- Horizon’s net income of $14.4 million for the first nine months of 2012 surpasses the $12.8 million earned for the entire prior year and represents the highest first nine months of net income in the Company’s history.
- Third quarter 2012 net income was $4.8 million or $.54 diluted earnings per share, which reflects a 50% increase in diluted earnings per share compared to the same period in 2011.
- Horizon’s net income for the first nine months of 2012 was $14.4 million or $1.75 diluted earnings per share, which reflects a 67% increase in diluted earnings per share compared to the same period in 2011.
- On July 17, 2012 Horizon completed its acquisition of Heartland Bancshares, Inc. (“Heartland”). On that date Horizon recorded $229.5 million in assets and $218.7 million in liabilities.
- Total loans increased $157.9 million during the quarter, consisting of $43.3 million in organic loan growth and $114.6 million net loans acquired from Heartland.
- Total deposits increased $261.2 million during the quarter, comprising $50.0 million in organic deposit growth and $211.2 million in deposits acquired from Heartland.
- Net interest income, after provisions for loan losses, for the first nine months of 2012 was $39.4 million compared with $30.1 million for the same period in the prior year.
- The provision for loan losses decreased to $1.8 million for the first nine months of 2012 compared to $4.4 million for the same period in 2011.
- Net charge-offs for the first nine months of 2012 were $2.1 million compared to $4.4 million for the same period in 2011.
- Substandard and delinquent loans increased by $21.4 million and $4.6 million respectively over the prior quarter. The increases were primarily due to loans acquired in the Heartland merger.
- Return on average assets was 1.09% for the third quarter of 2012 and 1.21% for the first nine months of 2012.
- Return on average common equity was 13.96% for the third quarter of 2012 and 15.24% for the first nine months of 2012.
- Horizon Bank’s capital ratios continue to be well above the regulatory standards for well-capitalized banks.
Horizon Bancorp Announces Record Earnings For The First Nine Months
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