Industries Banking/Finance

TowneBank reports record first-quarter earnings

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Portsmouth-based TowneBank reported record earnings of $9.44 million for the first quarter, a 13.64 percent increase over the bank’s profit during the same period last year.

Net income available to common shareholders increased 25.98 percent to $7.52 million after preferred
dividend payments of $1.92 million.

Fully diluted earnings per share rose 30 percent to 26 cents.

The growth in earnings was helped by a $4.01 million, or 25.4 percent, increase in
noninterest income.

The majority of the increase is attributable to residential mortgage
brokerage income, which increased $3.57 million or 165.58 percent from the comparable period in

The increase was attributed to a higher volume in purchase and refinancing transactions,
which was fueled by an expansion in the bank’s mortgage operations.

On March 31, total bank assets reached $4.14 billion, an increase of $170.86 million over

Total deposits rose 6.40 percent to $3.25 billion.

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