TowneBank

NASDAQ:TOWNUnited States

Oct 23, 2024

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• -- Earnings Flash (TOWN) TOWNEBANK Reports Q3 EPS $0.58, from 4:34PM ET on Wednesday Oct 23, 2024 by MT Newswires

  4:34PM ET on Wednesday Oct 23, 2024 by MT Newswires
  Companies Mentioned: TOWN
  04:34 PM EDT, 10/23/2024 (MT Newswires) -- ...

• TowneBank Reports Third Quarter 2024 Earnings, from 4:30PM ET on Wednesday Oct 23, 2024 by Dow Jones

  4:30PM ET on Wednesday Oct 23, 2024 by Dow Jones
  Companies Mentioned: TOWN
  assets 522,219 526,445 525,122 523,335 526,375 ---------- ---------- ---------- ---------- ---------- Average tangible assets (non-GAAP) $16,505,922 $16,236,414 $16,457,360 $16,435,205 $16,121,429 ---------- ---------- ---------- ---------- ---------- Average equity (GAAP) $ 2,105,049 $ 1,986,469 $ 2,045,622 $ 2,063,800 $ 1,970,510 Less: average goodwill and intangible assets 522,219 526,445 525,122 523,335 526,375 ---------- ---------- ---------- ---------- ---------- Average tangible equity (non-GAAP) $ 1,582,830 $ 1,460,024 $ 1,520,500 $ 1,540,465 $ 1,444,135 ---------- ---------- ---------- ---------- ---------- Average common equity (GAAP) $ 2,088,674 $ 1,969,898 $ 2,029,150 $ 2,047,482 $ 1,954,850 Less: average goodwill and intangible assets 522,219 526,445 525,122 523,335 526,375 ---------- ---------- ---------- ---------- ---------- Average tangible common equity (non-GAAP) $ 1,566,455 $ 1,443,453 $ 1,504,028 $ 1,524,147 $ 1,428,475 ---------- ---------- ---------- ---------- ---------- Net income (GAAP) $ 42,949 $ 44,862 $ 42,856 $ 120,492 $ 124,911 Amortization of intangibles, net of tax 2,473 2,852 2,605 7,643 8,488 ---------- ---------- ---------- ---------- ---------- Tangible net income (non-GAAP) $ 45,422 $ 47,714 $ 45,461 $ 128,135 $ 133,399 Total revenue (GAAP) $ 174,518 $ 172,864 $ 174,970 $ 516,590 $ 538,575 Net (gain)/loss on investment securities -- -- -- (74) -- Other nonrecurring (income) loss (20) (554) -- (20) (9,386) ---------- ---------- ---------- ---------- ---------- Total Revenue for efficiency calculation (non-GAAP) $ 174,498 $ 172,310 $ 174,970 $ 516,496 $ 529,189 ---------- ---------- ---------- ---------- ---------- Noninterest expense (GAAP) $ 126,900 $ 117,702 $ 123,984 $ 376,475 $ 367,328 Less: amortization of intangibles 3,130 3,610 3,298 9,675 10,744 ---------- ---------- ---------- ---------- ---------- Noninterest expense net of amortization (non-GAAP) $ 123,770 $ 114,092 $ 120,686 $ 366,800 $ 356,584 ---------- ---------- ---------- ---------- ---------- TOWNEBANK Reconciliation of Non-GAAP Financial Measures (dollars in thousands, except per share data) Reconciliation of GAAP Earnings to Operating Earnings Excluding Certain Items Affecting Comparability Three Months Ended ---------------------- ----------------------------------------------------------------------------------- September 30, June 30, March 31, December 31, September 30, 2024 2024 2023 2023 2023 Net income (GAAP) $ 42,949 $ 42,856 $ 34,687 $ 28,804 $ 44,862 ---------- ---------- ---------- ---------- ---------- Adjustments ---------------------- Plus: Acquisition-related expenses, net of tax 460 18 564 56 458 Plus: FDIC special assessment, net of tax -- (310) 1,021 4,083 -- Less: Gain on sale of equity investments, net of noncontrolling interest (16) -- -- (1,846) (438) Core operating earnings, excluding certain items affecting comparability (non-GAAP) $ 43,393 $ 42,564 $ 36,272 $ 31,097 $ 44,882 ========== ========== ========== ========== ========== Weighted average diluted shares 75,141,661 75,037,955 74,979,501 74,793,557 74,765,515 Diluted EPS (GAAP) $ 0.57 $ 0.57 $ 0.46 $ 0.39 $ 0.60 Diluted EPS, excluding certain items affecting comparability (non-GAAP) $ 0.58 $ 0.57 $ 0.48 $ 0.42 $ 0.60 Average assets $17,028,141 $16,982,482 $16,864,235 $16,683,041 $16,762,859 Average tangible equity $ 1,582,830 $ 1,520,500 1,517,600 $ 1,465,216 $ 1,460,024 Average common tangible equity $ 1,566,455 $ 1,504,028 $ 1,501,494 $ 1,449,052 $ 1,443,453 Return on average assets, excluding certain items affecting comparability (non-GAAP) 1.01% 1.01% 0.87% 0.74% 1.06% Return on average tangible equity, excluding certain items affecting comparability (non-GAAP) 11.53% 11.95% 10.29% 9.15% 12.97% Return on average common tangible equity, excluding certain items affecting comparability (non-GAAP) 11.65% 12.08% 10.40% 9.25% 13.13% Efficiency ratio, excluding certain items affecting comparability (non-GAAP) 72.45% 70.85% 74.84% 78.33% 67.76% TOWNEBANK Reconciliation of Non-GAAP Financial Measures (dollars in thousands, except per share data) Reconciliation of GAAP Earnings to Operating Earnings Excluding Certain Items Affecting Comparability Nine Months Ended ----------------------------------- September 30, September 30, 2024 2023 Net income (GAAP) $ 120,492 $ 124,911 ---------- ---------- Adjustments ----------------------------------- Plus: Acquisition-related expenses, net of tax 1,040 7,718 Plus: FDIC special assessment, net of tax 711 -- Plus: Initial provision for acquired loans, net of tax -- 3,166 Less: Gain on sale of equity investments, net of noncontrolling interest and tax (16) (5,951) Core operating earnings, excluding certain items affecting comparability (non-GAAP) $ 122,227 $ 129,844 ========== ========== Weighted average diluted shares 75,043,848 74,618,743 Diluted EPS (GAAP) $ 1.61 $ 1.67 Diluted EPS, excluding certain items affecting comparability (non-GAAP) $ 1.63 $ 1.74 Average assets $16,958,540 $16,647,804 Average tangible equity $ 1,540,465 $ 1,444,135 Average tangible common equity $ 1,524,147 $ 1,428,475 Return on average assets, excluding certain items affecting comparability (non-GAAP) 0.96% 1.04% Return on average tangible equity, excluding certain items affecting comparability (non-GAAP) 11.26% 12.81% Return on average common tangible equity, excluding certain items affecting comparability (non-GAAP) 11.38% 12.95% Efficiency ratio, excluding certain items affecting comparability (non-GAAP) 72.68% 67.61%
  

• *DJ Towne Bank 3Q EPS 57c >TOWN, from 4:30PM ET on Wednesday Oct 23, 2024 by Dow Jones

  4:30PM ET on Wednesday Oct 23, 2024 by Dow Jones
  Companies Mentioned: TOWN