Suffolk-based TowneBank reported record earnings of $17.82 million for the quarter ended March 31, 2016, a 22.57-percent increase, or $3.28 million, over the $14.54 million reported for the comparative period in 2015.

Fully diluted earnings per share were $0.35 per share, an increase from $0.29 per share for the comparative period of 2015.

The bank’s common dividend was $0.12 per share for the quarter, with the common dividend totaling $6.20 million. The current dividend represents an increase of 9.1 percent over the dividend paid during the same quarter of 2015.

“We delivered another quarter of outstanding performance and demonstrated our earning power by reporting a record quarter of earnings and revenue, as we continued to build on the momentum generated in 2015,” said G. Robert Aston, Jr., chairman and chief executive officer.

“We increased diluted earnings per share by 20.69 percent and revenue by 8.81 percent, from the first quarter of 2015, while producing a return on average assets of 1.14 percent and a return on average tangible equity of 11.56 percent.”

“Our pending acquisition of Chesapeake, Va.-based Monarch Financial Holdings is proceeding as anticipated, and we are looking forward to the opportunity to welcome our new members and provide them with the exquisite personal service that defines TowneBank,” Aston said.