TowneBank (TOWN)

TowneBank Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	627.24	573.13	439.87	408.55	424.5
Interest Income on Investments	147.29	132.12	78.07	34.9	35.66
Total Interest Income	774.53	705.24	517.94	443.45	460.16
Interest Paid on Deposits	318.42	219.98	40.82	27.11	57.86
Interest Paid on Borrowings	13.5	27.49	15.76	13.98	22.15
Total Interest Expense	331.92	247.46	56.57	41.08	80.02
Net Interest Income	442.61	457.78	461.37	402.37	380.14
Net Interest Income Growth (YoY)	-3.31%	-0.78%	14.66%	5.85%	6.08%
Trust Income	50.49	-	-	-	-
Mortgage Banking Activities	46.96	39.42	47.15	109.3	112.17
Gain (Loss) on Sale of Investments	0.31	9.38	-	1.22	27.26
Gain (Loss) on Sale of Equity Investments	-	-0.97	0.56	1.33	2.1
Other Non-Interest Income	134.02	170.1	159.95	150.48	129.47
Total Non-Interest Income	251.15	236.34	224.38	277.96	284.19
Non-Interest Income Growth (YoY)	6.26%	5.33%	-19.28%	-2.19%	38.23%
Revenues Before Loan Losses	693.75	694.12	685.75	680.33	664.34
Provision for Loan Losses	-0.55	18.68	8.61	-16.77	67.18
Revenue	694.3	675.44	677.14	697.1	597.16
Revenue Growth (YoY)	2.79%	-0.25%	-2.86%	16.74%	7.68%
Salaries and Employee Benefits	289.25	263.14	250.41	240.21	230.2
Amortization of Goodwill & Intangibles	12.77	14.16	10.62	11.13	11.5
Selling, General & Administrative	131.52	128.46	113.82	105.21	97.23
Other Non-Interest Expense	70.38	73.88	65.37	59.71	56.97
Total Non-Interest Expense	503.92	479.63	440.21	416.25	395.89
EBT Excluding Unusual Items	190.38	195.82	236.93	280.85	201.27
Other Unusual Items	-	-	1.19	-	-
Pretax Income	190.38	186.22	237.05	279.83	201.33
Income Tax Expense	27.65	31.09	46.58	54.8	31.9
Earnings From Continuing Operations	162.73	155.14	190.47	225.03	169.43
Minority Interest in Earnings	-0.98	-1.42	-1.48	-9.65	-23.9
Net Income	161.76	153.72	188.99	215.38	145.54
Net Income to Common	161.76	153.72	188.99	215.38	145.54
Net Income Growth	5.23%	-18.66%	-12.26%	47.99%	4.87%
Basic Shares Outstanding	75	75	73	72	72
Diluted Shares Outstanding	75	75	73	73	72
Shares Change (YoY)	0.67%	2.87%	0.02%	0.30%	0.22%
EPS (Basic)	2.16	2.06	2.60	2.97	2.01
EPS (Diluted)	2.15	2.06	2.60	2.97	2.01
EPS Growth	4.41%	-20.80%	-12.46%	47.76%	4.69%
Dividend Per Share	1.000	0.980	0.890	0.780	0.720
Dividend Growth	2.04%	10.11%	14.10%	8.33%	2.86%
Effective Tax Rate	14.52%	16.69%	19.65%	19.58%	15.84%

Source: S&P Capital IQ. Banks template. Financial Sources.