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TowneBank (TOWN) Reports Q2 Earnings: What Key Metrics Have to Say
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TowneBank (TOWN - Free Report) reported $181.57 million in revenue for the quarter ended June 2023, representing a year-over-year increase of 8.7%. EPS of $0.52 for the same period compares to $0.64 a year ago.
The reported revenue represents a surprise of +0.66% over the Zacks Consensus Estimate of $180.38 million. With the consensus EPS estimate being $0.58, the EPS surprise was -10.34%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how TowneBank performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Efficiency Ratio: 68.97% compared to the 66.47% average estimate based on two analysts.
Average Earning assets: $15.31 billion versus the two-analyst average estimate of $16.26 billion.
Net interest margin-fully tax equivalent: 3.01% versus the two-analyst average estimate of 3.24%.
Residential mortgage banking income, net: $11.36 million compared to the $12.49 million average estimate based on two analysts.
Credit card merchant fees, net: $1.68 million versus $1.78 million estimated by two analysts on average.
Service charges on deposit accounts: $3.02 million versus $2.77 million estimated by two analysts on average.
Total Noninterest Income: $67.96 million compared to the $60.73 million average estimate based on two analysts.
Bank owned life insurance: $1.71 million versus $1.74 million estimated by two analysts on average.
Shares of TowneBank have returned +12.6% over the past month versus the Zacks S&P 500 composite's +5.6% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
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TowneBank (TOWN) Reports Q2 Earnings: What Key Metrics Have to Say
TowneBank (TOWN - Free Report) reported $181.57 million in revenue for the quarter ended June 2023, representing a year-over-year increase of 8.7%. EPS of $0.52 for the same period compares to $0.64 a year ago.
The reported revenue represents a surprise of +0.66% over the Zacks Consensus Estimate of $180.38 million. With the consensus EPS estimate being $0.58, the EPS surprise was -10.34%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how TowneBank performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Efficiency Ratio: 68.97% compared to the 66.47% average estimate based on two analysts.
- Average Earning assets: $15.31 billion versus the two-analyst average estimate of $16.26 billion.
- Net interest margin-fully tax equivalent: 3.01% versus the two-analyst average estimate of 3.24%.
- Residential mortgage banking income, net: $11.36 million compared to the $12.49 million average estimate based on two analysts.
- Credit card merchant fees, net: $1.68 million versus $1.78 million estimated by two analysts on average.
- Service charges on deposit accounts: $3.02 million versus $2.77 million estimated by two analysts on average.
- Total Noninterest Income: $67.96 million compared to the $60.73 million average estimate based on two analysts.
- Bank owned life insurance: $1.71 million versus $1.74 million estimated by two analysts on average.
View all Key Company Metrics for TowneBank here>>>Shares of TowneBank have returned +12.6% over the past month versus the Zacks S&P 500 composite's +5.6% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.