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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Horizon Bancorp Inc | NASDAQ:HBNC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.19 | -1.60% | 11.66 | 10.50 | 14.56 | 11.94 | 11.60 | 11.74 | 123,327 | 01:00:00 |
(NASDAQ: HBNC) – Horizon Bancorp today announced its unaudited financial results for the three and six-month periods ended June 30, 2015.
SUMMARY:
Craig Dwight, Chairman and CEO, commented: “Horizon’s 2015 second quarter and year-to-date results showed our continued ability to generate organic growth and solid returns across all four revenue streams - retail banking, business banking, mortgage banking and wealth management. Previous investments in people, resources and market expansion, coupled with our strategic partnership through the Peoples Bancorp acquisition, has created a strong foundation to continue our successful growth story in the future.”
Mr. Dwight continued, “Horizon’s net income of $4.7 million for the second quarter of 2015 was down from $5.4 million in the previous quarter and $4.8 million in the same period of 2014. An increase in the provision for loan losses due to a $1.3 million commercial loan charge-off was the primary reason for this decline. However, pre-tax, pre-provision income for the second quarter of 2015 increased 19.7% from the same period in 2014 and 6.4% from the previous quarter. This increase in pre-tax, pre-provision income demonstrates the earnings power garnered from our organic and strategic growth strategy.”
Non-GAAP Reconciliation of Net Income and Diluted Earnings per Share (Dollar in Thousands Except per Share Data, Unaudited) Three Months Ended Six Months Ended June 30 June 30Non-GAAP Reconciliation of Net Income
2015 2014 2015 2014 Net income as reported $ 4,728 $ 4,778 $ 10,086 $ 8,195 Merger expenses 570 900 716 1,211 Tax effect (132 ) (315 ) (183 ) (424 ) Net income excluding merger expenses 5,166 5,363 10,619 8,982 Gain on sale of investment securities - - (124 ) - Tax effect - - 43 - Net income excluding gain on sale of investment securities 5,166 5,363 10,538 8,982 Death benefit on bank owned life insurance ("BOLI") - - (145 ) - Tax effect - - 51 - Net income excluding death benefit on BOLI 5,166 5,363 10,444 8,982 Acquisition-related purchase accounting adjustments ("PAUs") (797 ) (1,199 ) (1,880 ) (1,588 ) Tax effect 279 420 658 556 Net income excluding PAUs $ 4,648 $ 4,584 $ 9,222 $ 7,950Non-GAAP Reconciliation of Diluted Earnings per Share
Diluted earnings per share as reported $ 0.49 $ 0.50 $ 1.04 $ 0.88 Merger expenses 0.06 0.09 0.07 0.13 Tax effect (0.01 ) (0.03 ) (0.02 ) (0.05 ) Diluted earnings per share excluding merger expenses 0.53 0.56 1.10 0.96 Gain on sale of investment securities - - (0.01 ) - Tax effect - - 0.00 - Net income excluding gain on sale of investment securities 0.53 0.56 1.09 0.96 Death benefit on BOLI - - (0.02 ) - Tax effect - - 0.01 - Net income excluding death benefit on BOLI 0.53 0.56 1.08 0.96 Acquisition-related PAUs (0.08 ) (0.13 ) (0.20 ) (0.17 ) Tax effect 0.03 0.04 0.07 0.06 Diluted earnings per share excluding PAUs $ 0.48 $ 0.48 $ 0.95 $ 0.85 Non-GAAP Reconciliation of Pre-tax, Pre-Provision Income (Dollar in Thousands, Unaudited) Three Months Ended Six Months Ended June 30 March 31 June 30 June 30 2015 2015 2014 2015 2014 Net income as reported $ 4,728 $ 5,358 $ 4,778 $ 10,086 $ 8,195 Income tax expense 1,752 1,912 1,890 3,664 2,753 Provision for loan losses 1,906 614 339 2,520 339 Pre-tax, pre-provision income $ 8,386 $ 7,884 $ 7,007 $ 16,270 $ 11,287 Loan Growth by Type Three Months Ended June 30, 2015 (Dollars in Thousands, Unaudited) Annualized June 30 March 31 Amount Percent Percent 2015 2015 Change Change Change Commercial loans $ 709,946 $ 695,736 $ 14,210 2.0% 8.2% Residential mortgage loans 277,407 260,390 17,017 6.5% 26.2% Consumer loans 336,006 326,334 9,672 3.0% 11.9% Held for sale loans 7,677 6,229 1,448 23.2% 93.2% Subtotal 1,331,036 