TowneBank Second Quarter 2024 Earnings: Beats Expectations

TowneBank (NASDAQ:TOWN) Second Quarter 2024 Results

Key Financial Results

• Revenue: US$175.1m (down 1.6% from 2Q 2023).
• Net income: US$42.9m (up 2.7% from 2Q 2023).
• Profit margin: 25% (up from 23% in 2Q 2023). The increase in margin was driven by lower expenses.
• EPS: US$0.57 (up from US$0.56 in 2Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

TowneBank Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 19%.

Looking ahead, revenue is forecast to grow 9.8% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are down 6.3% from a week ago.

Risk Analysis

Before we wrap up, we've discovered 1 warning sign for TowneBank that you should be aware of.

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