updated 4/28/2011 5:46:10 AM ET 2011-04-28T09:46:10

FORT WAYNE, Ind., April 28, 2011 (GLOBE NEWSWIRE) -- Tower Financial Corporation (Nasdaq:TOFC) reported net income of $783,000 or $0.16 per diluted share for the first quarter of 2011, compared with net income of $721,000, or $0.16 per diluted share, reported for the first quarter 2010.

Our first quarter highlights include:

  • Net interest margin of 3.83 percent for the first quarter, representing continued improvement from the 3.66 percent and 3.73 percent reported for the first quarter 2010 and fourth quarter 2010, respectively.
  • "Core" earnings grew to $2.5 million, compared to $2.3 million for the fourth quarter 2010 and first quarter 2010, respectively. Core earnings are defined as income before taxes, loan loss provision, and unusual items not related to day to day operations (primarily securities sales and OREO ("other real estate owned") related expenses). 
  • Loans grew by $2.3 million for the quarter, represented our first quarterly growth in loans since the fourth quarter of 2008, while classified assets decreased by $4.1 million over the same time period.
  • Capital ratios continue to increase and remain well above the regulatory standards necessary to be considered "well-capitalized." As of March 31, 2011, our leverage ratio was 10.6 percent and our Total Risked Based Capital ratio was 14.5 percent, compared to regulatory requirements of 5.0 percent and 10.0 percent, respectively.
  • Investment portfolio growth of $13.5 million, reflecting our continued shift to a more structured balance sheet. Investments now comprise 18.6 percent of total assets.
  • Received regulatory approval to build a new branch facility on Illinois Road in southwest Fort Wayne. Construction is expected to begin this summer with completion anticipated in early 2012.

"We remain encouraged by our ability to grow our core earnings and capital levels through the continued expansion of our net interest margin and responsible growth of our balance sheet. We remain committed to the continuing and steady decline in the level of classified assets, which is a significant indication of improved asset quality results in the future. Our measured progress is allowing us to position ourselves to take advantage of new business opportunities and lines of business in our geographic region as they begin to arise." stated Mike Cahill, President and CEO.

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 March 31, 2011, increased to 13.3 percent, compared to 13.1 percent at December 31, 2010 and 11.1 percent at March 31, 2010. Total risked-based capital at March 31, 2011, increased to 14.5 percent, compared to 14.3 percent at December 31, 2010 and 12.7 percent at March 31, 2010. Leverage capital remained at 10.6 percent at March 31, 2011, more than double the regulatory requirement of 5 percent to be considered "well-capitalized". 

The following table shows the current capital position as of March 31, 2010 in both dollars and percentages, compared to the minimum amounts required per regulatory standards for "well-capitalized" institutions. 

Minimum Dollar Requirements  Regulatory Tower  
($000's omitted) Minimum (Well-Capitalized) 3/31/11 Excess
Tier 1 Capital / Risk Assets $31,836 $70,385 $38,549
       
Total Risk Based Capital / Risk Assets $53,061 $77,083 $24,022
       
Tier 1 Capital / Average Assets (Leverage) $33,228 $70,385 $37,157
       
Minimum Percentage Requirements Regulatory Tower  
  Minimum (Well-Capitalized) 3/31/11  
Tier 1 Capital / Risk Assets 6% or more 13.27%  
       
Total Risk Based Capital / Risk Assets 10% or more 14.53%  
       
Tier 1 Capital / Quarterly Average Assets 5% or more 10.59%  

Asset Quality

Nonperforming assets plus delinquencies were $22.9 million, or 3.4 percent of total assets as of March 31, 2011. This compares with $27.8 million, or 4.2 percent of total assets at December 31, 2010. Net charge-offs were $1.8 million for the first quarter 2011, or 1.49 percent of average loan outstandings for the quarter. This compares to net charge-offs of $789,000, or 0.61 percent of average loans for the first quarter 2010 and $332,000, or 0.27 percent of average loans for the fourth quarter of 2010. Loan loss provision through March 31, 2011 was $1.2 million compared to $1.3 million for the first quarter of 2010.  

