TowneBank : Form 10-Q~Quarterly Report

November 03, 2023 at 02:42 pm EDT

FEDERAL DEPOSIT INSURANCE CORPORATION

Washington, D.C. 20429

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

FDIC Insurance Cert. Number: 35095

________________________

(Exact name of registrant as specified in its charter)

__________________________

VIRGINIA	54-1910608
(State or other jurisdiction of	(I.R.S. Employer Identification No.)
incorporation or organization)
5716 High Street, Portsmouth, Virginia	23703
(Address of principal executive offices)	(Zip Code)

(757) 638-7500

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.667 per share	TOWN	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X]No [ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

[ ]

No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ý	Accelerated filer o
Non-accelerated filer o	Smaller reporting company o
	Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes [ ]

No [X]

The number of shares of the Company's common stock outstanding as of October 27, 2023, was 74,891,898 shares.

Item 1.

Item 2.

Item 3. Item 4.

__________________________

TABLE OF CONTENTS

Part I. Financial Information

Financial Statements
Glossary of Acronyms and Defined Terms	3
Consolidated Balance Sheets	5
September 30, 2023 (unaudited)
December 31, 2022 (audited)
Consolidated Statements of Income	6
Three and Nine Months Ended September 30, 2023 (unaudited)
Three and Nine Months Ended September 30, 2022 (unaudited)
Consolidated Statements of Comprehensive Income (Loss)	7
Three and Nine Months Ended September 30, 2023 (unaudited)
Three and Nine Months Ended September 30, 2022 (unaudited)
Consolidated Statements of Cash Flows	8
Nine Months Ended September 30, 2023 (unaudited)
Nine Months Ended September 30, 2022 (unaudited)
Consolidated Statements of Equity	9
Three and Nine Months Ended September 30, 2023 (unaudited)
Three and Nine Months Ended September 30, 2022 (unaudited)
Notes to Consolidated Financial Statements (unaudited)	11
Management's Discussion and Analysis of Financial Condition and Results of
Operations	53
Quantitative and Qualitative Disclosures About Market Risk	80
Controls and Procedures	83

Part II. Other Information

Item 1.	Legal Proceedings	84
Item 1A.	Risk Factors	84
Item 2.	Unregistered Sales of Equity Securities, and Issuer Purchases of Equity Securities.	84
Item 3.	Defaults Upon Senior Securities	84
Item 4.	Mine Safety Disclosures	84
Item 5.	Other Information	84
Item 6.	Exhibits	84

GLOSSARY OF ACRONYMS AND DEFINED TERMS

As used in this report, the terms "Company," "we," "us," and "our" refer to TowneBank and our consolidated subsidiaries. The following acronyms and defined terms are used in various sections of this Form 10-Q, including the Notes to Consolidated Financial Statements in Item 1 and Management's Discussion and Analysis of Financial Condition and Results of Operations in Item 2 of this Form 10-Q.

ACL	Allowance for Credit Loss
AFS	Available-for-Sale
ALCO	Asset/Liability Management Committee
AOCI	Accumulated Other Comprehensive Income (Loss)
ASC	Accounting Standard Codification
ASU	Accounting Standards Update
Basel III	Basel Committee on Banking Supervision's Capital Guidelines for U.S. Banks
BHHS	Berkshire Hathaway HomeServices
BOLI	Bank-Owned Life Insurance
bp	Basis Points
CDA	Collateral-Dependent Asset
CECL	Current Expected Credit Loss
CRE	Commercial Real Estate
EAD	Exposure at Default
ECL	Expected Credit Loss
EPS	Earnings Per Share
Farmers	Farmers Bankshares, Inc.
Farmers Bank	Farmers Bank, Windsor, Virginia
FDIC	Federal Deposit Insurance Corporation
Federal Reserve	Board of Governors of the Federal Reserve System
FHLB	Federal Home Loan Bank of Atlanta
FRB - Richmond	Federal Reserve Bank of Richmond
GAAP	Accounting Principles Generally Accepted in the United States of America
GNMA	Government National Mortgage Association
GSE	Government Sponsored Enterprise
HELOC	Residential Home Equity Lines of Credit
HTM	Held-to-Maturity
LGD	Loss Given Default
LHFS	Loans Held for Sale
LIBOR	London InterBank Offered Rate
LIHTC	Low Income Housing Tax Credits
MBS	Mortgage-backed Security
N/M	Not Meaningful
OCI	Other Comprehensive Income
OREO	Other Real Estate Owned
PCD	Purchased Credit Deteriorated
PD	Probability of Default

