PORTSMOUTH, Va. (AP) — PORTSMOUTH, Va. (AP) — TowneBank (TOWN) on Wednesday reported net income of $50.6 million in its first quarter.
The Portsmouth, Virginia-based bank said it had earnings of 67 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, were 68 cents per share.
The community bank posted revenue of $261.2 million in the period. Its revenue net of interest expense was $193.1 million, which topped Street forecasts.
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