TowneBank announces earnings

Published 10:25 pm Thursday, July 27, 2017

Hampton Roads-based TowneBank has reported record financial results for the three and six months ended June 30.

Earnings for the quarter were $26.21 million, compared to $6.26 million for the same quarter in 2016. Fully diluted earnings per share were 42 cents per share, compared to 12 cents per share in second quarter of 2016.

Earnings in the second quarter of 2016 included after-tax acquisition-related expenses of $12.26 million, mostly related to the Monarch Financial Holdings Inc. merger.

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Earnings for the year-to-date period were $48.18 million, as compared to $24.08 million earned in the same period of 2016. Fully diluted earnings per share were 77 cents, compared to 47 cents for the six months ended June 30.

The Bank’s quarterly dividend was 14 cents per share, resulting in total common dividends of $8.77 million. The current dividend represents an increase of 7.7 percent over the dividend paid during the same quarter of 2016.

“We are pleased to announce another quarter of strong earnings with solid deposit growth and continued strong growth in both net interest income and noninterest income, while producing a return on average assets of 1.29 percent and a return on average tangible equity of 13.67 percent,” said G. Robert Aston Jr., chairman and chief executive officer.