Exhibit 99.3

Logo
FOR FURTHER INFORMATION:

 
FOR INVESTORS:
FOR MEDIA:
 
Richard R. Sawyer
Tina M. Farrington
 
Chief Financial Office
Senior Vice President
 
260-427-7150
260-427-7155
  rick.sawyer@towerbank.net tina.farrington@towerbank.net

TOWER FINANCIAL CORPORATION REPORTS FOURTH QUARTER EARNINGS
 UP 46.3% FROM THIRD QUARTER

FORT WAYNE, INDIANA – JANUARY 22, 2009 – Tower Financial Corporation (NASDAQ: TOFC) reported fourth quarter 2008 earnings of $483,000, or $0.12 per diluted share, compared with a net loss of $784,000, or $0.19 per share, reported for the fourth quarter 2007. For the year ended December 31, 2008 Tower reported net income of $1.9 million, or $0.46 per diluted share, compared to a net loss of $2.6 million, or $0.64 per share for the year ended December 31, 2007, an improvement of $4.5 million.

Fourth quarter highlights include:

 
·
Loans grew by $6.3 million to $561.0 million, a 4.5 percent annualized increase.

 
·
Trust and Brokerage assets under management were $635.3 million at December 31, 2008, an increase of $25.9 million, or 4.3 percent, this in spite of a significant downturn in the financial market.

 
·
The Company’s regulatory capital ratios continue to remain firmly above the “well-capitalized” levels.

 
·
Asset quality continues to improve as nonperforming loans plus delinquencies were $19.6 million, or 2.81 percent of total assets as of December 31, 2008, a decrease of $1.2 million from September 30, 2008.

 
·
Operating expenses decreased $197,000 from the third quarter 2008 and $479,000 from the fourth quarter 2007, 3.9 percent and 9.0 percent respectively.

 
 

 

Asset Quality
Nonperforming assets plus delinquencies decreased $1.2 million from September 30, 2008.  This was the net result of several settlements on nonperforming loans. Nonperforming assets plus delinquencies at period end were $19.6 million, or 2.81 percent of total assets. This compares with $20.8 million, or 2.99 percent of assets at September 30, 2008 and $20.0 million, or 2.84 percent of assets on December 31, 2007.   Net recoveries were $10,000 for the quarter compared with net charge-offs of $1.8 million in the fourth quarter of 2007. Year to date net charge-offs were $1.9 million compared with $9.7 million in the 2007.

Tower's allowance for loan losses was 1.90 percent of total loans at December 31, 2008, an increase from 1.67 percent and 1.43 percent at September 30, 2008 and December 31, 2007, respectively.  The year to date increase was the net result of a reduction on loan outstandings of $14.7 million, net charge-offs of $2.0 million, and loan loss provision of $4.4 million.  The increase from the third quarter 2008 was the net result of loan growth of $6.3 million, net recoveries of $28,000, and loan loss provision of $1.3 million.

Operating Statement
Total revenue, consisting of net interest income and noninterest income, was $6.6 million for the fourth quarter 2008, a decrease of $146,000 from the fourth quarter 2007 and a decrease of $684,000 from the third quarter 2008.  Fourth quarter 2008 net interest income was $5.2 million a decrease of $253,000, or 4.7 percent from the third quarter 2008 and a slight decrease of $50,000, or 0.97 percent compared to the fourth quarter 2007. The decrease in net interest income was the combination of a decrease in Earning Assets of $4.1 million and a 17 basis point decrease in our net interest margin.  Net interest margin for the fourth quarter 2008 was 3.26%, compared to 3.42% for the third quarter 2008 and 3.19% in the fourth quarter 2007.  The decrease in net interest margin was primarily due to the 1.75 percent reduction in interest rates during the quarter.  Overall, rates dropped 4.0 percent from December 31, 2007.

Noninterest income accounted for approximately 21 percent of total revenue. For the fourth quarter, noninterest income was $1.4 million, down 6.5 percent from the $1.5 million reported in the fourth quarter of 2007. Trust and brokerage fees of $750,000 accounted for 54 percent of fourth quarter noninterest income; they decreased 20.1 percent compared to the fourth quarter 2007.  Currently, Tower Private Advisors manages $635.3 million in combined trust and brokerage assets, an increase of 4.3 percent above the $609.4 million of combined assets reported for December 31, 2007. Service charges for the Bank were $280,000, a 9.2 percent increase from the fourth quarter 2007.  Loan broker fees were $66,000, a 41.7 percent decrease from the fourth quarter 2007.  Other fee income increased by $155,000, or 119.5 percent, primarily as the result of an increase in processing revenue for debit/ATM card transaction, lock box fees, and BOLI (Bank-owned life insurance).

