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TowneBank (TOWN) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
TowneBank (TOWN) came out with quarterly earnings of $0.60 per share, beating the Zacks Consensus Estimate of $0.51 per share. This compares to earnings of $0.70 per share a year ago.
The headline numbers for TowneBank (TOWN) give insight into how the company performed in the quarter ended June 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
SUFFOLK, Va. and WINDSOR, Va., Dec. 16, 2022 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq: TOWN) and Farmers Bankshares, Inc. (OTCPK: FBVA), the parent company of Farmers Bank, Windsor, Virginia, announced today that they expect to complete their merger in early January 2023 as originally scheduled. The parties have received all required regulatory approvals, and the merger received the approval of Farmers Bankshares' shareholders, with more than 85% of the outstanding shares voting for the merger, at its special meeting of shareholders held on December 14, 2022.
TowneBank is a Virginia-focused bank with about $17B in assets. The loan book is heavily focused on commercial real estate, but the loan quality appears to be good.