TowneBank Reports 2008 Earnings of $23.89 Million
January 30th, 2009 by WY Daily Staff
TowneBank reported net income of $23.89 million for the year ended December 31, 2008 as compared to $23.26 in 2007, representing an increase of 2.73%.
Fully diluted earnings per common share decreased 3.26% to $0.89 per share as compared to $0.92 last year. According to the bank’s report, this was due to the company’s first quarterly cash dividend on the issue of a new preferred stock purchased by investors during the third quarter of 2008.
Total bank assets reached a record level of $3.13 billion, an increase of $632.50 million over 2007. Towne’s loan portfolio grew by $520.73 million, an increase of 28.46% over last year.
Total deposits climbed to $2.24 billion, representing a 22.04% increase over 2007.
The bank received $76.46 million in TARP funding, according to TowneBank Chairman and CEO, G. Robert Aston, Jr.
“I am pleased to report that during the fourth quarter, we were able to increase our loan portfolio $150.70 million that enabled us to fully lend our entire TARP proceeds to businesses, organizations, and consumers right here in Hampton Roads.”
TowneBank now operates 17 banking offices in Chesapeake, Hampton, Portsmouth, Newport News, Virginia Beach, Norfolk, Williamsburg and York County.
Towne also owns and operates Towne Investment Group, Towne Insurance Agency, TFA Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Prudential Towne Realty, TowneBank 1031 Exchange, LLC, Corolla Classic Vacations and Corolla Real Estate.