Industries Banking/Finance

TowneBank reports record earnings

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Suffolk-based TowneBank reported record earnings of $33.3 million last year, up 10 percent from 2010.

Net income available to common shareholders for 2011 rose 9.4 percent to $22.8 million after accretion and preferred dividend payments of $10.4 million.

Fully diluted earnings increased 8.2 percent to 79 per share.

In the fourth quarter, earnings increased 14.6 percent to a $8.9 million. Net income available to common shareholders increased 24.5 percent.

Fully diluted earnings per share increased 21 percent to 23 cents per share.

The company’s 2011 results include a $1.8 million,  one-time reduction in net income available to common shareholders from accelerated accretion charges. The charges stemmed from TowneBank ‘s Sept. 22 redemption of preferred stock held by the Treasury under the Capital Purchase Program, a part of the Troubled Asset Relief Program (TARP).

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