Fort Wayne-based Tower Financial Corp., the parent company of Tower Bank, reported record quarterly and annual net income, and also set records for annual revenue and fee income.
In a statement, the company said fourth-quarter net income was $3.4 million, or 71 cents per share, compared with net income of $884,000, or 18 cents per share, in the year-ago period. Earnings in 2011 were $6.6 million, or $1.36 per share, versus earnings of $3.2 million, or 69 cents per share, in 2010.
“We are extremely pleased to report record net income during a time of
industry and economic uncertainty,” said Tower Financial’s president and CEO, Mike Cahill, in a statement. “This is the result of a lot of hard work over a long period of time by our talented and dedicated team
members.”
The company’s fourth-quarter results benefited from the reversal of the valuation allowance for a deferred tax asset, which raised income by $2.7 million. Even without the valuation reversal, Tower Financial said net income would have been $4.2 million, or 87 cents per share, which would have been a record.
Annual revenue was $30.9 million, while fee income was $8.2 million.
“While this is a significant milestone in Tower’s history, our work is by no means complete,” Cahill said. “We still have significant opportunities to expand our impact in our local communities, improve our service levels and efficiencies, and acquire new customers. We look forward to making continued progress for the benefit of all our stakeholders.”
