Exhibit 99.1

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

TOWER BANCORP, INC. REPORTS THIRD QUARTER 2010 EARNINGS OF $2.5 MILLION – A 47% INCREASE OVER THE THIRD QUARTER 2009

 

  Ø 3Q 2010 Diluted Operating Income Per Share of $0.37

 

  Ø 3Q 2010 Diluted GAAP Net Income Per Share of $0.35

 

  Ø Board of Directors Declares Cash Dividend Payable November 30, 2010

3Q 2010 HIGHLIGHTS

 

   

Net Income Up 47% Over 3Q 2009: GAAP net income for the third quarter of 2010 grew by $802 thousand or 47.2% to $2.5 million as compared to $1.7 million for the third quarter of 2009. Operating (Non-GAAP) income grew by $714 thousand or 37.5% to $2.6 million for the third quarter of 2010 from $1.9 million for the third quarter of 2009.

 

   

Net Interest Income and Margin Growth: Third quarter 2010 net interest income increased $3.2 million or 31.0% over the third quarter of 2009 and $468 thousand or 3.6% over the second quarter of 2010, to $13.4 million. The net interest margin totaled 3.64% for the third quarter of 2010 compared to 3.58% for the third quarter of 2009 and 3.73% for the second quarter of 2010.

 

   

Increase in Non-Interest Income: Non-interest income for the third quarter 2010 increased by $1.3 million or 70.2% to $3.1 million from $1.8 million for the third quarter of 2009.

 

   

Asset Quality: Non-performing assets represented 1.00% of total assets at September 30, 2010 compared to 0.83% at June 30, 2010. The allowance for loan losses as a percentage of non-performing loans equaled 83.2% at September 30, 2010. The adjusted (Non-GAAP) allowance for loan losses, that is the allowance for loan losses adjusted to include the credit quality adjustment on loans purchased, as a percentage of non-performing loans equaled 93.07% at September 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, October 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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