TowneBank: 3Q Earnings Snapshot

PORTSMOUTH, Va. (AP) _ TowneBank (TOWN) on Thursday reported third-quarter earnings of $34.5 million.

The bank, based in Portsmouth, Virginia, said it had earnings of 48 cents per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.

The community bank posted revenue of $210.9 million in the period. Its revenue net of interest expense was $192.1 million, which also beat Street forecasts.

TowneBank shares have fallen 34% since the beginning of the year. The stock has decreased 34% in the last 12 months.


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