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Towne Bank

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals in the United States. It operates through four segments: Banking, Mortgage, Resort Vacation Management, and Insurance. The company provides treasury solutions and deposit products, including checking accounts, savings accounts, and various types of time deposit services, such as daily money market accounts and long-term certificates of deposit; transaction accounts and certificates of deposit; and retirement account services comprising individual retirement accounts. It also offers safe deposit boxes, treasury management services, direct deposit of payroll and social security checks, and automatic drafts for various accounts; secured and unsecured loans for financing automobiles, home improvements, education, and personal investments; and secured and unsecured loans for working capital, business expansion, equipment and machinery purchases, fixed- and floating-rate mortgage loans, and larger commercial loans, as well as real estate acquisition, development, and construction loans. In addition, the company can act as a qualified intermediary assisting investors; provides other financial services, such as financial, retirement, and estate planning; and offers assistance on a various investment option, including alternative investments, annuities, margin accounts, convertible bonds, and pension and profit-sharing plans. Further, it provides residential mortgage loans; residential resort property management; property, casualty, life, and health insurance products for businesses, individuals, and community organizations; and commercial and consumer insurance products and financial services, as well as individual and group life and health insurance. Additionally, the company offers online banking, mobile banking, and on-call banking. TowneBank was incorporated in 1998 and is based in Portsmouth, Virginia.

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TowneBank Second-Quarter Profit Surges on Resort Property Sale Gain

TowneBank reported second-quarter 2026 net income of $193.19 million, or $2.09 per diluted share, driven by a nearly $200 million gain on the sale of its Resort Property Management segment. Excluding that gain and other items, core earnings were $72.01 million, or $0.78 per diluted share, compared with $63.39 million, or $0.84 per diluted share, a year earlier. Total revenue jumped 111.46% to $444.27 million, while net interest income rose to $185.12 million as loan volumes and yields improved and deposit costs fell 25 basis points. The company also paid a special dividend of $0.70 per share, representing about 32% of the pre-tax gain, and made a $25 million charitable foundation contribution. Total deposits grew to $18.71 billion, and the net interest margin widened to 3.68% from 3.38% a year ago.
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GlobeNewswire·35dRead more ▾
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TowneBank's Weak Revenue and TBVPS Growth Raise Caution After Q4 Earnings

TowneBank shares have risen only 3.1% over the past six months, trailing the S&P 500's 9% gain, and analysts flag sluggish fundamentals. Revenue grew at a compounded annual rate of just 5.2% over the last five years, below sector standards, while tangible book value per share expanded at only 4% annually over the past two years. The stock trades at 1.1 times forward price-to-book, or $36.27 per share, but the report concludes that the company's shaky fundamentals present too much downside risk and suggests looking for higher-quality alternatives.
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Regional banks post mixed Q4 results, shares resilient

Regional banks reported mixed fourth-quarter results, with aggregate revenues in line with analyst expectations, yet share prices across the 96 tracked companies have risen an average of 9.2% since the reports. TowneBank posted revenues of $219.9 million, up 24.2% year-on-year but missing estimates by 1.1%, while UMB Financial delivered the segment's strongest beat with revenues of $744.8 million, up 29.3% and exceeding forecasts by 5.4%. BankUnited was the weakest performer, with revenues of $273.8 million, up 6.1% but falling short of expectations by 5.1%. Other notable results included Live Oak Bancshares, which topped revenue estimates by 1.3% with $151.1 million, and Citizens Financial Group, which reported $2.17 billion in line with consensus.
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William A. Gwaltney, Jr. and John O. Wynne, Jr. Join TowneBank Corporate Board of Directors

TowneBank has appointed William A. Gwaltney, Jr. and John O. Wynne, Jr. to its Corporate Board of Directors. Mr. Gwaltney is President of Indika Farms Inc., a family-run agribusiness, and previously served as Chairman of Farmers Bank and Farmers Bankshares, which TowneBank acquired in 2023; he currently chairs TowneBank’s Regional Board for Suffolk/Western Tidewater. Mr. Wynne is founder and Chairman of Fortis Solutions Group, a printed packaging provider with 22 manufacturing locations, and previously held investment banking roles at Deutsche Bank and Morgan Stanley. TowneBank, with total assets of $22.36 billion as of March 31, 2026, operates over 70 banking offices across Virginia, North Carolina, and South Carolina.
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GlobeNewswire·57dRead more ▾
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TowneBank Q4 revenue rises 24.2% but misses estimates

TowneBank reported fourth-quarter revenues of $219.9 million, a 24.2% year-on-year increase that fell 1.1% short of analyst expectations. The regional bank also missed earnings per share estimates while net interest income was in line with forecasts. Among 96 tracked regional banks, the group posted mixed results with revenues matching consensus, and share prices have risen an average of 7.1% since reporting. UMB Financial delivered the strongest performance with a 5.4% revenue beat, while BankUnited was the weakest after missing revenue estimates by 5.1%.
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