Please wait while we load the requested 10-Q 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
2Q 2010 Diluted Operating Income Per Share of $0.27
2Q 2010 Diluted GAAP Net Income Per Share of $0.17
Board of Directors Declares Cash Dividend Payable August 31, 2010
2Q 2010 HIGHLIGHTS
Operating Income and GAAP Net Income: Operating (Non-GAAP) income totaled $1.9 million for the second quarter of 2010 in comparison to $2.0 million for the first quarter of 2010. GAAP net income for the second quarter of 2010 totaled $1.2 million as compared to $1.9 million for the first quarter of 2010.
Net Interest Income and Margin Growth: Second quarter 2010 net interest income increased 7.1% over the first quarter of 2010, to $12.9 million. The net interest margin increased to 3.73% for the second quarter of 2010 from 3.62% for the first quarter of 2010.
Loan and Core Deposit Growth: Total gross loans increased $54.1 million during the second quarter of 2010, representing an annualized growth rate of 18.8%. In-market core deposits, which exclude time deposits and brokered deposits, grew $36.2 million during the second quarter of 2010, representing an annualized growth rate of 18.0%.
Asset Quality: Non-performing assets represented 0.83% of total assets at June 30, 2010 compared to 0.85% at March 31, 2010. The allowance for credit losses as a percentage of non-performing loans equaled 106.99% for the second quarter 2010.
Capital Strength: The Companys ratio of Total Risk-Based Capital to Risk-Based Assets at June 30, 2010 equaled 14.49%, exceeding the 10.0% minimum regulatory requirement to be considered well-capitalized. The Companys ratio of tangible common equity to tangible assets was 9.56% at June 30, 2010.
Note Reconciliations of GAAP to Non-GAAP measures 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, July 28, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Tower Bancorp Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Tower Bancorp Inc.