Fourth quarter noninterest expense decreased $479,000, or 9.0 percent from the fourth quarter 2007.  The decrease was primarily associated to a decrease of $705,000 in salaries and benefits, which is primarily related to the workforce reduction that took place in April 2008.  Other expense is down from the fourth quarter 2007, primarily due to a $120,000 gain on sale of an OREO property during the fourth quarter 2008.  Data processing increased significantly from the fourth quarter 2007 mostly due to the cost associated with our on-line banking conversion and upgrade.  Legal and professional expenses also increased due to the outsourcing of our internal audit and loan review functions, along with increased costs associated with the workout of non-performing assets.

 
 

 
 
Balance Sheet
Company assets were $696.5 million at December 31, 2008, a decrease of $10.0 million, or 1.42 percent from December 31, 2007.  The decrease in assets during 2008 was primarily attributable to a decrease in loans of $14.7 million, a decrease in cash and cash equivalents of $2.2 million, and a decrease of $1.5 million in fixed assets; offset by an increase in securities available for sale of $12.4 million.  The decrease in loans came primarily from the commercial real estate category due to scheduled paydowns, reduced market activity, and a planned exit strategy for certain non-performing loans.  The increase in securities available for sale was part of managements plan to improve liquidity during this current period of volatility.

Core deposit growth during 2008 was led by $18.5 million in growth in interest-bearing checking, along with growth in savings and non-interest bearing checking of $3.3 million and $10.4 million, respectively. Growth in interest-bearing checking was led by our Health Savings Accounts (HSA), which grew by $12.9 million, or 111.7 percent.  Additionally, HSA balances continue to grow into the new year, as we’ve experienced an increase of $10.9 million through mid-January 2009.  As of December 31, 2008, checking and savings balances made up 53.4 percent of total deposits compared with 45.9 percent at December 31, 2007. Total deposits were $586.2 million at December 31, 2008, a decrease of $14.4 million, or 2.5 percent from December 31, 2007.  The decrease in 2008 was the net result of a substantial increase in core deposits of $36.5 million, a planned increase of $9.4 million in brokered CD’s offset by a decrease of $60.3 million in CD’s greater than $100,000.  The majority of the reduction in Jumbo CD’s was in our variable rate product due mostly to the reduction in interest rates during 2008.

Shareholders' equity was $49.5 million at December 31, 2008, an increase of 2.7 percent from the $48.2 million reported at December 31, 2007.  Affecting the increase in stockholders’ equity during 2008 was $1.9 million in net income and $221,000 of additional paid in capital from the exercise of stock options.  These increases were offset by $529,000 in unrealized losses, net of tax, on available for sale securities, the first quarter dividend payment of $179,000, or $0.044 per share and stock repurchases totaling $126,000.  Period-end common shares outstanding were 4,084,432.

Capital
The Company’s regulatory capital ratios continue to remain above the “well-capitalized” levels of 6 percent for tier 1 capital and 10 percent for risked-based capital.  Tier 1 capital at December 31, 2008 was 11.7 percent, compared to 11.7 percent at September 30, 2008 and 10.9 percent at December 31, 2007.  Total risked-based capital at December 31, 2008 was 13.0 percent, compared to 13.0 percent and 12.1 percent at September 30, 2008 and December 31, 2007, respectively.

 
 

 

ABOUT THE COMPANY
Headquartered in Fort Wayne, Indiana, Tower Financial Corporation is a financial services holding company with two subsidiaries: Tower Bank & Trust Company, a community bank headquartered in Fort Wayne; and Tower Trust Company, a state-chartered wealth services firm doing business as Tower Private Advisors. Tower Bank provides a wide variety of financial services to businesses and consumers through its six full-service financial centers in Fort Wayne, and one in Warsaw, Indiana. Tower Financial Corporation's common stock is listed on the NASDAQ Global Market under the symbol "TOFC." For further information, visit Tower's web site at www.towerbank.net.

FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and about the Corporation and the Bank.

