Towne Bank Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended Dec. 31, 2015; Announces Quarterly Net Loans Charge Offs
January 29, 2016 at 07:30 pm IST
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Towne Bank announced unaudited consolidated financial results for the fourth quarter and full year ended Dec. 31, 2015. For the quarter, the company reported total interest income of $54,811,000 against $43,843,000 for the same period of last year. Net interest income was $46,331,000 against $37,139,000 for the same period of last year. Income before income tax expense & non-controlling interest was $17,815,000 against $10,582,000 for the same period of last year. Net income available to common shareholders was $12,466,000 against $7,044,000 for the same period of last year. Diluted earnings per share was $0.24 against $0.20 for the same period of last year. Return on average tangible assets (Non-GAAP) was 0.85% against 0.63% for the same period of last year. Return on average equity (GAAP basis) was 6.00% against 4.62 for the same period of last year. Return on average tangible equity (Non-GAAP) was 8.11% against 6.35 for the same period of last year. Return on average common equity (GAAP basis) was 6.07% against 5.21 for the same period of last year. Return on average tangible common equity (Non-GAAP) was 8.22% against 7.52 for the same period of last year. Book value (GAAP basis) per share was $15.71 against $14.88 for the same period of last year. Tangible book value per share was $12.21 against $11.09 for the same period of last year.
For the year, total interest income of $212,873,000 against $172,512,000 for the same period of last year. Net interest income was $180,442,000 against $145,736,000 for the same period of last year. Income before income tax expense & non-controlling interest was $92,541,000 against $63,109,000 for the same period of last year. Net income available to common shareholders was $62,369,000 against $41,404,000 for the same period of last year. Diluted earnings per share was $1.22 against $1.18 for the same period of last year. Return on average tangible assets (Non-GAAP) was 1.10% against 0.93% for the same period of last year. Return on average equity (GAAP basis) was 7.75% against 6.95% for the same period of last year. Return on average tangible equity (Non-GAAP) was 10.34% against 9.16% for the same period of last year. Return on average common equity (GAAP basis) was 7.85% against 7.94% for the same period of last year. Return on average tangible common equity (Non-GAAP) was 10.51% against 10.95% for the same period of last year. Book value (GAAP basis) was $15.71 against $14.88 for the same period of last year. Tangible book value per share was $12.21 against $11.09 for the same period of last year.
For the quarter, the company announced net loans charged offs were $156,000.
TowneBank is engaged in offering retail and commercial banking services to various markets in Virginia and North Carolina. The Company operates through three segments: Banking, Realty and Insurance. The Banking segment provides loan and deposit services to retail and commercial customers. It also provides commercial mortgage brokerage services and a variety of investment and asset management services. The Realty segment offers residential real estate services, mortgage loans, resort property management, and residential and commercial title insurance. The Insurance segment provides a full line of commercial and consumer insurance products and financial services, as well as employee benefit services. It operates over 45 banking offices (eight of which operate as Farmers Bank, a division of TowneBank) throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina. Its subsidiaries include Towne Investments, LLC, TowneBank Heritage Forest, LLC and others.
Towne Bank Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended Dec. 31, 2015; Announces Quarterly Net Loans Charge Offs