- Horizon’s first quarter 2011 net income was $2.8 million or $.74 diluted earnings per share, a 54.4% increase in net income from the same period in 2010 and the highest first quarter net income in the Company’s history.
- Total deposits grew to over $1.0 billion at March 31, 2011, a $15.9 million increase from December 31, 2010.
- Borrowings decreased by $36.4 million in the first quarter of 2011 from December 31, 2010.
- Net interest income after provisions for loan losses was $9.5 million compared with $7.3 million in the prior year’s first quarter.
- Total loans decreased during the first quarter as the balance of mortgage warehouse loans decreased $74.7 million from December 31, 2010 as a result of an increase in long term mortgage interest rates.
- Commercial loans were $335.8 million, up 8% from the first quarter 2010.
- Residential mortgage loans of $164.2 million at March 31, 2011 rose 21% compared with first quarter 2010, partially reflecting loans acquired in the American Trust acquisition.
- Investment securities increased during the first quarter of 2011 as excess cash was invested.
- The Company’s mortgage servicing asset recovered $701,000 of impairment during the first quarter of 2011 as mortgage loan refinancing activity slowed.
- The provision for loan losses decreased to $1.5 million for the first quarter of 2011 compared to $2.7 million for the fourth quarter of 2010.
- Horizon’s capital ratios continue to be above the regulatory standards for well-capitalized banks.
Horizon Bancorp Announces Record First Quarter Earnings
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