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Horizon Bank

Horizon Bancorp Announces Record Quarterly and Nine-Month Net Income

October 26, 2016 08:09 AM
 

Michigan City, Indiana (NASDAQ GS: HBNC) – Horizon Bancorp today announced its unaudited financial results for the three and nine-month periods ended September 30, 2016.  All share data has been adjusted to reflect Horizon’s three-for-two stock split announced on October 19, 2016 to be issued on November 14, 2016.

 

SUMMARY:

  • Net income for the third quarter of 2016 was $6.6 million or $.30 diluted earnings per share compared to $4.3 million or $.24 diluted earnings per share for the third quarter of 2015.
  • Excluding acquisition-related expenses and purchase accounting adjustments, net income for the third quarter of 2016 increased 29.6% compared to the same period of 2015 to $8.4 million or $.39 diluted earnings per share.
  • Net income for the first nine months of 2016 was $18.3 million or $.94 diluted earnings per share compared to $14.4 million or $.92 diluted earnings per share for the first nine months of 2015.
  • Excluding acquisition-related expenses and purchase accounting adjustments, gain on sale of investment securities and the death benefit on bank owned life insurance, net income for the first nine months of 2016 increased 32.1% compared to the same period of 2015 to $20.7 million or $1.07 diluted earnings per share.
  • Excluding the LaPorte Bancorp, Inc. (“LaPorte Bancorp”) acquisition, mortgage warehouse loans and loans held for sale, loans increased 4.1% on an annualized basis during the third quarter of 2016.
  • Net interest income for the first nine months of 2016 increased 19.3% or $10.5 million compared to the same period in 2015.
  • Net interest margin, excluding the impact of acquisitions (“core net interest margin”), was 3.31% for the third quarter of 2016 compared to 3.42% for the prior quarter and 3.44% for the same period in 2015.
  • Non-interest income for the first nine months of 2016 increased 22.7% or $5.1 million compared to the same period in 2015.
  • Horizon’s tangible book value per share rose to $11.76 at September 30, 2016, compared to $11.02 at December 31, 2015 and $10.89 at September 30, 2015.
  • Horizon opened its first commercial office in Fort Wayne, Indiana on September 14, 2016.  The new location will offer commercial loans and cash management services and will be led by Greg Haney, Horizon’s Fort Wayne Market President.

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