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Horizon Bancorp Announces Record Quarterly Earnings

Stocks in this article: HBNC

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

SUMMARY:

  • 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.”

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