1,288,689 42,347 3.3% 13.2% Mortgage warehouse loans 195,924 178,899 17,025 9.5% 38.2% Total loans $ 1,526,960 $ 1,467,588 $ 59,372 4.0% 16.2% Loan Growth by Type Six Months Ended June 30, 2015 (Dollars in Thousands) Annualized June 30 December 31 Amount Percent Percent 2015 2014 Change Change Change (Unaudited) Commercial loans $ 709,946 $ 674,314 $ 35,632 5.3% 10.7% Residential mortgage loans 277,407 254,625 22,782 8.9% 18.0% Consumer loans 336,006 320,459 15,547 4.9% 9.8% Held for sale loans 7,677 6,143 1,534 25.0% 50.4% Subtotal 1,331,036 1,255,541 75,495 6.0% 12.1% Mortgage warehouse loans 195,924 129,156 66,768 51.7% 104.2% Total loans $ 1,526,960 $ 1,384,697 $ 142,263 10.3% 20.7%“Once again, our continued loan growth in the second quarter was critical in combatting persistent margin pressure,” Mr. Dwight commented. “Horizon’s core net interest margin, excluding income from acquisition-related purchase accounting adjustments, increased 4 basis points from the linked quarter and 5 basis points in the first six months of 2015 compared to the same period of 2014.”
Non-GAAP Reconciliation of Net Interest Margin (Dollar Amounts in Thousands, Unaudited) Three Months Ended Six Months Ended June 30 March 31 June 30 June 30Net Interest Margin As Reported
2015 2015 2014 2015 2014 Net interest income $ 17,850 $ 16,886 $ 16,788 $ 34,736 $ 30,060 Average interest-earning assets 2,008,191 1,899,870 1,832,576 1,954,287 1,715,939 Net interest income as a percent of average interest- earning assets ("Net Interest Margin") 3.67 % 3.70 % 3.78 % 3.68 % 3.62 %Impact of Acquisitions
Interest income from acquisition-related PAUs $ (797 ) $ (1,083 ) $ (1,199 ) $ (1,880 ) $ (1,588 )Excluding Impact of Acquisitions
Net interest income $ 17,053 $ 15,803 $ 15,589 $ 32,856 $ 28,472 Average interest-earning assets 2,008,191 1,899,870 1,832,576 1,954,287 1,715,939 Core Net Interest Margin 3.51 % 3.47 % 3.51 % 3.49 % 3.44 %With respect to the increase in the provision for loan losses for the three and six-month periods ending June 30, 2015 compared to the same periods of the previous year, Mr. Dwight stated, “This increase reflects loan growth as well as a $1.3 million commercial loan charge-off during the second quarter related to a legacy workout credit which recently became impaired. Non-performing loans increased $609,000 compared to December 31, 2014; however, non-performing loans to total loans was down 11 basis points to 1.51% as of June 30, 2015. The increase in non-performing loans reflects our continued loan growth as credit conditions remain stable across the portfolio.”
Horizon’s loan loss reserve ratio, excluding loans with credit-related purchase accounting adjustments, was 1.15% as of June 30, 2015.
Allowance for Loan and Lease Loss Detail As of June 30, 2015 (Dollars in Thousands, Unaudited) Horizon Legacy Heartland Summit Total Pre-discount loan balance $ 1,403,809 $ 31,777 $ 88,908 $ 1,524,494 Allowance for loan losses (ALLL) 16,138 276 7 16,421 Loan discount N/A 1,903 3,308 5,211 ALLL+loan discount 16,138 2,179 3,315 21,632 Loans, net $ 1,387,671 $ 29,598 $ 85,593 $ 1,502,862 ALLL/ pre-discount loan balance 1.15% 0.87% 0.01% 1.08% Loan discount/ pre-discount loan balance N/A 5.99% 3.72% 0.34% ALLL+loan discount/ pre-discount loan balance 1.15% 6.86% 3.73% 1.42%On July 1, 2015, Horizon completed its acquisition of Peoples Bancorp and its wholly-owned subsidiary, Peoples Federal Savings Bank of DeKalb County (collectively, “Peoples”). Dwight noted, “Peoples fits well into Horizon’s strategic plan to expand in the states of Indiana and Michigan by expanding our footprint further into northeast Indiana and southwest Michigan. The integration process is well under way, and we are thrilled to have this talented and dedicated group of individuals join our growing organization. We look forward to bringing the Peoples’ customer base an expanded product and service suite with a continued focus on community banking and participation.”
