Towne Bank in Portsmouth, Virginia (VA), NC
Overview, Financial Summary, Detailed Financial Reports, Branches

Towne Bank - Overview

  • General
  • FDIC Certificate #: 35095
    Status: Active
    Federal Reserve ID: 2797724
    Date Established: April 08, 1999
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 28 (Domestic: 28, Interstate: Yes)
    FDIC's unique #: 74673
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: Yes
    Subchapter S Corporations: No
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: April 08, 1999
    Last Structure Change Effective Date: December 03, 2010
    Last Structure Change Process Date: January 04, 2011
    Last Data Update: January 04, 2011
    Data Source Date: April 05, 2012
  • Location
  • Address: 5716 High Street, Portsmouth, VA 23703
    County: Portsmouth City
    Quarterly Banking Profile Region: Atlanta
    FDIC Geographic Region: Atlanta
    FDIC Supervisory Region: Atlanta
    FDIC Field Office: Richmond
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Southeast
    Metropolitan Statistical Area (MSA): Norfolk-Virginia Beach-Newport News, VA-NC (#5720)
    Core Based Statistical Area (CBSA): Virginia Beach-Norfolk-Newport News, VA-NC (#47260)
    CBSA Metro Statistical Area: Virginia Beach-Norfolk-Newport News, VA-NC (#47260)
  • History of Changes
  • Participated in Absorption/Consolidation/Merger
  • Financial Summary
  • Total assets: $4,081.8 mil
    Equity capital: $514.2 mil
    Deposits held in domestic offices: $3,206.8 mil
    Return on assets (ROA): 0.83% ($33.9 mil)
    Quarterly return on assets: 0.89% ($36.3 mil)
    Return on Equity (ROE): 6.62% ($34.0 mil)
    Quarterly return on equity: 7.03% ($36.1 mil)
    Net income: $33.3 mil
    Quarterly Net income: $9.0 mil
    Pretax return on assets: 1.15% ($46,940.4 mil)
    Quarterly Pretax return on assets: 1.19% ($48,573.1 mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)

  • Dollar figures in thousands
  • 1,131Total employees (full-time equivalent)
  • $4,081,771Total assets
  • $314,144Cash and due from depository institutions
  • $265,017Interest-bearing balances
  • $483,407Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $2,862,907Net loans & leases
  • $39,740Loan loss allowance
  • $10,854Trading account assets
  • $134,047Bank premises and fixed assets
  • $29,819Other real estate owned
  • $114,938Goodwill and other intangibles
  • $4,081,771Life insurance assets
  • $131,655All other assets
  • $3,561,282Total liabilities and capital
  • $3,206,835Total liabilities
  • $2,351,576Total deposits
  • $3,206,835Interest-bearing deposits
  • $60Deposits held in domestic offices
  • 11790.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $280,000Trading liabilities
  • $13,740Other borrowed funds
  • $48,917Subordinated debt
  • $520,489All other liabilities
  • $514,194Total equity capital
  • $514,194Total bank equity capital
  • $134,507Perpetual preferred stock
  • $48,585Common stock
  • $236,156Surplus
  • $94,946Undivided profits
  • Memoranda
  • $6,295Noncurrent loans and leases
  • $109,453Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $56,942Income earned, not collected on loans
  • $0Earning assets
  • $11,485Long-term assets (5+ years)
  • $3,622,185Average Assets, year-to-date
  • $715,925Average Assets, quarterly
  • $3,994,431Volatile liabilities
  • $4,055,026Insider loans
  • $3,219,283FHLB advances
  • $3,934,945Loans and leases held for sale
  • $53,315Unused loan commitments
  • $52,404Tier 1 (core) risk-based capital
  • $402,797Tier 2 risk-based capital
  • $911Total risk weighted assets
  • $0Total unused commitments
  • $840,255Restructured Loans and leases
  • $195,204Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $172,474Total interest income
  • $36,252Total interest expense
  • $136,222Net interest income
  • $13,602Provision for loan and lease losses
  • $98,614Total noninterest income
  • $0Fiduciary activities
  • $7,211Service charges on deposit accounts
  • $0Trading account gains & fees
  • $91,403Additional noninterest income
  • $179,382Total noninterest expense
  • $106,368Salaries and employee benefits
  • $19,684Premises and equipment expense
  • $53,330Additional noninterest expense
  • $41,852Pre-tax net operating income
  • $3,681Securities gains (losses)
  • $12,726Applicable income taxes
  • $32,807Income before extraordinary items
  • $0Extraordinary gains - net
  • $33,321Net income attributable to bank
  • -$514Net charge-offs
  • $32,807Cash dividends
  • $12,523Sale, conversion, retirement of capital stock, net
  • $17,388Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.85%Yield on earning assets
  • 1.02%Cost of funding earning assets
  • 3.83%Net interest margin
  • 2.78%Noninterest income to earning assets
  • 5.05%Noninterest expense to earning assets
  • 0.75%Net operating income to assets
  • 0.83%Return on assets (ROA)
  • 1.15%Pretax return on assets
  • 6.62%Return on equity (ROE)
  • 3.17%Retained earnings to average equity (YTD only)
  • 0.45%Net charge-offs to loans
  • 108.62%Credit loss provision to net charge-offs
  • 4.43%Efficiency ratio
  • 75,258Assets per employee
  • 3.61%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 52.18%Loss allowance to loans
  • 1.37%Loss allowance to noncurrent loans
  • 69.79%Noncurrent assets plus other real estate owned to assets
  • 2.13%Noncurrent loans to loans
  • 1.96%Net loans and leases to deposits
  • 89.28%Net loans and leases to core deposits
  • 105.38%Equity capital to assets
  • 12.60%Core capital (leverage) ratio
  • 10.24%Tier 1 risk-based capital ratio
  • 12.51%Total risk-based capital ratio
  • Memoranda
  • $14Average assets
  • $3,994,431Average earning assets
  • $503,274Average equity
  • $3,552,613Average loans

