Horizon Bancorp, Inc. Releases 1st Quarter 2020 Financial Highlights, Including Deposit Growth of 16.79% Year-Over-Year

LAKE HAVASU CITY, Ariz.--()--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:

  • 18.71% 12-month noninterest deposit growth
  • 15.24% 12-month total asset growth
  • 10.84% 12-month loan growth
  • 16.79% 12-month deposit growth
  • 29.40% of total deposits are noninterest 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.

Horizon Bancorp, Inc. First Quarter 2020
Results and Horizon Community Bank
Consolidated Financial Highlights

 

Dollars in Thousands, Unaudited

3/31/2020

12/31/2019

3/31/2019

12/31/2018

Gross Loans

$

249,985

 

$

249,340

 

$

225,536

 

$

218,145

 

Loan Loss Reserve

$

3,569

 

$

3,469

 

$

3,048

 

$

3,051

 

Total Assets

$

355,058

 

$

341,492

 

$

308,109

 

$

297,161

 

 

Noninterest demand

$

91,458

 

$

81,803

 

$

77,041

 

$

71,887

 

Total Deposits

$

311,060

 

$

297,411

 

$

266,349

 

$

255,308

 

Securities sold under repurchase agreements

$

2,979

 

$

1,927

 

$

2,604

 

$

3,882

 

Federal Home Loan Bank Advance

$

5,500

 

$

6,500

 

$

6,500

 

$

6,500

 

Shareholders Equity

$

30,565

 

$

29,379

 

$

2,199

 

$

25,819

 

 

3 Months

12 Months

3 Months

12 Months

Operations

3/31/2020

12/31/2019

3/31/2019

12/31/2018

Interest Income on Loans

$

3,788

 

$

14,712

 

$

3,529

 

$

12,409

 

Total Interest Income

$

4,194

 

$

16,729

 

$

3,928

 

$

13,751

 

Interest Expense

$

744

 

$

3,255

 

$

689

 

$

1,922

 

Net Interest Income

$

3,450

 

$

13,474

 

$

3,239

 

$

11,829

 

Provision

$

135

 

$

494

 

$

63

 

$

498

 

Noninterest Income

$

934

 

$

4,432

 

$

867

 

$

3,988

 

Noninterest Expense

$

3,446

 

$

13,485

 

$

3,176

 

$

12,107

 

Income Taxes

$

183

 

$

815

 

$

201

 

$

721

 

Net Income at Holding Company Level

$

620

 

$

2,894

 

$

666

 

$

2,491

 

 

Return on Average Assets

 

0.71

%

 

0.89

%

 

0.89

%

 

0.88

%

Return on Average Equity

 

8.42

%

 

10.52

%

 

10.36

%

 

10.30

%

Book Value Per Share

$

7.40

 

$

7.11

 

$

6.50

 

$

6.26

 

Earnings Per Share

$

0.15

 

$

0.70

 

$

0.16

 

$

0.60

 

Shares Outstanding

 

4,130,682

 

 

4,130,682

 

 

4,125,182

 

 

4,125,182

 

 

Bank Regulatory Capital Ratios

3/31/2020

12/31/2019

3/31/2019

12/31/2018

Tier 1 Capital Ratio

 

11.58

%

 

11.47

%

 

12.02

%

 

12.26

%

Total Capital Ratio

 

12.83

%

 

12.72

%

 

13.27

%

 

13.51

%

 

Contacts

Ralph Tapscott, President/CEO, ralpht@horizoncommunitybank.com
Ross Johnson, EVP/CFO, rossj@horizoncommunitybank.com

Contacts

Ralph Tapscott, President/CEO, ralpht@horizoncommunitybank.com
Ross Johnson, EVP/CFO, rossj@horizoncommunitybank.com