TowneBank Reports Full Year and Fourth Quarter Financial Results for 2024

SUFFOLK, Va., Jan. 22, 2025 (GLOBE NEWSWIRE) -- TowneBank (the "Company" or "Towne") (Nasdaq: TOWN) today reported financial results for the full year and fourth quarter ended December 31, 2024.  For the year ended December 31, 2024, earnings were $161.76 million, or $2.15 per diluted share, compared to $153.72 million, or $2.06 per diluted share, for the year ended December 31, 2023.  Excluding certain items affecting comparability, core earnings (non-GAAP) for 2024 were $163.65 million, or $2.18 per diluted share, compared to $160.94 million, or $2.16 per diluted share, for 2023.  Earnings in the fourth quarter of 2024 were $41.27 million, or $0.55 per diluted share, compared to fourth quarter 2023 earnings of $28.80 million, or $0.39 per diluted share.  Excluding certain items affecting comparability, core earnings (non-GAAP) for fourth quarter 2024 were $41.42 million, or $0.55 per diluted share, compared to $31.10 million, or $0.42 per diluted share, for fourth quarter 2023.

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