REPO	Retail Repurchase Agreement
SCC	Virginia State Corporation Commission
SEC	Securities and Exchange Commission
SERP	Supplemental Executive Retirement Plan
SOFR	Secured Overnight Financing Rate
TBA	To Be Announced
TE	Taxable Equivalent
TDR	Troubled Debt Restructure
U.S.	United States
VIE	Variable Interest Entity

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED BALANCE SHEETS

		September 30,			December 31,
(Dollars in thousands)		2023			2022
ASSETS		(unaudited)			(audited)

Cash and due from banks	$	83,949	$	55,381
Interest-bearing deposits at FRB - Richmond		1,029,276			1,000,205
Federal funds sold and interest-bearing deposits in financial institutions		102,527			97,244
Total Cash and Cash Equivalents		1,215,752			1,152,830
Securities available for sale, at fair value (amortized cost of $2,203,314 and $2,033,040, and
allowance for credit losses of $1,343 and $1,086 at September 30, 2023 and December 31, 2022,		1,963,453			1,840,902
respectively)
Securities held to maturity, at amortized cost (fair value $524,431 and $518,993 at September 30,		547,854			548,475
2023 and December 31, 2022, respectively)
Less: Allowance for credit losses		(85)			(83)
Securities held to maturity, net of allowance for credit losses		547,769			548,392
Other equity securities		14,062			6,424
FHLB stock		16,634			9,617
Total Securities		2,541,918			2,405,335
Mortgage loans held for sale		188,048			102,339
Loans, net of unearned income and deferred costs		11,172,971			10,794,602
Less: Allowance for credit losses on loans		(125,159)			(110,816)
Net Loans		11,047,812			10,683,786
Premises and equipment, net		335,522			304,802
Goodwill		456,684			458,482
Other intangible assets, net		67,496			43,163
BOLI		275,240			258,069
Other assets		551,884			436,461
TOTAL ASSETS	$	16,680,356		$	15,845,267
LIABILITIES AND EQUITY

Deposits:
Noninterest-bearing demand	$	4,444,861	$	5,265,186
Interest-bearing:
Demand and money market accounts		6,764,415			6,185,075
Savings		350,031			374,987
Certificates of deposit		2,321,498			1,468,975
Total Deposits		13,880,805			13,294,223
Advances from the FHLB		104,139			29,674
Subordinated debt, net		255,580			247,420
Repurchase agreements and other borrowings		47,315			40,918
Total Borrowings		407,034			318,012
Other liabilities		408,305			344,275
TOTAL LIABILITIES		14,696,144			13,956,510
Preferred stock:
Authorized and unissued shares - 2,000,000		-			-
Common stock, $1.667 par value: 150,000,000 shares authorized
74,887,083 and 72,841,379 shares issued at
September 30, 2023 and December 31, 2022, respectively		124,837			121,426
Capital surplus		1,111,152			1,052,262
Retained earnings		911,042			840,777
Common stock issued to deferred compensation trust, at cost
1,001,376 and 931,030 shares at
September 30, 2023 and December 31, 2022, respectively		(20,740)			(18,974)
Deferred compensation trust		20,740			18,974
Accumulated other comprehensive income (loss)		(179,043)			(140,505)
TOTAL SHAREHOLDERS' EQUITY		1,967,988			1,873,960
Noncontrolling interest		16,224			14,797
TOTAL EQUITY		1,984,212			1,888,757
TOTAL LIABILITIES AND EQUITY	$	16,680,356		$	15,845,267

The accompanying notes are an integral part of these financial statements.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

