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TheStreet Open House

Horizon Bancorp Reports Record Quarter And Year-to-Date Earnings

Stocks in this article: HBNC

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

SUMMARY:

  • Third quarter 2011 net income was $3.4 million or $.80 diluted earnings per share, a 4.2% increase in net income from the same period in 2010 and the highest quarterly net income in the Company’s history.
  • For the first nine months of 2011, net income was $9.3 million or $2.37 diluted earnings per share, a 22.3% increase in net income from the same period in 2010 and the highest year-to-date nine-month net income in the Company’s history.
  • Total loans increased $86.8 million during the quarter to $925.8 million at September 30, 2011.
  • Total assets grew to a record $1.49 billion at September 30, 2011 compared to $1.41 billion at June 30, 2011.
  • Net interest income, after provisions for loan losses, for the nine months of 2011 was $30.1 million compared with $25.7 million for the same period in the prior year.
  • The provision for loan losses decreased to $4.4 million for the first nine months of 2011 compared to $8.9 million for the same period in 2010.
  • In August, the Company redeemed all of the US Treasury Department’s preferred stock investment under the TARP Capital Purchase Program using $6.25 million in cash and a $12.5 million investment by the US Treasury Department under the Small Business Lending Fund.
  • The Company increased its quarterly dividend to $0.18 per share, its 103rd consecutive quarterly cash dividend to Horizon’s shareholders.
  • Horizon’s tangible book value per share rose to $29.68 compared with $26.50 at the close of the third quarter of 2010.
  • Horizon’s capital ratios, including Tier 1 Capital to total risk weighted assets of 12.37%, continue to be well above the regulatory standards for well-capitalized banks.

Craig M. Dwight, President and CEO, stated: “Horizon’s record quarterly and nine-month results once again demonstrated our ability to grow in spite of the less than robust economic conditions. Our commitment to a balanced revenue stream has continued to support earnings growth and has enabled us to build our capital position and return some of this income to shareholders through increased dividends. Redeeming the Treasury Department’s investment under the Capital Purchase Program also enabled us to increase our dividend to shareholders.”

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