Horizon Bancorp Announces Record Quarterly Earnings

 
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Michigan City, Indiana (NASDAQ GS: HBNC) – Horizon Bancorp (“Horizon” or the “Company”) today announced its unaudited financial results for the three-month period ended March 31, 2018. 

 

SUMMARY:

  • Net income for the quarter ended March 31, 2018 was $12.8 million, or $0.50 diluted earnings per share, compared to $8.2 million, or $0.37 diluted earnings per share, for the quarter ended March 31, 2017. This represents the highest quarterly net income and diluted earnings per share in the Company’s 145-year history.
  • Return on average assets was 1.32% for the first quarter of 2018 compared to 1.07% for the first quarter of 2017.
  • Return on average equity was 11.29% for the first quarter of 2018 compared to 9.66% for the first quarter of 2017.
  • Total loans increased by an annualized rate of 3.4%, or $23.7 million, during the first quarter of 2018.
  • Consumer loans increased by an annualized rate of 17.6%, or $20.0 million, during the first quarter of 2018.
  • Residential mortgage loans increased by an annualized rate of 7.6%, or $11.4 million, during the first quarter of 2018.
  • Net interest income increased $7.8 million, or 30.7%, to $33.4 million for the three months ended March 31, 2018 compared to $25.6 million for the three months ended March 31, 2017.
  • Net interest margin was 3.81% for the three months ended March 31, 2018 compared to 3.80% for the three months ended March 31, 2017.
  • Horizon’s tangible book value per share increased to $12.86 compared to $12.72 and $11.79 at December 31, 2017 and March 31, 2017, respectively. This represents the highest tangible book value per share in the Company’s 145-year history.

    Read full press release here.

    Contact: Mark E. Secor
    Chief Financial Officer
    Phone: (219) 873-2611
    Fax: (219) 874-9280