TowneBank posted record earnings for the first quarter of the year, according to a statement released by the company Thursday. For the quarter that ended March 31, the bank earned $10.5 million -- an 11 percent increase over the $9.4 million reported for the same quarter in 2012.
"In the fall of 2008, you had the economic crisis begin, and our company has been able to show increased revenue each year -- 2009 through now," said Clyde McFarland Jr., TowneBank's chief financial officer. "Challenges have come up, but we've been able to overcome them."
McFarland said the continued economic recovery may present challenges for banks this year -- particularly as interest rates remain historically low, which puts a squeeze on banks' net interest margin.
Also, there's intense competition locally for loans, McFarland said.
TowneBank's loan portfolio came in at $3.2 billion at the end of the quarter, which was a 9.8 percent increase from the same quarter last year. McFarland said the bank is outpacing its peers in loan growth.
TowneBank earned $10.5 million in the quarter that ended March 31, an 11 percent increase year over year.
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