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TowneBank reports higher Q3 revenue YOY

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TowneBank reports higher Q3 revenue YOY

Portsmouth, Va.-based TowneBank reported net income attributable to the company of $37.7 million, or 52 cents per share, for the third quarter, compared with $38.3 million, or 53 cents per share, in the year-ago period.

The S&P Global Market Intelligence GAAP EPS consensus estimate for the quarter was 51 cents.

Net interest margin was 3.41% in the most recent quarter, compared with 3.62% a year ago.

Total revenues for the most recent quarter were $145.9 million, up from $137.9 million in the year-ago quarter.

Total loans held for investment in the third quarter amounted to $8.18 billion, compared with $8.13 billion in the second quarter and $7.88 billion in the third quarter of 2018.

Total deposits for the third quarter reached $9.44 billion, up from $8.30 billion in the same period in 2018.