Lake Havasu City, AZ- May 07, 2020-Horizon Bancorp, Inc. (OTC Pink: HRRB), the holding company for Horizon Community Bank, announced growth in total deposits of 16.79% for the 12-month period ended March 31, 2020. Growth in total loans of 10.84% for the 12-month period ended March 31, 2020. The loan growth was steady in all of the bank’s branches and loan production offices. Net income for the quarter ended March 31, 2020 totaled $620,087 compared to net income for the quarter ended March 31, 2019 of $666,116 which is a decrease of 6.91%.
“We began the year with an optimistic view of current economic fundamentals and a cautious outlook ahead. That all changed fairly dramatically in March of 2020. We have and continue to pick up some nice, new commercial relationships. Our core deposit growth and our non-interest deposit growth has been quite favorable. Our loan growth has also been favorable relative to our review of peer loan growth. Our quarterly net earnings are off slightly from a year ago, and this is partly attributed to margin pressure in the current rate environment and also some operating expenses associated with some infrastructure investment. Our immediate and recent focus has been on the Paycheck Protection Program, getting a forward read on credit quality, and capital planning.” stated Horizon Bancorp’s President & CEO Ralph Tapscott.
March 31, 2020 highlights include:
- 71% 12-month non-interest deposit growth
- 24% 12-month total asset growth
- 84% 12-month loan growth
- 79% 12-month deposit growth
- 40% of total deposits are non-interest demand deposits
About the Company
Holding company Horizon Bancorp, Inc. (OTC: HRRB) has $355 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, Kingman, Lake Havasu City, Mesa, Parker and Quartzsite, Arizona, plus loan offices in Goodyear and Phoenix, Arizona. It has 92 employees and provides high-touch, customized commercial financial services to those in the healthcare, transportation, construction, manufacturing, real estate and technology industries, as well as general commercial and consumer services. FDIC insured. Learn more at http://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.