PORTSMOUTH, Va. (AP) — PORTSMOUTH, Va. (AP) — TowneBank (TOWN) on Wednesday reported net income of $41 million in its first quarter.
The bank, based in Portsmouth, Virginia, said it had earnings of 45 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, came to 74 cents per share.
The community bank posted revenue of $323.9 million in the period. Its revenue net of interest expense was $247.6 million, which missed Street forecasts.
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