Horizon Bancorp is
reporting a net income for the first quarter of 2018 of $12.8 million or 50
cents diluted earnings per share, compared to $8.2 million or 37 cents in
the year-ago period.
the highest quarterly net income and diluted earnings per share in the
Company’s 145-year history,” Horizon said in a statement released today.
* Return on average
assets was 1.32 percent compared to 1.07 percent in the year-ago.
* Return on average
equity was 11.29 percent compared to 9.66 percent in the year-ago.
* Total loans
increased by $23.7 million.
* Consumer loans
increased by an annualized rate of 17.6 percent or $20 million.
mortgage loans increased by an annualized rate of 7.6 percent or $11.4
* Net interest
income increased $7.8 million, or 30.7 percent, to $33.4 million, compared
to $25.6 million in the year-ago.
tangible book value per share increased to $12.86 compared to $12.72 on Dec.
31, 2017, and to $11.79 on March 31, 2017. This represents the highest
tangible book value per share in the Company’s 145-year history.
“We are pleased to
announce record 2018 first quarter earnings of $0.50 diluted earnings per
share,” Chair and CEO Craig Dwight said. “Horizon’s net income of $12.8
million was an increase of $4.6 million, or 55.7 percent, when compared to
the prior year,” Diluted earnings per share increased $0.13 per share, or
35.1 percent, to $0.50, for the first quarter of 2018 when compared to the
Horizon started to fully realize the cost savings from our 2017 acquisitions
of Lafayette Community Bancorp and Wolverine Bancorp Inc. during the first
quarter of 2018,” Dwight added. “Increases in net interest income and
non-interest income of $7.6 million and $759,000, respectively, more than
offset an increase in non-interest expense of $4.3 million when compared to
the prior year helping to improve our efficiency ratio to 61.92 percent for
the first quarter of 2018 compared to 64.97 percent for the same period in
the prior year. Given that the first quarter is typically Horizon’s
seasonally slow period, we expect continued growth and further improvement
in our efficiency during the year.”