		Three Months Ended			Nine months ended
		September 30,			September 30,
(Dollars in thousands, except per share data)		2023			2022			2023		2022
INTEREST INCOME:
Loans, including fees	$	143,605	$	111,590	$	415,351	$	307,595
Investment securities		20,292			13,979			57,519		35,913
Interest-bearing deposits in financial institutions and federal funds sold		15,031			9,509			40,168		15,472
Mortgage loans held for sale		3,928			2,446			8,079		7,038
Total interest income		182,856			137,524			521,117		366,018
INTEREST EXPENSE:
Deposits		64,171			10,230			146,776		20,696
Advances from the FHLB		3,438			83			16,838		261
Subordinated debt, net		2,245			3,117			6,650		12,328
Repurchase agreements and other borrowings		(56)			56			806		151
Total interest expense		69,798			13,486			171,070		33,436
Net interest income		113,058			124,038			350,047		332,582
PROVISION FOR CREDIT LOSSES		1,007			3,925			16,232		2,532
Net interest income after provision for credit losses		112,051			120,113			333,815		330,050
NONINTEREST INCOME:
Residential mortgage banking income, net		10,648			11,968			31,380		39,782
Insurance commissions and other income, net		23,777			19,435			69,098		58,255
Property management income, net		12,800			9,891			40,433		36,489
Real estate brokerage income, net		(63)			2,932			3,562		8,899
Service charges on deposit accounts		2,802			2,455			8,671		7,474
Credit card merchant fees, net		2,006			1,658			5,232		4,940
BOLI		1,814			1,585			5,196		5,155
Gain on sale of equity investments		554			-			9,386		-
Other income		5,468			5,274			15,570		18,052
Total noninterest income		59,806			55,198			188,528		179,046
NONINTEREST EXPENSE:
Salaries and employee benefits		67,258			65,463			204,124		194,318
Occupancy		9,027			8,748			27,579		25,417
Furniture and equipment		4,100			3,764			12,733		11,097
Amortization - intangibles		3,610			2,644			10,744		8,145
Software expense		6,130			4,594			17,922		13,848
Data processing		4,140			3,628			11,504		10,778
Professional fees		2,770			2,627			8,948		6,416
Advertising and marketing		3,653			4,290			12,012		12,508
Other expenses		17,014			16,276			61,762		47,612
Total noninterest expense		117,702			112,034			367,328		330,139
Income before income tax expense and noncontrolling interest		54,155			63,277			155,015		178,957
Provision for income tax expense		9,410			12,606			28,424		34,983
Net income	$	44,745		$	50,671		$	126,591	$	143,974
Net income attributable to noncontrolling interest		117			(502)			(1,680)		(1,672)
Net income attributable to TowneBank	$	44,862		$	50,169		$	124,911	$	142,302
Per common share information

Basic earnings	$	0.60	$	0.69	$	1.67	$	1.96
Diluted earnings	$	0.60	$	0.69	$	1.67	$	1.96

The accompanying notes are an integral part of these financial statements.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)

		Three Months Ended			Nine Months Ended
		September 30,			September 30,
(Dollars in thousands)		2023			2022			2023		2022
Net income	$	44,745	$	50,671	$	126,591	$	143,974
Other comprehensive income (loss)
Unrealized gains (losses) on securities
Unrealized holding gains (losses) arising during the period		(42,539)			(79,424)			(47,466)		(217,376)
Tax effect		9,414			17,621			10,504		48,257
Net unrealized gains (losses)		(33,125)			(61,803)			(36,962)		(169,119)
Pension and postretirement benefit plans
Prior service costs		(330)			-			(991)		-
Tax effect		73			-			219		-
Actuarial gain (loss)		28			21			84		62
Tax effect		(6)			(5)			(18)		(14)
Amortization of prior service costs		208			193			624		577
Tax effect		(46)			(43)			(138)		(128)
Amortization of net actuarial (gain) loss		(581)			19			(1,742)		57
Tax effect		128			(4)			386		(12)
Change in retirement plans, net of tax		(526)			181			(1,576)		542
Other comprehensive income (loss), net of tax		(33,651)			(61,622)			(38,538)		(168,577)
Comprehensive income (loss)	$	11,094	$	(10,951)	$	88,053	$	(24,603)
Comprehensive income attributable to noncontrolling interest
	117			(502)			(1,680)		(1,672)
Comprehensive income (loss) attributable to TowneBank	$	11,211	$	(11,453)	$	86,373	$	(26,275)

The accompanying notes are an integral part of these financial statements.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

