TowneBank Reports Third Quarter 2019 Earnings
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., Oct. 24, 2019 (GLOBE NEWSWIRE) -- TowneBank (the “Company”) (NASDAQ: TOWN) today reported earnings for the quarter ended September 30, 2019 of $37.66 million, or $0.52 per diluted share, compared to $38.29 million, or $0.53 per diluted share, for the quarter ended September 30, 2018. “Our third quarter continued the trend of solid growth in top-line revenues which climbed to $145.88 million, or a 5.78% increase, over the same period in 2018 driven by strong performances in our noninterest income sources. Noninterest bearing deposits increased 10.74% on an annualized basis during the quarter and represents 32.11% of our total deposits. During the past year, we continued to increase our deposit market share and remain the market leader in the Hampton Roads, Virginia MSA while our leadership teams in Richmond and the North Carolina markets provided an outstanding deposit growth rate of 19.67% and 27.70%, respectively, compared to the quarter ended September 30, 2018,"
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