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Horizon Bank

Horizon Bancorp Announces an Increase in 2015 First Quarter Earnings

April 22, 2015 03:37 PM
 

Michigan City, Indiana (NASDAQ GS: HBNC) – Horizon Bancorp today announced its unaudited financial results for the three-month period ended March 31, 2015.


SUMMARY:

  • Net income for the first quarter of 2015 increased 56.8% or $1.9 million compared to the same period in 2014 to $5.4 million or $.55 diluted earnings per share.
  • Total loans increased 24.3% on an annualized basis during the first quarter of 2015.
  • Commercial loans increased 12.9% on an annualized basis during the first quarter of 2015.
  • Net interest income for the first quarter of 2015 increased 27.2% or $3.6 million compared to the same period in 2014.
  • Non-interest income for the first quarter of 2015 increased 28.0% or $1.5 million compared to the same period in 2014.
  • Net interest margin, excluding the impact of acquisitions (“core net interest margin”), was 3.47% for the first quarter of 2015 compared to 3.38% for the same period in 2014.
  • Return on average assets was 1.05% for the first quarter of 2015.
  • Return on average common equity was 11.66% for the first quarter of 2015.
  • Horizon’s tangible book value per share rose to $16.80 at March 31, 2015, compared to $16.26 at December 31, 2014 and $15.52 at March 31, 2014. $16.80 is the highest tangible book value per share in the company’s history.
  • On February 19, 2015, Horizon announced the acquisition of Peoples Bancorp and its wholly-owned subsidiary, Peoples Federal Savings Bank of DeKalb County, headquartered in Auburn, Indiana.
  • Horizon’s full-service Carmel, Indiana office opened on February 23, 2015.

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