LAKE HAVASU CITY, Ariz.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/arizona?src=hash” target=”_blank”gt;#arizonalt;/agt;–Horizon Bancorp, Inc. (OTC Pink: HRRB), the holding company for Horizon
Community Bank, announced a growth in quarterly pre-tax income of
57% for the quarter ended March 31, 2019, over the same period, prior
year. Pre-tax income through March 31, 2019 totaled $867,403, an
improvement of $315,267 over the March 31, 2018. Total annual loan
growth was over 15% as of March 31, 2019 compared to the balance of
loans on March 31, 2018. The loan growth was steady in all of the bank’s
branches and loan production offices and included the establishment of a
new loan production office in Phoenix, AZ. Deposit growth was also
strong during the past 12 months with an annual deposit growth over
10.5% as of March 31, 2019, compared to the balance of deposits at March
31, 2018.
“Our growth in loans and assets over the last 12 months resulted in
improvements in Interest Income on Loans, Total Interest Income, and Net
Interest Income. For the quarter ending 03/31/19 compared to the quarter
ending 03/31/18, Interest Income on Loans increased 27.82%, Total
Interest Income increased 29.47% and Net Interest Income increased
20.82%,” stated Horizon Bancorp’s President & CEO Jerry Ernst. Pre-tax
income at 03/31/19 totaled $867,403, with income taxes of $201,286
resulting in net income of $666,117. Pre-tax income at 03/31/18 totaled
$552,137, with income taxes of $146,340 resulting in net income of
$405,796.
Its March 2019 highlights include:
- 15.3 percent twelve month noninterest deposit growth
- 10.8 percent twelve month total asset growth
- 15.1 percent twelve month loan growth
- 10.5 percent twelve month deposit growth
About the Company
Holding company Horizon Bancorp, Inc. (OTC:HRRB) has $308 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, Goodyear and Phoenix,
Arizona. It has 83 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. Learn more at 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. 1Q19 Results | ||||||||||||
| and Horizon Community Bank consolidated | ||||||||||||
| Financial Highlights | ||||||||||||
| Dollars in Thousands, Unaudited | ||||||||||||
| 3/31/2019 | 12/31/2018 | 3/31/2018 | ||||||||||
| Gross Loans | $ | 225,536 | $ | 218,145 | $ | 195,998 | ||||||
| Loan Loss Reserve | $ | 3,048 | $ | 3,051 | $ | 2,819 | ||||||
| Total Assets | $ | 308,109 | $ | 297,161 | $ | 278,074 | ||||||
| Noninterest demand | $ | 77,425 | $ | 72,300 | $ | 67,178 | ||||||
| Total Deposits | $ | 266,733 | $ | 255,751 | $ | 241,324 | ||||||
| Securities sold under repurchase agrmts | $ | 2,604 | $ | 3,882 | $ | 5,523 | ||||||
| FHLB Advance | $ | 6,500 | $ | 6,500 | $ | 1,500 | ||||||
| Holding Company Debt (capital to the bank) | $ | 2,199 | $ | 2,396 | $ | 2,976 | ||||||
| Shareholders Equity | $ | 26,812 | $ | 25,819 | $ | 23,691 | ||||||
| 3 Months | 12 Months | 3 Months | ||||||||||
| Operations | 3/31/2019 | 12/31/2018 | 3/31/2018 | |||||||||
| Interest Income on Loans | $ | 3,529 | $ | 12,409 | $ | 2,761 | ||||||
| Total Interest Income | $ | 3,928 | $ | 13,751 | $ | 3,034 | ||||||
| Interest Expense | $ | 653 | $ | 1,770 | $ | 328 | ||||||
| Net Interest Income | $ | 3,275 | $ | 11,981 | $ | 2,706 | ||||||
| Provision | $ | 63 | $ | 498 | $ | 42 | ||||||
| Noninterest Income | $ | 867 | $ | 3,988 | $ | 857 | ||||||
| Noninterest Expense | $ | 3,147 | $ | 12,067 | $ | 2,922 | ||||||
| Income Taxes | $ | 218 | $ | 781 | $ | 159 | ||||||
| Net Income at Bank Level | $ | 714 | $ | 2,623 | $ | 440 | ||||||
| Qtr Ended | Qtr Ended | Qtr Ended | ||||||||||
| Bank Regulatory Capital Ratios | 3/31/2019 | 12/31/2018 | 3/31/2018 | |||||||||
| Tier 1 Capital Ratio | 12.020 | % | 12.260 | % | 12.695 | % | ||||||
| Total Capital Ratio | 13.270 | % | 13.512 | % | 13.947 | % | ||||||
| 3 Months | 12 Months | 3 Months | ||||||||||
| Holding Company Net Income in Dollars | $ | 666,117 | $ | 2,491,032 | $ | 405,796 | ||||||
| ROAA | 0.89 | % | 0.88 | % | 0.61 | % | ||||||
| ROAE | 10.36 | % | 10.30 | % | 6.98 | % | ||||||
| BVPS | 6.50 | 6.26 | 5.74 | |||||||||
| EPS | 0.16 | 0.60 | 0.10 | |||||||||
| Shares Outstanding | 4,125,182 | 4,125,182 | 4,125,182 | |||||||||
Contacts
Jerry Ernst, President/CEO
Ross Johnson, EVP/CFO, [email protected]
