Exhibit 99.1

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NEWS RELEASE   Media Contact:   Investor Relations Contact:
FOR IMMEDIATE RELEASE   Andrew Samuel   Brent Smith
  717.724.2800   717.724.4666

TOWER BANCORP, INC. REPORTS FIRST QUARTER 2011 FINANCIAL RESULTS

Board of Directors Declares Dividend Payable May 27, 2011

HIGHLIGHTS FROM THE FIRST QUARTER OF 2011

 

   

Net Income Impacted by Mortgage Division Restructuring and Merger Expenses: GAAP net income for the first quarter of 2011 equaled $218 thousand or $0.02 per diluted share. Net income for the first quarter of 2011 was negatively impacted by a net loss of approximately $3.3 million incurred by the American Home Bank division, which was acquired as part of the First Chester County Corporation merger and after-tax merger and restructuring expenses of $697 thousand.

 

   

Net Interest Income Growth: The net interest margin totaled 4.22% for the first quarter of 2011 compared to 3.83% for the fourth quarter of 2010 and 3.62% for the first quarter of 2010. First quarter 2011 net interest income increased $8.1 million or 49.3% over the fourth quarter of 2010 and $12.4 million or 102.5% over the first quarter of 2010, to $24.4 million.

 

   

Increase in Non-interest Income: Non-interest income from the banking segment increased $2.1 million to $3.8 million for the first quarter of 2011 compared to $1.7 million for the same period in 2010.

 

   

Continued Capital Strength: The ratios of Total Capital to Risk-weighted Assets and Tier 1 Capital to Risk-weighted Assets continue to demonstrate the Company’s capital strength. At March 31, 2011, the ratios of Total Capital to Risk-weighted Assets and Tier 1 Capital to Risk-weighted Assets equaled 13.38% and 11.91%, respectively. The ratio of tangible common equity to tangible assets (non-GAAP) equaled 8.83% at March 31, 2011.

 

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, April 27, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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