Lake Havasu City, AZ-July 27, 2017-Horizon Bancorp, Inc. (OTC Pink:HRRB), the holding company for Horizon Community Bank, announced a net income increase of 70 percent for the six months ending June 30, 2017 over the same period prior year. Net income through 6/30/17 totaled $1,040,911, an improvement of $429,417 over the first six months of 2016.
“Our second quarter and year-to-date performance reflects improvements in Interest Income on Loans, Total Interest Income, Net Interest Income and Noninterest Income over last year,” stated President/CEO Jerry Ernst. “Solid organic balance sheet growth, particularly in the area of noninterest demand deposits, and our activities in SBA/USDA guaranteed lending helped offset slightly slower loan growth.”
Its 2017 highlights include:
- 20 percent six month noninterest deposit growth
- 93 percent six month total asset growth
- Established loan production offices in Goodyear, AZ and Henderson, NV
Significant Net Recoveries Year to Date allow for lower loan loss provisions and an increase in the Allowance for Loan Losses.
About the Company
Holding company Horizon Bancorp, Inc. (OTC:HRRB) has $260 million in assets and is headquartered in Lake Havasu City, Arizona. It owns as its sole subsidiary Horizon Community Bank, a locally owned and operated bank with branches in Fort Mohave, Lake Havasu City, Mesa, Parker and Quartzsite, Arizona, plus loan offices in Kingman and Goodyear, Arizona and Las Vegas, Nevada. It has almost 80 employees and provides high-touch, customized commercial financial services to those in the healthcare, transportation, real estate and technology industries, as well as general commercial and consumer services. FDIC insured. https://www.horizoncommunitybank.com.
Forward Looking Statements
This press release may include forward-looking statements about Horizon Bancorp, Inc. and Horizon Community Bank. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: Annualized, proforma and projected or estimated numbers in this release are illustrative only, are not forecasts and may not reflect actual results. All forward-looking statements are based on information available at the time of this release, and Horizon Bancorp, Inc. and Horizon Community Bank assume no obligation to update any forward looking statements.
Unaudited Financial Information follows.
| Horizon Bancorp, Inc. 2Q17 Results | |||
|---|---|---|---|
| and Horizon Community Bank consolidated | |||
| Financial Highlights | |||
| Dollars in Thousands, Unaudited | |||
| 6/30/2017 | 3/31/2017 | 6/30/2016 | |
| Gross Loans | $175,655 | $173,415 | $166,262 |
| Loan Loss Reserve | $2,590 | $2,561 | $2,341 |
| Total Assets | $260,579 | $249,753 | $232,157 |
| Noninterest demand | $62,800 | $56,940 | $51,433 |
| Total Deposits | $227,018 | $214,538 | $200,692 |
| Securities sold under repurchase agreements | $5,491 | $8,073 | $8,028 |
| FHLB Advance | $1,500 | $1,500 | $1,500 |
| Holding Company Debt (capital to the bank) | $2,589 | $2,791 | $0 |
| Shareholders Equity | $21,647 | $20,931 | $19,941 |
| 6 months | 6 months | ||
| Operations | 6/30/2017 | 6/30/2016 | |
| Interest Income on Loans | $4,802 | $4,308 | |
| Total Interest Income | $5,209 | $4,584 | |
| Interest Expense | $518 | $456 | |
| Net Interest Income | $4,691 | $4,128 | |
| Provision | $32 | $259 | |
| Noninterest Income | $1,451 | $1,202 | |
| Noninterest Expense | $5,001 | $4,441 | |
| Net at Bank Level | $1,109 | $630 | |
| qtr ended | qtr ended | qtr ended | |
| Bank Regulatory capital ratios | 6/30/2017 | 3/31/2017 | 6/30/2016 |
| Tier 1 capital ratio | 13.392% | 13.026% | 11.190% |
| Total capital ratio | 14.644% | 14.278% | 12.441% |
| Holding company net income in dollars | $632,283.00 | $408,628.00 | $421,563.00 |
| ROAA | 0.84 | 0.68 | 0.56 |
| ROAE | 10.06 | 7.36 | 6.37 |
| BVPS | 5.25 | 5.58 | 5.32 |
| EPS | 0.15 | 0.11 | 0.11 |
| shares outstanding | 4,125,182 | 3,750,126 | 3,745,126 |
| BVPS, EPS affected by 10% stock dividend paid 6/30/17 | |||
| See company audited FS 12/31/16 for more information | |||