Income Statement Highlights
Net income for the second quarter of 2015 was $4.7 million or $.49 diluted earnings per share compared to $4.8 million or $.50 diluted earnings per share in the second quarter of 2014. The decrease in net income and earnings per share from the previous year reflects an increase in the provision for loan losses of $1.6 million primarily due to one commercial loan charge-off of $1.3 million, and an increase in non-interest expenses of $242,000 primarily due to an increase in salaries and employee benefits, professional fees and loan expense. Excluding acquisition-related expenses and purchase accounting adjustments, net income for the second quarter of 2015 was $4.6 million or $.48 diluted earnings per share compared to $4.6 million or $.48 diluted earnings per share in the second quarter of 2014.
Net income for the six months ended June 30, 2015 was $10.1 million or $1.04 diluted earnings per share compared to $8.2 million or $.88 diluted earnings per share for the six months ended June 30, 2014. The increase in net income from the previous year reflects an increase in net interest income of $4.7 million or 15.6% and an increase in non-interest income of $2.1 million or 17.3%, partially offset by an increase in provision for loan losses of $2.2 million, an increase in non-interest expenses of $1.8 million and an increase in income tax expense of $911,000. Excluding acquisition-related expenses and purchase accounting adjustments, gain on sale of investment securities and the death benefit on bank owned life insurance, net income for the first six months of 2015 was $9.2 million or $.95 diluted earnings per share compared to $8.0 million or $.85 diluted earnings per share in the same period of 2014.
Horizon’s net interest margin was 3.67% during the second quarter of 2015, down from 3.70% for the prior quarter and 3.78% for same period of 2014. The decrease in net interest margin compared to the prior quarter and the same period of 2014 was due to lower yields on new loans and re-pricing earning assets and a decrease in interest income from acquisition-related purchase accounting adjustments. Excluding purchase accounting adjustments related to the 2012 Heartland Bancshares, Inc. and the 2014 SCB Bancorp, Inc. acquisitions, the margin would have been 3.51% for the second quarter of 2015 compared to 3.47% for the prior quarter and 3.51% for the same period of 2014. Interest income from acquisition-related purchase accounting adjustments was $797,000, $1.1 million, and $1.2 million for the three months ended June 30, 2015, March 31, 2015 and June 30, 2014, respectively.
Horizon’s net interest margin was 3.68% for the six months ending June 30, 2015, up from 3.62% for same period of 2014. Excluding interest income from acquisition-related purchase accounting adjustments, the margin would have been 3.49% for the six months ending June 30, 2015 compared to 3.44% for same period of 2014. Interest income from acquisition-related purchase accounting adjustments was $1.9 million and $1.6 million for the six months ended June 30, 2015 and June 30, 2014, respectively.
Residential mortgage lending activity during the second quarter of 2015 generated $2.6 million in income from the gain on sale of mortgage loans, an increase of $105,000 from the same period of 2014. Total origination volume in the second quarter of 2015, including loans placed into portfolio, totaled $114.4 million, representing an increase of 38.8% from the same period of 2014 of $82.4 million. Purchase money mortgage originations during the second quarter of 2015 represented 71.8% of total originations compared to 50.2% of originations during the previous quarter and 77.5% during the second quarter of 2014.
Lending Activity
Total loans increased $142.3 million from $1.4 billion as of December 31, 2014 to $1.5 billion as of June 30, 2015 as mortgage warehouse loans increased by $66.8 million, residential mortgage loans increased by $22.8 million and consumer loans increased by $15.5 million. Commercial loans increased $35.6 million or 10.7% on an annualized basis from $674.3 million at December 31, 2014 to $709.9 million at June 30, 2015.
Total loan balances in the Kalamazoo and Indianapolis markets continued to grow during the second quarter of 2015 to $154.4 million and $145.4 million, respectively, as of June 30, 2015. Kalamazoo’s aggregate loan balances increased $8.6 million or 5.9%, and Indianapolis’ aggregate loan balances increased $12.6 million or 9.4%. Combined, these markets contributed $21.2 million in loan growth during the second quarter of 2015 or 7.6%.
