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) reported its Q1 2023 earnings, announcing a net income of $38.33 million or $0.52 per diluted share, down from $45.59 million or $0.63 per diluted share in Q1 2022. Core earnings rose slightly to $46.30 million or $0.62 per diluted share. Total revenues increased by 11.32% to $184.14 million, driven by a $24.17 million rise in net interest income despite a decline in noninterest income. Loans increased to $11.17 billion, a 12.76% year-over-year rise, while deposits totaled $13.60 billion, reflecting a 1.26% decrease from the previous year. The bank maintained a solid capital position with a common equity tier 1 ratio of 11.68%.
TowneBank (Nasdaq: TOWN) has announced the appointment of Aubrey L. Layne, Jr. and J. Christopher Perry to its Corporate Board of Directors. Layne, currently the executive vice president of governance and external affairs for Sentara Healthcare, brings extensive experience from previous roles such as Virginia Secretary of Finance. Perry is the founder and CEO of Suburban Capital, managing over 50 hotels in the southeast. Both appointees will also serve on regional boards, aiming to enhance TowneBank's governance and community engagement. With total assets of $15.85 billion as of December 31, 2022, TowneBank continues to focus on serving the community effectively.
TowneBank (NASDAQ: TOWN), based in Hampton Roads, has declared a first-quarter cash dividend of $0.23 per common share, payable on April 12, 2023, to shareholders of record by March 30, 2023. Future dividends remain subject to Board approval and regulatory restrictions. Additionally, TowneBank's 2023 Annual Meeting of Shareholders is scheduled for May 24, 2023, at the Virginia Beach Convention Center.
Founded in 1999, TowneBank offers a wide range of banking and financial services, with over 45 banking offices across Hampton Roads and Central Virginia. As of December 31, 2022, TowneBank reported total assets of $15.85 billion.
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