TowneBank Reports Record Earnings, Boost To Commercial Real Estate Lending

TowneBank says it earned $26.2 million in the three months ending June 30, the largest quarterly amount in its 18-year history.

The earnings were more than triple compared to the same time a year ago, when the Hampton Roads-based bank had barely closed on its merger with Monarch Financial Holdings but still had to cover expenses related to its acquisition. The bank’s deal to buy Monarch closed on June 24, 2016.

TowneBank reported net income of 42 cents per diluted share compared to 12 cents per share a year ago.

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