PORTSMOUTH, Va. (AP) — PORTSMOUTH, Va. (AP) — TowneBank (TOWN) on Wednesday reported net income of $41.3 million in its fourth quarter.
The Portsmouth, Virginia-based bank said it had earnings of 55 cents per share.
The community bank posted revenue of $255.2 million in the period. Its revenue net of interest expense was $178.3 million, surpassing Street forecasts.
For the year, the company reported profit of $161.8 million, or $2.15 per share. Revenue was reported as $698.2 million.
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