Second Quarter Earnings Reflect Continued Strong Growth for Horizon Bancorp

LAKE HAVASU CITY, Ariz.--()--Horizon Bancorp, Inc. (OTC Pink:HRRB), the holding company for Horizon Community Bank, has consistently shown strong loan growth every quarter since its OTC market listing, continuing the trend with a 2Q earnings report today that announces a 13.8 percent increase as of June 30, 2018, compared to the balance of loans outstanding at June 30, 2017. The loan growth was steady in all of the bank’s branches and loan production offices, including the establishment of new loan production offices in Goodyear, AZ and Henderson, NV in 2017 and Phoenix, AZ in 2018. Deposit growth was also strong during the past 12 months, with an annual deposit growth of 9.7 percent as of June 30, 2018, compared to the balance of deposits at June 30, 2017.

“Our growth in loans and assets over the last 12 months reflects in improvements in Interest Income on Loans, Total Interest Income and Net Interest Income. For the quarter ending 06/30/18 compared to the quarter ending 06/30/17, Interest Income on Loans increased 19.47 percent, Total Interest Income Increased 21.8 percent and Net Interest Income increased 20.0 percent,” stated Horizon Bancorp President & CEO Jerry Ernst.

Its 2018 highlights include:

  • 13.8 percent twelve month noninterest deposit growth
  • 11.0 percent twelve month total asset growth
  • 13.8 percent twelve month loan growth
  • 9.7 percent twelve month deposit growth

About the Company

Holding company Horizon Bancorp, Inc. (OTC:HRRB) has $289 million in assets and is headquartered in Lake Havasu City, Arizona. Its sole subsidiary, Horizon Community Bank, is a locally owned and operated bank with branches in Fort Mohave, Lake Havasu City, Mesa, Parker and Quartzsite, Arizona, plus loan offices in Kingman, Goodyear and Phoenix, Arizona and Henderson, Nevada. It has 81 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. 2Q18 Results

and Horizon Community Bank consolidated
Financial Highlights
 
Dollars in Thousands, Unaudited
         
6/30/2018 12/31/2017 6/30/2017
Gross Loans $ 200,873 $ 192,825 $ 176,481
Loan Loss Reserve $ 2,829 $ 2,777 $ 2,590
Total Assets $ 289,432 $ 262,618 $ 260,579
 
Noninterest demand $ 71,501 $ 62,370 $ 62,800
Total Deposits $ 249,014 $ 227,886 $ 227,018
Securities sold under repurchase agrmts $ 6,176 $ 4,083 $ 5,491
FHLB Advance $ 4,500 $ 1,500 $ 1,500
Holding Company Debt (capital to the bank) $ 2,784 $ 3,179 $ 2,589
 
Shareholders Equity $ 24,178 $ 23,471 $ 21,647
 
 
6 Months 12 Months 6 Months
Operations 6/30/2018 12/31/2017 6/30/2017
Interest Income on Loans $ 5,737 $ 10,136 $ 4,802
Total Interest Income $ 6,346 $ 11,040 $ 5,209
Interest Expense $ 716 $ 1,124 $ 518
Net Interest Income $ 5,630 $ 9,916 $ 4,691
Provision $ 177 $ 315 $ 32
Noninterest Income $ 1,843 $ 3,686 $ 1,451
Noninterest Expense $ 5,890 $ 10,573 $ 5,001
Income Taxes $ 368 -$352 $ 0
Net Income at Bank Level $ 1,038 $ 3,066 $ 1,109
 
 
Qtr Ended Qtr Ended Qtr Ended
Bank Regulatory Capital Ratios 6/30/2018 12/31/2017 6/30/2017
Tier 1 Capital Ratio 12.3476 % 13.0000 % 13.3915 %
Total Capital Ratio 13.5985 % 14.2519 % 14.6444 %
 
 
6 Months 12 Months 6 Months
Holding Company Net Income in Dollars $ 966,586 $ 2,950,876 $ 1,040,911
ROAA 0.70 % 1.16 % 0.84 %
ROAE 8.22 % 13.65 % 10.06 %
BVPS 5.86 5.69 5.25
EPS 0.23 0.72 0.25
Shares Outstanding 4,125,182 4,125,182 4,125,182

Contacts

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

Release Summary

Horizon Bancorp, Inc., the holding company for Horizon Community Bank, announces 2Q earnings that reflect continued strong growth.

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Contacts

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