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Town Center Bancorp Announces Earnings Growth of 114%
PORTLAND, OR -- (MARKET WIRE) -- July 21, 2006 -- Town Center Bancorp (OTCBB: TWBC), parent company of Town Center Bank, reports continued growth in all areas of the Bank. Total assets of the Bank grew over 14% from $109.8 million in June 2005 to $125.6 million as of June 2006. Strong growth continues in the Bank's loan portfolio with total loans increasing from $90.8 million to $106.6 million as of June 2006. Total deposits and retail repurchase agreements increased over 22% from $83.2 million to $102.1 million.
Net income for the second quarter totaled $514,242 of $0.49 per diluted share compared to $221,552, or $0.25 per diluted share in the second quarter 2005. Bruce Bryant, Town Center Bancorp's President and CEO, stated the sharp increase in earnings during the quarter are the result of continued balance sheet growth and excellent performance in the loan portfolio.
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Source: National Penn Bancshares, Inc.
BOYERTOWN, Pa., July 18 /PRNewswire-FirstCall/ -- National Penn Bancshares, Inc. (Nasdaq: NPBC - News), the parent company of National Penn Bank, reported second quarter 2006 net income totaling $16.1 million, or $0.34 per diluted share. Net income increased 11.8% compared to $14.4 million earned in the second quarter of 2005, and diluted earnings per share increased 3.0% compared to diluted earnings per share of $0.33 in second quarter 2005.
For the first six months of 2006, net income totaled a record $31.1 million, or $0.67 per diluted share. Compared to the first six months of 2005, net income increased 10.8% and diluted earnings per share increased 4.7%.
National Penn's second quarter earnings produced annualized returns on average assets and average shareholders' equity of 1.25% and 12.5%, respectively.