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 appointed William (Billy) I. Foster, III as the new Chief Executive Officer, succeeding J. Morgan Davis, who will step down on December 31, 2022. Foster, who has been with TowneBank since 2004, has held various executive positions, most recently as President of the Bank's markets in Central Virginia and North Carolina. Davis will remain as an executive consultant until March 31, 2023. The transition is part of a broader strategic plan to ensure continuity in leadership and maintain the bank's culture of caring.
TowneBank (NASDAQ: TOWN) has declared a cash dividend of $0.23 per common share for the third quarter, payable on October 14, 2022, to shareholders recorded on September 30, 2022. This decision underscores the bank's commitment to returning value to its shareholders. Future dividends will depend on the Board of Directors' approval and regulatory considerations. With total assets of $16.86 billion as of June 30, 2022, TowneBank continues to be a significant banking institution in Virginia, with over 40 banking offices across key regions.
TowneBank (NASDAQ: TOWN) has announced a definitive merger agreement with Farmers Bankshares, Inc. (OTCPK: FBVA). This merger is set to enhance TowneBank’s market share in the Virginia Beach-Norfolk-Newport News area and is valued at approximately $56 million, with Farmers shareholders receiving 0.6050 shares of TowneBank for each share owned. The combined assets will total $17.5 billion, with expectations for a 5% increase in earnings per share. The merger is anticipated to close in Q1 2023, pending regulatory and shareholder approvals.
TowneBank (TOWN) reported Q2 2022 earnings of $46.55 million ($0.64 per diluted share), down from $55.80 million ($0.77) in Q2 2021. Total revenues decreased by 0.20% to $166.98 million, primarily due to a $12.35 million drop in residential mortgage income. However, net interest income rose by $8.20 million. Loans held for investment increased by 10.63% year-over-year to $10.43 billion, while total deposits rose by 7.96% to $14.00 billion. The net interest margin was 2.88%, with a return on common equity of 10.03%. Noninterest income decreased by 12.90% to $57.64 million.
TowneBank (NASDAQ: TOWN) announced a 15% increase in its quarterly cash dividend, declaring $0.23 per common share. This dividend is payable on July 12, 2022 to shareholders of record as of June 30, 2022. This raises the annual dividend to $0.92 per share. The future dividends will depend on the Board of Directors' approval and regulatory restrictions. As of March 31, 2022, TowneBank holds $16.67 billion in total assets, making it one of Virginia's largest banks.
TowneBank (NASDAQ: TOWN) reported a first-quarter 2022 net income of $45.59 million, or $0.63 per diluted share, down from $69.00 million ($0.95 per share) in Q1 2021. Total revenues were $165.41 million, a decrease of 9.37%, primarily due to a decline in residential mortgage banking income. Despite the revenue drop, loans held for investment increased by 1.79% to $9.91 billion. Additionally, deposits rose 13.44% to $13.77 billion. The bank's net interest margin was 2.67%, and nonperforming assets decreased to 0.03% of total assets.
TowneBank (Nasdaq: TOWN) announced that three long-serving Board members, E. Lee Baynor, Thomas C. Broyles, and F. Lewis Wood, will not seek re-election and will transition to Emeritus status after the 2022 Annual Meeting of Shareholders. Executive Chairman G. Robert Aston emphasized their significant contributions to the bank's growth. Founded in 1999, TowneBank has over 40 branches in Virginia and North Carolina, with total assets of $16.36 billion as of December 31, 2021. The bank focuses on a mission of serving others and offering a broad range of financial services.
TowneBank (NASDAQ: TOWN) declared a cash dividend of $0.20 per common share for the first quarter of 2022, payable on April 8, 2022, to shareholders of record as of March 30, 2022. Future dividends remain subject to Board approval and regulatory restrictions. As of December 31, 2021, TowneBank held total assets of $16.36 billion, demonstrating its position as a leading financial institution in Virginia with over 40 banking offices across multiple states.
TowneBank (Nasdaq: TOWN) has successfully completed a public offering of $250 million in 3.125% fixed-to-floating rate subordinated notes due 2032. The notes, sold at par, generated net proceeds of approximately $247 million after expenses. The bank plans to utilize these funds for various corporate purposes, including redeeming existing subordinated notes, financing growth, share repurchases, and enhancing regulatory capital. Piper Sandler & Co. served as the sole book-running manager for this offering.
TowneBank (Nasdaq: TOWN) announced the pricing of $250 million in 3.125% fixed-to-floating rate subordinated notes due 2032. Initially, the notes will earn 3.125% interest until February 15, 2027, after which the rate will reset quarterly based on Three-Month Term SOFR plus 168 basis points. The offering is expected to close around February 9, 2022, with proceeds used for general corporate purposes, including redeeming existing debt and supporting regulatory capital levels. The notes will not be insured by the FDIC and are junior to existing senior debts.
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?
