Market Overview

Horizon Bancorp, Inc. Announces Significant Growth, Earnings Increase 70 Percent

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Horizon Bancorp, Inc. (OTC:HRRB), the holding company for Horizon
Community Bank
, announced a net income increase of 70 percent for
the six months ending June 30, 2017 over the same period prior year. Net
income through 6/30/17 totaled $1,040,911, an improvement of $429,417
over the first six months of 2016.

"Our second quarter and year-to-date 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. "Solid organic balance sheet growth, particularly in the area of
noninterest demand deposits, and our activities in SBA/USDA guaranteed
lending helped offset slightly slower loan growth."

Its 2017 highlights include:

  • 20 percent six month noninterest deposit growth
  • 9.93 percent six month total asset growth
  • Established loan production offices in Goodyear, AZ and Henderson, NV

Significant Net Recoveries Year to Date allow for lower loan loss
provisions and an increase in the Allowance for Loan Losses.

About the Company

Holding company Horizon Bancorp, Inc. (OTC:HRRB) has $260 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 Las Vegas, 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. 2Q17 Results    
and Horizon Community Bank consolidated
Financial Highlights
Dollars in Thousands, Unaudited
6/30/2017 3/31/2017 6/30/2016
Gross Loans $ 175,655 $ 173,415 $ 166,262
Loan Loss Reserve $ 2,590 $ 2,561 $ 2,341
Total Assets $ 260,579 $ 249,753 $ 232,157
 
Noninterest demand $ 62,800 $ 56,940 $ 51,433
Total Deposits $ 227,018 $ 214,538 $ 200,692
Securities sold under repurchase agreements $ 5,491 $ 8,073 $ 8,028
FHLB Advance $ 1,500 $ 1,500 $ 1,500
Holding Company Debt (capital to the bank) $ 2,589 $ 2,791 $ 0
 
 

Shareholders Equity

$ 21,647 $ 20,931 $ 19,941
6 months 6 months
Operations 6/30/2017 6/30/2016
Interest Income on Loans $ 4,802 $ 4,308
Total Interest Income $ 5,209 $ 4,584
Interest Expense $ 518 $ 456
Net Interest Income $ 4,691 $ 4,128
Provision $ 32 $ 259
Noninterest Income $ 1,451 $ 1,202
Noninterest Expense $ 5,001 $ 4,441
Net at Bank Level $ 1,109 $ 630
qtr ended qtr ended qtr ended
Bank Regulatory capital ratios 6/30/2017 3/31/2017 6/30/2016
Tier 1 capital ratio 13.392 % 13.026 % 11.190 %
Total capital ratio 14.644 % 14.278 % 12.441 %
 
Holding company net income in dollars $ 632,283.00 $ 408,628.00 $ 421,563.00
ROAA 0.84 0.68 0.56
ROAE 10.06 7.36 6.37
BVPS 5.25 5.58 5.32
EPS 0.15 0.11 0.11
shares outstanding 4,125,182 3,750,126 3,745,126
 
BVPS, EPS affected by 10% stock dividend paid 6/30/17
See company audited FS 12/31/16 for more information
 

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