Suffolk-based TowneBank's second-quarter profit took a hit after the June 24 acquisition of Monarch Bank.
Second-quarter earnings declined from $17.8 million in 2015 to $6.26 million this year because of acquisition-related expenses, according to the bank's earnings report. Excluding after-tax acquisition-related expenses, second-quarter earnings would have grown from $18 million in 2015 to $18.5 million this year, the bank said.
Still, the Monarch merger paid off for TowneBank, which increased second-quarter deposits by $1.5 billion, including $1 billion from Monarch, to $6.19 billion this year, according to a news release.