List of branches

  • 6 North Carolina Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    301352Moyock Branch250 Caratoke Highway, Moyock, NC 27958January 01, 1920Full Service Brick and Mortar
    31190797Grandy Branch6670 Caratoke Highway, Grandy, NC 27939January 10, 1973Full Service Brick and Mortar
    32190798Camden BranchHighway 168, Camden, NC 27921October 06, 1977Full Service Brick and Mortar
    33190799Corolla Branch824 Ocean Trail, Corolla, NC 27927October 22, 1990Full Service Brick and Mortar
    34420389Kill Devil Hills Branch3105 North Croatan Highway, Kill Devil Hills, NC 27948June 19, 2003Full Service Brick and Mortar
    35453854Southern Shores Branch5531 N. Croatan Hwy., Southern Shores, NC 27949August 15, 2005Full Service Brick and Mortar
  • 22 Virginia Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    074673Towne Bank5716 High Street, Portsmouth, VA 23703April 08, 1999Full Service Brick and Mortar
    1290885Greenbrier Branch1312 Greenbrier Parkway, Chesapeake, VA 23320April 08, 1999Full Service Brick and Mortar
    2290886First Colonial Branch984 First Colonial Road, Virginia Beach, VA 23454April 08, 1999Full Service Brick and Mortar
    6358768Portsmouth Boulevard Branch6201 Portsmouth Boulevard, Portsmouth, VA 23701September 25, 2000Full Service Brick and Mortar
    7360982Town Center Branch297 Constitution Drive, Virginia Beach, VA 23462October 06, 2000Full Service Brick and Mortar
    8360983Pavilion Center Ii Branch600 22nd Street, Ste 100, Virginia Beach, VA 23451January 02, 2001Full Service Brick and Mortar
    10423169Great Bridge Branch137 Mount Pleasant Road, Chesapeake, VA 23322September 02, 2003Full Service Brick and Mortar
    1156861Oyster Point Branch1 Old Oyster Point Road, Suite 100, Newport News, VA 23602July 08, 1996Full Service Brick and Mortar
    12290465Warwick Branch11001 Warwick Boulevard, Newport News, VA 23601July 20, 1998Full Service Brick and Mortar
    16362320Hampton Branch550 Settlers Landing Road, Hampton, VA 23669September 26, 2001Full Service Brick and Mortar
    17365673Patriots Colony Branch6000 Patriots Colony Drive, Williamsburg, VA 23188November 06, 2002
    18420396York Branch6515 George Washington Memorial Highway, Yorktown, VA 23692April 15, 2003Full Service Brick and Mortar
    19423140Port Warwick Branch1030 Loftis Boulevard, Suite 100, Newport News, VA 23606August 18, 2003Full Service Brick and Mortar
    20431439Patriots Colony Branch6000 Patriots Colony Drive, Williamsburg, VA 23188March 20, 2004Limited Service Mobile
    21433862Olde Towne Branch200 High Street, Portsmouth, VA 23704January 06, 2005Full Service Brick and Mortar
    22440174Norfolk Branch109 East Main Street, Norfolk, VA 23510May 02, 2005Full Service Brick and Mortar
    24442568Member Service Center6001 Harbour View Boulevard, Suffolk, VA 23435April 23, 2003Limited Service Administrative
    25447252New Town Branch5216 Monticello Avenue, Williamsburg, VA 23188January 23, 2006Full Service Brick and Mortar
    26458387Harbor's Edge Branch1 Colley Avenue, Suite 100, Norfolk, VA 23510Febuary 05, 2007Full Service Brick and Mortar
    27500321Kingsmill Branch1510 Quarterpath Road, Williamsburg, VA 23185October 13, 2009Full Service Brick and Mortar
    28510571Harbour View Financial Center5806 Harbour View Boulevard, Suffolk, VA 23435July 23, 2010Full Service Brick and Mortar
    29513002Princess Anne Branch2539 Princess Anne Road, Virginia Beach, VA 23456September 23, 2010Full Service Brick and Mortar

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