The provision for loan losses was $1.9 million for the second quarter and $2.5 million for the first six months of 2015, which was $1.6 million and $2.2 million higher than the provision for the second quarter and first six months of 2014, respectively. The higher provision for loan losses in the second quarter and for the first six months of 2015 compared to the same periods of 2014 was due to the charge-off of one commercial credit of $1.3 million as well as continued loan growth. The $1.3 million commercial charge-off was a legacy workout loan that was recently determined to be impaired due to the borrower’s inability to make payments and a decrease in collateral value.
The ratio of the allowance for loan losses to total loans decreased to 1.08% as of June 30, 2015 from 1.19% as of December 31, 2014 due to an increase in total loans and a decrease in the allowance for loan losses from $16.5 million as of December 31, 2014 to $16.4 million as of June 30, 2015. The ratio of the allowance for loan losses to total loans, excluding loans with credit-related purchase accounting adjustments, was 1.15% as of June 30, 2015.
Non-performing loans totaled $23.1 million as of June 30, 2015 and $22.4 million as of December 31, 2014. Compared to December 31, 2014, non-performing commercial loans increased by $1.5 million and non-performing real estate and consumer loans decreased by $75,000 and $845,000, respectively. As a percentage of total loans, non-performing loans were 1.51% at June 30, 2015, down 11 basis points from 1.62% at December 31, 2014.
Expense Management
Total non-interest expense was $242,000 higher in the second quarter of 2015 compared to the same period of 2014. The increase was primarily due to an increase in salaries and employee benefits, professional fees and loan expense related to overall company growth.
Total non-interest expense was $1.8 million higher in the first six months of 2015 compared to the same period of 2014. The increase in non-interest expense was primarily related to an increase in salaries and employee benefits costs of $1.1 million and net occupancy expenses of $142,000 due to overall company growth as well as the Summit acquisition. The increase was also due to an increase in professional fees, loan expense, FDIC insurance expense and other expense due to overall company growth. The increase was partially offset by a decrease in outside services and consultants of $415,000 due to the expense associated with the Summit acquisition in the second quarter of 2014.
Use of Non-GAAP Financial Measures
Certain information set forth in this press release refers to financial measures determined by methods other than in accordance with GAAP. Specifically, we have included non-GAAP financial measures of the net interest margin and the allowance for loan and lease losses excluding the impact of acquisition-related purchase accounting adjustments and net income and diluted earnings per share excluding the impact of one-time costs related to acquisitions, acquisition-related purchase accounting adjustments and other events that are considered to be non-recurring. Horizon believes that these non-GAAP financial measures are helpful to investors and provide a greater understanding of our business without giving effect to the purchase accounting impacts and one-time costs of acquisitions and non-core items, although these measures are not necessarily comparable to similar measures that may be presented by other companies and should not be considered in isolation or as a substitute for the related GAAP measure.
About Horizon
Horizon Bancorp is a locally owned, independent, commercial bank holding company serving Northern and Central Indiana and Southwest and Central Michigan through its commercial banking subsidiary Horizon Bank, NA. Horizon also offers mortgage-banking services throughout the Midwest. Horizon Bancorp may be reached online at www.horizonbank.com. Its common stock is traded on the NASDAQ Global Select Market under the symbol HBNC.
Forward Looking Statements
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Horizon. For these statements, Horizon claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Horizon, including the information in the filings we make with the Securities and Exchange Commission. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in Horizon’s reports filed with the Securities and Exchange Commission, including those described in its Form 10-K. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. Horizon does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.
