EXHIBIT 99.1

LOGO

 

NEWS RELEASE    Media Contact:    Investor Relations Contact:
FOR IMMEDIATE RELEASE    Andrew Samuel    Mark Merrill
   717.724.2800    717.724.4618

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 Company’s 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 Company’s 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.

 

1


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 SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Tower Bancorp Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account