TowneBank reports quarterly, annual financial results

Published 8:51 pm Monday, February 12, 2024

TowneBank has reported its fourth quarter and 2023 financial results. 

For the year ended Dec. 31, 2023, earnings were $153.72 million, or $2.06 per diluted share, compared to $188.99 million, or $2.60 per diluted share, for the year ended Dec. 31, 2022. 

Excluding acquisition-related items, an FDIC special assessment and certain notable items, adjusted earnings (non-GAAP) for 2023 were $160.94 million, or $2.16 per diluted share, compared to $190.01 million, or $2.62 per diluted share, for 2022. 

Earnings in the fourth quarter of 2023 were $28.80 million, or 39 cents per diluted share, compared to fourth quarter 2022 earnings of $46.69 million, or 64 cents per diluted share. Excluding acquisition-related items, the FDIC special assessment, and other notable items, adjusted earnings (non- GAAP) for fourth quarter 2023 were $31.10 million, or 42 cents per diluted share, compared to $47.01 million, or $0.65 per diluted share, for fourth quarter 2022.

“The banking industry operated in a challenging environment in 2023 driven by rising interest rates, inflationary impact on expenses and the failure of three somewhat unusual banks in California and New York whose business models carried significantly more risk than most Main Street banks like Towne,” said TowneBank Executive Chairman G. Robert Aston Jr. “Our conservative approach on maintaining strong liquidity, prudent growth rates and robust capital served us well during this period of economic uncertainty. Standing by our members during difficult periods while protecting the interests of our shareholders, employees, and our communities continues to be the hallmark of our success.”