The current and historical breakdown of non-performing assets is as follows:

($000's omitted) 3/31/11 12/31/10 9/30/10 6/30/10 3/31/10 12/31/09
Non-Accrual loans            
Commercial  7,938  6,859  6,924  5,364  5,463  6,667
Acquisition & Development  3,438  3,566  1,855  2,028  5,486  4,627
Commercial Real Estate  710  1,671  790  1,905  1,905  1,030
Residential Real Estate  652  843  1,093  1,063  1,120  1,142
Total Non-accrual loans  12,738  12,939  10,662  10,360  13,974  13,466
Trouble-debt restructered (TDR)  2,119  7,502  1,761  1,862  1,997  1,915
OREO  4,741  4,284  3,843  6,477  4,443  4,634
Deliquencies greater than 90 days  2,873  2,688  3,281  2,213  3,223  561
Impaired Securities  402  422  437  489  440  479
             
Total Non-Performing Assets  22,873  27,835  19,984  21,401  24,077  21,055
             
Allowance for Loan Losses (ALLL)  11,908  12,489  12,016  12,718  12,150  11,598
             
ALLL / Non-accrual loans 93.5% 96.5% 112.7% 122.8% 86.9% 86.1%
             
Classified Assets  46,027  50,115  51,409  55,688  56,297  55,406

The troubled-debt restructured ("TDR") category consists of one loan. This loan has a balance of approximately $2.1 million and is considered a TDR because the loan was modified to take additional collateral of approximately $900,000 in order to improve the structure and collectability of the loan. As of March 31, 2011 this loan was current and paying according to the modified terms. Based on the new accounting rules this loan will go to "performing" status after six continuous months of keeping with the modified terms. Two loans came off the non-performing TDR list during the quarter because they continue to keep current and perform according to the modified terms.

Delinquencies greater than 90 days have remained relatively flat from the fourth quarter 2010. This category is comprised of five loan relationships. As discussed in previous press releases, included in this category is an accruing $1.8 million loan that has matured. The Bank has elected not to renew the loan and is seeking collection via legal process. The loan remains in accruing status because it is further supported by the unlimited guaranty of a third party whose guaranty is fully secured by a mortgage on a performing commercial real estate property that is unrelated to the borrower's enterprise. This loan is expected to remain technically nonperforming during the pendency of our legal collection efforts but ultimate collection from the guarantor is not currently in doubt. 

Our non-accrual commercial and industrial loan category increased by $1.1 million during the first quarter. Five new relationships totaling $3.2 million were added to this category, while one large relationship of $1.9 million was sold along with some other minor reductions totaling $200,000. As of March 31, 2011, there were eighteen relationships within this category, with three relationships comprising 55 percent of the total.

Our non-accrual commercial real estate category decreased by $961,000 during the first quarter, the result of one relationship totaling $961,000 moving to OREO after being foreclosed upon. The category is currently comprised of a single relationship, which we anticipate being resolved during the second or third quarter of 2011.

Our non-accrual acquisition and development category decreased during the quarter from minor pay downs on the existing relationships within this category. As of March 31, 2011, the category was comprised of four relationships, with one relationship making up 58 percent of the balance. A resolution to this large relationship is pending and is expected to close early in the second quarter of 2011.

Our non-accrual residential category decreased by $191,000 during the quarter. This was the net result of one large loan being brought to resolution, along with the addition of two smaller loans to the category. In total there are eight relationships that comprise this category..

Classified assets are comprised of substandard and non-accrual loans, along with impaired investments and OREO. Classified assets reached their peak at the end of the second quarter of 2009 at $63.0 million. We have made steady progress to reduce these assets by $17.0 million, or 26.9 percent. As of March 31, 2011, classified assets comprised 58.1 percent of Tier 1 capital plus the Allowance for Loan Losses ("ALLL").

The allowance for loan losses decreased $581,000 during the first quarter of 2011 and was 2.43 percent of total loans at March 31, 2011, a decrease from 2.56 percent at December 31, 2010 and an increase from 2.32 percent at March 31, 2010. The allowance for loan losses has decreased by $581,000 from December 31, 2010, as a result of loan provision of $1.2 million, offset by $1.8 million of net charge-offs.

Balance Sheet

Company assets were $664.1 million at March 31, 2011, an increase of $4.2 million, or 0.6 percent from December 31, 2010. While the increase in total assets was minimal, we utilized $13.8 million of excess cash to increase our long-term investments by $13.5 million, purchase $3.0 million in additional bank owned life insurance ("BOLI"), and increase loans by $2.3 million. The net interest margin increased as a result of turning these non-earning assets into earning assets during the quarter. 

