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.