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|NEWS RELEASE||Media Contact:||Investor Relations Contact:|
|FOR IMMEDIATE RELEASE||Andrew Samuel||Brent Smith|
TOWER BANCORP, INC. REPORTS 2010 FINANCIAL RESULTS
Board of Directors Declares Dividend Payable February 28, 2011
Completion of the First Chester County Corp. Acquisition: On December 10, 2010, Tower Bancorp, Inc. closed on the acquisition of the First Chester County Corporation (First Chester) for a total purchase price of $49.9 million. As a result of the merger assets increased by $1.1 billion to $2.7 billion.
Successful Common Stock Offering: On December 21, 2010, Tower Bancorp, Inc. closed on a common stock offering which resulted in net offering proceeds of $48.2 million after deducting direct offering expenses. At December 31, 2010, the total risk-based capital ratio equaled 12.88%.
Sustained Loan Growth: Loans held for investment increased $934 million or 82.1% to $2.1 billion at December 31, 2010 as compared to $1.1 billion for the prior year. This growth consisted of $752 million of loans acquired through the First Chester acquisition and internally generated loan growth of $182 million, resulting in internal loan growth of 16.0% for the year.
Net Interest Income and Margin Growth: Fourth quarter 2010 net interest income increased $3.0 million or 22.2% over the third quarter of 2010 and $5.1 million or 45.1% over the fourth quarter of 2009, to $16.3 million. The net interest margin totaled 3.83% for the fourth quarter of 2010 compared to 3.64% for the third quarter of 2010 and 3.53% for the fourth quarter of 2009.
Increase in Non-Interest Income: Non-interest income for the fourth quarter 2010 totaled $4.4 million representing an increase of $1.3 million or 41.2% over the third quarter of 2010 and $1.0 million or 30.9% over the fourth quarter of 2009.
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, January 26, 2011 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.
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