Business
TowneBank Reports Second Quarter 2022 Earnings
SUFFOLK, Va., July 28, 2022 (GLOBE NEWSWIRE) -- TowneBank (the "Company" or "Towne") (NASDAQ: TOWN) today reported earnings for the quarter ended June 30,
About this update from Towne Bank
[{"type":"text","content":"SUFFOLK, Va., July 28, 2022 (GLOBE NEWSWIRE) -- TowneBank (the \"Company\" or \"Towne\") (NASDAQ: TOWN) today reported earnings for the quarter ended June 30, 2022 of $46.55 million, or $0.64 per diluted share, compared to $55.80 million, or $0.77 per diluted share, for the quarter ended June 30, 2021. \"Our second quarter earnings reflected prudent strategic actions taken over the past twenty-four months to prepare our balance sheet for rising interest rates. While mortgage loan production declined sharply due primarily to higher interest rates, stellar growth of the loan portfolio during the quarter led to significant growth in net interest income as we were able to move excess cash into higher yielding assets. Credit quality remains excellent and we believe our unique business model is well positioned to capitalize on opportunities that may arise during this period of economic uncertainty,\" said G. Robert Aston, Jr., Executive Chairman. Highlights for Second Quarter 2022 Compared to Second Quarter 2021: Total revenues were $166.98 million, a decrease of $0.34 million, or 0.20%. This year-over-year decrease was driven by a decline in residential mortgage banking income of $12.35 million that was mostly offset by an $8.20 million increase in net interest income and increases in insurance and property management revenue.Pre-provision, pre-tax, net revenues (non-GAAP), were $57.75 million, a decrease of $1.98 million, or 3.32%.Loans held for investment were $10.43 billion, an increase of $1.00 billion, or 10.63%, compared to June 30, 2021, and $0.52 billion, or 5.21%, from March 31, 2022. Excluding the decline in loans from the Paycheck Protection Program (\"PPP\"), loans held for investment increased $1.49 billion, or 16.75%, compared to June 30, 2021, and $0.56 billion, or 23.03%, on an annualized basis, from the linked quarter. Total loans at June 30, 2022, June 30, 2021, and March 31, 2022 included $36.19 million, $524.87 million, and $83.99 million, respectively, of PPP loans.Total deposits were $14.00 billion, an increase of $1.03 billion, or 7.96% compared to prior year and $0.22 billion, or 6.53% on an annualized basis, from March 31, 2022.Noninterest bearing deposits increased by 9.16%, to $5.72 billion, representing 40.89% of total deposits. Compared to the linked quarter, noninterest bearing deposits increased 13.85%,...