Business
TowneBank Reports Second Quarter 2023 Earnings
SUFFOLK, Va., July 27, 2023 (GLOBE NEWSWIRE) -- TowneBank ("Towne") (NASDAQ: TOWN) today reported earnings for the quarter ended June 30, 2023 of $41.72
About this update from Towne Bank
[{"type":"text","content":"SUFFOLK, Va., July 27, 2023 (GLOBE NEWSWIRE) -- TowneBank (\"Towne\") (NASDAQ: TOWN) today reported earnings for the quarter ended June 30, 2023 of $41.72 million, or $0.56 per diluted share, compared to $46.55 million, or $0.64 per diluted share, for the quarter ended June 30, 2022. Excluding acquisition-related items and the gain on sale of Berkshire Hathaway HomeServices (\"BHHS\") Towne Realty, core earnings (non-GAAP) for the quarter ended June 30, 2023 were $38.66 million, or $0.52 per diluted share, compared to $46.60 million, or $0.64 per diluted share, for the quarter ended June 30, 2022. \"We continue to emphasize strong levels of on balance sheet liquidity, deposit growth, and prudent loan growth in the current environment. Our performance during the quarter delivered success on each of these important initiatives. Our HomeTowne Bankers generated nearly $170 million in deposit growth, or 5% on an annualized basis, which demonstrates the strength of our main street banking model. In addition, we increased reserve levels and grew tangible book value during the quarter. While earnings will likely remain under pressure in the short run, we believe our conservative approach to balance sheet management will position our Company to benefit from opportunities despite a challenging operating environment,\" said G. Robert Aston, Jr., Executive Chairman. Highlights for Second Quarter 2023: Total revenues were $181.57 million, an increase of $14.59 million, or 8.74%, compared to second quarter 2022. In addition to a $4.27 million increase in net interest income, noninterest income increased $10.32 million, driven by the $8.83 million gross gain on the sale of BHHS Towne Realty.Loans held for investment were $11.21 billion, increases of $0.78 billion, or 7.50%, compared to June 30, 2022, and $34.23 million, or 0.31%, compared to March 31, 2023, 1.23% on an annualized basis. Towne completed the acquisition of Farmers Bankshares, Inc. and its wholly owned subsidiary, Farmers Bank, in January 2023. Excluding loans acquired in the first quarter, total loans would have increased $0.50 billion, or 4.84%, compared to June 30, 2022.Total deposits were $13.77 billion, a decline of $229.45 million, or 1.64%, compared to second quarter 2022. Excluding $514.57 million in acquired deposits, total deposits would have decreased $744.02 million, ...