These forward-looking statements are intended to be covered by the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Actual results and outcomes may differ materially from what may be expressed or forecasted in the forward-looking statements. Future factors include changes in interest rates and interest-rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies, trends in customer behavior and their ability to repay loans; changes in local real estate values; changes in the national and local economy; and other factors, including various risk factors identified and described in the Corporation’s Annual Report on Form 10-K, quarterly reports of Form 10-Q and in other periodic reports we file from time to time with the Securities and Exchange Commission. These reports are available on the Commission’s website at www.sec.gov, as well as on our website at www.towerbank.net.
# # # #

 
 

 
 
Tower Financial Corporation
Consolidated Balance Sheets
At December 31, 2008 and 2007

   
(unaudited)
       
   
December 31
   
December 31
 
   
2008
   
2007
 
ASSETS
           
Cash and due from banks
  $ 19,418,905     $ 25,913,449  
Short-term investments and interest-earning deposits
    9,525,414       1,781,161  
Federal funds sold
    2,632,054       6,135,779  
Total cash and cash equivalents
    31,576,373       33,830,389  
                 
Securities available for sale, at fair value
    77,649,366       65,227,694  
FHLBI and FRB stock
    4,032,446       3,589,700  
Loans Held for Sale
    151,614       3,189,545  
                 
Loans
    561,011,675       575,744,207  
Allowance for loan losses
    (10,654,879 )     (8,208,162 )
Net loans
    550,356,796       567,536,045  
                 
Premises and equipment, net
    8,010,596       9,549,233  
Accrued interest receivable
    2,615,260       3,246,455  
Bank Owned Life Insurance
    12,589,699       11,258,517  
Other assets
    9,507,666       9,065,564  
                 
Total assets
  $ 696,489,816     $ 706,493,142  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
LIABILITIES
               
Deposits:
               
Noninterest-bearing
  $ 82,107,483     $ 71,705,395  
Interest-bearing
    504,129,631       528,984,076  
Total deposits
    586,237,114       600,689,471  
                 
Federal Home Loan Bank advances
    39,200,000       35,100,000  
Junior subordinated debt
    17,527,000       17,527,000  
Accrued interest payable
    608,231       1,721,972  
Other liabilities
    3,393,638       3,247,145  
Total liabilities
    646,965,983       658,285,588  
                 
STOCKHOLDERS' EQUITY
               
Preferred stock, no par value, 4,000,000 shares authorized; no shares issued and outstanding Common stock and paid-in-capital, no par value, 6,000,000 shares authorized; 4,149,432 issued and 4,084,432 outstanding shares at December 31, 2008 and 4,062,769 shares at December 31, 2007
    39,766,742       39,482,669  
Treasury stock, at cost, 65,000 shares at December 31, 2008 and 53,036 shares at December 31, 2007
    (884,376 )     (758,827 )
Retained earnings
    10,895,724       9,208,719  
Accumulated other comprehensive income (loss), net of tax of  ($130,982) at December 31, 2008 and  $141,663 at December 31, 2007
    (254,257 )     274,993  
Total stockholders' equity
    49,523,833       48,207,554  
                 
Total liabilities and stockholders' equity
  $ 696,489,816     $ 706,493,142  

 
 

 
 
Tower Financial Corporation
Consolidated Statements of Operations
For the three months and twelve months ended December 31, 2008 and 2007
(unaudited)

   
For the Three Months Ended
   
For the Twelve Months Ended
 
   
December 31
   
December 31
 
   
2008
   
2007
   
2008
   
2007
 
Interest income:
                       
Loans, including fees
  $ 7,888,824     $ 10,513,949     $ 33,808,068     $ 43,006,181  
Securities - taxable
    731,590       649,929       2,728,862       2,641,155  
Securities - tax exempt
    225,584       193,433       883,645       791,584  
Other interest income
    5,904       94,546       337,828       463,231  
Total interest income
    8,851,902       11,451,857       37,758,403       46,902,151  
Interest expense:
                               
Deposits
    3,091,860       5,541,768       14,489,483       22,793,951  
Fed Funds Purchased
    1,432       141       4,208       672  
FHLB advances
    304,143       409,463       1,161,902       1,434,885  
Trust preferred securities
    281,649       277,073       1,129,440       1,126,326  
Total interest expense
    3,679,084       6,228,445       16,785,033       25,355,834  
                                 
Net interest income
    5,172,818       5,223,412       20,973,370       21,546,317  
Provision for loan losses
    1,225,000       2,825,000       4,399,000       10,996,000  
                                 
Net interest income after provision for loan losses
    3,947,818       2,398,412       16,574,370       10,550,317  
                                 
Noninterest income:
                               
Trust and brokerage fees
    749,710       938,010       3,519,425       3,292,502  
Service charges
    280,479       256,817       1,204,019       977,300  
Loan broker fees
    65,989       113,129       258,934       257,727  
Gain/(Loss) on sale of securities
    -       39,352       65,841       (3,213 )
Other fees
    285,203       129,951       1,254,626       1,280,428  
Total noninterest income
    1,381,381       1,477,259       6,302,845       5,804,744  
                                 
Noninterest expense:
                               
Salaries and benefits
    2,509,009       3,213,978       11,460,652       11,814,263  
Occupancy and equipment
    765,296       707,893       2,974,697       2,732,859  
Marketing
    146,060       125,640       651,423       442,563  
Data processing
    303,147       98,137       1,050,275       786,821  
Loan and professional costs
    356,300       250,682       1,312,956       1,243,203  
Office supplies and postage
    114,054       109,945       402,485       446,832  
Courier service
    67,713       94,834       297,106       387,809  
Business Development
    170,558       199,483       639,707       715,736  
Communication Expense
    108,558       79,795       351,137       267,661  
FDIC Insurance Premiums
    149,272       133,376       697,063       484,815  
Other expense
    156,125       311,296       1,150,599       1,408,211  
Total noninterest expense
    4,846,092       5,325,059       20,988,100       20,730,773  
                                 
Income/(loss) before income taxes/(benefit)
    483,107       (1,449,388 )     1,889,115       (4,375,712 )
Income taxes expense/(benefit)
    476       (665,828 )     23,004       (1,777,628 )
                                 
Net income/(loss)
  $ 482,631     $ (783,560 )   $ 1,866,111     $ (2,598,084 )
                                 
Basic earnings/(loss) per common share
  $ 0.12     $ (0.19 )   $ 0.46     $ (0.64 )
Diluted earnings/(loss) per common share
  $ 0.12     $ (0.19 )   $ 0.46     $ (0.64 )
Average common shares outstanding
    4,084,432       4,069,543       4,075,696       4,068,699  
Average common shares and dilutive
                               
potential common shares outstanding
    4,084,441       4,069,543       4,079,438       4,068,699  
                                 
Dividends declared per common share
  $ -     $ 0.044     $ -     $ 0.176  

 
 

 
 
Consolidated Financial Highlights
Fourth Quarter 2008
(unaudited)

   
Quarterly
   
Year-To-Date
 
($ in thousands except for share data)
 
4th Qtr
2008
   
3rd Qtr
2008
   
2nd Qtr
2008
   
1st Qtr
2008
   
4th Qtr
2007
   
3rd Qtr
2007
   
2nd Qtr
2007
   
1st Qtr
2007
   
2008
   
2007
 
                                                             
EARNINGS
                                                           
Net interest income
  $ 5,173       5,426       5,295       5,080       5,223       5,488       5,583       5,251       20,974       21,545  
Provision for loan loss
  $ 1,225       1,999       875       300       2,825       5,246       1,500       1,425       4,399       10,996  
NonInterest income
  $ 1,381       1,812       1,469       1,641       1,477       1,409       1,430       1,489       6,303       5,805  
NonInterest expense
  $ 4,846       5,043       5,620       5,479       5,325       4,941       5,303       5,162       20,988       20,731  
Net income/(loss)
  $ 483       330       342       711       (784 )     (2,208 )     217       177       1,866       (2,598 )
Basic earnings per share
  $ 0.12       0.08       0.08       0.18       (0.19 )     (0.54 )     0.05       0.04       0.46       (0.64 )
Diluted earnings per share
  $ 0.12       0.08       0.08       0.17       (0.19 )     (0.54 )     0.05       0.04       0.46       (0.64 )
Average shares outstanding
    4,084,432       4,084,432       4,078,934       4,062,145       4,070,766       4,063,750       4,073,678       4,065,657       4,075,696       4,068,699  
Average diluted shares outstanding
    4,084,441       4,086,757       4,081,245       4,088,684       4,070,766       4,063,750       4,146,386       4,163,169       4,079,438       4,068,699  
                                                                                 
PERFORMANCE RATIOS
                                                                               
Return on average assets *
    0.28 %     0.19 %     0.20 %     0.41 %     -0.45 %     -1.25 %     0.12 %     0.11 %     0.27 %     -0.38 %
Return on average common equity *
    3.96 %     2.69 %     2.79 %     5.91 %     -6.32 %     -17.52 %     1.69 %     1.41 %     3.84 %     -5.16 %
Net interest margin (fully-tax equivalent) *
    3.26 %     3.43 %     3.36 %     3.15 %     3.19 %     3.31 %     3.44 %     3.43 %     3.30 %     3.34 %
Efficiency ratio
    73.94 %     69.67 %     83.09 %     81.52 %     79.48 %     71.64 %     75.62 %     76.59 %     76.94 %     75.80 %
Full-time equivalent employees
    173.75       176.50       181.25       184.25       190.00       193.00       192.75       191.75       173.75       190.00  
                                                                                 
