| By Marketwire . | Article Rating: |
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| October 17, 2006 11:26 PM EDT |

PORTLAND, OR -- (MARKET WIRE) -- 10/17/06 -- 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 approximately 12% from $116.1 million in September 2005 to $129.8 million as of September 2006. Solid growth continues in the Bank's loan portfolio with total loans increasing from $97.2 million to $107.5 million as of September 2006. Total deposits and retail repurchase agreements increased over 10% from $98.9 million to $109.5 million.
Net income for the third quarter totaled $565,353, or $0.26 per diluted share compared to $384,774, or $0.21 per diluted share in the third quarter 2005. Bruce Bryant, Town Center Bancorp's President and CEO, stated the sharp increase in earnings during the quarter is the result of continued balance sheet growth and excellent performance in the loan portfolio. Earnings for the nine month period ending September 2006 totaled $1,530,033, an increase of approximately 83% over the same period in 2005. This equates to a shareholder return on average equity of 18.33% and a return on average assets of 1.67%.
Town Center Bank is the primary operating entity of Town Center Bancorp, a community-owned financial services holding company. The Bank was established in 1997 and the holding company was formed in April 2002. Town Center Bancorp operates with a local Board of Directors and the Bank is a member of the Federal Deposit Insurance Corporation. Headquartered at 82nd & King Road in Portland, Town Center Bank primarily serves individuals, professionals and small business clients throughout the Portland Metropolitan and North Clackamas County areas. The Bank operates five branch offices in the North Clackamas and Northeast Portland area and a mortgage loan office, Town Center Mortgage, in Northeast Portland.
3rd Quarter 2006 3rd Quarter 2005
---------------- ----------------
Total Assets $129,779,374 $116,124,830
Total Loans $107,500,796 $ 97,243,581
Total Deposits and
Repurchase Agreements $109,481,475 $ 98,899,336
Net Income / Quarter $ 565,353 $ 384,774
Earnings Per Share - Basic / Quarter $0.28 $0.22
Earnings Per Share - Diluted / Quarter $0.26 $0.21
Net Income / Nine Months $ 1,530,033 $ 835,946
Earnings Per Share - Basic /
Nine Months $0.76 $0.48
Earnings Per Share - Diluted /
Nine Months $0.73 $0.45
Contact:
Bruce G. Bryant
President & CEO
Phone: 503-788-8181
Fax: 503-788-8112
e-mail: Email Contact
Published October 17, 2006
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