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Tower Bancorp Q1 earnings down 25%

Tower Bancorp, parent company of The First National Bank of Greencastle, has reported earnings of $1.48 million for the first quarter for 2008, a 25% decrease, compared to $485,174 for the same period of 2007.

The company reported earnings per share of $0.64 for Q1 2008, a 24% decrease, compared to $0.20 per share for Q1 2007.

Return on average tangible equity and average tangible assets were 10.01% and 1.10%, respectively, for the first quarter of 2008.

As of March 31, 2008, total assets stood at $565.20 million, a decrease of 1% or $5.03 million over first quarter-end totals for 2007. Total loans were $389 million, a decrease of $1.35 million, while deposits as of March 31, 2008 totaled $435.78 million, a decrease of 2%.