TowneBank earnings up 10 percent

Published 9:41 pm Thursday, February 6, 2014

Hampton Roads-based TowneBank reported record earnings of $41.76 million in 2013, a 10-percent increase over the $37.93 million reported for 2012.

Net income available to common shareholders for 2013 increased 18.39 percent after preferred dividend payments of $4.23 million. Fully diluted earnings per share reached the highest level in the bank’s 15-year history, ending the year at $1.16 per share, an increase of 12.62 percent over 2012.

The bank’s common dividend totaled 38 cents per share for 2013, an increase of 15.15 percent over the dividend declared per share during 2012. The quarterly dividend was increased to 10 cents per share beginning in the third quarter of 2013, which represents an annualized dividend rate of 40 cents per share.

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Total bank assets reached $4.67 billion by the end of 2013, an increase of $267 million, or 6.06 percent, over 2012. The bank’s loan portfolio ended the period at $3.24 billion, an increase of 3.27 percent from the prior year.

Total deposits increased 5.53 percent to $3.57 billion.