This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

TowneBank Reports First Quarter Earnings

Stocks in this article: TOWN

SUFFOLK, Va., April 24, 2014 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (the "Bank") (Nasdaq:TOWN) reported earnings of $11.13 million for the quarter ended March 31, 2014, a 6.29% increase, or $659,000, over the $10.47 million reported for the comparative period in 2013. Net income available to common shareholders increased 19.96% to a record $10.94 million after preferred dividend payments of $191,000. Fully diluted earnings per share increased 6.90% to $0.31 per share compared to $0.29 per share for the comparative period of 2013.

The Bank's common dividend was $0.10 per share for the quarter with the common dividend totaling $3.53 million. The current dividend represents an increase of 11.1% over the dividend paid during the same quarter of 2013.

Earnings Highlights

Net interest income was virtually unchanged at $35.19 million, an $18,000, or 0.05%, decrease from the first quarter of 2013. Growth in average earning assets of $338.82 million was offset by a 28 basis point narrowing of the tax-equivalent net interest margin to 3.44% in the current quarter from 3.72% in the first quarter of 2013.

Noninterest income, excluding gains or losses on investment securities, decreased by $1.03 million, or 4.33%, to $22.73 million for the first quarter of 2014, compared to the first quarter of 2013. The majority of the decline is attributable to residential mortgage banking income, which decreased $2.76 million, or 35.25%, from the comparative period in 2013 due to lower loan production volumes. The decrease was partially offset by increases in insurance commissions, which increased $1.08 million, or 13.51%, from the comparative period in 2013.

Noninterest expense increased by $485,000, or 1.19%, compared to the comparative quarter of 2013. A significant portion of the increase from the comparative period in 2013 is related to the acquisition of two insurance agencies in July 2013. Excluding the effect of the acquisitions, noninterest expense was essentially flat as the Bank launched a cost-control initiative in the first quarter of 2014 to improve operating efficiency.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs