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TheStreet Open House

Horizon Bancorp Reports Record Year-to-Date Earnings

Stocks in this article: HBNC

(NASDAQ: HBNC) – Horizon Bancorp today announced its unaudited financial results for the three and six month periods ended June 30, 2011.

SUMMARY:

  • Horizon’s second quarter 2011 net income was $3.1 million or $.83 diluted earnings per share, a 23.0% increase in net income from the same period in 2010 and the highest second quarter net income in the Company’s history.
  • Horizon’s net income for the first half of 2011 was $5.9 million or $1.57 diluted earnings per share, a 36.0% increase in net income from the same period in 2010 and the highest first half net income in the Company’s history.
  • Total deposits surpassed $1.0 billion at June 30, 2011 and increased $34.8 million from December 31, 2010.
  • Borrowings decreased by $30.6 million since December 31, 2010.
  • Net interest income, after provisions for loan losses, during the six months of 2011 was $19.7 million compared with $15.7 million for the same period in the prior year.
  • Horizon’s non-performing loans decreased by 6.7% in the second quarter of 2011 compared to the first quarter of 2011.
  • The provision for loan losses decreased to $2.9 million for the first six months of 2011 compared to $6.2 million for the same period in 2010.
  • The Company’s mortgage servicing asset recovered $728,000 of impairment during the first six months of 2011 as mortgage loan refinancing activity slowed.
  • Horizon’s tangible book value per share rose to $28.76 compared with $25.39 at the close of the second quarter of 2010.
  • Horizon’s capital ratios, including Tier 1 Capital to total risk weighted assets of 13.61%, continue to be well above the regulatory standards for well-capitalized banks.

Craig M. Dwight, President and CEO, stated: “Our continuing ability to generate record earnings reflects our commitment to balanced revenue streams and the tremendous dedication and quality of Horizon’s employees. We have acquired new customers and expanded banking relationships with existing clients by providing exceptional service at competitive pricing. We continued to win market share.”

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