PORTSMOUTH, Va. (AP) — PORTSMOUTH, Va. (AP) — TowneBank (TOWN) on Thursday reported net income of $41.7 million in its second quarter.

The bank, based in Portsmouth, Virginia, said it had earnings of 56 cents per share. Earnings, adjusted for non-recurring gains, were 52 cents per share.

The community bank posted revenue of $242.8 million in the period. Its revenue net of interest expense was $181.6 million, which topped Street forecasts.

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