TowneBank’s earnings rise

Published 8:49 pm Wednesday, November 7, 2012

North Suffolk-headquartered TowneBank has reported third-quarter earnings this year of $9.35 million, up 9.68 percent over 2011.

A press release from the bank also reports that earnings between Jan. 1 and Sep. 30 increased to $28.32 million from $24.33 million.

Increases of $2.9 million in net interest income and $4.85 million in non-interest income, 8.5 percent and 28.8 percent respectively, have driven the earnings growth, the bank reports.


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Improvements were chalked up, for net interest income, to growth in the loan portfolios, which ended the period up 11.12 percent, and continued growth in residential mortgage banking.

On Oct. 24, the bank’s Board of Directors announced a quarterly cash dividend of $2 per preferred share on its 8-percent Non-Cumulative Convertible Preferred Stock, Series A, for shareholders of record on Nov. 15, 2012.