Chesterton Tribune

 

 

Horizon Bancorp posts record quarter net income

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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.

“This represents the highest quarterly net income and diluted earnings per share in the Company’s 145-year history,” Horizon said in a statement released today.

Other numbers:

* 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.

* Residential mortgage loans increased by an annualized rate of 7.6 percent or $11.4 million.

* Net interest income increased $7.8 million, or 30.7 percent, to $33.4 million, compared to $25.6 million in the year-ago.

* Horizon’s 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 prior year.”

“As expected, 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.”

 

 

Posted 4/26/2018

 

 
 
 
 

 

 

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