Horizon Bancorp, Inc. Releases 4Q Earnings, Impressive 77 Percent Income Growth

Horizon Bancorp, Inc. (OTC Pink:HRRB), the holding company for Horizon Community Bank, announced a net income increase of 77 percent for the year ended December 31, 2017 over the same period, prior year. Net income through 12/31/17 totaled $2,950,876, an improvement of $1,288,387 over the year ended 2016. Net Income in 2017 included a credit to the income tax expense of $351,616 due to the recognition of deferred tax assets and the accrual of current income tax expense.

“Our fourth quarter and year performance reflects improvements in Interest Income on Loans, Total Interest Income, Net Interest Income and Noninterest Income over last year,” stated President/CEO Jerry Ernst. “Our balance sheet and loan growth in the fourth quarter contributed to our net interest income and our significant government guaranteed business lending contributed to a portion of our overall increase in net income in 2017.”

Its 2017 highlights include:

19.3 percent twelve month noninterest deposit growth 10.8 percent twelve month total asset growth 11.1 percent twelve month loan growth Established loan production offices in Goodyear, AZ and Henderson, NV

Net Recoveries for the Year allowed for lower loan loss provisions and an increase in the Allowance for Loan and Lease Losses.

About the Company

Holding company Horizon Bancorp, Inc. (OTC Pink:HRRB) has $257 million in assets and is headquartered in Lake Havasu City, Arizona. It owns as its sole subsidiary Horizon Community Bank, a locally owned and operated bank with branches in Fort Mohave, Lake Havasu City, Mesa, Parker and Quartzsite, Arizona, plus loan offices in Kingman and Goodyear, Arizona and Henderson, Nevada. It has almost 80 employees and provides high-touch, customized commercial financial services to those in the healthcare, transportation, real estate and technology industries, as well as general commercial and consumer services. FDIC insured. http://www.horizoncommunitybank.com.

Forward-Looking Statements

This press release may include forward-looking statements about Horizon Bancorp, Inc. and Horizon Community Bank. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: Annualized, proforma and projected or estimated numbers in this release are illustrative only, are not forecasts and may not reflect actual results. All forward-looking statements are based on information available at the time of this release, and Horizon Bancorp, Inc. and Horizon Community Bank assume no obligation to update any forward-looking statements.

Unaudited Financial Information follows.

Horizon Bancorp, Inc. 4Q17 Results and Horizon Community Bank consolidated Financial Highlights Dollars in Thousands, Unaudited 12/31/2017 9/30/2017 12/31/2016 Gross Loans $192,825 $186,346 $173,597 Loan Loss Reserve $2,777 $2,668 $2,434 Total Assets $262,618 $257,286 $236,964 Noninterest demand $62,370 $57,970 $52,286 Total Deposits $227,886 $223,652 $204,101 Securities sold under repurchase agreements $4,083 $3,993 $6,896 FHLB Advance $1,500 $1,500 $1,500 Holding Company Debt (capital to the bank) $3,179 $2,385 $2,000 Shareholder Equity $23,471 $22,603 $20,459 12 months 9 months 12 months Operations 12/31/2017 9/30/2017 12/31/2016 Interest Income on Loans $10,136 $7,404 $8,866 Total Interest Income $11,040 $8,062 $9,488 Interest Expense $1,124 $813 $969 Net Interest Income $9,916 $7,249 $8,519 Provision $315 $197 $428 Noninterest Income $3,686 $3,134 $2,453 Noninterest Expense $10,573 $8,141 $8,844 Income Taxes -$352 $0 $0 Net at Bank Level $3,066 $2,045 $1,700 qtr ended qtr ended qtr ended Bank Regulatory capital ratios 12/31/2017 9/30/2017 12/31/2016 Tier 1 capital ratio 13.000% 12.891% 12.348% Total capital ratio 14.252% 14.143% 13.599% Holding company net income in dollars $2,950,876 $1,942,476 $1,662,489 ROAA 1.16% 1.03% 0.73% ROAE 13.65% 12.24% 8.39% BVPS 5.69 5.48 5.46 EPS 0.72 0.47 0.44 shares outstanding 4,125,182 4,125,182 3,745,126 BVPS, EPS affected by 10% stock dividend paid 6/30/17. See company audited FS 12/31/16 for more information.
Wohl nicht nur eine “Wette” auf exorbitante Kursgewinne…

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