TowneBank earnings show growth

Published 9:43 pm Thursday, January 26, 2017

Hampton Roads-based TowneBank has reported annual earnings of $67.25 million for the year ended Dec. 31, compared to the $62.38 million reported in 2015, representing a 7.8-percent increase.

Fully diluted earnings per share were $1.18 per share, compared to $1.22 per share for 2015. Earnings per share were affected in 2016 by the issuance of 10.49 million new common shares in conjunction with the acquisition of Monarch Financial Holdings Inc. on June 24.

The bank’s quarterly dividend was increased to 13 cents per share beginning in the second quarter of 2016, resulting in total dividends of 51 cents per share for 2016, an increase of 8.5 percent over 2015. On an annualized basis, the current annual dividend rate is 52 cents per share.

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“We are pleased to announce our 17th consecutive year of record annual earnings,” said G. Robert Aston Jr., chairman and chief executive officer.