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Horizon Bank

Horizon Bancorp Announces its 2015 Second Quarter Earnings

July 24, 2015 12:05 PM
 

Michigan City, Indiana (NASDAQ GS: HBNC) – Horizon Bancorp today announced its unaudited financial results for the three and six-month periods ended June 30, 2015.

SUMMARY:

  • On July 1, 2015, Horizon closed the acquisition of Peoples Bancorp and its wholly-owned subsidiary, Peoples Federal Savings Bank of DeKalb County, headquartered in Auburn, Indiana. Peoples’ results are not included in Horizon’s June 30, 2015 financial results.
  • Total loans increased 16.2% on an annualized basis during the second quarter of 2015.
  • Commercial loans increased 8.2% on an annualized basis during the second quarter of 2015.
  • Second quarter 2015 net income was $4.7 million or $.49 diluted earnings per share.
  • Excluding merger expenses, net income for the second quarter of 2015 was $5.2 million or $.53 diluted earnings per share.
  • Pre-tax, pre-provision income for the second quarter of 2015 was $8.4 million, an increase of 19.7% compared to the same period of 2014 and 6.4% compared to the previous quarter.
  • Net income for the first six months of 2015 increased 23.1% compared to the same period of 2014 to $10.1 million or $1.04 diluted earnings per share.
  • Excluding merger expenses, gain on sale of investment securities and the death benefit on bank owned life insurance, net income for the first six months of 2015 was $10.4 million or $1.08 diluted earnings per share.
  • Pre-tax, pre-provision income for the first six months of 2015 was $16.3 million, an increase of 44.1% compared to the first six months of 2014.
  • Net interest income for the first six months of 2015 increased 15.6% or $4.7 million compared to the same period in 2014.
  • The net interest margin, excluding the impact of acquisitions (“core net interest margin”), increased 4 basis points from the linked quarter and 5 basis points in the first six months of 2015 compared to the same period of 2014.
  • Non-interest income for the first six months of 2015 increased 17.3% or $2.1 million compared to the same period in 2014.
  • Horizon’s tangible book value per share rose to $17.06 at June 30, 2015, compared to $16.26 at December 31, 2014 and $15.47 at June 30, 2014.
     

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