CAPITAL
                                                                               
Equity to assets
    7.11 %     6.96 %     7.01 %     7.15 %     6.82 %     6.91 %     7.20 %     7.52 %     7.11 %     6.82 %
Regulatory leverage ratio
    9.69 %     9.62 %     9.52 %     9.33 %     9.19 %     9.34 %     9.91 %     10.28 %     9.69 %     9.19 %
Tier 1 capital ratio
    11.66 %     11.69 %     11.55 %     11.35 %     10.92 %     11.03 %     11.37 %     11.81 %     11.66 %     10.92 %
Total risk-based capital ratio
    12.99 %     13.04 %     12.92 %     12.51 %     12.08 %     12.15 %     12.47 %     12.97 %     12.99 %     12.08 %
Book value per share
  $ 12.13       11.86       11.92       12.18       11.87       12.01       12.44       12.62       12.13       11.87  
Cash dividend per share
  $ 0.00       0.00       0.00       0.044       0.044       0.044       0.044       0.044       0.044       0.176  
                                                                                 
ASSET QUALITY
                                                                               
Net charge-offs
  $ (27 )     1,570       936       (527 )     1,797       5,241       1,987       633       1,952       9,658  
Net charge-offs to average loans *
    -0.02 %     1.13 %     0.67 %     -0.37 %     1.24 %     3.54 %     1.36 %     0.47 %     0.35 %     1.68 %
Allowance for loan losses
  $ 10,655       9,278       8,974       9,035       8,208       7,180       7,176       7,663       10,655       8,208  
Allowance for loan losses to total loans
    1.90 %     1.67 %     1.62 %     1.61 %     1.43 %     1.24 %     1.23 %     1.35 %     1.90 %     1.43 %
Nonperforming loans
  $ 16,003       17,432       19,958       20,419       18,594       7,116       4,845       5,239       16,003       18,594  
Other real estate owned (OREO)
  $ 2,660       2,432       2,500       1,527       1,452       645       744       744       2,660       1,452  
Nonperforming assets (NPA)
  $ 18,663       19,864       22,458       21,946       20,046       7,761       5,589       5,983       18,663       20,046  
90+ Day delinquencies
  $ 941       982       1,919       486       0       14       81       564       941       0  
NPAs plus 90 Days delinquent
  $ 19,604       20,846       24,377       22,432       20,046       7,775       5,670       6,547       19,604       20,046  
NPAs to Total assets
    2.68 %     2.85 %     3.23 %     3.18 %     2.84 %     1.10 %     0.80 %     0.88 %     2.68 %     2.84 %
NPAs+90 to Total assets
    2.81 %     2.99 %     3.51 %     3.25 %     2.84 %     1.10 %     0.81 %     0.96 %     2.81 %     2.84 %
NPAs to Loans + OREO
    3.31 %     3.57 %     4.04 %     3.89 %     3.47 %     1.34 %     0.96 %     1.05 %     3.31 %     3.47 %
                                                                                 
END OF PERIOD BALANCES
                                                                               
Total assets
  $ 696,490       696,061       695,427       691,208       706,493       706,914       701,641       683,032       696,490       706,493  
Total earning assets
  $ 654,851       658,963       648,345       653,906       655,668       669,988       673,032       651,077       654,851       655,668  
Total loans
  $ 561,163       554,760       553,843       562,235       575,744       579,902       581,783       568,481       561,163       575,744  
Total deposits
  $ 586,237       573,221       600,118       587,735       600,689       592,854       595,558       589,802       586,237       600,689  
Stockholders' equity
  $ 49,524       48,449       48,753       49,405       48,208       48,830       50,536       51,386       49,524       48,208  
                                                                                 
AVERAGE BALANCES
                                                                               
Total assets
  $ 696,490       682,958       685,547       701,423       698,452       702,538       697,117       664,026       684,664       690,552  
Total earning assets
  $ 645,307       642,852       646,745       663,522       660,812       669,524       663,411       633,569       649,772       656,865  
Total loans
  $ 555,558       551,407       562,165       570,010       574,266       587,531       585,480       551,000       560,260       576,417  
Total deposits
  $ 566,253       580,589       580,563       607,402       595,913       596,140       597,806       575,389       583,442       591,338  
Stockholders' equity
  $ 48,530       48,875       49,252       48,427       49,199       50,014       51,579       50,779       48,784       50,385  
                                                                                 
* annualized for quarterly data
                                   
 



The following information was filed by Tower Financial Corp (TOFC) on Thursday, January 22, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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