		Nine Months Ended
(Dollars in thousands)		September 30,
OPERATING ACTIVITIES:		2023			2022
Net income	$	126,591		$	143,974
Adjustments to reconcile net income to net cash used for operating activities:
Net amortization of securities		5,203			9,242
Depreciation, amortization, and other intangible amortization		25,715			21,541
Amortization of debt issuance costs		464			709
Provision for credit losses		16,232			2,532
BOLI		(5,196)			(4,252)
Deferred income tax expense		1,962			561
Share-based compensation expense		5,142			1,479
Originations of mortgage loans held for sale		(1,594,553)			(2,404,043)
Proceeds from sales of mortgage loans held for sale		1,553,493			2,661,482
Gain on sales of mortgage loans held for sale		(44,649)			(64,160)
Gain on sale of BHHS Towne Realty		(8,833)			-
Gain on sale and write-down of foreclosed assets		(206)			(596)
Changes in:
Interest receivable		(6,555)			(7,933)
Other assets		2,773			(9,285)
Interest payable		10,061			(2,818)
Other liabilities		30,441			(11,021)
Net cash from operating activities		118,085			337,412
INVESTING ACTIVITIES:
Purchase of available-for-sale securities		(41,490)			(433,236)
Purchase of held-to-maturity securities		-			(396,059)
Purchase of other securities		(1,042)			-
Net change in FHLB stock		(7,017)			3,671
Proceeds from maturities, calls, and prepayments of available-for-sale securities		104,054			122,401
Proceeds from maturities, calls, and prepayments of held-to-maturity securities		397			898
Proceeds from maturities, calls, and prepayments of other securities		-			399
Net increase in loans		(105,080)			(1,054,547)
Net change in investment in LIHTC		(63,797)			(36,633)
Purchase of premises and equipment		(37,301)			(38,089)
Proceeds from sales of premises and equipment		1,106			587
Proceeds from sales of foreclosed assets		5,508			6,323
Proceeds from BOLI		-			903
Investment from noncontrolling interest in consolidated joint ventures		506			-
Acquisition of business, net of cash acquired		17,776			-
Net cash used for investing activities		(126,380)			(1,823,382)
FINANCING ACTIVITIES:
Net change in deposit accounts		72,010			(161,564)
Net change in short-term borrowings		55,641			(33,577)
Repayment of long-term borrowings		(1,058)			(125,572)
Proceeds from issuance of subordinated debt, net of issuance cost		-			246,904
Redemption of subordinated debt		-			(250,000)
Distribution of noncontrolling interest		(759)			(1,608)
Purchase of noncontrolling interest		(1,947)			-
Cash dividends paid		(52,670)			(46,030)
Net cash from (used for) financing activities		71,217			(371,447)
Change in cash and cash equivalents		62,922			(1,857,417)
Cash and cash equivalents at beginning of year		1,152,830			3,296,636
Cash and cash equivalents at end of period	$	1,215,752		$	1,439,219
Supplemental cash flow information:

Cash paid for interest	$	161,008	$	36,255
Cash paid for income taxes	$	9,870	$	14,178
Noncash financing and investing activities:
Transfer from loans to foreclosed property	$	3,173	$	1,329
Net unrealized losses on available-for-sale securities, net of tax	$	(36,962)	$	(169,119)
Common stock issued in connection with business acquisitions	$	59,604	$	-

The accompanying notes are an integral part of these financial statements.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED STATEMENT OF EQUITY

