PORTSMOUTH, Va. (AP) — PORTSMOUTH, Va. (AP) — TowneBank (TOWN) on Wednesday reported net income of $28.8 million in its fourth quarter.

The bank, based in Portsmouth, Virginia, said it had earnings of 39 cents per share. Earnings, adjusted for non-recurring costs, were 42 cents per share.

The community bank posted revenue of $231.9 million in the period. Its revenue net of interest expense was $155.5 million, which missed Street forecasts.

For the year, the company reported profit of $153.7 million, or $2.06 per share. Revenue was reported as $694.1 million.

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