HORIZON BANCORP Financial Highlights (Dollars in thousands except share and per share data and ratios, Unaudited) June 30 March 31 December 31 September 30 June 30 2015 2015 2014 2014 2014 Balance sheet: Total assets $ 2,219,307 $ 2,153,965 $ 2,076,922 $ 2,037,045 $ 2,073,251 Investment securities 493,631 495,315 489,531 495,941 537,618 Commercial loans 709,946 695,736 674,314 677,349 648,202 Mortgage warehouse loans 195,924 178,899 129,156 105,133 140,896 Residential mortgage loans 277,407 260,390 254,625 251,739 235,523 Consumer loans 336,006 326,334 320,459 308,800 296,873 Earning assets 2,031,671 1,974,251 1,885,576 1,860,041 1,882,724 Non-interest bearing deposit accounts 307,215 285,181 267,667 278,527 270,023 Interest bearing transaction accounts 983,912 905,216 930,582 881,299 919,024 Time deposits 293,596 274,699 284,070 289,837 310,056 Borrowings 385,236 440,415 351,198 350,113 340,201 Subordinated debentures 32,719 32,680 32,642 32,603 32,564 Common stockholders' equity 189,631 186,991 181,914 177,280 174,836 Total stockholders’ equity 202,131 199,491 194,414 189,780 187,336 Income statement: Three months ended Net interest income $ 17,850 $ 16,886 $ 16,523 $ 16,400 $ 16,788 Provision for loan losses 1,906 614 978 1,741 339 Non-interest income 7,186 7,066 6,738 7,390 6,627 Non-interest expenses 16,650 16,068 15,671 15,353 16,408 Income tax expense 1,752 1,912 1,664 1,738 1,890 Net income 4,728 5,358 4,948 4,958 4,778 Preferred stock dividend (31 ) (31 ) (31 ) (40 ) (32 ) Net income available to common shareholders $ 4,697 $ 5,327 $ 4,917 $ 4,918 $ 4,746 Per share data: Basic earnings per share $ 0.51 $ 0.58 $ 0.53 $ 0.53 $ 0.52 Diluted earnings per share 0.49 0.55 0.51 0.51 0.50 Cash dividends declared per common share 0.14 0.14 0.14 0.13 0.13 Book value per common share 20.49 20.25 19.75 19.25 19.00 Tangible book value per common share 17.06 16.80 16.26 15.75 15.47 Market value - high 26.03 25.86 26.73 23.67 22.58 Market value - low $ 22.85 $ 22.38 $ 22.83 $ 20.65 $ 19.57 Weighted average shares outstanding - Basic 9,240,005 9,216,011 9,212,156 9,208,707 9,182,986 Weighted average shares outstanding - Diluted 9,637,586 9,609,506 9,628,240 9,588,332 9,560,939 Key ratios: Return on average assets 0.87 % 1.05 % 0.96 % 0.96 % 0.97 % Return on average common stockholders' equity 9.88 11.66 10.72 10.95 11.82 Net interest margin 3.67 3.70 3.64 3.59 3.78 Loan loss reserve to total loans 1.08 1.13 1.19 1.20 1.18 Non-performing loans to loans 1.51 1.52 1.62 1.47 1.41 Average equity to average assets 9.32 9.56 9.56 9.33 8.79 Bank only capital ratios: Tier 1 capital to average assets 8.18 8.75 8.80 8.63 8.78 Tier 1 capital to risk weighted assets 11.04 11.47 11.96 12.13 11.47 Total capital to risk weighted assets 12.08 12.54 13.08 13.26 12.53 Loan data: Substandard loans $ 28,220 $ 27,355 $ 27,661 $ 35,023 $ 35,495 30 to 89 days delinquent 3,326 3,945 5,082 3,310 3,671 90 days and greater delinquent - accruing interest $ 207 $ 19 $ 115 $ 62 $ 42 Trouble debt restructures - accruing interest 3,271 4,368 4,372 5,838 5,614 Trouble debt restructures - non-accrual 4,523 4,711 2,643 3,061 3,178 Non-accrual loans 15,050 13,282 15,312 10,828 9,844 Total non-performing loans $ 23,051 $ 22,380 $ 22,442 $ 19,789 $ 18,678 HORIZON BANCORP Financial Highlights (Dollars in thousands except share and per share data and ratios, Unaudited) June 30 June 30 2015 2014 Balance sheet: Total assets $ 2,219,307 $ 2,073,251 Investment securities 493,631 537,618 Commercial loans 709,946 648,202 Mortgage warehouse loans 195,924 140,896 Residential mortgage loans 277,407 235,523 Consumer loans 336,006 296,873 Earning assets 2,031,671 1,882,724 Non-interest bearing deposit accounts 307,215 270,023 Interest bearing transaction accounts 983,912 919,024 Time deposits 293,596 310,056 Borrowings 385,236 340,201 Subordinated debentures 32,719 32,564 