PORTSMOUTH, Va. (AP) _ TowneBank (TOWN) on Thursday reported net income of $40.2 million in its fourth quarter.

The Portsmouth, Virginia-based bank said it had earnings of 55 cents per share.

The community bank posted revenue of $169.1 million in the period. Its revenue net of interest expense was $160.4 million, which beat Street forecasts.

For the year, the company reported profit of $215.4 million, or $2.97 per share. Revenue was reported as $680.3 million.

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