Loan volume in second quarter 2019 was $821.13 million, with purchase activity comprising 84.97%. Aside from the pollen dust storm that is evident, you can see that they did a great job and paid attention to the little details. High quality windows, competitive price. TowneBank undertakes no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.Media contact: G. Robert Aston, Jr., Executive Chairman, 757-638-6780 J. Morgan Davis, President and Chief Executive Officer, 757-673-1673Investor contact: William B. Littreal, Chief Financial Officer, 757-638-6813TOWNEBANK Selected Financial Highlights (unaudited) (dollars in thousands, except per share data) Three Months Ended June 30, March 31, December 31, September 30, June 30, 2020 2020 2019 2019 2019 Income and Performance Ratios: Total Revenue$162,656 $137,696 $139,671 $145,879 $144,537 Net income37,222 27,605 35,948 39,400 36,242 Net income attributable to TowneBank34,605 26,384 35,075 37,659 34,638 Net income per common share - diluted0.48 0.36 0.49 0.52 0.48 Book value per common share23.50 22.77 22.58 22.38 21.95 Book value per common share - tangible (non-GAAP)16.68 15.91 15.69 15.44 15.05 Return on average assets0.97% 0.88% 1.16% 1.26% 1.20% Return on average assets - tangible (non-GAAP)1.07% 1.00% 1.30% 1.40% 1.35% Return on average equity8.18% 6.37% 8.44% 9.22% 8.83% Return on average equity - tangible (non-GAAP)12.32% 9.91% 12.97% 14.20% 13.90% Return on average common equity8.24% 6.42% 8.51% 9.29% 8.89% Return on average common equity - tangible (non-GAAP)12.44% 10.01% 13.12% 14.36% 14.05% Noninterest income as a percentage of total revenue42.66% 35.00% 35.59% 37.55% 37.86% Regulatory Capital Ratios (1): Common equity tier 111.54% 11.23% 11.46% 11.52% 11.58% Tier 111.67% 11.35% 11.49% 11.55% 11.62% Total14.91% 14.40% 14.58% 14.70% 14.85% Tier 1 leverage ratio9.05% 10.11% 9.95% 9.84% 9.86% Asset Quality: Allowance for credit losses on loans to nonperforming loans5.34x 3.85x 3.34x 3.95x 3.00x Allowance for credit losses on loans to period end loans0.92% 0.73% 0.69% 0.68% 0.67% Allowance for credit losses on loans to period end loans excluding PPP loans (non-GAAP)1.04% 0.73% 0.69% 0.68% 0.67% Nonperforming loans to period end loans0.17% 0.19% 0.21% 0.17% 0.22% Nonperforming assets to period end assets0.19% 0.24% 0.27% 0.26% 0.29% Net charge-offs to average loans (annualized)—% 0.03% 0.04% 0.03% 0.08% Nonperforming loans$16,935 $16,700 $17,437 $14,016 $18,202 Former bank premises— — 1,521 1,510 1,510 Foreclosed property12,315 13,053 13,839 15,517 14,517 Total nonperforming assets$29,250 $29,753 $32,797 $31,043 $34,229 Loans past due 90 days and still accruing interest$464 $91 $309 $636 $415 Allowance for credit losses on loans$90,467 $64,372 $58,234 $55,428 $54,527 Mortgage Banking: Loans originated, mortgage$1,116,782 $718,681 $628,279 $703,922 $574,638 Loans originated, joint venture357,815 204,522 231,879 259,742 246,491 Total loans originated$1,474,597 $923,203 $860,158 $963,664 $821,129 Number of loans originated4,818 3,025 2,984 3,360 3,121 Number of originators216 223 217 225 229 Purchase %51.26% 61.31% 70.32% 68.83% 84.97% Loans sold$1,398,649 $809,834 $879,910 $925,058 $694,832 Gross realized gain on sales and fees as a % of loans originated3.17% 1.80% 3.38% 3.45% 3.43% Other Ratios: Net interest margin2.85% 3.35% 3.33% 3.41% 3.49% Net interest margin-fully tax equivalent (non-GAAP)2.87% 3.37% 3.35% 3.43% 3.52% Average earning assets/total average assets91.33% 89.15% 89.57% 89.53% 89.46% Average loans/average deposits91.81% 92.99% 88.41% 87.63% 91.60% Average noninterest deposits/total average deposits36.52% 32.21% 32.14% 31.82% 31.63% Period end equity/period end total assets11.05% 13.19% 13.84% 13.63% 13.45% Efficiency ratio56.99% 73.02% 66.11% 66.66% 66.80% (1) Current reporting period regulatory capital ratios are preliminary TOWNEBANK Selected Data (unaudited) (dollars in thousands) Investment Securities % Change Q2 Q2 Q1 Q2 20 vs. Q2 20 vs. Available-for-sale securities, at fair value2020 2019 2020 Q2 19 Q1 20 U.S. agency securities$118,176 $261,960 $121,857 (54.89)% (3.02)% U.S. Treasury notes1,010 2,241 1,014 (54.93)% (0.39)% Municipal securities313,322 167,466 266,489 87.10% 17.57% Trust preferred and other corporate securities59,598 43,799 59,606 36.07% (0.01)% Mortgage-backed securities issued by GSE and GNMA774,658 785,355 799,713 (1.36)% (3.13)% Allowance for credit losses(140) n/a (259) n/a (45.95)% Total$1,266,624 $1,260,821 $1,248,420 0.46% 1.46% Gross unrealized gains (losses) reflected in financial statements Total gross unrealized gains$61,559 $22,119 $30,545 178.31% 101.54% Total gross unrealized losses(1,674) (2,456) (9,848) (31.84)% (83.00)% Net unrealized gains (losses) and other adjustments on AFS securities$59,885 $19,663 $20,697 Held-to-maturity securities, at amortized cost Municipal securities$28,855 $34,458 $28,852 (16.26)% 0.01% Trust preferred corporate securities2,345 2,393 2,357 (2.01)% (0.51)% Mortgage-backed securities issued by GSE and GNMA10,395 13,723 11,222 (24.25)% (7.37)% Less: Allowance for credit losses(121) n/a (133) n/a (9.02)% Total$41,474 $50,574 $42,298 (17.99)% (1.95)% Gross unrealized gains (losses) not reflected in financial statements Total gross unrealized gains$1,980 $1,636 $964 21.03% 105.39% Total gross unrealized losses— (57) — (100.00)% —% Net unrealized gains (losses) in HTM securities$1,980 $1,579 $964 Loans Held For Investment (1) % Change Q2 Q2 Q1 Q2 20 vs. Q2 20 vs. 2020 2019 2020 Q2 19 Q1 20 Real estate - construction and development$1,178,832 $1,107,762 $1,060,834 6.42% 11.12% Commercial real estate - non owner occupied2,332,447 1,985,990 2,305,971 17.45% 1.15% Commercial real estate - owner occupied1,383,294 1,288,478 1,398,216 7.36% (1.07)% Real estate - multifamily277,947 267,528 283,514 3.89% (1.96)% Real estate - residential 1-4 family and HELOC1,670,530 1,639,547 1,693,562 1.89% (1.36)% Commercial and industrial business2,503,161 1,523,607 1,636,244 64.29% 52.98% Consumer and other loans455,678 313,817 405,854 45.21% 12.28% Total$9,801,889 $8,126,729 $8,784,195 20.61% 11.59% (1) Paycheck Protection Program loans totaling $1.09 billion, primarily in C&I, are included in Q2 2020.
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