Welcome to our dedicated page for Townebank Portsmouth Va news (Ticker: TOWN), a resource for investors and traders seeking the latest updates and insights on Townebank Portsmouth Va stock.
TowneBank Portsmouth Va (TOWN) delivers integrated financial services through its banking, realty, and insurance segments, serving Virginia and North Carolina communities since 1999. This news hub provides investors and stakeholders with verified updates on strategic developments, financial performance, and community impact initiatives.
Access timely reports on earnings announcements, leadership changes, and regulatory filings alongside insights into commercial lending trends and residential real estate services. Our curated collection features press releases about new branch openings, insurance product expansions, and community reinvestment programs.
Bookmark this page for direct access to TowneBank's mortgage rate updates, property management initiatives, and wealth management service enhancements. Stay informed about credit policy changes, risk management practices, and local economic partnerships through our maintained archive of primary source materials.
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.