Total loans at March 31, 2011 were $489.2 million, compared to $486.9 million at December 31, 2010. The increase in loans came primarily from the Commercial and Industrial (C&I) and Commercial Real Estate categories, which grew by $2.0 and $2.6 million respectively. Residential mortgage loans also grew by $1.6 million. This growth was offset by a reduction in Home Equity and Consumer loan outstandings of $2.7 million and $1.1 million respectively.

Long term investments at March 31, 2010 were $123.6 million, an increase of $13.5 million from December 31, 2010.  Long-term investment now comprise 18.6 percent of total assets as we continue to expand our investment portfolio to enhance liquidity and yield opportunities in light of fewer lending opportunities in the local economy. This is a continued purposeful change in asset allocation driven by profitability and liquidity targets, current economic conditions, and capital management guidelines.

Total deposits at March 31, 2011 were $575.5 million compared to $576.4 million at December 31, 2010, a slight decrease of $831,000, or 0.2 percent. Core deposits decreased by $2.6 million, CD's greater than $100,000 decreased by $3.1 million, and Brokered CD's increased by $4.9 million. 

Shareholders' equity was $54.4 million at March 31, 2011, an increase of 2.4 percent from the $53.1 million reported at December 31, 2010. Affecting the increase in stockholders' equity was net income of $783,000, $12,000 of additional paid in capital from the FAS123R (Do we need to make a different reference now because of codification?) accounting treatment for stock options, and an increase of $490,000 in unrealized gains, net of tax, on securities available for sale. Current common shares outstanding are 4,827,843.

Operating Statement

Total revenue, consisting of net interest income and noninterest income, was $7.3 million for the first quarter 2011, a slight decrease of $55,000 from the fourth quarter 2010 and an increase of $129,000 from the first quarter 2010.  First quarter 2011 net interest income was $5.6 million an increase of $123,000, or 2.2 percent from the fourth quarter 2010 and an increase of $80,000, or 1.4 percent compared to the first quarter 2010. The increase from the fourth quarter was attributable to an increase in our net interest margin. The first quarter 2011 net interest margin of 3.83 percent represents an 10 basis point increase from the net interest margin of 3.73 percent posted for the fourth quarter 2010. The increase in our margin came primarily from a reduction in cost of funds, which was 1.27 percent for the first quarter, compared to 1.44 percent for the fourth quarter 2010. Cost of funds has decreased 39 basis points since the first quarter of 2010. Yields on earning assets have remained relatively flat.

Non-interest income was $1.6 million for the first quarter 2011, which represented 22.6 percent of total revenue. This is a decrease of 178,000 from the fourth quarter 2010 and an increase of $50,000 from the first quarter of 2010. The decrease from the fourth quarter is primarily from a reduction in mortgage loan brokerage fees, which decreased by $73,000. This is typical during the first quarter, as loan brokerage fees remained flat from the first quarter of 2010. Gains of securities sales also decreased from the fourth quarter. We recorded $175,000 of gains in the fourth quarter of 2010 compared to $59,000 during the first quarter of 2011. We also recorded $125,000 of Other Than Temporary Impairment ("OTTI") on two securities in our investment portfolio. While this is comparable to the fourth quarter OTTI, our Trust Preferred Investment is now written down to zero value, so we will have no OTTI in the future on this investment. The Trust Preferred Investment comprised $110,000, or 88 percent, of our OTTI charge for the quarter.

Non-interest expenses were $5.1 million, a decrease of $252,000 from the fourth quarter 2010 and an increase of $188,000 from the first quarter of 2010. $100,000 of the reduction from the fourth quarter came in our OREO category, while the remainder is primarily timing related. Beginning in the second quarter of 2011, we estimate a reduction in our FDIC premiums of approximately $125,000 per quarter due to a reduction in the assessment rates that goes into effect on April 1, 2011. The rates will decrease by 8 to 10 basis points. The estimated savings is based on our current deposit balances and will vary depending on growth or contraction in the portfolio. 

