Business
TowneBank Reports Third Quarter 2021 Earnings
SUFFOLK, Va., Oct. 28, 2021 (GLOBE NEWSWIRE) -- TowneBank (the "Company" or "Towne") (NASDAQ: TOWN) today reported earnings for the quarter ended September
About this update from Towne Bank
[{"type":"text","content":"SUFFOLK, Va., Oct. 28, 2021 (GLOBE NEWSWIRE) -- TowneBank (the \"Company\" or \"Towne\") (NASDAQ: TOWN) today reported earnings for the quarter ended September 30, 2021 of $50.40 million, or $0.69 per diluted share, compared to $34.46 million, or $0.48 per diluted share, for the quarter ended September 30, 2020. \"TowneBank had another successful quarter highlighted by solid organic loan growth despite headwinds from historically low levels of line utilization. Our credit quality metrics are excellent, and our Company is poised to capitalize on growth opportunities across our markets. The strong momentum in our fee-based businesses continued during the quarter as we explore additional strategies to accelerate noninterest income growth,\" said G. Robert Aston, Jr., Executive Chairman. Highlights for Third Quarter 2021 Compared to Third Quarter 2020: Total revenues were $170.08 million, a decrease of $22.06 million, or 11.48%. This year-over-year decrease was driven by a 2020 gain on the sale of Red Sky Travel Insurance (\"Red Sky\"), totaling $17.63 million.Pre-provision, pre-tax, net revenues (non-GAAP), were $63.65 million, an increase of $7.37 million, or 13.09%, excluding the 2020 gain on sale of Red Sky.Loans held for investment were $9.30 billion, a decrease of $0.47 billion, or 4.84%, from September 30, 2020, and $0.13 billion, or 1.34%, from June 30, 2021. Excluding the decline in loans from the Paycheck Protection Program (\"PPP\"), loans held for investment increased $378.69 million, or 4.37%, compared to September 30, 2020, and $147.41 million, or 6.57%, on an annualized basis, from the linked quarter. Total loans at September 30, 2021, September 30, 2020, and June 30, 2021 included $0.25 billion, $1.10 billion, and $0.52 billion, respectively, of PPP loans.Total deposits were $13.01 billion, an increase of $1.31 billion, or 11.18% compared to prior year and $0.05 billion, or 1.51% on an annualized basis, from June 30, 2021.Noninterest bearing deposits increased by 20.85%, to $5.39 billion, representing 41.45% of total deposits. Compared to the linked quarter, noninterest bearing deposits increased 11.17%, on an annualized basis.Annualized return on common shareholders' equity was 10.68% and annualized return on average tangible common shareholders' equity was 15.27% (non-GAAP).Net interest margin for the quarter was 2...