Horizon Bancorp (HBNC) has reported a 53.96 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $6.60 million, or $0.30 a share in the quarter, compared with $4.29 million, or $0.24 a share for the same period last year.
Revenue during the quarter grew 22.01 percent to $34.01 million from $27.88 million in the previous year period. Net interest income for the quarter rose 23.43 percent over the prior year period to $24.41 million. Non-interest income for the quarter rose 19.71 percent over the last year period to $10.06 million.
Horizon Bancorp has made provision of $0.46 million for loan losses during the quarter, up 51.67 percent from $0.30 million in the same period last year.
Net interest margin contracted 14 basis points to 3.37 percent in the quarter from 3.51 percent in the last year period.
Craig Dwight, chairman and chief executive officer, commented: “The Horizon team was very busy in the third quarter of 2016 and we are proud of what they have accomplished. Our balanced strategy of organic growth, expansion into new markets and well-executed acquisitions contributed to Horizon’s increase in net income and earnings per share during the quarter. Core net income, excluding acquisition-related expenses and purchase accounting adjustments, gain on sale of investment securities and the death benefit on bank owned life insurance, was $8.4 million for the third quarter and $20.7 million for the first nine months of 2016. Core diluted earnings per share was $.39 for the third quarter and $1.07 for the first nine months of 2016, an increase over the same periods of 2015 of 7.3% and 7.1%, respectively.”
Assets outpace liabilities growth
Total assets stood at $3,325.66 million as on Sep. 30, 2016, up 27.52 percent compared with $2,607.91 million on Sep. 30, 2015. On the other hand, total liabilities stood at $2,980.13 million as on Sep. 30, 2016, up 27.18 percent from $2,343.18 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $2,176 million as on Sep. 30, 2016, up 27.23 percent compared with $1,710.32 million on Sep. 30, 2015. Deposits stood at $2,336.16 million as on Sep. 30, 2016, up 22.12 percent compared with $1,913.08 million on Sep. 30, 2015.
Investments stood at $744.24 million as on Sep. 30, 2016, up 20.45 percent or $126.38 million from year-ago. Shareholders equity stood at $345.52 million as on Sep. 30, 2016, up 30.52 percent or $80.79 million from year-ago.
Return on average assets moved up 13 basis points to 0.80 percent in the quarter from 0.67 percent in the last year period. At the same time, return on average equity increased 112 basis points to 7.88 percent in the quarter from 6.76 percent in the last year period.
Tier-1 leverage ratio stood at 9.88 percent for the quarter, up from 9.31 percent for the previous year quarter. Average equity to average assets ratio was 10.18 percent for the quarter, down from 10.38 percent for the previous year quarter. Book value per share was $15.60 for the quarter, up 10.72 percent or $1.51 compared to $14.09 for the same period last year.
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