TowneBank Reports First Quarter 2026 Earnings
TowneBank reported Q1 2026 net income of $41.0M, or $0.45 per share, down from $43.7M a year ago due to $31.7M in acquisition-related expenses. However, core earnings (non-GAAP) surged to $66.7M, or $0.74 per share, driven by record total revenue of $246.5M, which increased 34.6% year-over-year following the Dogwood State Bank acquisition. The bank successfully closed the $250M sale of its Resort Property Management segment, with an anticipated gain of $195M, and acquired roughly $1.95B in loans and $1.93B in deposits from Dogwood. Total deposits grew 11.9% sequentially to $18.48B, while net interest margin expanded to 3.58%.
Key figures
- Eps
- 0.45
- Eps Beat
- 0
- Revenue
- $246.45 million
- Revenue Yoy
- 34.60%
- Deal Value Usd
- 250000000
- Offering Price
- 0
- Shares Offered
- 0
- Total loans
- $15.26 billion
- Total assets
- $22.36 billion
- Total deposits
- $18.48 billion
- Core eps non gaap
- 0.74
- Net interest income
- $172.94 million
- Net interest margin
- 3.58%
- Acquired loans dogwood
- $1.95 billion
- Provision for credit losses
- $344 thousand
- Tangible book value per share
- $21.49
AI analysis
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