TOWN - TowneBank beats Q3 estimates on organic loan growth credit quality
Regional bank TowneBank (NASDAQ:TOWN) posts Q3 results that reflect solid organic growth, credit quality metrics and continued strong momentum in its fee-based business. Total deposits of $13.01B increases from $12.96B in Q2 and $11.70B in the year-ago quarter. Q3 diluted EPS of $0.69 beats the consensus estimate of $0.65, compared with $0.77 in the prior quarter; beats the revenue estimate by $8.38M to $170.7M vs. $167.3M in Q2. Still, total loans held for investment of $9.30B in Q3 declines from $9.42 in the prior quarter. Nonperforming assets of $13.86M in Q3 falls from $28.74M in the year-ago quarter. Q3 total loans held for investment to deposits of 71.44%, compared with 72.69% in the prior quarter and 83.47% in Q2 2020. Q3 book value per common share of $25.91 vs. $25.52 in Q2. Noninterest income as a percentage of total revenue also ticks up to 40.94% in Q3, compared with 39.55%
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TowneBank beats Q3 estimates on organic loan growth, credit quality