ABOUT THE COMPANY

Headquartered in Fort Wayne, Indiana, Tower Financial Corporation is a financial services holding company with one subsidiary; Tower Bank & Trust Company, a community bank headquartered in Fort Wayne. 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 Bank has a wholly-owned subsidiary, Tower Trust Company, which is a state-chartered wealth services firm doing business as Tower Private Advisors. 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 banking regulation; changes in governmental and regulatory policy or enforcement; changes in the national and local economy; 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 tax laws; changes in prices; the impact of technological advances; the outcomes of contingencies, trends in customer behavior and their ability to repay loans; changes in local real estate values; 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 March 31, 2011 and December 31, 2010    
  (unaudited)  
  March 31 December 31
  2011 2010
ASSETS    
Cash and due from banks  $ 12,983,538  $ 24,717,935
Short-term investments and interest-earning deposits  1,658,736  4,309,006
Federal funds sold  2,221,872  1,648,441
Total cash and cash equivalents  16,864,146  30,675,382
     
Securities available for sale, at fair value  123,635,639  110,108,656
FHLBI and FRB stock  4,075,100  4,075,100
Loans Held for Sale  432,413  2,140,872
     
Loans  489,249,575  486,914,115
Allowance for loan losses  (11,907,795)  (12,489,400)
Net loans  477,341,780  474,424,715
     
Premises and equipment, net  8,237,010  8,329,718
Accrued interest receivable  2,486,910  2,391,953
Bank Owned Life Insurance  16,647,270  13,516,789
Other Real Estate Owned  4,740,592  4,284,263
Prepaid FDIC Insurance  2,377,570  2,864,527
Other assets  7,278,403  7,116,280
     
Total assets  $ 664,116,833  $ 659,928,255
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
LIABILITIES    
Deposits:    
Noninterest-bearing  $ 87,598,846  $ 92,872,957
Interest-bearing  487,926,557  483,483,179
Total deposits  575,525,403  576,356,136
     
Fed Funds Purchased  100,000  -- 
Federal Home Loan Bank advances  11,500,000  7,500,000
Junior subordinated debt  17,527,000  17,527,000
Accrued interest payable  1,641,739  1,415,713
Other liabilities  3,409,668  4,000,654
Total liabilities  609,703,810  606,799,503
     
STOCKHOLDERS' EQUITY    
Preferred stock, no par value, 4,000,000 shares authorized; 7,750 shares issued and outstanding  146,558  757,213
Common stock and paid-in-capital, no par value, 6,000,000 shares authorized; 4,892,843 and 4,789,023 shares issued at March 31, 2011 and December 31, 2010, respectively; and 4,824,843 and 4,724,023 shares outstanding at March 31, 2011 and December 31, 2010, respectively  44,362,537  43,740,155
Treasury stock, at cost, 65,000 shares at March 31, 2011 and December 31, 2010  (884,376)  (884,376)
Retained earnings  9,233,222  8,450,579
Accumulated other comprehensive income (loss), net of tax of $801,103 at March 31, 2011 and $548,730 at December 31, 2009  1,555,082  1,065,181
Total stockholders' equity  54,413,023  53,128,752
     
Total liabilities and stockholders' equity  $ 664,116,833  $ 659,928,255
     
Tower Financial Corporation    
Consolidated Statements of Operations    
For the three months ended March 31, 2011 and 2010    
(unaudited)    
  For the Three Months Ended
  March 31
  2011 2010
Interest income:    
Loans, including fees  $ 6,288,964  $ 6,883,002
Securities - taxable  579,369  639,091
Securities - tax exempt  393,162  244,551
Other interest income  14,262  6,248
Total interest income  7,275,757  7,772,892
Interest expense:    
Deposits  1,361,146  1,759,498
Fed Funds Purchased  189  -- 
FHLB advances  72,071  169,858
Trust preferred securities  199,353  280,226
Total interest expense  1,632,759  2,209,582
     
Net interest income  5,642,998  5,563,310
Provision for loan losses  1,220,000  1,340,000
     
Net interest income after provision for loan losses  4,422,998  4,223,310
     
Noninterest income:    
Trust and brokerage fees  884,000  882,966
Service charges  290,850  290,386
Loan broker fees  108,388  114,049
Gain/(Loss) on sale of securities  58,669  840
Impairment on AFS securities  (124,999)  (10,590)
Other fees  430,305  320,043
Total noninterest income  1,647,213  1,597,694
     
