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) 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.
TowneBank (Nasdaq: TOWN) announced the planned retirement of CEO J. Morgan Davis in 2022, who will remain until a successor is appointed. Mr. Davis, a founding member, has held significant roles since 1999, including President from 2011 to 2021 and CEO since 2018. The Board of Directors is overseeing the succession process to ensure management continuity. G. Robert Aston, the current Executive Chairman, confirmed he will continue in his role for the next three years. TowneBank, an asset company valued at $16 billion, offers various banking services across Hampton Roads, Virginia, and North Carolina.
TowneBank (Nasdaq: TOWN) reported a significant increase in earnings for 2021, achieving $215.38 million or $2.97 per diluted share, up from $145.54 million or $2.01 per diluted share in 2020. Total revenues for the year reached $680.33 million, a 2.41% increase. However, fourth-quarter earnings fell to $40.18 million, down 19.75% from the previous year. Total deposits grew to $13.57 billion, a 17.29% increase. Notably, credit quality remained strong, affirming TowneBank's market leadership in Hampton Roads.
On November 24, 2021, TowneBank (NASDAQ: TOWN) declared a fourth-quarter cash dividend of $0.20 per common share. This dividend will be payable on January 12, 2022, to shareholders recorded by December 30, 2021. The future dividend amounts are contingent on the Board's approval and regulatory conditions. As of September 30, 2021, TowneBank reported total assets of $15.81 billion, positioning itself as a key player in Virginia's banking sector.
TowneBank (TOWN) reported strong earnings for Q3 2021, with a net income of $50.40 million or $0.69 per diluted share, up from $34.46 million or $0.48 in Q3 2020. Total revenues decreased by 11.48% to $170.08 million, impacted by a prior year gain on the sale of Red Sky Travel Insurance. Notably, loans held for investment fell 4.84% to $9.30 billion, while total deposits rose 11.18% to $13.01 billion. Nonperforming assets improved significantly, now at 0.09% of total assets, reflecting robust credit quality.
