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Horizon Bancorp Announces Record First Nine-Month Earnings

(NASDAQ: HBNC) – Horizon Bancorp today announced its unaudited financial results for the three and nine-month periods ended September 30, 2013.

  • Third quarter 2013 net income declined 1.3% compared to the same period in 2012 to $4.8 million or $.52 diluted earnings per share, with the decline primarily reflecting lower income from residential lending, including mortgage warehousing, as demand for mortgage refinancing slowed.
  • Net income for the first nine months of 2013 rose 9.7% compared to the same period in 2012 to $15.8 million or $1.72 diluted earnings per share, the highest first nine months of net income in the Company’s history.
  • Net interest income, before provisions for loan losses, for the first nine months of 2013 was $47.3 million compared with $41.2 million for the same period of 2012, partially reflecting commercial loan growth that helped offset lower mortgage business revenue.
  • Non-interest income rose 4.2% to $20.2 million for the first nine months of 2013 compared with $19.4 million for the same period of 2012, partially reflecting growth in fees from debit and credit card interchange services and income growth from fiduciary activities, partially offset by a decline in gains on sale of mortgage loans.
  • Return on average assets was 1.09% for the third quarter of 2013 and 1.20% for the first nine months of 2013.
  • Return on average common equity was 12.60% for the third quarter of 2013 and 13.82% for the first nine months of 2013.
  • Purchase money mortgage originations for the third quarter of 2013 increased 7.7% to $73.3 million, representing 69.5% of total mortgage originations compared to $68.0 million or 51.4% of total mortgage originations for the same period of 2012.
  • Kalamazoo and Indianapolis markets posted quarterly loan growth of $2.2 million and $8.9 million, respectively, and year over year loan growth of $17.9 million and $34.4 million to $106.9 million and $68.3 million, respectively.
  • Tangible book value per share increased to $14.82 at September 30, 2013, compared to $14.42 and $13.85 at June 30, 2013 and September 30, 2012, respectively.
  • Horizon Bank’s capital ratios, including Tier 1 Capital to Average Assets Ratio of 9.13% and Total Capital to Risk Weighted Assets Ratio of 14.09% as of September 30, 2013, continue to be well above the regulatory standards for well-capitalized banks.

Craig M. Dwight, Chairman and CEO, commented: “During the past several quarters, we believe results from all five of our core banking revenue sources have been nothing short of exceptional. Our strategy is to generate balanced results in a variety of economic and market conditions. While the anticipated slowdown in residential mortgage refinancings led to less income from mortgage warehousing and gains on sale of mortgage loans, the growth of business loans and commercial banking services, purchase money mortgage originations and investment management activities generated meaningful core growth.”

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