2009-08-06 / Local & State

Tower Bancorp Reports Strong Quarter Earnings

Tower Bancorp Inc. the parent company of Graystone Tower Bank, reported net income for the second quarter of 2009 of $1.8 million, or 36 cents per diluted share, an increase in net income of $1.5 million, compared with $303 thousand or 11 cents per diluted share for the same quarter a year ago.

"We are very pleased to report strong earnings for the second quarter and that despite the difficult economic environment, Tower Bancorp Inc.'s financial condition remains strong," said Andrew Samuel, president and CEO. "We are confident in the strength of our capital position and achieved solid earnings while maintaining excellent asset quality. These results evidence the strength of our organization and the success of our relationshipbased community banking model, positioning Tower Bancorp Inc. for continued growth."

Samuel continued, "In addition, the second quarter included the successful integration and systems conversion relating to the partnership of Tower Bancorp, Inc. and Graystone Financial Corp. The integration resulted in a broader footprint of 25 convenient branch locations for our customers in central Pennsylvania and Maryland. The results of this partnership are exceeding expectations, and we are taking full advantage of market opportunities."

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