SOURCE: Town Center Bancorp

April 17, 2007 18:50 ET

Town Center Bancorp Announces Earnings Increase of 15%

PORTLAND, OR -- (MARKET WIRE) -- April 17, 2007 -- Town Center Bancorp (OTCBB: TWBC), a single bank financial services holding company, reports continued growth in all areas of the Bank. Total assets of the Bank grew over 13% from $119.4 million in March 2006 to $135.1 million as of March 2007. The Bank continues to experience strong performance in its loan portfolio. During the past year, net loans increased from $99.6 million to $103.8 million as of March 2007. Total deposits and retail repurchase agreements increased approximately 9% from $100.3 million to $109.4 million.

Net income for the first quarter totaled $520,876, or $0.25 per diluted share compared to $450,438, or $0.22 per diluted share in the first quarter 2006. Bruce Bryant, Town Center Bancorp's President and CEO, stated, "The increase in earnings is a result of continued growth in the balance sheet of the Bank and continued strong performance in the loan portfolio. This level of earnings equates to a shareholder return on average equity of 15.97% and a return on average assets of 1.57%."

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.

Certain statements in this release may constitute forward-looking statements within the definition of the "safe-harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to significant uncertainties, which could cause actual results to differ materially from those set forth in such statements. Forward-looking statements can be identified by words such as "believe," "estimate," "anticipate," "expect," "intend," "will," "may," "should," or other similar phrases or words. Readers are cautioned not to place undue reliance on forward-looking statements. The Bank does not intend to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

                                        1st Quarter 2007  1st Quarter 2006
                                        ----------------  ----------------
Total Assets                            $    135,075,310  $    119,362,394
Net Loans                               $    103,760,702  $     99,568,080
Total Deposits and Repurchase
 Agreements                             $    109,375,744  $    100,345,246
Net Income / Quarter                    $        520,876  $        450,438
Earnings Per Share - Basic / Quarter    $           0.26  $           0.23
Earnings Per Share - Diluted / Quarter  $           0.25  $           0.22
For additional information please call (503) 788-8181 or visit www.towncenterbank.com.

Contact Information

  • Contact:
    Bruce G. Bryant
    President & CEO
    Phone: 503-788-8181
    Fax: 503-788-8112
    e-mail: Email Contact