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Horizon Bank

Horizon Bancorp Announces its 2015 Third Quarter Earnings

October 22, 2015 04:35 PM
 

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

SUMMARY:

  • On July 1, 2015, Horizon closed the acquisition of Peoples Bancorp (“Peoples”) and its wholly-owned subsidiary, Peoples Federal Savings Bank of DeKalb County, headquartered in Auburn, Indiana.
  • The quarterly dividend was increased from $.14 to $.15 per share on September 15, 2015.
  • Third quarter 2015 net income was $4.3 million or $.36 diluted earnings per share.
  • Excluding merger expenses and gain on sale of investment securities, net income for the third quarter of 2015 increased 52.8% compared to the same period of 2014 to $6.7 million or $.56 diluted earnings per share.
  • Net income for the first nine months of 2015 was $14.4 million or $1.37 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 nine months of 2015 increased 28.3% compared to the same period of 2014 to $17.2 million or $1.64 diluted earnings per share.
  • Net interest income for the first nine months of 2015 increased 17.3% or $8.1 million compared to the same period in 2014.
  • The net interest margin, excluding the impact of acquisitions (“core net interest margin”), decreased 7 basis points from the linked quarter and 3 basis points in the first nine months of 2015 compared to the same periods in 2014.
  • Non-interest income for the first nine months of 2015 increased 15.9% or $3.1 million compared to the same period in 2014.
  • Excluding the Peoples acquisition, mortgage warehouse loans and loans held for sale, loans increased 11.9% on an annualized basis during the third quarter of 2015.
  • Horizon’s tangible book value per share increased to $16.37 at September 30, 2015, compared to $16.26 at December 31, 2014 and $15.75 at September 30, 2014.
  • Horizon Bank’s capital ratios, including Tier 1 Capital to Average Assets of 9.35% and Total Capital to Risk Weighted Assets of 13.03% as of September 30, 2015, continue to be well above the regulatory standards for well-capitalized banks.

View Press Release

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Contact: Mark E. Secor
Chief Financial Officer
Phone: (219) 873-2611
Fax: (219) 874-9280
Date: October 22, 2015

 

 
 
 

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