Towne Bank (TOWN) Misses Q1 EPS by 16c

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Go back to Towne Bank (TOWN) Misses Q1 EPS by 16c

TowneBank Reports First Quarter 2023 Earnings

April 27, 2023 8:00 AM EDT

SUFFOLK, Va., April 27, 2023 (GLOBE NEWSWIRE) -- TowneBank ("Towne") (NASDAQ: TOWN) today reported earnings for the quarter ended March 31, 2023 of $38.33 million, or $0.52 per diluted share, compared to $45.59 million, or $0.63 per diluted share, for the quarter ended March 31, 2022. Excluding acquisition-related items, core earnings (non-GAAP) for the quarter ended March 31, 2023 were $46.30 million, or $0.62 per diluted share, compared to $45.63 million, or $0.63 per diluted share, for the quarter ended March 31, 2022.

"The quarter presented unexpected industry challenges which highlighted our prudent approach to conservative balance sheet management and growth. Our capital, liquidity and core funding has been a... More