Horizon Bancorp, Inc. Releases 1Q Financial Highlights, More Than 12 Percent Annual Loan Growth

LAKE HAVASU CITY, Ariz.--()--Horizon Bancorp, Inc. (OTC Pink:HRRB), the holding company for Horizon Community Bank, announced an annual loan growth of 12.6 percent as of March 31, 2018, compared to the balance of loans outstanding at March 31, 2017. The loan growth was steady in all of the bank’s branches and loan production offices, and included the establishment of new loan production offices in Goodyear, Arizona, and Henderson, Nevada, in 2017. Deposit growth was also strong during the past 12 months with an annual deposit growth of 12.5 percent as of March 31, 2018, compared to the balance of deposits at March 31, 2017.

“Our growth in loans and assets over the last 12 months is reflected in improvements in Interest Income on Loans, Total Interest Income, and Net Interest Income. For the quarter ending 03/31/18 compared to the quarter ending 03/31/17, Interest Income on Loans increased 18.6 percent, Total Interest Income Increased 20.7 percent and Net Interest Income increased 19.2 percent,” stated Horizon Bancorp’s President and CEO Jerry Ernst.

Its 2018 highlights include:

  • 17.9 percent 12-month noninterest deposit growth
  • 11.3 percent 12-month total asset growth
  • 12.6 percent 12-month loan growth
  • 12.9 percent 12-month deposit growth

About the Company

Holding company Horizon Bancorp, Inc. (OTC:HRRB) has $278 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 Henderson, 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. 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.

Horizon Bancorp, Inc. 1Q18 Results

and Horizon Community Bank

Consolidated Financial Highlights

Dollars in Thousands, Unaudited      
3/31/2018 12/31/2017 3/31/2017
Gross Loans $ 195,998 $ 192,825 $ 174,014
Loan Loss Reserve $ 2,819 $ 2,777 $ 2,561
Total Assets $ 278,074 $ 262,618 $ 249,753
 
Noninterest demand $ 67,178 $ 62,370 $ 56,940
Total Deposits $ 241,324 $ 227,886 $ 214,538
Securities sold under repurchase agreements $ 5,523 $ 4,083 $ 8,073
FHLB Advance $ 1,500 $ 1,500 $ 1,500
Holding Company Debt (capital to the bank) $ 2,976 $ 3,179 $ 2,791
 
Shareholders Equity $ 23,691 $ 23,471 $ 20,931
 
3 Months 12 Months 3 Months
Operations 3/31/2018 12/31/2017 3/31/2017
Interest Income on Loans $ 2,761 $ 10,136 $ 2,328
Total Interest Income $ 3,034 $ 11,040 $ 2,513
Interest Expense $ 328 $ 1,124 $ 244
Net Interest Income $ 2,706 $ 9,916 $ 2,269
Provision $ 42 $ 315 $ 0
Noninterest Income $ 857 $ 3,686 $ 552
Noninterest Expense $ 2,922 $ 10,573 $ 2,388
Income Taxes $ 159 -$352 $ 0
Net Income at Bank Level $ 440 $ 3,066 $ 433
 
Qtr Ended Qtr Ended Qtr Ended
Bank Regulatory Capital Ratios 3/31/2018 12/31/2017 3/31/2017
Tier 1 Capital Ratio 12.6947 % 13.0000 % 13.0255 %
Total Capital Ratio 13.9466 % 14.2519 % 14.2777 %
 
3 Months 12 Months 3 Months
Holding Company Net Income in Dollars $ 405,796 $ 2,950,876 $ 408,628
ROAA 0.61 % 1.16 % 0.68 %
ROAE 6.98 % 13.65 % 7.36 %
BVPS 5.74 5.69 5.58
EPS 0.10 0.72 0.11
Shares Outstanding 4,125,182 4,125,182 3,745,126
 

Contacts

Horizon Bancorp, Inc.
Jerry Ernst, President/CEO
or
Ross Johnson, EVP/CFO
info@horizoncommunitybank.com

Release Summary

Horizon Bancorp, Inc. (OTC Pink:HRRB), the holding company for Horizon Community Bank, announces first quarter earnings for 2018.

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Contacts

Horizon Bancorp, Inc.
Jerry Ernst, President/CEO
or
Ross Johnson, EVP/CFO
info@horizoncommunitybank.com