Tower Financial Q4 Profit Increases - Quick Facts

(RTTNews) - Tower Financial Corp. (TOFC) reported fourth quarter of 2013 net income of $2.4 million or $0.52 per share up from $1.7 million or $0.36 per share in the fourth quarter of 2012.

Net interest income for the quarter was $5.24 million, down from $5.47 million last year.

Noninterest income was $3.1 million for the fourth quarter of 2013, compared to $2.2 million for the fourth quarter of 2012. The primary factor for the large increase was $872,000 of gains on sales of investment securities that occurred during the fourth quarter 2013 compared to $73,000 of gains in the fourth quarter of 2012.

Total revenue, consisting of net interest income and noninterest income, was $8.3 million, up from $7.6 million last year.

The company stated that its 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.