TowneBank reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net interest income of $65,664,000 compared to $62,151,000 a year ago. Total revenue was $109,141,000 compared to $101,669,000 a year ago. Income before income tax and noncontrolling interest was $34,612,000 compared to $27,004,000 a year ago. Net income attributable to bank was $12,333,000 or $0.20 per basic and diluted share compared to $18,996,000 or $0.31 per basic and diluted share a year ago. Return on average assets was 0.57% compared to 0.95% a year ago. Return on average assets – tangible was 0.65% compared to 1.05% a year ago. Return on average equity was 4.26% compared to 6.95% a year ago. Return on average equity– tangible was 6.39% compared to 10.27% a year ago. Return on average tangible assets (non-GAAP) was 0.65% compared to 1.05% a year ago. Return on average tangible equity (non-GAAP) was 6.39% compared to 10.27% a year ago. 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 adjustments related to tax reform, were $0.37 (non-GAAP) compared to $0.30 (non-GAAP) for 2016.

For the year, the company reported net interest income of $261,121,000 compared to $218,876,000 a year ago. Total revenue was $449,242,000 compared to $374,098,000 a year ago. Income before income tax and noncontrolling interest was $147,602,000 compared to $100,913,000 a year ago. Net income attributable to bank was $87,663,000 or $1.41 per basic and diluted share compared to $67,250,000 or $1.18 per basic and diluted share a year ago. Return on average assets was 1.05% compared to 0.93% a year ago. Return on average assets – tangible was 1.15% compared to 1.02% a year ago. Return on average equity was 7.80% compared to 6.98% a year ago. Return on average equity– tangible was 11.35% compared to 9.93% a year ago. Book value per common share as at December 31, 2017 was $18.06 compared to $17.20 a year ago. Book value per common share - tangible as at December 31, 2017 was $13.13 compared to $12.36 a year ago. Return on average tangible assets (non-GAAP) was 1.15% compared to 1.02% a year ago. Return on average tangible equity (non-GAAP) was 11.35% compared to 9.93% a year ago. Excluding merger-related expenses, purchase accounting adjustments, and adjustments related to tax reform, earnings for the year ended December 31, 2017 were $97.18 million (non-GAAP) compared to $80.15 million (non-GAAP) in 2016. Fully diluted earnings per share were $1.56 (non-GAAP) compared to $1.41 (non-GAAP) for 2016.

The company reported net charge-offs of $0.14 million in the fourth quarter of 2017 compared to $0.49 million in the fourth quarter of 2016.