EX-99.2 4 a08-11015_1ex99d2.htm EX-99.2

Exhibit 99.2

 

TOWER BANCORP INC.

CONSOLIDATED INCOME STATEMENT

(UNAUDITED)

 

 

 

THREE

 

THREE

 

 

 

MONTHS

 

MONTHS

 

 

 

03-31-08

 

03-31-07

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

INTEREST AND FEES ON LOANS

 

$

7,091,772

 

$

6,929,887

 

INTEREST ON INVESTMENT SECURITIES

 

912,674

 

773,092

 

INTEREST ON FED FUNDS SOLD

 

167,678

 

479,035

 

 

 

 

 

 

 

 

 

$

8,172,124

 

$

8,182,014

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

INTEREST ON DEPOSITS

 

2,492,212

 

2,931,168

 

INTEREST ON OTHER BORROWED MONEY

 

524,211

 

513,723

 

 

 

 

 

 

 

 

 

$

3,016,423

 

$

3,444,891

 

 

 

 

 

 

 

NET INTEREST INCOME

 

$

5,155,701

 

$

4,737,123

 

PROVISION FOR LOAN LOSSES

 

400,000

 

150,000

 

 

 

 

 

 

 

NET INTEREST INCOME AFTER PROVISION

 

$

4,755,701

 

$

4,587,123

 

 

 

 

 

 

 

OTHER INCOME:

 

 

 

 

 

INVESTMENT SERVICES & FEE INCOME

 

999,502

 

906,465

 

OTHER OPERATING INCOME

 

110,742

 

155,164

 

INVESTMENT SECURITIES GAINS (LOSSES)

 

396,708

 

1,213,120

 

 

 

 

 

 

 

 

 

$

1,506,952

 

$

2,274,749

 

 

 

 

 

 

 

OTHER EXPENSES:

 

 

 

 

 

SALARIES,WAGES AND OTHER BENEFITS

 

$

2,263,906

 

$

2,135,052

 

OCCUPANCY EXPENSE

 

276,903

 

271,568

 

FURNITURE AND FIXTURE EXPENSE

 

704,756

 

662,903

 

OTHER OPERATING EXPENSES

 

1,085,368

 

1,130,309

 

 

 

 

 

 

 

 

 

$

4,330,933

 

$

4,199,832

 

 

 

 

 

 

 

INCOME BEFORE TAXES

 

$

1,931,720

 

$

2,662,040

 

APPLICABLE INCOME TAXES

 

447,456

 

692,602

 

 

 

 

 

 

 

NET INCOME

 

$

1,484,264

 

$

1,969,438

 

 

 

 

 

 

 

NET INCOME PER SHARE:

 

$

0.64

 

$

0.84

 

 

 

 

 

 

 

NUMBER OF SHARES OUTSTANDING

 

2,315,900

 

2,355,030