- Fourth quarter 2011 net income was $3.5 million or $.68 diluted earnings per share, a 23% increase in net income from the same period in 2010 and the highest quarterly net income and diluted earnings per share in the Company’s history.
- For the twelve months ending 2011, net income was $12.8 million or $2.27 diluted earnings per share, a 22% increase in net income from 2010 and the highest annual net income and diluted earnings per share in the Company’s history.
- This represents the Company’s 12th consecutive year of record annual earnings.
- Total loans increased $57.4 million during the quarter and $100.3 million during the year to $983.2 million at December 31, 2011.
- Total assets grew to a record $1.55 billion at December 31, 2011 compared to $1.49 billion at September 30, 2011 and $1.40 billion at December 31, 2010.
- Net interest income, after provisions for loan losses, for the twelve months of 2011 was $42.8 million compared with $36.1 million for the same period in the prior year.
- The provision for loan losses decreased to $5.3 million for the twelve months of 2011 compared to $11.6 million for the same period in 2010. Fourth quarter 2011 provision for loan losses was $838,000 compared with $2.67 million in fourth quarter 2010.
- Return on average common equity was 11.20% for 2011.
- During the fourth quarter of 2012 the Company announced a 3-for-2 stock split and shares were issued for the split on December 9, 2011.
- The Company increased its cash dividend in 2011 and paid its 104 th consecutive quarterly dividend to shareholders.
- Horizon’s tangible book value per share rose to $20.37 compared with $17.36 (split adjusted) at the end of 2010.
- In 2011 the Company redeemed all its preferred shares issued to the U.S. Treasury Department under its TARP Capital Purchase Program (“CPP”).
- Horizon’s capital ratios, including Tier 1 Capital to total risk weighted assets of 11.89% as of December 31, 2011, continue to be well above the regulatory standards for well-capitalized banks.
Horizon Bancorp Announces Record Earnings For 2011
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