Horizon Bancorp has reported a 9.26 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $5.60 million, or $0.25 a share in the quarter, compared with $6.18 million, or $0.34 a share for the same period last year.
Revenue during the quarter grew 10.39 percent to $30.50 million from $27.63 million in the previous year period. Net interest income for the quarter rose 3.55 percent over the prior year period to $20.94 million. Non-interest income for the quarter rose 31.42 percent over the last year period to $10.18 million.
Horizon Bancorp has made provision of $0.62 million for loan losses during the quarter, up 82.16 percent from $0.34 million in the same period last year.
Net interest margin contracted 58 basis points to 2.92 percent in the quarter from 3.50 percent in the last year period.
Craig Dwight, chairman and chief executive officer, commented: "I am very pleased with Horizon’s 2016 results as evidenced by our organic loan growth; our ability to complete and integrate three bank acquisitions and our expansion into two new markets. Horizon’s results for 2016 are a true testament of the quality of the Horizon team, their work ethic and ability to move the Company forward. As a result of all the hard work put forth in 2016, Horizon is positioned well for the coming year. Horizon’s balanced strategy of organic growth, expansion into new markets and well-executed acquisitions contributed to record net income for the year. Core net income was $8.5 million for the fourth quarter and $29.2 million for the year 2016, an increase of 40.7% and 34.5%, respectively, over 2015. Core diluted earnings per share were $0.38 for the fourth quarter and $1.45 for the year 2016, an increase of 14.4% and 9.0%, respectively, over 2015."
Assets outpace liabilities growth
Total assets stood at $3,141.16 million as on Dec. 31, 2016, up 18.43 percent compared with $2,652.40 million on Dec. 31, 2015. On the other hand, total liabilities stood at $2,800.30 million as on Dec. 31, 2016, up 17.39 percent from $2,385.57 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $2,121.15 million as on Dec. 31, 2016, up 22.28 percent compared with $1,734.60 million on Dec. 31, 2015. Deposits stood at $2,471.21 million as on Dec. 31, 2016, up 31.44 percent compared with $1,880.15 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $496.25 million or 20.08 percent of total deposits on Dec. 31, 2016, compared with $335.96 million or 17.87 percent of total deposits on Dec. 31, 2015.
Investments were almost stable over the past one year at $633.02 million on Dec. 31, 2016. Shareholders equity stood at $340.86 million as on Dec. 31, 2016, up 27.74 percent or $74.02 million from year-ago.
Return on average assets moved down 25 basis points to 0.69 percent in the quarter from 0.94 percent in the last year period. At the same time, return on average equity decreased 304 basis points to 6.49 percent in the quarter from 9.53 percent in the last year period.
Tier-1 leverage ratio stood at 10.14 percent for the quarter, up from 8.77 percent for the previous year quarter. Average equity to average assets ratio was 10.59 percent for the quarter, up from 10.32 percent for the previous year quarter. Book value per share was $15.37 for the quarter, up 8.24 percent or $1.17 compared to $14.20 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
