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Verbatim: Tower Financial reports record $8.1 million earnings

The company released the following statement Tuesday on its website:

FORT WAYNE, Ind., Feb. 4, 2014 (GLOBE NEWSWIRE) – Tower Financial Corporation (Nasdaq: TOFC) reported net income of $2.4 million or $0.52 per diluted share for the fourth quarter of 2013, compared with net income of $1.7 million, or $0.36 per diluted share, reported for the fourth quarter of 2012. Year to date earnings for calendar year 2013 were $8.1 million, or $1.73 per diluted share, compared to $5.7 million, or $1.18 per diluted share, for the calendar year 2012.

Our highlights include:

Our 2013 earnings of $8.1 million are the highest amount in our history. This represents a 41.2 percent increase from our 2012 earnings of $5.7 million.

Fourth quarter 2013 earnings of $2.4 million represent an increase of 40.4 percent from the fourth quarter 2012 and 16.5 percent from the third quarter of 2013.

Our trust and brokerage annual fee income was the highest in our history at $4.5 million, a 16.3 percent increase from 2012. Assets under management were $742.7 million at December 31, 2013, an increase of $70.4 million or 10.5 percent from December 31, 2012.

Asset quality continues its improvement, as our classified assets ratio was 25.7 percent as of December 31, 2013 compared to 32.2 percent at September 30, 2013 and 44.8 percent at December 31, 2012.

Our board declared a dividend of $0.08 per share to be paid on March 4, 2014 to all shareholders of record as of February 18, 2014. Total dividends paid since we reinstated dividends in August 2012 are $1.24 per common share.

Mike Cahill, President and Chief Executive Officer of Tower Financial Corporation stated, "We believe these record numbers are a reflection of the talent of our team members who have worked tirelessly to make Tower successful. The last three years have resulted in the highest net incomes in our company's fourteen years of existence. 2013 is by far the highest annual net income in our history."

To read the entire statement, with breakdowns, click here.

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