Towne Bank in Portsmouth, Virginia (VA), NC



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Towne Bank
GeneralFDIC Certificate #: 35095
Status: Active
Federal Reserve ID: 2797724
Date Established: April 08, 1999
WWW: http://www.townebank.com
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
LocationAddress: 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 ChangesParticipated in Absorption/Consolidation/Merger
Financial SummaryTotal 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)
Total employees (full-time equivalent)1,131
Total assets$4,081,771
Cash and due from depository institutions$314,144
Interest-bearing balances$265,017
Securities$483,407
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$2,862,907
Loan loss allowance $39,740
Trading account assets$10,854
Bank premises and fixed assets$134,047
Other real estate owned$29,819
Goodwill and other intangibles$114,938
All other assets$131,655
Life insurance assets$4,081,771
Total liabilities and capital$3,561,282
Total liabilities$3,206,835
Total deposits$2,351,576
Interest-bearing deposits$3,206,835
Deposits held in domestic offices$60
% insured (estimated)11790.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$280,000
Other borrowed funds $13,740
Subordinated debt $48,917
All other liabilities $520,489
Total equity capital$514,194
Total bank equity capital$514,194
Perpetual preferred stock$134,507
Common stock$48,585
Surplus$236,156
Undivided profits $94,946
Memoranda
Noncurrent loans and leases $6,295
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $109,453
Income earned, not collected on loans $56,942
Earning assets $0
Long-term assets (5+ years) $11,485
Average Assets, year-to-date $3,622,185
Average Assets, quarterly $715,925
Volatile liabilities $3,994,431
Insider loans $4,055,026
FHLB advances $3,219,283
Loans and leases held for sale $3,934,945
Unused loan commitments $53,315
Tier 1 (core) risk-based capital $52,404
Tier 2 risk-based capital $402,797
Total risk weighted assets $911
Total unused commitments $0
Restructured Loans and leases $840,255
Derivatives$195,204
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $172,474
Total interest expense $36,252
Net interest income $136,222
Provision for loan and lease losses $13,602
Total noninterest income $98,614
Fiduciary activities $0
Service charges on deposit accounts $7,211
Trading account gains & fees $0
Additional noninterest income $91,403
Total noninterest expense $179,382
Salaries and employee benefits $106,368
Premises and equipment expense $19,684
Additional noninterest expense $53,330
Pre-tax net operating income $41,852
Securities gains (losses) $3,681
Applicable income taxes $12,726
Income before extraordinary items $32,807
Extraordinary gains - net $0
Net income attributable to bank $33,321
Net charge-offs -$514
Cash dividends $32,807
Sale, conversion, retirement of capital stock, net $12,523
Net operating income $17,388
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.85%
Cost of funding earning assets 1.02%
Net interest margin 3.83%
Noninterest income to earning assets 2.78%
Noninterest expense to earning assets 5.05%
Net operating income to assets 0.75%
Return on assets (ROA) 0.83%
Pretax return on assets 1.15%
Return on equity (ROE) 6.62%
Retained earnings to average equity (YTD only) 3.17%
Net charge-offs to loans 0.45%
Credit loss provision to net charge-offs 108.62%
Efficiency ratio4.43%
Assets per employee$75,258
Cash dividends to net income (YTD only)3.61%
Condition Ratios (%)
Loss allowance to loans 52.18%
Loss allowance to noncurrent loans 1.37%
Noncurrent assets plus other real estate owned to assets 69.79%
Noncurrent loans to loans 2.13%
Net loans and leases to deposits1.96%
Net loans and leases to core deposits 89.28%
Equity capital to assets 105.38%
Core capital (leverage) ratio 12.60%
Tier 1 risk-based capital ratio 10.24%
Total risk-based capital ratio 12.51%
Memoranda
Average assets$14
Average earning assets$3,994,431
Average equity $503,274
Average loans $3,552,613
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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
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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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