Exhibit 99.1
FOR FURTHER INFORMATION:
 
FOR INVESTORS:
FOR MEDIA:
Richard R. Sawyer
Tina M. Farrington
Chief Financial Officer
Executive Vice President
260-427-7150
260-427-7155
rick.sawyer@towerbank.net
tina.farrington@towerbank.net
 
TOWER FINANCIAL CORPORATION REPORTS FIRST QUARTER NET INCOME OF $2.0 MILLION
 
 
FORT WAYNE, INDIANA – APRIL 25, 2013 –Tower Financial Corporation (NASDAQ: TOFC) reported net income of $2.0 million or $0.43 per diluted share for the first quarter of 2013, compared with net income of $1.1 million, or $0.22 per diluted share, reported for the first quarter of 2012.

Our first quarter highlights include:

·
Record pre-tax earnings of $2.8 million with “core” earnings comprising $2.3 million.  We define core earnings as income before taxes, loan loss provision, and unusual items not related to day to day operations (primarily securities sales and other real estate owned (“OREO”) expenses).

·
Increased trust and brokerage assets under management by approximately $41 million, or 6.0 percent, to $713 million during the first quarter of 2013.

·
Health Savings Accounts (“HSAs”) grew by $18.5 million, or 23.3 percent during the first quarter of 2013 and were $97.8 million as of March 31, 2013 with more than 50,000 accounts.

·
Repurchased 70,000 shares of the Company’s common stock at an average price of $12.32 per share during the first quarter of 2013. This brings the total shares repurchased under our program announced December 10, 2012 to 211,850 shares at an average price of $12.26 per share compared to our quarter end book value of $13.60 per share.

·
Decreased classified assets by $5.0 million during the first quarter of 2013.

Mike Cahill, President and Chief Executive Officer of Tower Financial Corporation stated, “It is always gratifying to have a record quarter, and to have the highest pre-tax earnings in our company’s history is something we are very proud of. We continue to work hard in this challenging low interest rate environment to find ways to improve our shareholders’ value, while maintaining focus on our clients.”
 
 
 

The following information was filed by Tower Financial Corp (TOFC) on Thursday, April 25, 2013 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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