Market Overview

Second Quarter Earnings Reflect Continued Strong Growth for Horizon Bancorp

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Horizon Bancorp, Inc. (OTC:HRRB), the holding company for Horizon
Community Bank
, has consistently shown strong loan growth every
quarter since its OTC
market listing
, continuing the trend with a 2Q earnings report today
that announces a 13.8 percent increase as of June 30, 2018, compared to
the balance of loans outstanding at June 30, 2017. The loan growth was
steady in all of the bank's branches and loan production offices,
including the establishment of new loan production offices in Goodyear,
AZ and Henderson, NV in 2017 and Phoenix, AZ in 2018. Deposit growth was
also strong during the past 12 months, with an annual deposit growth of
9.7 percent as of June 30, 2018, compared to the balance of deposits at
June 30, 2017.

"Our growth in loans and assets over the last 12 months reflects in
improvements in Interest Income on Loans, Total Interest Income and Net
Interest Income. For the quarter ending 06/30/18 compared to the quarter
ending 06/30/17, Interest Income on Loans increased 19.47 percent, Total
Interest Income Increased 21.8 percent and Net Interest Income increased
20.0 percent," stated Horizon Bancorp President & CEO Jerry Ernst.

Its 2018 highlights include:

  • 13.8 percent twelve month noninterest deposit growth
  • 11.0 percent twelve month total asset growth
  • 13.8 percent twelve month loan growth
  • 9.7 percent twelve month deposit growth

About the Company

Holding company Horizon Bancorp, Inc. (OTC:HRRB) has $289 million in
assets and is headquartered in Lake Havasu City, Arizona. Its sole
subsidiary, Horizon Community Bank, is 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 and Henderson, Nevada. It has 81 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. 2Q18 Results

and Horizon Community Bank consolidated
Financial Highlights
 
Dollars in Thousands, Unaudited
         
6/30/2018 12/31/2017 6/30/2017
Gross Loans $ 200,873 $ 192,825 $ 176,481
Loan Loss Reserve $ 2,829 $ 2,777 $ 2,590
Total Assets $ 289,432 $ 262,618 $ 260,579
 
Noninterest demand $ 71,501 $ 62,370 $ 62,800
Total Deposits $ 249,014 $ 227,886 $ 227,018
Securities sold under repurchase agrmts $ 6,176 $ 4,083 $ 5,491
FHLB Advance $ 4,500 $ 1,500 $ 1,500
Holding Company Debt (capital to the bank) $ 2,784 $ 3,179 $ 2,589
 
Shareholders Equity $ 24,178 $ 23,471 $ 21,647
 
 
6 Months 12 Months 6 Months
Operations 6/30/2018 12/31/2017 6/30/2017
Interest Income on Loans $ 5,737 $ 10,136 $ 4,802
Total Interest Income $ 6,346 $ 11,040 $ 5,209
Interest Expense $ 716 $ 1,124 $ 518
Net Interest Income $ 5,630 $ 9,916 $ 4,691
Provision $ 177 $ 315 $ 32
Noninterest Income $ 1,843 $ 3,686 $ 1,451
Noninterest Expense $ 5,890 $ 10,573 $ 5,001
Income Taxes $ 368 -$352 $ 0
Net Income at Bank Level $ 1,038 $ 3,066 $ 1,109
 
 
Qtr Ended Qtr Ended Qtr Ended
Bank Regulatory Capital Ratios 6/30/2018 12/31/2017 6/30/2017
Tier 1 Capital Ratio 12.3476 % 13.0000 % 13.3915 %
Total Capital Ratio 13.5985 % 14.2519 % 14.6444 %
 
 
6 Months 12 Months 6 Months
Holding Company Net Income in Dollars $ 966,586 $ 2,950,876 $ 1,040,911
ROAA 0.70 % 1.16 % 0.84 %
ROAE 8.22 % 13.65 % 10.06 %
BVPS 5.86 5.69 5.25
EPS 0.23 0.72 0.25
Shares Outstanding 4,125,182 4,125,182 4,125,182

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