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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 | 7.6% | -0.3% | 5.3% |
| 2023 | $694M | - | $153M | $117M | 7.5% | 1.2% | -18.9% |
| 2022 | $686M | - | $189M | $363M | 10.1% | - | - |
| 2021 | - | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 686.38 | 694.38 | 692.04 | 833.68 |
| Operating Revenue | - | 686.38 | 694.38 | 692.04 | 833.68 |
| Selling General And Administration | - | 279.92 | 305.22 | 321.53 | 348.83 |
| Interest Income | - | 517.94 | 705.24 | 774.53 | 846.26 |
| Interest Expense | - | 56.57 | 247.46 | 331.92 | 282.65 |
| Net Interest Income | - | 461.36 | 457.78 | 442.60 | 563.61 |
| Pretax Income | - | 237.05 | 185.51 | 189.92 | 210.22 |
| Tax Provision | - | 46.58 | 30.92 | 27.54 | 39.42 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.21 | -1.61 | -0.20 | -10.42 |
| Net Income Continuous Operations | - | 190.47 | 154.60 | 162.37 | 170.79 |
| Net Income From Continuing And Discontinued Operation | - | 188.99 | 153.21 | 161.36 | 169.53 |
| Net Income From Continuing Operation Net Minority Interest | - | 188.99 | 153.21 | 161.36 | 169.53 |
| Net Income | - | 188.99 | 153.21 | 161.36 | 169.53 |
| Net Income Common Stockholders | - | 188.99 | 153.21 | 161.36 | 169.53 |
| Net Income Including Noncontrolling Interests | - | 190.47 | 154.60 | 162.37 | 170.79 |
| Normalized Income | - | 189.84 | 161.19 | 162.50 | 214.33 |
| Diluted NI Availto Com Stockholders | - | 188.99 | 153.21 | 161.36 | 169.53 |
| Basic Average Shares | - | 72.56 | 74.65 | 74.93 | 76.41 |
| Diluted Average Shares | - | 72.58 | 74.66 | 75.17 | 76.75 |
| Reconciled Depreciation | - | 28.70 | 34.22 | 35.07 | 40.23 |
| Total Unusual Items | - | -1.06 | -9.59 | -1.34 | -55.23 |
| Total Unusual Items Excluding Goodwill | - | -1.06 | -9.59 | -1.34 | -55.23 |
| Minority Interests | - | -1.48 | -1.39 | -1.02 | -1.26 |
| Special Income Charges | - | -1.06 | -9.59 | -1.34 | -55.23 |
| Other Special Charges | 13.61 | - | - | - | - |
| 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 | 14.16 | 12.77 | 16.78 |
| Depreciation And Amortization In Income Statement | - | 10.62 | 14.16 | 12.77 | 16.78 |
| General And Administrative Expense | - | 263.92 | 289.83 | 305.90 | 333.70 |
| Other Gand A | 13.78 | - | - | - | - |
| Salaries And Wages | - | 258.04 | 273.60 | 294.08 | 321.38 |
| Insurance And Claims | - | 5.88 | 16.23 | 11.82 | 12.32 |
| Selling And Marketing Expense | - | 16 | 15.39 | 15.63 | 15.13 |
| Amortization | - | 10.62 | 14.16 | 12.77 | 16.78 |
| Amortization Of Intangibles Income Statement | - | 10.62 | 14.16 | 12.77 | 16.78 |
| 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 | $3.1B | 18.29↑ premium | 1.28 | 7.0% | - |
| F&G Annuities & Life, Inc. | FG | $3.6B | 13.58 | 0.75 | 5.5% | - |
| WesBanco, Inc. | WSBC | $3.3B | 14.92 | 0.87 | 5.9% | - |
| Mechanics Bancorp | MCHB | $3.3B | - | - | - | - |
| Upstart Holdings, Inc. | UPST | $3.1B | 57.62 | 3.87 |
| - |
| - |
| - |
| 6.7% |
| - |
| DigitalBridge Group, Inc. | DBRG | $2.9B | 20.42 | 2.21 | 10.8% | 94.72 |
| Nicolet Bankshares, Inc. | NIC | $2.9B | 19.21 | 2.30 | 12.0% | - |
| Hamilton Insurance Group, Ltd. | HG | $2.9B | 5.01 | 1.02 | 20.4% | - |
| First Merchants Corporation | FRME | $2.5B | 11.18 | 1.04 | 9.3% | - |
| Peer Median | - | 14.92 | 1.04 | 9.3% | 94.72 | |