TowneBank reports results for the quarter ended September 30 - Earnings Summary

TowneBank reported adjusted earnings of 83 cents per share for the quarter ended September 30, exceeding last year's 58 cents and analysts' expectations of 78 cents. Revenue increased by 23.6% to $215.67 million, though it fell short of the $219.17 million forecast. The bank's reported EPS was 51 cents, with a net income of $38.98 million. Despite a 2.7% drop in shares this quarter, analysts maintain a "buy" rating, with a 12-month price target of $41.00, 18.2% above the last closing price of $33.55.