TowneBank reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company's total interest income was $71,818,000 compared to $54,811,000 a year ago. Net interest income was $62,151,000 compared to $46,331,000 a year ago. The primary driver was the growth in average earning assets, which increased $1.50 billion, or 25.80%, while tax-equivalent net interest margin increased to 3.64% in the current quarter from 3.36% in fourth quarter 2015. Net interest income after provision for loan losses was $60,320,000 compared to $45,479,000 a year ago. Income before income tax expense & non controlling interest was $27,004,000 compared to $17,815,000 a year ago. Net income was $19,844,000 compared to $12,969,000 a year ago. Net income attributable to TowneBank was $18,996,000 compared to $12,466,000 a year ago. Net income available to common shareholders was $18,996,000 compared to $12,466,000 a year ago. Diluted earnings per share was $0.31 compared to $0.24 a year ago. Total revenue was $101,669,000 compared to $71,410,000 a year ago. Book value per common share was $17.20 compared to $15.71 a year ago. Book value per common share - tangible was $12.36 compared to $12.21 a year ago. Return on average assets was 0.95% compared to 0.78% a year ago. Return on average assets - tangible was 1.05% compared to 0.85% a year ago. Return on average equity was 6.95% compared to 6.00% a year ago. Return on average equity - tangible was 10.27% compared to 8.11% a year ago. Return on average common equity was 7.02% compared to 6.07% a year ago. Return on average common equity - tangible was 10.42% compared to 8.22% a year ago. Core operating earnings (non-GAAP) was $18,576,000 compared to $12,651,000 a year ago. Core diluted EPS (non-GAAP) was $0.30 compared to $0.25 a year ago. Core return on average assets (non-GAAP) was 0.93% compared to 0.80% a year ago. Core return on average tangible equity (non-GAAP) was 10.05% compared to 8.23% a year ago.

For the year, the company's total interest income was $254,616,000 compared to $212,873,000 a year ago. Net interest income was $218,876,000 compared to $180,442,000 a year ago. Net interest income after provision for loan losses was $213,519,000 compared to $177,415,000 a year ago. Income before income tax expense & non controlling interest was $100,913,000 compared to $92,541,000 a year ago. Net income was $72,215,000 compared to $65,665,000 a year ago. Net income attributable to TowneBank was $67,250,000 compared to $62,382,000 a year ago. Net income available to common shareholders was $67,250,000 compared to $62,369,000 a year ago. Diluted earnings per share was $1.18 compared to $1.22 a year ago. Total Revenue was $374,098,000 compared to $297,725,000 a year ago. Book value per common share was $17.20 compared to $15.71 a year ago. Book value per common share - tangible was $12.36 compared to $12.21 a year ago. Return on average assets was 0.93% compared to 1.03% a year ago. Return on average assets - tangible was 1.02% compared to 1.10% a year ago. Return on average equity was 6.98% compared to 7.75% a year ago. Return on average equity - tangible was 9.93% compared to 10.34% a year ago. Return on average common equity was 7.05% compared to 7.85% a year ago. Return on average common equity - tangible was 10.07% compared to 10.51% a year ago. Core operating earnings (non-GAAP) was $80,148,000 compared to $63,235,000 a year ago. Core diluted EPS (non-GAAP) was $1.41 compared to $1.24 a year ago. Core return on average assets (non-GAAP) was 1.11% compared to 1.05% a year ago. Core return on average tangible equity (non-GAAP) was 11.73% compared to 10.50% a year ago.

The company also announced net loans charged off of $485,000 for the fourth quarter of 2016.