															Common Stock			Accumulated
													Deferred			Issued to				Non-
(Dollars in thousands, except per share	Common			Common			Capital			Retained					Deferred			Other
							Compensation		Compensation		Comprehensive		controlling			Total
data)	Shares			Stock			Surplus			Earnings			Trust			Trust		Income (Loss)		Interests
Balance, January 1, 2023	72,841,379	$	121,426	$	1,052,262	$	840,777	$	18,974	$	(18,974)	$	(140,505)	$	14,797	$	1,888,757
Net income	-			-			-			38,333			-			-			-		145		38,478
Other comprehensive income (loss), net of	-			-			-			-			-			-			19,208		-		19,208
taxes
Cash dividends declared on common stock	-			-			-			(17,205)			-			-			-		-		(17,205)
($0.23 per share)
Investment of noncontrolling interest in	-			-			-			-			-			-			-		276		276
consolidated joint ventures
Directors' deferred compensation	-			-			-			-			(135)			135			-		-		-
Issuance of common stock - acquisitions	1,897,019			3,162			56,442			-			-			-			-		-		59,604
Issuance of common stock - stock	66,033			94			696			-			-			-			-		-		790
compensation plans
Purchase of noncontrolling interest	-			-			(13)			-			-			-			-		-		(13)
Balance, March 31, 2023	74,804,431	$	124,682	$	1,109,387	$	861,905	$	18,839	$	(18,839)	$	(121,297)	$	15,218	$	1,989,895
Net income
-			-			-			41,716			-			-			-		1,652		43,368
Other comprehensive income (loss), net of	-			-			-			-			-			-			(24,095)		-		(24,095)
taxes
Cash dividends declared on common stock	-			-			-			(18,720)			-			-			-		-		(18,720)
($0.25 per share)
Investment of noncontrolling interest in	-			-			-			-			-			-			-		193		193
consolidated joint ventures
Directors' deferred compensation	-			-			-			-			1,295			(1,295)			-		-		-
Distribution of interests in joint ventures	-			-			-			-			-			-			-		(404)		(404)
Issuance of common stock - stock	73,812			123			2,073			-			-			-			-		-		2,196
compensation plans
Purchase of noncontrolling interest	-			-			(1,934)			-			-			-			-		-		(1,934)
Balance, June 30, 2023	74,878,243	$	124,805	$	1,109,526	$	884,901	$	20,134	$	(20,134)	$	(145,392)	$	16,659	$	1,990,499
Net income
-			-			-			44,862			-			-			-		(117)		44,745
Other comprehensive income (loss), net of	-			-			-			-			-			-			(33,651)		-		(33,651)
taxes
Cash dividends declared on common stock	-			-			-			(18,721)			-			-			-		-		(18,721)
($0.25 per share)
Investment of noncontrolling interest in	-			-			-			-			-			-			-		37		37
consolidated joint ventures
Directors' deferred compensation	-			-			-			-			606			(606)			-		-		-
Distribution of interests in joint ventures	-			-			-			-			-			-			-		(355)		(355)
Issuance of common stock - stock	8,840			32			1,626			-			-			-			-		-		1,658
compensation plans
Balance, September 30, 2023	74,887,083	$	124,837	$	1,111,152	$	911,042	$	20,740	$	(20,740)	$	(179,043)	$	16,224	$	1,984,212

The accompanying notes are an integral part of these financial statements.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED STATEMENT OF EQUITY

															Common Stock			Accumulated
													Deferred			Issued to				Non-
(Dollars in thousands, except per share	Common			Common			Capital			Retained					Deferred			Other
							Compensation		Compensation		Comprehensive		controlling			Total
data)	Shares			Stock			Surplus			Earnings			Trust			Trust			Loss		Interests
Balance, January 1, 2022	72,683,985	$	121,164	$	1,050,948	$	716,605	$	18,257	$	(18,257)	$	10,597	$	16,860	$	1,916,174
Net income	-			-			-			45,586			-			-			-		664		46,250
Other comprehensive income (loss), net of	-			-			-			-			-			-			(67,309)		-		(67,309)
taxes
Cash dividends declared on common stock	-			-			-			(14,577)			-			-			-		-		(14,577)
($0.20 per share)
Directors' deferred compensation	-			-			-			-			66			(66)			-		-		-
Distribution of interests in joint ventures	-			-			-			-			-			-			-		(284)		(284)
Issuance of common stock - stock	40,290			67			(561)			-			-			-			-		-		(494)
compensation plans
Balance, March 31, 2022	72,724,275	$	121,231	$	1,050,387	$	747,614	$	18,323	$	(18,323)	$	(56,712)	$	17,240	$	1,879,760
Net income
-			-			-			46,547			-			-			-		507		47,054
Other comprehensive income (loss), net of	-			-			-			-			-			-			(39,646)		-		(39,646)
taxes
Cash dividends declared on common stock	-			-			-			(16,731)			-			-			-		-		(16,731)
($0.23 per share)
Directors' deferred compensation	-			-			-			-			1,026			(1,026)			-		-		-
Distribution of interests in joint ventures	-			-			-			-			-			-			-		(935)		(935)
Issuance of common stock - stock	20,099			34			997			-			-			-			-		-		1,031
compensation plans
Balance, June 30, 2022	72,744,374	$	121,265	$	1,051,384	$	777,430	$	19,349	$	(19,349)	$	(96,358)	$	16,812	$	1,870,533
Net income
-			-			-			50,169			-			-			-		502		50,671
Other comprehensive loss, net of taxes	-			-			-			-			-			-			(61,622)		-		(61,622)
Cash dividends declared on common stock	-			-			-			(16,754)			-			-			-		-		(16,754)
($0.23 per share)
Directors' deferred compensation	-			-			-			-			(487)			487			-		-		-
Distribution of interests in joint ventures	-			-			-			-			-			-			-		(390)		(390)
Issuance of common stock - stock	94,917			158			990			-			-			-			-		-		1,148
compensation plans
Balance, September 30, 2022	72,839,291	$	121,423	$	1,052,374	$	810,845	$	18,862	$	(18,862)	$	(157,980)	$	16,924	$	1,843,586

The accompanying notes are an integral part of these financial statements.

