Horizon Bancorp is reporting a net income for the first quarter of 2012 of $4.6 million or 88 cents diluted earnings per share, a 29-percent improvement over the fourth quarter of 2011 and a 79-percent improvement over the year-ago.

The first-quarter results also represent the highest quarterly net income and diluted earnings in the company’s history.

Total loans increased by $5.4 million in the first quarter and by $179 million over the previous year to $988.6 million on March 31.

Net interest income for the first quarter, after provisions for loan losses, was $12.6 million, compared to $9.5 million in the year-ago.

The provision for loan losses decreased to $559,000 in the first quarter, compared to $838,000 in the fourth quarter and $1.5 million in the year-ago.

Return on average assets was 1.23 percent in the first quarter, while return on average common equity was 15.9 percent.

“Our employees’ commitment to delivering superior service and financial solutions led to significant growth in commercial and consumer lending and deposit relationships, which drove year-over-year increases in many key areas,” Horizon President and CEO Craig Dwight said. “Horizon built market share in its served markets and we were very pleased with the performance of our newest location in Kalamazoo County, Mich.”

“A sharp reduction in loan loss reserves and ongoing expense management enabled Horizon to flow more revenue to the bottom line, resulting in our best quarterly performance in Horizon’s 139-year history,” Dwight added. “Although the general economy is far from robust, we have seen positive signs that economic activity is stronger than in the past several years.”

Posted 5/8/2012