Noninterest expense:    
Salaries and benefits  2,559,082  2,387,076
Occupancy and equipment  619,606  629,278
Marketing  89,784  96,692
Data processing  309,305  308,912
Loan and professional costs  361,442  438,407
Office supplies and postage  48,947  63,189
Courier service  53,724  55,334
Business Development  90,619  79,008
Communication Expense  46,376  36,359
FDIC Insurance Premiums  506,848  502,205
OREO Expenses  191,920  55,797
Other expense  215,054  252,909
Total noninterest expense  5,092,707  4,905,166
     
Income/(loss) before income taxes/(benefit)  977,504  915,838
Income taxes expense/(benefit)  194,861  194,802
     
Net income/(loss)  $ 782,643  $ 721,036
Less: Preferred Stock Dividends  --   -- 
Net income/(loss) available to common shareholders  $ 782,643  $ 721,036
     
Basic earnings/(loss) per common share  $ 0.16  $ 0.18
Diluted earnings/(loss) per common share  $ 0.16  $ 0.16
Average common shares outstanding  4,754,892  4,090,432
Average common shares and dilutive potential common shares outstanding  4,852,759  4,394,419
     
Total Shares outstanding at end of period  4,827,843  4,090,432
Dividends declared per common share  $ --   $ -- 
Tower Financial Corporation     
Consolidated Financial Highlights     
     
(unaudited)    
  Quarterly Year-To-Date
  1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr    
($ in thousands except for share data) 2011 2010 2010 2010 2010 2009 2009 2009 2011 2010
                     
EARNINGS                    
 Net interest income  $ 5,644 5,521 5,580 5,597 5,563 5,381 5,077 4,822  5,644  22,261
 Provision for loan loss  $ 1,220 805 1,500 1,100 1,340 1,230 1,995 6,550  1,220  4,745
 NonInterest income  $ 1,647 1,825 2,657 1,734 1,598 1,490 1,210 1,599  1,647  7,814
 NonInterest expense  $ 5,093 5,345 5,350 5,642 4,905 6,079 5,468 6,458  5,093  21,242
 Net income/(loss)  $ 783 884 1,045 514 721 (1,202) (721) (4,095)  783  3,164
 Basic earnings per share  $ 0.16 0.19 0.24 0.13 0.18 (0.29) (0.18) (1.00)  0.18  0.73
 Diluted earnings per share  $ 0.16 0.18 0.22 0.12 0.17 (0.29) (0.18) (1.00)  0.17  0.69
 Average shares outstanding 4,754,892 4,720,159 4,427,370 4,090,432 4,090,432 4,090,432 4,090,432 4,090,432  4,754,892 4,334,084
 Average diluted shares outstanding 4,852,759 4,852,759 4,669,965 4,394,419 4,394,419 4,090,432 4,090,432 4,090,432  4,852,759 4,558,918
                     
PERFORMANCE RATIOS                    
 Return on average assets * 0.48% 0.53% 0.63% 0.31% 0.43% -0.70% -0.42% -2.32% 0.48% 0.48%
 Return on average common equity * 5.92% 6.56% 8.17% 4.26% 6.17% -9.83% -6.13% -32.65% 5.92% 6.33%
Net interest margin                    
(fully-tax equivalent) * 3.83% 3.72% 3.69% 3.72% 3.66% 3.47% 3.24% 3.02% 3.84% 3.70%
Efficiency ratio 69.85% 72.76% 64.95% 76.96% 68.50% 88.47% 86.97% 100.58% 69.85% 70.63%
Full-time equivalent employees  150.75  150.75  149.25  145.75  150.25  146.25  159.25  172.75  150.75  150.75
                     
CAPITAL                    
 Equity to assets 8.19% 8.05% 8.09% 7.44% 7.12% 6.90% 7.14% 6.70% 8.19% 8.05%
 Regulatory leverage ratio 10.59% 10.55% 10.35% 9.50% 9.20% 9.05% 9.04% 8.56% 10.59% 10.55%
 Tier 1 capital ratio 13.27% 13.10% 12.73% 11.62% 11.14% 10.90% 11.00% 10.38% 13.27% 13.10%
 Total risk-based capital ratio 14.53% 14.30% 13.98% 13.11% 12.66% 12.46% 12.53% 11.96% 14.53% 14.30%
 Book value per share  $ 11.11 11.09 11.15 11.53 11.30 11.04 11.87 11.24 11.11  11.09
 Cash dividend per share $0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
                     
