or $0.57 per diluted share, compared to $41.72 million in Q2 2023. Core earnings increased by 10.10% to $42.56 million. Total revenues decreased by 3.63% to $174.97 million. Net interest income declined due to higher deposit costs, while noninterest income decreased due to a gain on sale in Q2 2023.
Key highlights include:
- Total deposits increased 3.68% YoY to $14.27 billion
- Loans held for investment grew 2.17% YoY to $11.45 billion
- Net interest margin was 2.86%, down from 2.98% in Q2 2023
- Noninterest-bearing deposits decreased 9.87% YoY but increased 2.61% QoQ
- Asset quality remained strong with nonperforming assets at 0.04% of total assets
Hampton Roads based TowneBank (NASDAQ: TOWN) announced a second-quarter cash dividend of $0.25 per common share. This dividend is payable on July 12, 2024, to shareholders of record on June 28, 2024. Future dividends are subject to Board of Directors' approval and regulatory restrictions.
FAQ
What is the current stock price of Towne Bank (TOWN)?
What is the market cap of Towne Bank (TOWN)?
What services does TowneBank offer?
Where does TowneBank operate?
What is TowneBank's market position in the Hampton Roads region?
How did TowneBank perform financially in recent quarters?
What are TowneBank's three reportable segments?
How does TowneBank support community growth?
What is the financial status of TowneBank?
What is TowneBank's approach to economic uncertainty?
What are the non-GAAP financial measures used by TowneBank?
How can investors stay informed about TowneBank's latest updates?
