News Column

BRIEF: TowneBank's quarterly earnings increase 4.3 percent

July 24, 2014

By Sarah Kleiner Varble, The Virginian-Pilot



July 24--Suffolk-based TowneBank said Wednesday it earned $11.68 million in the second quarter, a 4.3 percent increase over $11.2 million during the same quarter last year, according to a news release.

Equity at the end of the quarter increased to $604.8 million, up 5.9 percent from $571.4 million in 2013.

The bank's nonperforming assets dropped to $49.9 million as of June 30, or 1 percent of total assets. Last year they were 1.3 percent.

Separately, Norfolk-based Heritage Bankshares Inc. said its second-quarter net income fell to $544,000 from $661,000 a year earlier. The company said it benefited from about $100,000 in after-tax loan prepayment fees last year, but they did not recur in the latest quarter.

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(c)2014 The Virginian-Pilot (Norfolk, Va.)

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Source: Virginian-Pilot (Norfolk, VA)


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