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Horizon Bancorp Announces Record Earnings For 2012

Stocks in this article: HBNC

(NASDAQ: HBNC) – Horizon Bancorp today announced its unaudited financial results for the three and twelve month periods ended December 31, 2012. All share data has been adjusted to reflect the three-for-two stock split paid on November 9, 2012.

SUMMARY:

  • Horizon’s net income of $19.5 million for the twelve months ending 2012 surpasses the $12.8 million earned in the prior year and represents the highest annual net income in the Company’s history.
  • Fourth quarter 2012 net income was $5.2 million or $.56 diluted earnings per share, a 22% increase in diluted earnings per share compared to 2011. In addition, this represents the highest quarterly net income in the Company’s history.
  • Horizon’s net income for 2012 was $19.5 million or $2.30 diluted earnings per share, a 52% 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.
  • As a result of the acquisition and organic growth, total assets increased to a record $1.8 billion at December 31, 2012, compared with $1.5 billion at December 31, 2011.
  • Total loans increased $207.5 million during 2012, consisting of $92.9 million in organic loan growth and $114.6 million net loans acquired from Heartland.
  • Total deposits increased $283.7 million during 2012, consisting of $72.5 million in organic deposit growth and $211.2 million in deposits acquired from Heartland.
  • Net interest income, after provisions for loan losses, for 2012 was $54.7 million compared with $42.8 million for 2011.
  • The provision for loan losses decreased to $3.5 million for the year ended December 31, 2012 compared to $5.3 million for 2011.
  • Net charge-offs in 2012 were $4.1 million compared to $5.5 million in 2011.
  • Substandard and 30 to 89 day delinquent loans in total decreased by $1.9 million during 2012 from $60.8 million at December 31, 2011 to $58.9 million at December 31, 2012 including $21.5 million at December 31, 2012 acquired from the Heartland merger.
  • Return on average assets was 1.13% in the fourth quarter of 2012 and 1.19% the year ended December 31, 2012.
  • Return on average common equity was 13.70% in fourth quarter 2012 and 14.72% for the year ended December 31, 2012.
  • Horizon Bank’s capital ratios continue to be well above the regulatory standards for well-capitalized banks.

Performance Highlights

Net income for the fourth quarter of 2012 was $5.2 million or $.56 diluted earnings per share, which reflects a 22% increase in diluted earnings per share over the $3.5 million or $.46 diluted earnings per share in the fourth quarter of 2011. Net income for 2012 rose to $19.5 million or $2.30 diluted earnings per share, which reflects a 52% increase in diluted earnings per share over the net income of $12.8 million or $1.51 diluted earnings per share for 2011.

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