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 RECORD ANNUAL

INCOME OF $8.1 MILLION AND ANNOUNCES DIVIDEND

 

FORT WAYNE, INDIANA – FEBRUARY 4, 2014 – 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.

  

 
 

The following information was filed by Tower Financial Corp (TOFC) on Tuesday, February 4, 2014 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.

View differences made from one year to another to evaluate Tower Financial Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Tower Financial Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account