TowneBank Reports Full Year and Fourth Quarter financial Results for 2019
Towne Bank (TOWN)
Last towne bank earnings: 4/27 08:30 am
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US:NASDAQ Investor Relations:
investor.townebank.com
Company Research
Source: GlobeNewswire
SUFFOLK, Va., Jan. 23, 2020 (GLOBE NEWSWIRE) -- TowneBank (the “Company”) (Nasdaq: TOWN) today reported financial results for the full year and the fourth quarter ended December 31, 2019. For the year ended December 31, 2019, earnings were $138.78 million, or $1.92 per diluted share, compared to $133.79 million, or $1.88 per diluted share for the year ended December 31, 2018. Earnings in the fourth quarter of 2019 were $35.08 million, or $0.49 per diluted share, compared to fourth quarter 2018 earnings of $35.99 million, or $0.50 per diluted share. “In spite of downward pressure on interest rates our Company grew total revenues by 6% climbing to a record $564 million. Our continued focus on attracting noninterest bearing deposits produced an increase of 13% or $328 million during the year and represents approximately 32% of our total deposits. We are excited about the momentum we are building in North Carolina with our newest office in Greensboro recently opened and several new
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