TowneBank Stadium

TowneBank Reports Third Quarter 2023 Earnings

Retrieved on: 
Thursday, October 26, 2023
Aston, Insurance, Sale, FDIC, Main Street, Pressure, Acquisition, Farmer, Growth, Hampton Roads, FHLB, TowneBank Stadium, Lender option borrower option, Current Expected Credit Losses, Total, Rare-earth element, Bank, Video game, Real estate, Coal, Security (finance), Cryptocurrency, Reinsurance, Health insurance, Arms industry, Clothing

SUFFOLK, Va., Oct. 26, 2023 (GLOBE NEWSWIRE) -- TowneBank (the "Company" or "Towne") (NASDAQ: TOWN) today reported earnings for the quarter ended September 30, 2023 of $44.86 million, or $0.60 per diluted share, compared to $50.17 million, or $0.69 per diluted share, for the quarter ended September 30, 2022.

Key Points: 
  • SUFFOLK, Va., Oct. 26, 2023 (GLOBE NEWSWIRE) -- TowneBank (the "Company" or "Towne") (NASDAQ: TOWN) today reported earnings for the quarter ended September 30, 2023 of $44.86 million, or $0.60 per diluted share, compared to $50.17 million, or $0.69 per diluted share, for the quarter ended September 30, 2022.
  • The effective tax rate was 17.34% in the quarter compared to 20.08% in third quarter 2022 and 18.41% in the linked quarter.
  • Two notable recoveries in third quarter 2023 were related to charge-offs that occurred in the fourth quarter of 2022 and first quarter of 2023.
  • FHLB advances, which are included in total borrowings, decreased $0.65 billion in third quarter 2023, compared to the linked quarter.

WaterGuru AI Helps Lodging Resort Save $65k in Water Management Costs

Retrieved on: 
Wednesday, September 13, 2023
Hospitality, TowneBank Stadium, EVP, Great Smoky Mountains, CDC, SENSE, AI, Hospital Show, Wyndham Hotels & Resorts, Automation, Hotel

FREEMONT, Calif., Sept. 13, 2023 /PRNewswire/ -- WaterGuru, the market leader in empowering residential swimming pool owners, property and resort management companies, country clubs and pool service firms with the ability to automate consistent resort-quality swimming water, today announced the business impact results of its first lodging customer - Venture Resorts, of Gatlinburg,TN. By integrating AI into its overall water management program Venture Resorts, which is part of TowneBank's 2,500-property portfolio, saved over $65,000 in operational costs self-managing 32 pools over the course of a single year.

Key Points: 
  • By integrating AI into its overall water management program Venture Resorts, which is part of TowneBank's 2,500-property portfolio, saved over $65,000 in operational costs self-managing 32 pools over the course of a single year.
  • "The SENSE water monitoring system automates the daily testing for us more accurately, continually reports on water temperature, in addition to saving money and serves as our early warning system, alerting us to impending pool equipment failures.
  • "Using AI-powered smart pool technology, we now regularly monitor and self-manage 32 swimming pools, all from a single visual dashboard.
  • What was the resulting business impact of Venture Resorts infusing automation and smart pool technology into its water management program?

TowneBank Announces Quarterly Cash Dividend

Retrieved on: 
Wednesday, August 23, 2023
TowneBank Stadium, Holding company

SUFFOLK, Va., Aug. 23, 2023 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors declared its third-quarter shareholder cash dividend of $0.25 per common share payable on October 13, 2023, to shareholders of record on September 29, 2023.

Key Points: 
  • SUFFOLK, Va., Aug. 23, 2023 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors declared its third-quarter shareholder cash dividend of $0.25 per common share payable on October 13, 2023, to shareholders of record on September 29, 2023.
  • The amount and declaration of future cash dividends are subject to Board of Directors’ approval in addition to regulatory restrictions.

