PORTSMOUTH, Va. (AP) — PORTSMOUTH, Va. (AP) — TowneBank (TOWN) on Wednesday reported net income of $40.6 million in its fourth quarter.
The bank, based in Portsmouth, Virginia, said it had earnings of 51 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were 70 cents per share.
The community bank posted revenue of $291.6 million in the period. Its revenue net of interest expense was $221.1 million, which fell short of Street forecasts.
For the year, the company reported profit of $169.5 million, or $2.21 per share. Revenue was reported as $840.1 million.
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