Horizon Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2014
January 23, 2015 at 01:30 am IST
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Horizon Bancorp reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company's total interest income was $19,765,000 compared to $17,439,000 a year ago. Net interest income was $16,523,000 compared to $14,129,000 a year ago. Income before income tax was $6,612,000 compared to $5,203,000 a year ago. Net income was $4,948,000 compared to $4,115,000 a year ago. The increase in net income from the previous year reflects an increase in interest income primarily due to loan growth and an increase in non-interest income due to an increase in gain on sale of loans, interchange fees and fiduciary activities partially offset by an increase in the provision expense. Net income available to common shareholders was $4,917,000 or $0.51 per diluted share compared to $4,052,000 or $0.45 per diluted share a year ago. Return on average assets was 0.96% compared to 0.93% a year ago. Return on average common stockholders' equity was 10.72% compared to 10.44% a year ago.
For the year, the company's total interest income was $76,205,000 compared to $74,886,000 a year ago. Net interest income was $62,983,000 compared to $61,383,000 a year ago. Income before income tax was $24,256,000 compared to $26,924,000 a year ago. Net income was $18,101,000 compared to $19,876,000 a year ago. The decrease in net income compared to the previous year was due to $1.3 million in expenses related to the Summit acquisition in 2014 and a decrease of $3.5 million in income from acquisition-related purchase accounting adjustments partially offset by an increase of $614,000 in income from the gain on sale of investment securities. Net income available to common shareholders was $17,968,000 or $1.90 per diluted share compared to $19,506,000 or $2.17 per diluted share a year ago. Book value per common share as on December 31, 2014 was $19.75 compared to $17.64 a year ago. Tangible book value per common share as on December 31, 2014 was $16.26 compared to $14.97 a year ago. Return on average assets was 0.93% compared to 1.13% a year ago. Return on average common stockholders' equity was 10.60% compared to 12.86% a year ago.
For the quarter, the company reported total net charge-offs of $636,000 compared to $859,000 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, 2014; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2014