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TowneBank published this content on 03 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2023 18:41:09 UTC.

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-15 pm EDT			5-day change	1st Jan Change
27.76 ^USD	+1.13%		+1.57%	-6.72%

Apr. 24	Earnings Flash (TOWN) TOWNEBANK Posts Q1 EPS $0.48	MT
Apr. 24	TowneBank Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Earnings Flash (TOWN) TOWNEBANK Posts Q1 EPS $0.48	Apr. 24	MT
TowneBank Reports Earnings Results for the First Quarter Ended March 31, 2024	Apr. 24	CI
Townebank Announces Retirement of Jacqueline B. Amato and Bradford L. Cherry as Members of Board of Directors	Mar. 27	CI
TowneBank Appoints Sachin Shetty to the Board of Directors	Mar. 05	CI
TowneBank Keeps Quarterly Dividend at $0.25 Per Share; Payable April 12 to Shareholders of Record on March 29	Feb. 28	MT
TowneBank Declares First-Quarter Cash Dividend, Payable on April 12, 2024	Feb. 28	CI
TowneBank's Q4 Earnings, Revenue Fall	Jan. 25	MT
Earnings Flash (TOWN) TOWNEBANK Posts Q4 EPS $0.42	Jan. 24	MT
TowneBank Reports Earnings Results for the Full Year Ended December 31, 2023	Jan. 24	CI
TowneBank Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	Jan. 24	CI
TowneBank Keeps Quarterly Dividend at $0.25 a Share, Payable Jan. 12 to Shareholders of Record on Dec. 29	Nov. 29	MT
TowneBank Announces Quarterly Cash Dividend, Payable on January 12, 2024	Nov. 29	CI
Earnings Flash (TOWN) TOWNEBANK Posts Q3 EPS $0.60	23-10-26	MT
TowneBank Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	23-10-26	CI
Stephens Initiates Towne Bank With Equalweight Rating, Price Target is $23	23-09-13	MT
Towne Bank to Pay Unchanged Q3 Dividend of $0.25 a Share on Oct. 13 to Shareholders of Record Sept. 29	23-08-23	MT
TowneBank Declares Cash Dividend for the Third-Quarter, Payable on October 13, 2023	23-08-23	CI
Hovde Initiates Towne Bank at Market Perform Rating With $27 Price Target	23-08-11	MT
Earnings Flash (TOWN) TOWNEBANK Posts Q2 EPS $0.52	23-07-27	MT
TowneBank Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023	23-07-27	CI
TowneBank Appoints Ernest Piccioli as Chief Risk Officer	23-06-12	CI
Towne Bank Raises Quarterly Dividend to $0.25 per Share From $0.23, Payable July 14 to Shareholders as of June 30	23-05-24	MT
TowneBank Declares Second-Quarter Shareholder Cash Dividend, Payable on July 14, 2023	23-05-24	CI
Keefe, Bruyette & Woods Adjusts Price Target on Towne Bank to $25 From $28, Maintains Market Perform Rating	23-05-08	MT
Raymond James Adjusts Price Target on Towne Bank to $28 From $34, Maintains Outperform Rating	23-05-03	MT

	1st Jan change	Capi.
TOWNEBANK	-6.72%	2.05B
JPMORGAN CHASE & CO.	+18.82%	333B
BANK OF AMERICA CORPORATION	+15.56%	304B
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED	+23.30%	251B
WELLS FARGO & COMPANY	+26.66%	217B
CHINA CONSTRUCTION BANK CORPORATION	+26.88%	180B
BANK OF CHINA LIMITED	+29.87%	169B
HSBC HOLDINGS PLC	+11.90%	165B
ROYAL BANK OF CANADA	+7.10%	149B
HDFC BANK LIMITED	-14.57%	131B

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