TowneBank Reports Full Year and Fourth Quarter Financial Results for 2017
Towne Bank (TOWN)
Last towne bank earnings: 4/27 08:30 am
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US:NASDAQ Investor Relations:
investor.townebank.com
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Source: GlobeNewswire
SUFFOLK, Va., Jan. 25, 2018 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (the “Bank” or “Company”) (NASDAQ:TOWN) today reported financial results for the full year and the fourth quarter ended December 31, 2017. Earnings for the fourth quarter were $12.33 million, or $0.20 per diluted share, versus $19.0 million, or $0.31 per diluted share, in fourth quarter 2016. Earnings in the fourth quarter of 2017 included an expense of $10.11 million related to the Tax Cuts and Jobs Act of 2017 and after-tax acquisition-related expenses of $0.43 million. The impact from tax legislation on fourth quarter 2017 earnings was primarily attributable to revaluation of deferred tax assets at the lower statutory tax rate. Excluding merger-related expenses and adjustments related to tax reform, earnings for the quarter ended December 31, 2017 were $22.87 million (non-GAAP) compared to $18.55 million (non-GAAP) in 2016. Fully diluted earnings per share, excluding merger-related expenses and adj
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