Towne Bank announced unaudited consolidated financial results for the fourth quarter and full year ended Dec. 31, 2015. For the quarter, the company reported total interest income of $54,811,000 against $43,843,000 for the same period of last year. Net interest income was $46,331,000 against $37,139,000 for the same period of last year. Income before income tax expense & non-controlling interest was $17,815,000 against $10,582,000 for the same period of last year. Net income available to common shareholders was $12,466,000 against $7,044,000 for the same period of last year. Diluted earnings per share was $0.24 against $0.20 for the same period of last year. Return on average tangible assets (Non-GAAP) was 0.85% against 0.63% for the same period of last year. Return on average equity (GAAP basis) was 6.00% against 4.62 for the same period of last year. Return on average tangible equity (Non-GAAP) was 8.11% against 6.35 for the same period of last year. Return on average common equity (GAAP basis) was 6.07% against 5.21 for the same period of last year. Return on average tangible common equity (Non-GAAP) was 8.22% against 7.52 for the same period of last year. Book value (GAAP basis) per share was $15.71 against $14.88 for the same period of last year. Tangible book value per share was $12.21 against $11.09 for the same period of last year.

For the year, total interest income of $212,873,000 against $172,512,000 for the same period of last year. Net interest income was $180,442,000 against $145,736,000 for the same period of last year. Income before income tax expense & non-controlling interest was $92,541,000 against $63,109,000 for the same period of last year. Net income available to common shareholders was $62,369,000 against $41,404,000 for the same period of last year. Diluted earnings per share was $1.22 against $1.18 for the same period of last year. Return on average tangible assets (Non-GAAP) was 1.10% against 0.93% for the same period of last year. Return on average equity (GAAP basis) was 7.75% against 6.95% for the same period of last year. Return on average tangible equity (Non-GAAP) was 10.34% against 9.16% for the same period of last year. Return on average common equity (GAAP basis) was 7.85% against 7.94% for the same period of last year. Return on average tangible common equity (Non-GAAP) was 10.51% against 10.95% for the same period of last year. Book value (GAAP basis) was $15.71 against $14.88 for the same period of last year. Tangible book value per share was $12.21 against $11.09 for the same period of last year.

For the quarter, the company announced net loans charged offs were $156,000.