SOURCE: Town Center Bancorp

January 25, 2007 19:43 ET

Town Center Bancorp Announces Record Level of Earnings

PORTLAND, OR -- (MARKET WIRE) -- January 25, 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 approximately 15% from $115.9 million in December 2005 to $133.4 million as of December 2006. The Bank continues to experience solid growth in its loan portfolio with net loans increasing from $92.9 million to $106.6 million as of December 2006. Total deposits and retail repurchase agreements increased over 9% from $99.2 million to $108.2 million.

Net income for the fourth quarter totaled $552,250, or $0.26 per diluted share compared to $425,013, or $0.23 per diluted share in the fourth quarter 2005. 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 excellent performance in the loan portfolio. Earnings for the twelve-month period ending December 2006 totaled $2,082,283, an increase of approximately 65% over the same period in 2005. This equates to a shareholder return on average equity of 18.11% and a return on average assets of 1.68%.

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.

                                        4th Quarter 2006   4th Quarter 2005

Total Assets                            $133,403,659       $115,871,586

Total Loans                             $106,560,427       $ 92,920,750

Total Deposits and
     Repurchase Agreements              $108,240,438       $ 99,193,628

Net Income / Quarter                    $    552,250       $    425,013

Earnings Per Share - Basic / Quarter    $       0.27       $       0.24

Earnings Per Share - Diluted / Quarter  $       0.26       $       0.23

Net Income / Twelve Months              $  2,082,283       $  1,260,959

Earnings Per Share -
 Basic / Twelve Months                  $       1.04       $       0.72

Earnings Per Share -
 Diluted / Twelve Months                $       0.98       $       0.69

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