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Tower Financial quarterly earnings rise 17%

Tower Financial Corp. today reported second-quarter earnings of $1.60 million, or 34 cents per share, a 17 percent increase from the $1.36 million, or 28 cents a share, for the same three months of 2012.

The Fort Wayne-based holding company for Tower Bank reported that its capital ratios remain significantly above the well-capitalized levels that regulators require for banks to be considered financially healthy.

Mike Cahill, president and CEO, credited employees for a strong quarter.

“Our efforts to control overhead, expand our fee revenues and work through our non-performing assets has allowed our bottom line to improve during a period of lower loan demand and low interest rates,” he said in a statement. “We continue to add new customers and expand our existing relationship base, which will greatly benefit us as the economy continues to recover.”

sslater@jg.net

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