TOWN - TowneBank GAAP EPS of $0.64 revenue of $175.31M

January, 26 2023 09:07 AM Towne Bank

TowneBank press release ( NASDAQ: TOWN ): Q4 GAAP EPS of $0.64.
Revenue of $175.31M (+9.3% Y/Y).
Pre-provision, pre-tax, net revenues (non-GAAP) were $64.36 million, an increase of $15.87 million, or 32.74%, compared to the prior year quarter.
Loans held for investment increased $0.23 billion, or 8.83% on an annualized basis, from September 30, 2022.
Total deposits were $13.29 billion, a decrease of $0.12 billion, or 3.49% on an annualized basis, compared to the linked quarter September 30, 2022.
Noninterest bearing deposits decreased 5.07%, to $5.27 billion, compared to prior year, representing 39.61% of total deposits. Compared to the linked quarter, noninterest bearing deposits decreased $0.31 billion.
In the quarter ended December 31, 2022, annualized return on average common shareholders' equity was 10.07% and annualized return on average tangible common shareholders' equity was 14.44% (non-GAAP).
Net interest margin was 3.51% and taxable equivalent net interest margin was 3.53% (non-GAAP) compared to the prior year quarter net interest margin of 2.70% and taxable equivalent net interest margin of 2.72% (non-GAAP).
Effective tax rate of 19.90% compared to 18.97% in fourth quarter 2021 and 20.08% in the linked quarter.

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