ASSET QUALITY                    
Net charge-offs  $ 1,802 332 2,202 531 789 4,537 2,045 3,092 1,802  3,854
Net charge-offs to average loans * 1.49% 0.27% 1.74% 0.41% 0.61% 3.38% 1.49% 2.21% 1.49% 0.76%
Allowance for loan losses  $ 11,908 12,489 12,016 12,718 12,150 11,598 14,905 14,105 11,908 12,489
Allowance for loan losses to total loans 2.43% 2.56% 2.43% 2.50% 2.32% 2.20% 2.78% 2.53% 2.43% 2.56%
Other real estate owned (OREO)  $ 4,741 4,284 3,843 6,477 4,443 4,634 3,990 4,060 4,741 4,284
 Non-accrual Loans  $ 12,738  12,939  10,768  10,360  13,974  13,466  20,219  19,016 4,741 4,284
 90+ Day delinquencies  $ 2,873 2,688 3,175 2,213 3,223 561 1,477 2,509 12,738 12,939
 Restructured Loans  $ 2,120  7,502  1,761  1,862  1,997  1,915  163  184 2,120 7,502
 Total Nonperforming Loans  17,731  23,129  15,704  14,435  19,194  15,942  21,859  21,709 17,731 23,129
 Impaired Securities (Market Value)  402  422  437  489  440  479  779  --  402 422
 Total Nonperforming Assets  22,874  27,835  19,984  21,401  24,077  21,055  26,628  25,769 22,874 27,835
 NPLs to Total loans 3.62% 4.75% 3.17% 2.83% 3.67% 3.02% 4.08% 3.89% 3.62% 4.75%
 NPAs (w/o 90+) to Total assets 3.01% 3.81% 2.55% 2.91% 3.09% 3.01% 3.70% 3.39% 3.01% 3.81%
 NPAs+90 to Total assets 3.44% 4.22% 3.03% 3.25% 3.57% 3.10% 3.92% 3.75% 3.44% 4.22%
                     
END OF PERIOD BALANCES                    
 Total assets  $ 664,117 659,928 660,141 658,327 674,152 680,159 679,394 686,307 664,117 659,928
 Total earning assets  $ 621,273 609,196 613,286 611,996 626,197 629,904 633,742 651,946 621,273 609,196
 Total loans  $ 489,250 486,914 494,818 509,656 523,437 527,333 536,074 557,530 489,250 486,914
 Total deposits  $ 575,525 576,356 577,094 564,988 559,291 568,380 592,731 594,594 575,525 576,356
 Stockholders' equity  $ 54,413 53,129 53,382 48,950 48,002 46,936 48,541 45,962 54,413 53,129
                     
AVERAGE BALANCES                    
 Total assets  $ 664,564 657,397 658,898 663,825 677,967 678,445 686,752 708,282 664,564 664,522
 Total earning assets  $ 618,266 605,306 614,742 617,060 629,582 628,983 636,503 657,539 618,266 616,673
 Total loans  $ 489,999 485,125 503,334 514,962 526,814 532,627 542,921 561,828 489,999 507,559
 Total deposits  $ 577,654 574,072 561,966 569,759 564,238 581,018 597,792 612,649 577,654 567,509
 Stockholders' equity  $ 53,662 53,438 50,744 48,404 47,421 48,507 46,678 50,303 53,662 50,002
                     
* annualized for quarterly data                    
CONTACT: FOR INVESTORS:
         Richard R. Sawyer
         Chief Financial Officer
         260-427-7150
         rick.sawyer@towerbank.net
         
         FOR MEDIA:
         Tina M. Farrington
         Executive Vice President
         260-427-7155
         tina.farrington@towerbank.net

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.71%
$30K home equity loan FICO 5.26%
$75K home equity loan FICO 4.70%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.42%
13.42%
Cash Back Cards 17.94%
17.94%
Rewards Cards 17.14%
17.14%
Source: Bankrate.com