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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $834M | - | $170M | $212M | 7.0% | 20.5% | 5.1% |
| 2024 | $692M | - | $161M | $81M | 7.5% | -0.3% | 5.3% |
| 2023 | $694M | - | $153M | $117M | 7.5% | 1.2% | -18.9% |
| 2022 | $686M | - | $189M | $363M | 10.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 686.38 | 694.38 | 692.04 | 833.68 |
| Pretax Income | 237.05 | 185.51 | 189.92 | 210.22 |
| Tax Provision | 46.58 | 30.91 | 27.55 | 39.42 |
| Net Income | 188.99 | 153.21 | 161.36 | 169.53 |
| Net Income Common Stockholders | 188.99 | 153.21 | 161.36 | 169.53 |
| Interest Expense | 56.57 | 247.46 | 331.92 | 282.65 |
| Interest Income | 517.94 | 705.24 | 774.53 | 846.26 |
| Selling General And Administration | 279.92 | 305.22 | 321.53 | 348.83 |
| Normalized Income | 189.84 | 161.19 | 162.50 | 214.33 |
| Basic EPS | 2.60 | 2.05 | 2.15 | 2.22 |
| Diluted EPS | 2.60 | 2.05 | 2.15 | 2.21 |
| Tax Effect Of Unusual Items | -0.21 | -1.61 | -0.20 | -10.42 |
| Tax Rate For Calcs | 0.20 | 0.17 | 0.15 | 0.19 |
| Total Unusual Items | -1.06 | -9.59 | -1.34 | -55.23 |
| Total Unusual Items Excluding Goodwill | -1.06 | -9.59 | -1.34 | -55.23 |
| Net Income From Continuing Operation Net Minority Interest | 188.99 | 153.21 | 161.36 | 169.53 |
| Reconciled Depreciation | 28.70 | 34.22 | 35.07 | 40.23 |
| Net Interest Income | 461.37 | 457.78 | 442.61 | 563.61 |
| Net Income From Continuing And Discontinued Operation | 188.99 | 153.21 | 161.36 | 169.53 |
| Diluted Average Shares | 72.58 | 74.66 | 75.17 | 76.75 |
| Basic Average Shares | 72.56 | 74.65 | 74.93 | 76.41 |
| Diluted NI Availto Com Stockholders | 188.99 | 153.21 | 161.36 | 169.53 |
| Minority Interests | -1.48 | -1.39 | -1.02 | -1.26 |
| Net Income Including Noncontrolling Interests | 190.47 | 154.60 | 162.37 | 170.79 |
| Net Income Continuous Operations | 190.47 | 154.60 | 162.37 | 170.79 |
| Special Income Charges | -1.06 | -9.59 | -1.34 | -55.23 |
| Other Special Charges | 0 | 0 | 0 | 0 |
| Restructuring And Mergern Acquisition | 1.06 | 9.59 | 1.34 | 55.23 |
| Gain On Sale Of Security | 0 | 9.38 | 0.31 | 2.13 |
| Depreciation Amortization Depletion Income Statement | 10.62 | 14.15 | 12.77 | 16.78 |
| Depreciation And Amortization In Income Statement | 10.62 | 14.15 | 12.77 | 16.78 |
| Amortization | 10.62 | 14.15 | 12.77 | 16.78 |
| Amortization Of Intangibles Income Statement | 10.62 | 14.15 | 12.77 | 16.78 |
| Selling And Marketing Expense | 16 | 15.39 | 15.63 | 15.13 |
| General And Administrative Expense | 263.92 | 289.83 | 305.90 | 333.70 |
| Other Gand A | 0 | 0 | 0 | 0 |
| Insurance And Claims | 5.88 | 16.23 | 11.82 | 12.32 |
| Salaries And Wages | 258.04 | 273.60 | 294.08 | 321.38 |
| Operating Revenue | 686.38 | 694.38 | 692.04 | 833.68 |
| Occupancy And Equipment | 49.75 | 54.06 | 56.93 | 60.23 |
| Professional Expense And Contract Services Expense | 10.02 | 12.29 | 15.13 | 11.12 |
| Other Non Interest Expense | 89.91 | 93.90 | 96.22 | 109.38 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| TowneBankthis co. | TOWN | $3.2B | 15.81 | 1.10 | 7.0% | - |
| Marex Group plc | MRX | $3.9B | 13.89 | 3.30 | 24.3% | - |
| F&G Annuities & Life, Inc. | FG | $3.8B | 15.10 | 0.80 | 5.4% | 6.28 |
| Mechanics Bancorp | MCHB | $3.4B | 12.44 | 1.17 | 9.3% | - |
| WesBanco, Inc. | WSBC | $3.3B | 10.41 | 0.86 |
| 5.5% |
| - |
| Hamilton Insurance Group, Ltd. | HG | $3.2B | 5.76 | 1.12 | 20.4% | 2.37 |
| Nicolet Bankshares, Inc. | NIC | $3.1B | 16.94 | 1.70 | 12.0% | - |
| DigitalBridge Group, Inc. | DBRG | $3.0B | 29.36 | 2.17 | 5.8% | -166.42 |
| Upstart Holdings, Inc. | UPST | $2.9B | 67.73 | 3.74 | 6.7% | 42.65 |
| Peer Median | - | 14.49 | 1.43 | 8.0% | 4.33 | |