Towne Bank

TowneBank reported second-quarter 2026 net income of $193.19 million, or $2.09 per diluted share, driven by a nearly $200 million gain on the sale of its Resort Property Management segment. Excluding that gain and other items, core earnings were $72.01 million, or $0.78 per diluted share, compared with $63.39 million, or $0.84 per diluted share, a year earlier. Total revenue jumped 111.46% to $444.27 million, while net interest income rose to $185.12 million as loan volumes and yields improved and deposit costs fell 25 basis points. The company also paid a special dividend of $0.70 per share, representing about 32% of the pre-tax gain, and made a $25 million charitable foundation contribution. Total deposits grew to $18.71 billion, and the net interest margin widened to 3.68% from 3.38% a year ago.

TowneBank has appointed William A. Gwaltney, Jr. and John O. Wynne, Jr. to its Corporate Board of Directors. Mr. Gwaltney is President of Indika Farms Inc., a family-run agribusiness, and previously served as Chairman of Farmers Bank and Farmers Bankshares, which TowneBank acquired in 2023; he currently chairs TowneBank’s Regional Board for Suffolk/Western Tidewater. Mr. Wynne is founder and Chairman of Fortis Solutions Group, a printed packaging provider with 22 manufacturing locations, and previously held investment banking roles at Deutsche Bank and Morgan Stanley. TowneBank, with total assets of $22.36 billion as of March 31, 2026, operates over 70 banking offices across Virginia, North Carolina, and South Carolina.