TowneBank Reports Second Quarter 2023 Earnings

Retrieved on: 
Thursday, July 27, 2023
Aston, Berkshire Hathaway, Lender option borrower option, Pressure, Insurance, TowneBank Stadium, BHHS, HomeServices of America, FHLB, Current Expected Credit Losses, FDIC, Software, Sale, Mechanics' and Farmers' Bank of Albany, Acquisition, Towne, Environment, Second, Total, Farmer, Bank, Video game, Real estate, Security (finance), Coal, Cryptocurrency, Reinsurance, Beauty salon

Highlights for Second Quarter 2023:

Key Points: 
  • 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.
  • The effective tax rate of 18.41% in the quarter compared to 19.32% in second quarter 2022 and 20.03% in the linked quarter.
  • The allowance for credit losses on loans in second quarter 2023, compared to the linked quarter, increased $3.51 million.
  • Residential purchase activity comprised 96.32% of production volume in the second quarter of 2023 compared to 92.27% in the prior year quarter.

KBRA Affirms Ratings for TowneBank

Retrieved on: 
Friday, June 23, 2023
Professional Services, Finance, BBB, Pressure, TowneBank Stadium, KBRA, TCE, RWA, AOCL, Outlook, NPA, NIB, CRE, Bank, K2, Positive

KBRA affirms the deposit and senior unsecured debt ratings of A-, the subordinated debt rating of BBB+, and the short-term deposit and debt ratings of K2 for Portsmouth, Virginia-based TowneBank (NASDAQ: TOWN, "the bank").

Key Points: 
  • KBRA affirms the deposit and senior unsecured debt ratings of A-, the subordinated debt rating of BBB+, and the short-term deposit and debt ratings of K2 for Portsmouth, Virginia-based TowneBank (NASDAQ: TOWN, "the bank").
  • The Outlook for all long-term ratings is revised to Stable from Positive.
  • Additionally, a meaningful proportion of fee revenues are derived from verticals that are less correlated to lending activities, further reinforcing earnings durability.
  • Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com .

TowneBank Announces Quarterly Cash Dividend

Retrieved on: 
Wednesday, May 24, 2023
TowneBank Stadium, Holding company

SUFFOLK, Va., May 24, 2023 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors declared its second-quarter shareholder cash dividend of $0.25 per common share payable on July 14, 2023, to shareholders of record on June 30, 2023.

Key Points: 
  • SUFFOLK, Va., May 24, 2023 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors declared its second-quarter shareholder cash dividend of $0.25 per common share payable on July 14, 2023, to shareholders of record on June 30, 2023.
  • The quarterly common stock cash dividend of $0.25 per common share, or $1.00 per common share on an annual basis, is an 8.7% increase from the previous dividend rate.
  • The amount and declaration of future cash dividends are subject to Board of Directors’ approval in addition to regulatory restrictions.

Carlos Osornio Joins Cambridge Savings Bank as Head of Operations and Service

Retrieved on: 
Wednesday, May 3, 2023
Banking, Professional Services, Finance, Learning, TowneBank Stadium, Osornio, Senior, Savings bank, Head, Santander Bank, Royal Bank of Scotland, Multimedia, Royal Bank, East Midlands Operational Support Service, CSB, East Cambridge Savings Bank, Management

Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $6 billion in assets, today announced the appointment of Carlos Osornio to the role of Senior Vice President, Head of Operations and Service.

Key Points: 
  • Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $6 billion in assets, today announced the appointment of Carlos Osornio to the role of Senior Vice President, Head of Operations and Service.
  • In his new position, Osornio will be responsible for streamlining and managing operations across multiple business lines including deposit and loan operations, payment services, treasury management, and client service.
  • “What attracted me to Cambridge Savings Bank is the bank’s clear commitment to putting customers first,” said Osornio.
  • Osornio also held leadership roles at Santander Bank and Royal Bank of Scotland.

TowneBank Reports First Quarter 2023 Earnings

Retrieved on: 
Thursday, April 27, 2023
Aston, Lender option borrower option, Pressure, TowneBank Stadium, Partnership, FHLB, Current Expected Credit Losses, Sale, Mechanics and Farmers Bank, Acquisition, Growth, Environment, Total, Video game, Real estate, Pharmaceutical industry, Security (finance), Bank, Cryptocurrency, Insurance, Reinsurance, Towne, Farmer

SUFFOLK, Va., April 27, 2023 (GLOBE NEWSWIRE) -- TowneBank ("Towne") (NASDAQ: TOWN) today reported earnings for the quarter ended March 31, 2023 of $38.33 million, or $0.52 per diluted share, compared to $45.59 million, or $0.63 per diluted share, for the quarter ended March 31, 2022.

