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Horizon Bancorp Announces Record Quarterly Earnings

Horizon Bancorp (NASDAQ: HBNC) today announced its unaudited financial results for the three-month period ended March 31, 2012.


  • First quarter 2012 net income was $4.6 million or $.88 diluted earnings per share, a 79% increase in diluted earnings per share compared to the same period in 2011 and a 29% increase compared to the most recent linked quarter. In addition, this represents the highest quarterly net income and diluted earnings per share in the Company’s history.
  • Total loans increased $5.4 million during the quarter and $179.0 million over the previous twelve months to $988.6 million at March 31, 2012.
  • Net interest income, after provisions for loan losses, for the first three months of 2012 was $12.6 million compared with $9.5 million for the same period in the prior year.
  • The provision for loan losses decreased to $559,000 for the first three months of 2012 compared to $1.5 million for the same period in 2011 and $838,000 for the most recent linked quarter.
  • Net charge-offs for the first three months of 2012 were $29,000 compared to $1.5 million for the same period in 2011 and $1.1 million for the most recent linked quarter.
  • Return on average assets was 1.23% for the first quarter of 2012.
  • Return on average common equity was 15.90% for the first quarter of 2012.
  • Announced the definitive agreement to acquire Heartland Bancshares, Inc (“Heartland”) based in Franklin, Indiana.
  • The Company increased its quarterly cash dividend in the first quarter of 2012 to $.13 and paid its 105 th consecutive quarterly dividend to shareholders.
  • Horizon’s tangible book value per share rose to $21.35 compared with $18.11 at March 31, 2011.
  • Horizon Bank’s capital ratios, including Tier 1 Capital to total risk weighted assets of 11.77% as of March 31, 2012, continue to be well above the regulatory standards for well-capitalized banks.

Craig M. Dwight, President and CEO, stated: “Our employees’ commitment to delivering superior service and financial solutions led to significant growth in commercial and consumer lending and deposit relationships, which drove year-over-year increases in many key areas. Horizon built market share in its served markets, and we were very pleased with the performance of our newest location in Kalamazoo County, Michigan.”

Stock quotes in this article: HBNC 

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