- 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.
Horizon Bancorp Announces Record Earnings For 2012
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