TowneBank reports Q4 EPS 42c, consensus 46c

Reports Q4 revenue $155.6M, consensus $164.7M. “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. 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,” said G. Robert Aston, Jr., Executive Chairman.