Industries Banking/Finance

TowneBank reports first quarter earnings of $17.8 million

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Hampton Roads based TowneBank reported record earnings of $17.8 million for the first quarter, a 22.5% increase, or $3.28 million, over the $14.5 million reported for the same period in 2015. 

Fully diluted earnings per share were 35 cents per share, an increase from 29 cents per share for the comparative period of 2015.

“We delivered another quarter of outstanding performance and demonstrated our earning power by reporting a record quarter of earnings and revenue, as we continued to build on the momentum generated in 2015,” G. Robert Aston Jr., the bank’s chairman and CEO, said in a statement. "Our pending acquisition of Chesapeake, Virginia-based Monarch Financial Holdings is proceeding as anticipated and we are looking forward to the opportunity to welcome our new members …” said Aston.

That deal, worth about $220.6 million, is expected to close in the second quarter, pending regulatory and shareholder approval. The acquisition would create a $7.3 billion bank with 20.6 percent of bank deposits in the Hampton Roads market.

In the first quarter of this year, he bank reported total revenues of $78.7 million, a $6.3 million, or 8.81%, increase from the first quarter of 2015.

Loans held for investment increased $456.5 million, or 11.1%, from March 31, 2015.

Total deposits were $4.9 billion, an increase of $449.5 million, or 9.9%, from the first quarter of 2015.

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