Common stockholders' equity 189,631 174,836 Total stockholders’ equity 202,131 187,336 Income statement: Six Months Ended Net interest income $ 34,736 $ 30,060 Provision for loan losses 2,520 339 Non-interest income 14,252 12,149 Non-interest expenses 32,718 30,922 Income tax expense 3,664 2,753 Net income 10,086 8,195 Preferred stock dividend (63 ) (63 ) Net income available to common shareholders $ 10,023 $ 8,132 Per share data: Basic earnings per share $ 1.09 $ 0.91 Diluted earnings per share 1.04 0.88 Cash dividends declared per common share 0.28 0.24 Book value per common share 20.49 19.00 Tangible book value per common share 17.06 15.47 Market value - high 26.14 24.91 Market value - low $ 22.38 $ 19.57 Weighted average shares outstanding - Basic 9,228,075 8,908,492 Weighted average shares outstanding - Diluted 9,615,551 9,293,423 Key ratios: Return on average assets 0.96 % 0.89 % Return on average common stockholders' equity 10.73 10.40 Net interest margin 3.68 3.62 Loan loss reserve to total loans 1.08 1.18 Non-performing loans to loans 1.51 1.41 Average equity to average assets 9.45 9.20 Bank only capital ratios: Tier 1 capital to average assets 8.18 8.82 Tier 1 capital to risk weighted assets 11.04 11.48 Total capital to risk weighted assets 12.08 12.54 Loan data: Substandard loans $ 28,220 $ 35,495 30 to 89 days delinquent 3,326 3,671 90 days and greater delinquent - accruing interest $ 207 $ 42 Trouble debt restructures - accruing interest 3,271 5,614 Trouble debt restructures - non-accrual 4,523 3,178 Non-accrual loans 15,050 9,844 Total non-performing loans $ 23,051 $ 18,678 HORIZON BANCORP Allocation of the Allowance for Loan and Lease Losses(Dollars in Thousands, Unaudited)
June 30 March 31 December 31 September 30 June 30 2015 2015 2014 2014 2014 Commercial $ 8,386 $ 7,876 $ 7,910 $ 7,515 $ 6,958 Real estate 3,044 3,281 2,508 3,304 2,367 Mortgage warehousing 1,319 1,272 1,132 1,300 1,559 Consumer 3,672 4,205 4,951 4,041 4,776 Total $ 16,421 $ 16,634 $ 16,501 $ 16,160 $ 15,660Net Charge-offs (Recoveries)
(Dollars in Thousands, Unaudited)
Three months ended June 30 March 31 December 31 September 30 June 30 2015 2015 2014 2014 2014 Commercial $ 1,584 $ (11) $ 199 $ 1,006 $ 185 Real estate 160 20 101 19 169 Mortgage warehousing - - - - - Consumer 375 472 336 217 426 Total $ 2,119 $ 481 $ 636 $ 1,242 $ 780Total Non-performing Loans
(Dollars in Thousands, Unaudited)
June 30 March 31 December 31 September 30 June 30 2015 2015 2014 2014 2014 Commercial $ 13,384 $ 11,540 $ 11,855 $ 9,323 $ 8,243 Real estate 5,819 6,062 5,894 6,312 6,672 Mortgage warehousing - - - - - Consumer 3,848 4,778 4,693 4,154 3,763 Total $ 23,051 $ 22,380 $ 22,442 $ 19,789 $ 18,678Other Real Estate Owned and Repossessed Assets
(Dollars in Thousands, Unaudited)
June 30 March 31 December 31 September 30 June 30 2015 2015 2014 2014 2014 Commercial $ 376 $ 307 $ 411 $ 376 $ 452 Real estate 58 219 636 875 752 Mortgage warehousing - - - - - Consumer 37 223 154 3 23 Total $ 471 $ 749 $ 1,201 $ 1,254 $ 1,227 HORIZON BANCORP AND SUBSIDIARIES Average Balance Sheets(Dollar Amounts in Thousands, Unaudited)
Three Months Ended Three Months Ended June 30, 2015 June 30, 2014 Average Average Average Average Balance Interest Rate Balance Interest Rate ASSETS Interest-earning assets Federal funds sold $ 3,597 $ 2 0.22 % $ 9,062 $ 5 0.22 % Interest-earning deposits 8,608 5 0.23 % 7,987 4 0.20 % Investment securities - taxable 363,919 2,060 2.27 % 403,910 2,386 2.37 % Investment securities - non-taxable (1) 141,784 1,079 4.24 % 145,591 1,096 4.25 % Loans receivable (2)(3) 1,490,283 17,981 4.87 % 1,266,026 16,631 5.27 % Total interest-earning assets (1) 2,008,191 21,127 4.33 % 1,832,576 20,122 4.51 % Non-interest-earning assets Cash and due from banks 31,783 28,106 Allowance for loan losses (16,756 ) (15,808 ) Other assets 157,795 129,608 $ 2,181,013 $ 