TowneBank (TOWN)

TowneBank Income Statement

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

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	618.92	573.13	439.87	408.55	424.5	417.05
Interest Income on Investments	143.68	132.12	78.07	34.9	35.66	50.77
Total Interest Income	762.6	705.24	517.94	443.45	460.16	467.83
Interest Paid on Deposits	315.74	219.98	40.82	27.11	57.86	86.26
Interest Paid on Borrowings	14.58	27.49	15.76	13.98	22.15	23.22
Total Interest Expense	330.32	247.46	56.57	41.08	80.02	109.47
Net Interest Income	432.28	457.78	461.37	402.37	380.14	358.36
Net Interest Income Growth (YoY)	-9.72%	-0.78%	14.66%	5.85%	6.08%	5.07%
Mortgage Banking Activities	43.72	39.42	47.15	109.3	112.17	66.81
Gain (Loss) on Sale of Investments	0.09	9.38	-	1.22	27.26	-0.85
Gain (Loss) on Sale of Equity Investments	-0.97	-0.97	0.56	1.33	2.1	0.7
Other Non-Interest Income	177.82	170.1	159.95	150.48	129.47	123.63
Total Non-Interest Income	239.86	236.34	224.38	277.96	284.19	205.59
Non-Interest Income Growth (YoY)	2.56%	5.33%	-19.28%	-2.19%	38.23%	7.30%
Revenues Before Loan Losses	672.14	694.12	685.75	680.33	664.34	563.94
Provision for Loan Losses	0.29	18.68	8.61	-16.77	67.18	9.37
Revenue	671.84	675.44	677.14	697.1	597.16	554.57
Revenue Growth (YoY)	-2.69%	-0.25%	-2.86%	16.74%	7.68%	5.81%
Salaries and Employee Benefits	273.13	263.14	250.41	240.21	230.2	213.58
Occupancy Expenses	2.42	-	-	-	-	-
Amortization of Goodwill & Intangibles	13.09	14.16	10.62	11.13	11.5	12.37
Selling, General & Administrative	135.46	128.46	113.82	105.21	97.23	99.84
Other Non-Interest Expense	73.14	73.88	65.37	59.71	56.97	51.86
Total Non-Interest Expense	497.24	479.63	440.21	416.25	395.89	377.65
EBT Excluding Unusual Items	174.61	195.82	236.93	280.85	201.27	176.93
Other Unusual Items	-	-	1.19	-	-	-
Pretax Income	173.48	186.22	237.05	279.83	201.33	176.27
Income Tax Expense	23.64	31.09	46.58	54.8	31.9	32.6
Earnings From Continuing Operations	149.84	155.14	190.47	225.03	169.43	143.67
Minority Interest in Earnings	-0.54	-1.42	-1.48	-9.65	-23.9	-4.89
Net Income	149.3	153.72	188.99	215.38	145.54	138.78
Net Income to Common	149.3	153.72	188.99	215.38	145.54	138.78
Net Income Growth	-13.00%	-18.66%	-12.26%	47.99%	4.87%	3.73%
Basic Shares Outstanding	75	75	73	72	72	72
Diluted Shares Outstanding	75	75	73	73	72	72
Shares Change (YoY)	1.17%	2.87%	0.02%	0.30%	0.22%	1.26%
EPS (Basic)	1.99	2.06	2.60	2.97	2.01	1.93
EPS (Diluted)	1.99	2.06	2.60	2.97	2.01	1.92
EPS Growth	-13.62%	-20.80%	-12.46%	47.76%	4.69%	2.13%
Dividend Per Share	1.000	0.980	0.890	0.780	0.720	0.700
Dividend Growth	4.17%	10.11%	14.10%	8.33%	2.86%	12.90%
Effective Tax Rate	13.63%	16.69%	19.65%	19.58%	15.84%	18.49%

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