TowneBank announces earnings

Published 10:18 pm Thursday, November 10, 2016

Hampton Roads-based TowneBank has reported financial results for the quarter and nine months ended Sept. 30.

Earnings for the quarter increased 37.63 percent to a record $24.18 million, compared to $17.57 million for the same quarter in 2015.

Fully diluted earnings were 39 cents per share, compared to 34 cents per share for the third quarter of 2015.

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Excluding after-tax acquisition-related expenses, core earnings for the quarter were $24.88 million, compared to $17.72 million for the same quarter in 2015.

Earnings for the year-to-date period were $48.25 million, as compared to the $49.92 million earned in the same period of 2015.

The Bank’s common dividend was 13 cents per share for the quarter, with the common dividend totaling $8.11 million. The current dividend represents an increase of 8.3 percent over the dividend paid during the same quarter of 2015.

“We are extremely pleased with our strong operating performance, driven in part by our successful merger integration of Monarch Bank into our Towne family,” said G. Robert Aston, Jr., chairman and chief executive officer.

“On another note of significance, the June 30, 2016, release of Deposit Market Share by the FDIC for the Virginia Beach-Norfolk-Newport News, VA-NC Metropolitan Statistical Area placed TowneBank in a market-leading position with a 21.51-percent market share.”