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Horizon Bancorp Announces Record Quarterly And Six-Month Earnings

Horizon Bancorp (NASDAQ: HBNC) today announced its unaudited financial results for the three and six month periods ended June 30, 2012.

SUMMARY:
  • Second quarter 2012 net income was $4.9 million or $.93 diluted earnings per share, a 66% increase in diluted earnings per share compared to the same period in 2011. In addition, this represents the highest quarterly net income and diluted earnings per share in the Company’s 139-year history.
  • Horizon’s net income for the first half of 2012 was $9.5 million or $1.81 diluted earnings per share, a 72% increase in diluted earnings per share compared to the same period in 2011 and the highest first half net income in the Company’s history.
  • Total loans increased $8.6 million during the quarter and $157.9 million over the previous twelve months to $997.1 million at June 30, 2012.
  • Net interest income, after provisions for loan losses, for the first six months of 2012 was $25.4 million compared with $19.7 million for the same period in the prior year.
  • The provision for loan losses decreased to $768,000 for the first six months of 2012 compared to $2.9 million for the same period in 2011.
  • Net charge-offs for the first six months of 2012 were $1.3 million compared to $3.4 million for the same period in 2011.
  • Total substandard loans have decreased by $21.9 million in the first six months of 2012.
  • Return on average assets was 1.31% for the second quarter of 2012 and 1.27% for the first six months of 2012.
  • Return on average common equity was 16.43% for the second quarter of 2012 and 16.13% for the first six months of 2012.
  • The merger with Heartland Bancshares, Inc (“Heartland”) based in Franklin, Indiana closed on July 17, 2012.
  • Horizon’s tangible book value per share rose to $22.22 compared to $21.35 and $19.17 at March 31, 2012 and June 30, 2011, respectively.
  • Horizon Bank’s capital ratios, including Tier 1 Capital to total risk weighted assets of 12.03% as of June 30, 2012, continue to be well above the regulatory standards for well-capitalized banks.

Craig M. Dwight, President and CEO, stated: “Our business model continued to deliver a balanced revenue stream, with solid year-over-year growth in key areas. Ongoing reductions in the provision for loan losses, increased revenue from our mortgage operations, and our continued focus on expense management, contributed to the Bank’s record earnings for these periods.”

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