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Last $18.16 USD
Change Today -0.12 / -0.66%
Volume 103.8K
TOWN On Other Exchanges
Symbol
Exchange
NASDAQ GS
Berlin
As of 8:10 PM 09/3/15 All times are local (Market data is delayed by at least 15 minutes).

towne bank (TOWN) Snapshot

Open
$18.41
Previous Close
$18.28
Day High
$18.41
Day Low
$18.13
52 Week High
08/21/15 - $18.64
52 Week Low
09/8/14 - $12.93
Market Cap
930.7M
Average Volume 10 Days
115.3K
EPS TTM
$1.30
Shares Outstanding
51.3M
EX-Date
09/28/15
P/E TM
14.0x
Dividend
$0.48
Dividend Yield
2.48%
Current Stock Chart for TOWNE BANK (TOWN)

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towne bank (TOWN) Details

TowneBank, through its subsidiaries, provides retail and commercial banking services for individuals, and small and medium-size businesses in southeastern Virginia and northeastern North Carolina. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including checking accounts, negotiable order of withdrawal accounts, savings accounts, money rate savings, time deposits, demand deposits, daily money market accounts, long-term certificates of deposit, and individual retirement accounts. The company also offers personal loans for financing automobiles, home improvements, education, and personal investments; commercial loans for working capital, business expansion, and equipment and machinery purchases; fixed- and floating-rate mortgage loans; and real estate construction and acquisition loans. It also provides safe deposit boxes, cash management services, travelers’ checks, direct deposit of payroll and social security checks, and automatic drafts for various accounts, as well as Internet, mobile, and on-call banking services. In addition, the company offers documentation to accomplish tax deferral to investors; asset management and commercial mortgage brokerage services; and other financial services, such as financial, retirement, and estate planning services, as well as assistance on various investment options consisting of alternative investments, annuities, margin accounts, convertible bonds, and pension and profit sharing plans. Further, it provides residential real estate, resort property management, and commercial residential title insurance services; and originates various mortgage loans. Additionally, the company offers life, property, casualty, and vehicle insurance services; travel, medical, and baggage protection insurance for travelers; and employee benefit programs, such as medical, dental, vision, and disability insurance. The company was founded in 1998 and is based in Portsmouth, Virginia.

1,470 Employees
Last Reported Date: 08/10/15
Founded in 1998

towne bank (TOWN) Top Compensated Officers

Chairman of the Board, Chief Executive Office...
Total Annual Compensation: $875.0K
President, Chief Banking Officer and Director
Total Annual Compensation: $550.0K
Chief Financial officer and Senior Executive ...
Total Annual Compensation: $355.0K
Chief Operating Officer and Senior Executive ...
Total Annual Compensation: $378.0K
Director, Chairman of Townebank Mortgage and ...
Total Annual Compensation: $624.2K
Compensation as of Fiscal Year 2014.

towne bank (TOWN) Key Developments

Towne Bank Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Net Charge Offs for the Second Quarter of 2015

Towne Bank reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, net interest income was $44.884 million against $36.537 million a year ago. Income before income tax and non-controlling interest was $27.179 million against $17.986 million a year ago. Net income available to common shareholders was $17.812 million or $0.35 per diluted share against $11.485 million or $0.33 per diluted share a year ago. Book value per common share was $15.40 against $14.63 a year ago. Book value per common share – tangible was $12.0 against $10.96 a year ago. Return on average assets was 1.21% against 0.97% a year ago. Return on average assets - tangible was 1.28% against 1.03% a year ago. Return on average common equity was 9.02% against 8.93% a year ago. Return on average common equity - tangible was 11.93% against 12.24% a year ago. For the six months, net interest income was $88.440 million against $71.730 million a year ago. Income before income tax and non-controlling interest was $48.789 million against $34.497 million a year ago. Net income available to common shareholders was $32.337 million or $0.63 per diluted share against $22.426 million or $0.64 per diluted share a year ago. Book value per common share was $15.40 against $14.63 a year ago. Book value per common share – tangible was $12.0 against $10.96 a year ago. Return on average assets was 1.11% against 0.97% a year ago. Return on average assets - tangible was 1.19% against 1.03% a year ago. Return on average common equity was 8.36% against 8.85% a year ago. Return on average common equity - tangible was 11.24% against 12.04% a year ago. Net charge-offs were $0.34 million in the second quarter of 2015 compared to $0.92 million in the second quarter of 2014 and $0.33 million in the linked quarter.

TowneBank Appoints Vern Lockwood as New Executive Vice President

TowneBank has announced the appointment of Vern Lockwood as its new executive vice president. Lockwood, with 44 years industry experience, is a commercial lender at the Oyster Point office. He currently serving on the York County Development Authority. He previously served on the York County Economic Planning Commission, as well as the board of directors for the United Way of the Virginia Peninsula, the Virginia Peninsula Chamber of Commerce, the Peninsula Housing and Builders Association and Workforce Development.

Towne Bank Presents at Keefe Bruyette & Woods Sixteenth Annual Community Bank Investor Conference, Jul-29-2015 02:00 PM

Towne Bank Presents at Keefe Bruyette & Woods Sixteenth Annual Community Bank Investor Conference, Jul-29-2015 02:00 PM. Venue: Grand Central Grand Hyatt, New York, New York, United States. Speakers: Clyde E. McFarland, Chief Financial officer and Senior Executive Vice President, G. Robert Aston, Chairman of the Board, Chief Executive Officer and Member of Executive Committee, William B. Littreal, Chief Operating Officer and Senior Executive Vice President.

 

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Industry Analysis

TOWN

Industry Average

Valuation TOWN Industry Range
Price/Earnings 15.4x
Price/Sales 3.5x
Price/Book 1.2x
Price/Cash Flow 10.6x
TEV/Sales NM Not Meaningful
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