Towne Bank Q3 Profit Decreases, But Beats Estimates

(RTTNews) - Towne Bank (TOWN) released earnings for third quarter that Decreased from last year but beat the Street estimates.

The company's bottom line totaled $38.97 million, or $0.51 per share. This compares with $42.94 million, or $0.57 per share, last year.

Excluding items, Towne Bank reported adjusted earnings of $63.49 million or $0.83 per share for the period.

Analysts on average had expected the company to earn $0.76 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 23.6% to $215.66 million from $174.51 million last year.

Towne Bank earnings at a glance (GAAP) :

-Earnings: $38.97 Mln. vs. $42.94 Mln. last year. -EPS: $0.51 vs. $0.57 last year. -Revenue: $215.66 Mln vs. $174.51 Mln last year.