Horizon Bancorp Announces Record Quarterly and Six-Month Net Income

By: Horizon Bank Last Updated: July 29, 2016

horizon-building-laporteHorizon Bancorp today announced its unaudited financial results for the three and six-month periods ended June 30, 2016.

SUMMARY:

  • Net income for the second quarter of 2016 was $6.3 million or $.52 diluted earnings per share.
  • Excluding acquisition-related expenses and gain on sale of investment securities, net income for the second quarter of 2016 increased 38.9% compared to the same period of 2015 to $7.2 million or $.59 diluted earnings per share.
  • Net income for the first six months of 2016 was $11.7 million or $.96 diluted earnings per share.
  • Excluding acquisition-related expenses, gain on sale of investment securities and the death benefit on bank owned life insurance, net income for the first six months of 2016 increased 24.1% compared to the same period of 2015 to $13.0 million or $1.07 diluted earnings per share.
  • Total loans, excluding mortgage warehouse loans, increased 8.1% on an annualized basis during the second quarter of 2016.
  • Net interest income for the first six months of 2016 increased 17.0% or $5.9 million compared to the same period in 2015.
  • Net interest margin, excluding the impact of acquisitions (“core net interest margin”), was 3.42% for the second quarter of 2016 compared to 3.36% for the prior quarter and 3.51% for the same period in 2015.
  • Non-interest income for the first six months of 2016 increased 24.4% or $3.5 million compared to the same period in 2015.
  • Horizon’s tangible book value per share rose to $17.17 at June 30, 2016, compared to $16.53 at December 31, 2015 and $17.06 at June 30, 2015.
  • Horizon entered Fort Wayne, Indiana in the second quarter of 2016 by establishing a loan production team that will focus on commercial lending in Indiana’s second largest city.
  • On June 1, 2016, Horizon closed the acquisition of Kosciusko Financial, Inc. (“Kosciusko”) and its wholly-owned subsidiary, Farmers State Bank, headquartered in Mentone, Indiana.
  • On July 18, 2016, Horizon closed the acquisition of LaPorte Bancorp, Inc. (“LaPorte Bancorp”) and its wholly-owned subsidiary, The LaPorte Savings Bank, headquartered in La Porte, Indiana. LaPorte Bancorp’s results are not included in Horizon’s June 30, 2016 financial results.
  • On July 12, 2016, Horizon announced the pending acquisition of CNB Bancorp and its wholly-owned subsidiary, The Central National Bank and Trust Company, headquartered in Attica, Indiana.

Craig Dwight, Chairman and CEO, commented: “Horizon’s 2016 second quarter and year-to-date earnings illustrate, once again, our balanced and diversified revenue streams producing strong results. Core net income, excluding acquisition-related expenses, gain on sale of investment securities and the death benefit on bank owned life insurance, was $7.2 million for the second quarter and $13.0 million for the first six months of 2016. The increase in core net income translated to solid growth in Horizon’s core diluted earnings per share for both the second quarter and the first six months of 2016 compared to 2015.”

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