Key Points: 
  • SUFFOLK, Va., April 27, 2023 (GLOBE NEWSWIRE) -- TowneBank ("Towne") (NASDAQ: TOWN) today reported earnings for the quarter ended March 31, 2023 of $38.33 million, or $0.52 per diluted share, compared to $45.59 million, or $0.63 per diluted share, for the quarter ended March 31, 2022.
  • Excluding acquisition-related items, core earnings (non-GAAP) for the quarter ended March 31, 2023 were $46.30 million, or $0.62 per diluted share, compared to $45.63 million, or $0.63 per diluted share, for the quarter ended March 31, 2022.
  • Effective tax rate of 20.03% in the quarter compared to 19.77% in first quarter 2022 and 19.90% in the linked quarter.
  • The ratio of net charge-offs to average loans on an annualized basis was 0.14% in first quarter 2023, 0.01% in first quarter 2022, and 0.11% in the linked quarter.

Aubrey L. Layne Jr. and J. Christopher Perry Join TowneBank Corporate Board of Directors

Retrieved on: 
Tuesday, March 14, 2023
Aston, University of Colorado Student Government, Berkshire Hathaway, Farmer, Transport, Virginia Port Authority, ODU, Connecticut Business Hall of Fame, KPMG, MBA, Mechanics and Farmers Bank, Hyatt, Newport News, Virginia, Gender representation on corporate boards of directors, Knowledge, Automotive Executive of the Year Award, Junior Achievement, Choice Hotels, Marriott International, Trustee, Norfolk Academy, Culture, TowneBank Stadium, President of the University of Richmond, University, Business Hall of Fame, Old Dominion University, Management, Sentara Healthcare, Greater Richmond Region, Towne, Central North Carolina

SUFFOLK, Va., March 14, 2023 (GLOBE NEWSWIRE) -- TowneBank (Nasdaq: TOWN) is pleased to announce that the TowneBank Board of Directors has appointed Aubrey L. Layne, Jr. and J. Christopher Perry to its Corporate Board.

Key Points: 
  • SUFFOLK, Va., March 14, 2023 (GLOBE NEWSWIRE) -- TowneBank (Nasdaq: TOWN) is pleased to announce that the TowneBank Board of Directors has appointed Aubrey L. Layne, Jr. and J. Christopher Perry to its Corporate Board.
  • In addition, Layne has been appointed to serve on the Norfolk regional board for TowneBank, and Perry has been appointed to serve on the Virginia Beach regional board for TowneBank.
  • He serves on the foundation board for An Achievable Dream and the board of commissioners for the Virginia Port Authority.
  • “TowneBank is honored to have both Aubrey and Chris join our Corporate Board of Directors,” said William I.

Townebank Announces Quarterly Cash Dividend

Retrieved on: 
Wednesday, February 22, 2023
TowneBank Stadium, Virginia Beach Convention Center, Shareholder, Annual general meeting, Holding company

SUFFOLK, Va., Feb. 22, 2023 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors on February 22, 2023 declared its first-quarter shareholder cash dividend of $0.23 per common share payable on April 12, 2023 to shareholders of record on March 30, 2023.

Key Points: 
  • SUFFOLK, Va., Feb. 22, 2023 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors on February 22, 2023 declared its first-quarter shareholder cash dividend of $0.23 per common share payable on April 12, 2023 to shareholders of record on March 30, 2023.
  • The amount and declaration of future cash dividends are subject to Board of Directors’ approval in addition to regulatory restrictions.
  • TowneBank announced that its 2023 Annual Meeting of Shareholders will be held at 11:30 a.m. on Wednesday, May 24, 2023, at the Virginia Beach Convention Center, 1000 19th Street in Virginia Beach, Virginia.