TowneBank: 4Q Earnings Snapshot

PORTSMOUTH, Va. (AP) _ TowneBank (TOWN) on Thursday reported fourth-quarter net income of $50.1 million.

The Portsmouth, Virginia-based bank said it had earnings of 69 cents per share.

The community bank posted revenue of $187.2 million in the period. Its revenue net of interest expense was $171.8 million, exceeding Street forecasts.

For the year, the company reported profit of $145.5 million, or $2.01 per share. Revenue was reported as $664.3 million.

TowneBank shares have climbed slightly since the beginning of the year. The stock has decreased 14% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TOWN at https://www.zacks.com/ap/TOWN

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