Horizon Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter
January 25, 2016 at 09:45 pm
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Horizon Bancorp reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company's total interest income was $23,790,000 compared to $19,765,000 a year ago. Net interest income was $20,222,000 compared to $16,523,000 a year ago. Income before income tax was $8,390,000 compared to $6,612,000 a year ago. Net income was $6,175,000 compared to $4,948,000 a year ago. Net income available to common shareholders was $6,144,000 or $0.51 per diluted share compared to $4,917,000 or $0.51 per diluted share a year ago. Return on average assets was 0.94% compared to 0.96% a year ago. Return on average common stockholders' equity was 9.53% compared to 10.72% a year ago.
For the year, the company's total interest income was $88,588,000 compared to $76,205,000 a year ago. Net interest income was $74,734,000 compared to $62,983,000 a year ago. Income before income tax was $27,781,000 compared to $24,256,000 a year ago. Net income was $20,549,000 compared to $18,101,000 a year ago. Net income available to common shareholders was $20,424,000 or $1.89 per diluted share compared to $17,968,000 or $1.90 per diluted share a year ago. The decrease in diluted earnings per share reflects an increase in diluted shares due to the Peoples acquisition. Book value per common share as on December 31, 2015 was $21.30 compared to $19.75 a year ago. Tangible book value per common share as on December 31, 2015 was $16.53 compared to $16.26 a year ago. Return on average assets was 0.87% compared to 0.93% a year ago. Return on average common stockholders' equity was 9.87% compared to 10.60% a year ago.
Total net charge-offs for the quarter were $1,976,000 compared to $636,000 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, 2015; Reports Net Charge-Offs for the Fourth Quarter