Horizon Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Net Charge-Offs for the Fourth Quarter of 2017
January 24, 2018 at 04:44 pm EST
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Horizon Bancorp reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company's total interest income was $36,774,000 compared to $29,389,000 a year ago. Net interest income was $31,455,000 compared to $20,939,000 a year ago. Income before income tax was $13,408,000 compared to $7,212,000 a year ago. Net income available to common shareholders was $7,650,000 or $0.30 per basic and diluted share compared to $5,603,000 or $0.25 per basic and diluted share a year ago. Return on average assets was 0.79% compared to 0.69% a year ago. Return on average common stockholders' equity was 6.75% compared to 6.49% a year ago. Book value per common share as at December 31, 2017 was $17.90 compared to $15.37 a year ago. Tangible book value per common share as at December 31, 2017 was $12.72 compared to $11.48 a year ago.
For the year, the company's total interest income was $128,483,000 compared to $106,529,000 a year ago. Net interest income was $112,100,000 compared to $85,992,000 a year ago. Income before income tax was $47,953,000 compared to $32,713,000 a year ago. Net income available to common shareholders was $33,117,000 or $1.43 per basic and diluted share compared to $23,870,000 or $1.19 per diluted share a year ago. Return on average assets was 0.97% for the year ended December 31, 2017 compared to 0.81% for the year ended December 31, 2016. Return on average common stockholders' equity was 8.74% compared to 7.92% a year ago. The increase in net income and diluted earnings per share from 2016 to 2017 reflects an increase in net interest income of $26.1 million offset by a decrease in non-interest income of $2.3 million and increases in non-interest expense of $7.9 million, income tax expense of $6.0 million and provision for loan losses of $628,000. Core net income for the year ended December 31, 2017 was $35.5 million, or $1.53 diluted earnings per share, compared to $29.2 million, or $1.45 diluted earnings per share, for the year ended December 31, 2016.
Total net charge-offs for the fourth quarter of 2017 were $292,000 compared to $310,000 a year ago.
Horizon Bancorp, Inc. is a bank holding company for Horizon Bank, which serves customers across Midwestern markets through digital and virtual tools, as well as its Indiana and Michigan branches. The Company operates through a single segment, which is commercial banking. The Bank is a full-service commercial bank offering commercial and retail banking services, corporate and individual trust and agency services and other services incident to banking. Its retail offerings include prime residential, indirect auto, and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. It also provides a range of in-market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally. The Bank maintains around 71 full service offices. The Bank's subsidiaries include Horizon Investments, Inc., Horizon Properties, Inc. and Horizon Insurance Services, Inc.
Horizon Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Net Charge-Offs for the Fourth Quarter of 2017