1,974,482 LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing liabilities Interest-bearing deposits $ 1,255,123 $ 1,237 0.40 % $ 1,229,025 $ 1,355 0.44 % Borrowings 381,782 1,539 1.62 % 273,968 1,478 2.16 % Subordinated debentures 32,699 501 6.15 % 32,541 501 6.18 % Total interest-bearing liabilities 1,669,604 3,277 0.79 % 1,535,534 3,334 0.87 % Non-interest-bearing liabilities Demand deposits 294,425 253,093 Accrued interest payable and other liabilities 13,770 12,245 Shareholders' equity 203,214 173,610 $ 2,181,013 $ 1,974,482 Net interest income/spread $ 17,850 3.54 % $ 16,788 3.63 % Net interest income as a percent of average interest earning assets (1) 3.67 % 3.78 % (1) Securities balances represent daily average balances for the fair value of securities. The average rate is calculated based on the daily average balance for the amortized cost of securities. The average rate is presented on a tax equivalent basis. (2) Includes fees on loans. The inclusion of loan fees does not have a material effect on the average interest rate. (3) Non-accruing loans for the purpose of the computations above are included in the daily average loan amounts outstanding. Loan totals are shown net of unearned income and deferred loan fees. HORIZON BANCORP AND SUBSIDIARIES Average Balance Sheets(Dollar Amounts in Thousands, Unaudited)
Six Months Ended Six Months Ended June 30, 2015 June 30, 2014 Average Average Average Average Balance Interest Rate Balance Interest Rate ASSETS Interest-earning assets Federal funds sold $ 4,198 $ 11 0.53 % $ 7,842 $ 9 0.23 % Interest-earning deposits 9,684 10 0.21 % 6,855 7 0.21 % Investment securities - taxable 362,250 4,200 2.34 % 395,406 4,769 2.43 % Investment securities - non-taxable (1) 141,269 2,156 4.27 % 146,709 2,219 4.07 % Loans receivable (2)(3) 1,436,886 34,843 4.90 % 1,159,127 29,585 5.15 % Total interest-earning assets (1) 1,954,287 41,220 4.35 % 1,715,939 36,589 4.39 % Non-interest-earning assets Cash and due from banks 30,396 26,507 Allowance for loan losses (16,623 ) (15,987 ) Other assets 157,669 133,408 $ 2,125,729 $ 1,859,867 LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing liabilities Interest-bearing deposits $ 1,235,601 $ 2,469 0.40 % $ 1,154,682 $ 2,632 0.46 % Borrowings 359,436 3,018 1.69 % 250,761 2,900 2.33 % Subordinated debentures 32,678 997 6.15 % 32,522 997 6.18 % Total interest-bearing liabilities 1,627,715 6,484 0.80 % 1,437,965 6,529 0.92 % Non-interest-bearing liabilities Demand deposits 282,796 238,579 Accrued interest payable and other liabilities 14,374 12,191 Shareholders' equity 200,844 171,132 $ 2,125,729 $ 1,859,867 Net interest income/spread $ 34,736 3.55 % $ 30,060 3.47 % Net interest income as a percent of average interest earning assets (1) 3.68 % 3.62 % (1) Securities balances represent daily average balances for the fair value of securities. The average rate is calculated based on the daily average balance for the amortized cost of securities. The average rate is presented on a tax equivalent basis. (2) Includes fees on loans. The inclusion of loan fees does not have a material effect on the average interest rate. (3) Non-accruing loans for the purpose of the computations above are included in the daily average loan amounts outstanding. Loan totals are shown net of unearned income and deferred loan fees. HORIZON BANCORP AND SUBSIDIARIES Condensed Consolidated Balance Sheets(Dollar Amounts in Thousands)
