Towne Bank (TOWN) Tops Q2 EPS by 1c

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Go back to Towne Bank (TOWN) Tops Q2 EPS by 1c

TowneBank Reports Second Quarter 2022 Earnings

July 28, 2022 8:30 AM EDT

SUFFOLK, Va., July 28, 2022 (GLOBE NEWSWIRE) -- TowneBank (the "Company" or "Towne") (NASDAQ: TOWN) today reported earnings for the quarter ended June 30, 2022 of $46.55 million, or $0.64 per diluted share, compared to $55.80 million, or $0.77 per diluted share, for the quarter ended June 30, 2021.

"Our second quarter earnings reflected prudent strategic actions taken over the past twenty-four months to prepare our balance sheet for rising interest rates. While mortgage loan production declined sharply due primarily to higher interest rates, stellar growth of the loan portfolio during the quarter led to... More