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TheStreet Open House

Horizon Bancorp Announces Record Earnings For 2012

Stocks in this article: HBNC

Craig M. Dwight, President and CEO, stated: “It was gratifying that in a year in which we made a substantial acquisition, the entire Horizon team maintained a strong focus on growing the bank’s established business that consequently contributed to increased shareholder value. Our success in serving customers, expanding customer relationships and winning new customers led to organic year-over-year growth. In addition to the growth provided by Heartland, we continued to expand Horizon’s size, scope, and access to new market opportunities in our other markets.”

“We believe Horizon’s continued success reflects our business expansion strategy and focus on a balanced mix of five revenue streams – business banking, retail banking, residential mortgage lending, mortgage warehouse lending and investment management. Being somewhat counter-cyclical sectors in nature, these are designed to deliver consistent and stable performance over time.”

“In 2012, despite a sluggish economy and suppressed interest rates, all five business sectors delivered growth and strong performance. Commercial lending, which was a key focus in 2012, grew significantly, particularly in the Indianapolis, Indiana and Kalamazoo, Michigan markets. The midyear addition of Heartland’s Indianapolis area locations and the 2012 opening of a new commercial banking office in Indianapolis offer the potential to further expand commercial lending.”

Dwight continued, “Horizon had strong production in residential mortgage lending, and related increases from the gain on sale primarily of long-term, low fixed-rate loans which we did not retain in order to manage interest rate risk. Also due to the active mortgage and refinancing market, our mortgage warehousing business, which generates low-cost capital for the Company, grew considerably in 2012.”

“We also continued our diligence in managing expenses. Productivity enhancements in past years have contributed to Horizon’s efficiency in recent years and continue to support efficient growth. We anticipate continuing productivity improvements related to the acquired Heartland business. The ongoing low interest rate environment will continue to present challenges, however, we were satisfied with our ability to maintain net interest margin in 2012.”

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