TowneBank Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017
January 25, 2018 at 08:30 am
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TowneBank reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net interest income of $65,664,000 compared to $62,151,000 a year ago. Total revenue was $109,141,000 compared to $101,669,000 a year ago. Income before income tax and noncontrolling interest was $34,612,000 compared to $27,004,000 a year ago. Net income attributable to bank was $12,333,000 or $0.20 per basic and diluted share compared to $18,996,000 or $0.31 per basic and diluted share a year ago. Return on average assets was 0.57% compared to 0.95% a year ago. Return on average assets tangible was 0.65% compared to 1.05% a year ago. Return on average equity was 4.26% compared to 6.95% a year ago. Return on average equity tangible was 6.39% compared to 10.27% a year ago. Return on average tangible assets (non-GAAP) was 0.65% compared to 1.05% a year ago. Return on average tangible equity (non-GAAP) was 6.39% compared to 10.27% a year ago. Excluding merger-related expenses and adjustments related to tax reform, earnings for the quarter ended December 31, 2017 were $22.87 million (non-GAAP) compared to $18.55 million (non-GAAP) in 2016. Fully diluted earnings per share, excluding merger-related expenses and adjustments related to tax reform, were $0.37 (non-GAAP) compared to $0.30 (non-GAAP) for 2016.
For the year, the company reported net interest income of $261,121,000 compared to $218,876,000 a year ago. Total revenue was $449,242,000 compared to $374,098,000 a year ago. Income before income tax and noncontrolling interest was $147,602,000 compared to $100,913,000 a year ago. Net income attributable to bank was $87,663,000 or $1.41 per basic and diluted share compared to $67,250,000 or $1.18 per basic and diluted share a year ago. Return on average assets was 1.05% compared to 0.93% a year ago. Return on average assets tangible was 1.15% compared to 1.02% a year ago. Return on average equity was 7.80% compared to 6.98% a year ago. Return on average equity tangible was 11.35% compared to 9.93% a year ago. Book value per common share as at December 31, 2017 was $18.06 compared to $17.20 a year ago. Book value per common share - tangible as at December 31, 2017 was $13.13 compared to $12.36 a year ago. Return on average tangible assets (non-GAAP) was 1.15% compared to 1.02% a year ago. Return on average tangible equity (non-GAAP) was 11.35% compared to 9.93% a year ago. Excluding merger-related expenses, purchase accounting adjustments, and adjustments related to tax reform, earnings for the year ended December 31, 2017 were $97.18 million (non-GAAP) compared to $80.15 million (non-GAAP) in 2016. Fully diluted earnings per share were $1.56 (non-GAAP) compared to $1.41 (non-GAAP) for 2016.
The company reported net charge-offs of $0.14 million in the fourth quarter of 2017 compared to $0.49 million in the fourth quarter of 2016.
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.
TowneBank Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017