PORTSMOUTH, Va. (AP) _ TowneBank (TOWN) on Thursday reported net income of $46.7 million in its fourth quarter.

The Portsmouth, Virginia-based bank said it had earnings of 64 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, came to 65 cents per share.

The community bank posted revenue of $198.4 million in the period. Its revenue net of interest expense was $175.3 million, which beat Street forecasts.

For the year, the company reported profit of $189 million, or $2.60 per share. Revenue was reported as $686.9 million.

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