Tower Financial Corp. today reported first-quarter earnings of $1.09 million, or 22 cents per diluted common share, a 39 percent increase from the $783,000, or 16 cents a share, posted for the same three months of 2011.
The Fort Wayne-based parent of Tower Bank decreased the amount of money it set aside for bad loans to $750,000 from $1.22 million for the prior year’s first quarter. The money Tower saved by lowering its loan loss provision is more than its earnings increase for the quarter.
Michael Cahill, president and CEO, said the company has weathered some rough times and sees calmer seas ahead.
“We continue to be encouraged by the growing consistency of our earnings, the improvement in asset quality and related costs, and our overall performance across all business units,” he said in a statement.
“As a result, we can now focus on building our core earnings and once again consider pursuing growth opportunities,” he said.