TowneBank reports Q2 core EPS 52c, consensus 57c

Reports Q2 revenue $181.57M, consensus $180.75M. Common equity tier 1 capital ratio of 11.99%. Book value per common share was $26.36 compared to $26.40 at March 31, 2023 and $25.48 at June 30, 2022. Tangible book value per common share was $19.31 compared to $19.04 at March 31, 2023 and $18.58 at June 30, 2022.”We continue to emphasize strong levels of on balance sheet liquidity, deposit growth, and prudent loan growth in the current environment. Our performance during the quarter delivered success on each of these important initiatives. Our HomeTowne Bankers generated nearly $170 million in deposit growth, or 5% on an annualized basis, which demonstrates the strength of our main street banking model. In addition, we increased reserve levels and grew tangible book value during the quarter. While earnings will likely remain under pressure in the short run, we believe our conservative approach to balance sheet management will position our Company to benefit from opportunities despite a challenging operating environment,” said G. Robert Aston, Jr., Executive Chairman.