Horizon Bancorp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Twelve Months Ended December 31, 2012
January 24, 2013 at 03:04 pm IST
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Horizon Bancorp. announced unaudited consolidated earnings results for the fourth quarter and twelve months ended December 31, 2012. Fourth quarter 2012 net income was $5.2 million or $0.56 diluted earnings per share, a 22% increase in diluted earnings per share compared to 2011 net income of $3.5 million or $0.46 diluted earnings per share. Net income available to common share holders was $5 million against $3.5 million for the comparable period last year. Return on average assets was 1.13% in the fourth quarter of 2012 versus 0.93% of prior year period. Return on average common equity was 13.70% in fourth quarter 2012 versus 12.74% of prior year period. Book value per common share was $17.00 against $14.68 for the same period last year. Income before income tax was $7.4 million against $4.7 million for the same period a year ago. Net interest income, after provisions for loan losses, was $15.3 million against $12.8 million of prior year period.
Net income for 2012 was $19.5 million or $2.30 diluted earnings per share, a 52% increase in diluted earnings per share compared to the same period in 2011 net income of $12.8 million or $1.51 diluted earnings per share. Net income available to common share holders was $19 million against $11.5 million for the last year. Net interest income, after provisions for loan losses, for 2012 was $54.7 million compared with $42.8 million for 2011. Return on average assets was 1.19% versus 0.90% of prior year. Return on average common equity was 14.72% versus 11.20% of prior year. Income before income tax was $28 million against $17 million for the same period 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, INC. 
