TowneBank: Fourth Quarter Earnings Overview

TowneBank Announces Fourth Quarter Financial Results

TowneBank, headquartered in Portsmouth, Virginia, has disclosed a net profit of $40.6 million for the fourth quarter.

The company reported earnings of $0.51 per share. After adjusting for expenses related to mergers, acquisitions, and other one-time items, adjusted earnings stood at $0.70 per share.

During the quarter, the community bank generated $291.6 million in total revenue. Net revenue, after accounting for interest expenses, reached $221.1 million, which fell short of analysts’ expectations.

This article was produced by Automated Insights using information from Zacks Investment Research.