Town Center Bank Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
October 29, 2014
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Town Center Bank announced unaudited earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company announced total interest income of $1,025,000 compared to $866,000 for the same period a year ago. Net interest income was $871,000 compared to $750,000 for the same period a year ago. Income before income taxes was $117,000 compared to loss before income taxes of $52,000 for the same period a year ago. Net income was $117,000 or $0.05 per basic and diluted share compared to net loss of $52,000 or $0.02 per basic and diluted share for the same period a year ago. The improvement in operating results for the quarter is primarily due to an increase in net interest income.
For the nine months, the company announced total interest income of $2,864,000 compared to $2,641,000 for the same period a year ago. Net interest income was $2,431,000 compared to $2,281,000 for the same period a year ago. Income before income taxes was $292,000 compared to loss before income taxes of $239,000 for the same period a year ago. Net income was $292,000 or $0.13 per basic and diluted share compared to net loss of $239,000 or $0.10 per basic and diluted share for the same period a year ago. The improvement in operating results is due primarily due to an increase in net interest income and gains from the sale of securities available-for-sale as well as the reduction of professional fees including legal expenses. The increase in net interest income for 2014 is from interest income for securities available-for-sale offset by less interest income on loans and more interest expense on deposits.
Town Center Bank (the Bank) is a provider of financial services. The Bank provides financial services through its offices in Frankfort and New Lenox, Illinois. The Bank's primary deposit products are checking, savings and term certificate accounts, and its primary lending products are residential mortgage, commercial, commercial real estate, construction, land development and consumer loans. The Bank offers personal banking and business banking services. Its personal banking services include personal deposit products, automated teller machine (ATM) /debit rewards card, personal loans, personal credit card, and Xpress deposit. Its business banking services include business deposit products, business loans, remote deposit capture, business credit card, and remote deposit. The Bankâs service available through online and mobile banking, include check balances, view account activity, transfer funds, schedule automatic payments, recurring payments, custom reports, and others.