Last $14.15 USD
Change Today -0.09 / -0.63%
Volume 125.2K
TOWN On Other Exchanges
Symbol
Exchange
NASDAQ GS
Berlin
As of 8:10 PM 09/19/14 All times are local (Market data is delayed by at least 15 minutes).

towne bank (TOWN) Snapshot

Open
$14.27
Previous Close
$14.24
Day High
$14.29
Day Low
$14.07
52 Week High
07/15/14 - $16.70
52 Week Low
09/8/14 - $12.93
Market Cap
491.9M
Average Volume 10 Days
48.0K
EPS TTM
$1.22
Shares Outstanding
34.8M
EX-Date
09/24/14
P/E TM
11.6x
Dividend
$0.44
Dividend Yield
2.90%
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, checking accounts, demand deposits, money rate savings, negotiable order of withdrawal accounts, individual retirement accounts, savings accounts, money market accounts, and certificates of deposit. 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.

1,416 Employees
Last Reported Date: 08/6/14
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: $500.0K
Chief Financial officer and Senior Executive ...
Total Annual Compensation: $345.0K
Director, Chairman of Townebank Mortgage and ...
Total Annual Compensation: $768.8K
Director, Chief Executive Officer of Towne Fi...
Total Annual Compensation: $414.3K
Compensation as of Fiscal Year 2013.

towne bank (TOWN) Key Developments

Towne Bank Announces Third Quarter Cash Dividend on Common and Preferred Stocks, Payable on October 10, 2014 and October 1, 2014, Respectively

Towne Bank announced that its Board of Directors on August 27, 2014 declared its third-quarter shareholder cash dividend of $0.11 per common share payable on October 10, 2014 to shareholders of record on September 26, 2014. Also, on August 27, 2014 the Board of Directors declared a cash dividend of $2.50 per share on its Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock. This preferred dividend is payable on October 1, 2014, to the shareholder of record as of September 15, 2014.

Towne Bank Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Reports Net Charge-Offs for the Second Quarter of 2014

Towne Bank reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, net interest income was $36.538 million against $36.077 million a year ago. Income before income tax and non-controlling interest was $17.987 million against $16.717 million a year ago. Net income available to common shareholders was $11.486 million or $0.33 per diluted share against $9.855 million or $0.31 per diluted share a year ago. Book value per common share - tangible was $10.96 against $9.70 a year ago. Return on average assets - tangible was 1.03% against 1.04% a year ago. Return on average common equity - tangible was 12.24% against 12.66% a year ago. For the six months, net interest income was $71.730 million against $71.287 million a year ago. Income before income tax and non-controlling interest was $34.497 million against $32.118 million a year ago. Net income available to common shareholders was $22.426 million or $0.64 per diluted share against $18.974 million or $0.60 per diluted share a year ago. Book value per common share - tangible was $10.96 against $9.70 a year ago. Return on average assets - tangible was 1.03% against 1.02% a year ago. Return on average common equity - tangible was 12.04% against 12.37% a year ago. For the second quarter of 2014, net charge-offs were $925,000 compared to $1.41 million in the second quarter of 2013.

Towne Bank Announces Executive Appointments

TowneBank and Franklin Financial Corporation announced the signing of a definitive merger agreement pursuant to which TowneBank will acquire Franklin. Rick Wheeler will join the TowneBank Corporate Board and Executive Committee as well as serving on the TowneBank of Richmond Board along with other Franklin board members and a yet to be named group of Central Virginia business and community leaders. T. Patrick Collins, a prominent Richmond banker, has been named as President and CEO of TowneBank of Richmond. TowneBank's current executive management, led by Aston and TowneBank President, J. Morgan Davis, will form the core of the combined company's leadership team.

 

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Industry Analysis

TOWN

Industry Average

Valuation TOWN Industry Range
Price/Earnings 12.0x
Price/Sales 2.1x
Price/Book 1.0x
Price/Cash Flow 10.0x
TEV/Sales NM Not Meaningful
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