Town Center Bank (IL) (TCNB: OTCQB) | Town Center Bank Announces Third Quarter Results

Town Center Bank Announces Third Quarter Results

Oct 25, 2013

OTC Disclosure News Service

New Lenox, IL

 

New Lenox, IL, October 25, 2013 ? Town Center Bank (the ?Bank?) (TCNB), today announced its financial results for the three and six months ended September 30, 2013.  There was a net loss of $52,000 and net income of $2,000 for the three months ended September 30, 2013 and 2012, respectively.  The decline in operating results for the quarter is primarily due to less interest income earned on loans from average loan balances decreasing and less fee income generated by mortgages.  There was a net loss of $239,000 and $274,000 for the nine months ended September 30, 2013 and 2012, respectively.  The improvement in operating results is due primarily to not realizing an other real estate valuation and loan loss provision that impacts the income statement as well as a $193,000 FHLB prepayment penalty offset by less interest income earned on loans.  The $578,000 other real estate valuation provision was due to a decline in real estate values, but was offset with a negative loan loss provision of the same amount due to an excess of the required reserve balance.

 

This release includes additional documents. Select the link(s) below to view.

Town Center Bank Announces Third Quarter Results.pdf

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/TCNB/news?id=70468

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