Please wait while we load the requested 10-K report or click the link below:
|NEWS RELEASE||Media Contact:||Investor Relations Contact:|
|FOR IMMEDIATE RELEASE||Andrew Samuel||Mark Merrill|
TOWER BANCORP, INC. ANNOUNCES EARNINGS, DIVIDEND
|Ø||4Q 2009 Diluted GAAP Net Income Per Share of $0.29|
|Ø||4Q 2009 Diluted Operating Income Per Share of $0.36|
|Ø||Board of Directors Declares Cash Dividend Payable February 26, 2009|
4Q 2009 HIGHLIGHTS
Increased GAAP Net Income and Operating Income: GAAP net income for the fourth quarter of 2009 increased 20.9% over the third quarter of 2009, to $2.1 million. Operating (Non-GAAP) income that is, reported net income exclusive of certain nonrecurring items increased 34.1% over third quarter of 2009, to $2.6 million.
Significant Net Interest Income Growth: Fourth quarter net interest income increased 10.4% over the third quarter of 2009, to $11.3 million. The average rate received on loans was 5.95% in both the fourth and third quarter of 2009. The average rate paid on total interest-bearing liabilities decreased from 2.04% in the third quarter of 2009, to 1.86% in the fourth quarter.
Improved Efficiency Ratio: The efficiency ratio improved from 72.37% in the third quarter of 2009 to 67.79% in the fourth quarter. As adjusted for certain nonrecurring items, the efficiency ratio improved from 69.79% in the third quarter to 65.34% in the fourth quarter.
Strong Loan and Core Deposit Growth: Excluding $51.7 million of loans purchased from First National Bank of Chester County, loans grew $83.9 million during the fourth quarter of 2009, representing an annualized growth rate of 33.4%. Core deposits, which exclude time deposits, grew $78.2 million during the fourth quarter of 2009, representing an annualized growth rate of 43.4%.
Note The calculation of operating income and diluted operating income per share can be found in the tables located at the end of this release.
The following information was filed by Tower Bancorp Inc (TOBC) on Wednesday, January 27, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Tower Bancorp Inc's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Tower Bancorp Inc.