TOUCHSTONE BANKSHARES - TSBA STOCK NEWS

Touchstone Bankshares (OTC Pink: TSBA) announced a strategic partnership with Appomattox Wealth Management on April 11, 2023. This collaboration aims to enhance the brokerage and financial advisory services available to Touchstone's clients. Appomattox will utilize LPL Financial's wealth management platform to offer a wide array of financial planning services, including investment management and retirement planning. Touchstone Bank's President, James Black, emphasized the partnership's potential to provide clients with greater access to experienced advisors and comprehensive financial solutions. Appomattox, based in Virginia, has been operational since 1995, focusing on helping clients achieve their financial goals.

Touchstone Bankshares, Inc. (OTC Pink: TSBA) provided an update on its financial condition amidst recent market turbulence. CEO James Black emphasized the bank's strong capital position, well above regulatory requirements, and a diversified deposit base. Despite the failures of Signature Bank and Silicon Valley Bank, Touchstone reported growth in net deposits for Q1 2023. However, the bank is monitoring a $1.0 million subordinated debt investment with Signature Bank, which may necessitate an impairment charge affecting earnings. Touchstone Bank continues to uphold liquidity and capital strength to support customers.

Touchstone Bankshares (OTC: TSBA) reported its Q4 and annual financial results for 2022, showing a net income of $4.1 million for the year, down 9% from 2021. Earnings per share were $1.24, compared to $1.33 the previous year. The bank experienced a notable 21% growth in total loans, totaling $487.2 million. However, it faced a significant deposit outflow in Q4, which management considered temporary. The bank raised $10 million in subordinated debt and completed a $1.5 million stock repurchase program. Additionally, noninterest income decreased by 7.7%, and noninterest expenses rose by 10.5% year-over-year.

Touchstone Bankshares, Inc. (OTC Pink: TSBA) has declared an annual cash dividend of $0.32 per share for its common and preferred shareholders. This dividend represents a 6.7% increase from the previous year, marking an increase of $0.02 per share. Shareholders of record by January 6, 2023 will receive their payment on January 20, 2023. The announcement reflects the company's solid performance in 2022 and its confidence in future business growth.

Touchstone Bankshares, Inc. (OTC Pink: TSBA) reported unaudited Q3 2022 results with a net income of $1.1 million, down from $1.2 million in Q3 2021, marking $0.33 earnings per share. Year-to-date net income reached $2.8 million, compared to $3.2 million last year. Loan growth was 14.7% year-over-year, with total assets increasing to $615 million. However, noninterest income decreased by 5.1% year-to-date. Operating costs rose due to talent acquisition and inflation. The bank anticipates improved profitability metrics despite challenges.

Touchstone Bankshares (OTC Pink: TSBA) announced the appointment of Toni Lee-Andrews to its Board of Directors as of September 22, 2022. Lee-Andrews, who is the President of Andrews CPA Associates, brings over 22 years of accounting experience. Her diverse background includes working with various clients and serving on the AICPA's Professional Ethics Division. Touchstone Bank President James Black expressed confidence that her expertise will enhance the bank's strategic initiatives and community focus. This addition aims to bolster leadership diversity and support local growth.

Touchstone Bankshares, Inc. (OTC Pink: TSBA) announced the appointment of Michelle H. Simon as Senior Vice President and Marketing Director of Touchstone Bank on July 29, 2022. Simon, who assumed her role in mid-July, will focus on developing marketing strategies, directing sales initiatives, and enhancing brand awareness. She brings extensive experience in bank marketing, having previously led initiatives at a Virginia-based financial institution. The appointment aligns with Touchstone’s growth strategy into metro markets, as emphasized by CEO James Black.

Touchstone Bankshares, Inc. (OTC Pink: TSBA) reported a net income of $1.7 million for the six months ending June 30, 2022, down from $2.0 million in the previous year. For the second quarter, net income available to common shareholders was $605 thousand, a 45.0% decrease year-over-year. Diluted earnings per share (EPS) were $0.52 for the half and $0.18 for the quarter. Total loans rose 13.8% to $458.4 million, while total assets expanded 3.9% to $604 million. The company faced increased provisions for loan losses of $500 thousand due to economic conditions. Noninterest income fell 10.8% year-over-year.

Touchstone Bankshares announced the appointment of Shauna L. Robertson as the Senior Vice President and Human Resources Director of Touchstone Bank, effective early July 2022. Robertson will focus on enhancing recruitment, employee engagement, and human resource operations. Previously, she led a retail banking team at a $2.7 billion institution, significantly improving customer relationships and profitability. CEO James Black expressed confidence in Robertson's ability to foster a positive workplace culture, emphasizing the importance of employee engagement in the company's ongoing success.