June 30 December 31 2015 2014 (Unaudited) Assets Cash and due from banks $ 43,857 $ 43,476 Investment securities, available for sale 330,970 323,764 Investment securities, held to maturity (fair value of $167,581 and $169,904) 162,661 165,767 Loans held for sale 7,677 6,143 Loans, net of allowance for loan losses of $16,421 and $16,501 1,502,862 1,362,053 Premises and equipment, net 54,778 52,461 Federal Reserve and Federal Home Loan Bank stock 11,080 11,348 Goodwill 28,176 28,176 Other intangible assets 3,531 3,965 Interest receivable 8,823 8,246 Cash value of life insurance 39,897 39,382 Other assets 24,995 32,141 Total assets $ 2,219,307 $ 2,076,922 Liabilities Deposits Non-interest bearing $ 307,215 $ 267,667 Interest bearing 1,277,508 1,214,652 Total deposits 1,584,723 1,482,319 Borrowings 385,236 351,198 Subordinated debentures 32,719 32,642 Interest payable 461 497 Other liabilities 14,037 15,852 Total liabilities 2,017,176 1,882,508 Commitments and contingent liabilities Stockholders’ Equity Preferred stock, Authorized, 1,000,000 shares Series B shares $.01 par value, $1,000 liquidation value Issued 12,500 shares 12,500 12,500 Common stock, no par value Authorized, 22,500,000 shares Issued, 9,313,779 and 9,278,916 shares Outstanding, 9,256,026 and 9,213,036 shares - - Additional paid-in capital 46,622 45,916 Retained earnings 141,889 134,477 Accumulated other comprehensive income 1,120 1,521 Total stockholders’ equity 202,131 194,414 Total liabilities and stockholders’ equity $ 2,219,307 $ 2,076,922 HORIZON BANCORP AND SUBSIDIARIES Condensed Consolidated Statements of Income(Dollar Amounts in Thousands, Except Per Share Data, Unaudited)
Three Months Ended Six Months Ended June 30 June 30 2015 2014 2015 2014 Interest Income Loans receivable $ 17,981 $ 16,631 $ 34,843 $ 29,585 Investment securities Taxable 2,067 2,395 4,221 4,785 Tax exempt 1,079 1,096 2,156 2,219 Total interest income 21,127 20,122 41,220 36,589 Interest Expense Deposits 1,237 1,355 2,469 2,632 Borrowed funds 1,539 1,478 3,018 2,900 Subordinated debentures 501 501 997 997 Total interest expense 3,277 3,334 6,484 6,529 Net Interest Income 17,850 16,788 34,736 30,060 Provision for loan losses 1,906 339 2,520 339 Net Interest Income after Provision for Loan Losses 15,944 16,449 32,216 29,721 Non-interest Income Service charges on deposit accounts 1,085 1,038 2,084 1,961 Wire transfer fees 182 145 333 257 Interchange fees 1,366 1,254 2,468 2,213 Fiduciary activities 1,216 1,199 2,513 2,247 Gain on sale of investment securities (includes $0 for the three monthsended and $124 for the six months ended June 30, 2015 and $0
for the three and six months ended June 30, 2014, related to accumulated other comprehensive earnings reclassifications) - - 124 - Gain on sale of mortgage loans 2,642 2,537 5,021 3,948 Mortgage servicing income net of impairment 300 233 479 440 Increase in cash value of bank owned life insurance 257 252 515 485 Death benefit on bank owned life insurance - - 145 - Other income 138 (31 ) 570 598 Total non-interest income 7,186 6,627 14,252 12,149 Non-interest Expense Salaries and employee benefits 8,385 8,293 16,889 15,776 Net occupancy expenses 1,375 1,360 2,926 2,784 Data processing 966 937 1,889 1,807 Professional fees 660 419 1,187 1,027 Outside services and consultants 918 1,298 1,544 1,959 Loan expense 1,367 1,272 2,624 2,287 FDIC insurance expense 339 285 676 541 Other losses 150 95 105 133 Other expense 2,490 2,449 4,878 4,608 Total non-interest expense 16,650 16,408 32,718 30,922 Income Before Income Tax 6,480 6,668 13,750 10,948 Income tax expense (includes $0 for the three months ended and $43 for the six months ended June 30, 2015 and $0 for the three and six months ended June 30, 2014, related to income tax expense from reclassification items) 1,752 1,890 3,664 2,753 Net Income 4,728 4,778 10,086 8,195 Preferred stock dividend (31 ) (32 ) (63 ) (63 ) Net Income Available to Common Shareholders $ 4,697 $ 4,746 $ 10,023 $ 8,132 Basic Earnings Per Share $ 0.51 $ 0.52 $ 1.09 $ 0.91 Diluted Earnings Per Share 0.49 0.50 1.04 0.88
View source version on businesswire.com: http://www.businesswire.com/news/home/20150723006474/en/
Horizon BancorpMark E. SecorChief Financial Officer(219) 873-2611Fax: (219) 874-9280
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