Tower Financial Corp., of Fort Wayne, Ind., announced second-quarter earnings Friday of $912,000, up 8.4% from the same quarter last year.
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Diluted earnings per share were 22 cents, up 4.8% from last year but missed the average of analysts' expectations by 3 cents, according to Thomson Financial.
Total loans were up 17.9% compared with the same quarter of last year, to $506.1 million. Total deposits were up 18.7%, to $510.2 million. Net interest income for the quarter was $5 million, up 15.4% from the same quarter last year. Noninterest income was $1.1 million, up 9.5%. Net chargeoffs were $364,000, up 9% from the same quarter last year.
