TowneBank reports Q4 adjusted EPS 65c vs 55c last year

Reports Q4 revenue $175.31M vs $160.424M last year. "We were pleased with our results for 2022, which exceeded our expectations entering the year. We achieved an increase in total revenues despite significant headwinds in our residential mortgage business and reduced fee income related to the Paycheck Protection Program. Our credit quality remains strong and we prudently built our reserve levels in this uncertain economic environment. Once again, TowneBank enjoyed a #1 market share position for our home market in Hampton Roads. Looking ahead, our strong balance sheet, diversified business model and valuable deposit franchise should position our company to outperform in a wide range of economic environments. I wish to thank all of our nearly 2,800 team members who embrace and define our culture of caring each day," said G. Robert Aston, Jr., Executive Chairman.