A growing footprint and increased loan, deposit and fee activity played a major role in record net income for Horizon Bank for the 2015 calendar year, and that has smiles all around for the Michigan City-based financial institution with a major presence in Michigan's Great Southwest.
Craig Dwight is Chairman and CEO and his team reports net income for the year ending December 31, 2015 was $20.5-million, or $1.89 diluted earnings per share. When you exclude merger expenses, a gain on the sale of investment securities and the death benefit on bank-owned life insurance, net income for that period increased 29-percent compared to the previous year, ending December 31, 2014 to $23.6-million or $2.18 diluted earnings per share.
Dwight said today, "I am pleased to announce Horizon Bancorp's 2015 results, a year in which a great deal was accomplished across the company. During 2015, Horizon successfully integrated 15 new branches as part of the Peoples Bancorp acquisition, opened a new office in Carmel, Indiana and relocated our Greenwood South location to a new and expanded office." He adds, "In addition, Horizon was able to continue our organic growth story by significantly increasing loans, core deposits and fee income during the year. The impact of these positive results was reflected through increases to core net income and diluted earnings per share during the fourth quarter and for the year ended December 31, 2015."
Dwight reports that Horizon's growth drove a considerable increase in net income and earnings per share compared to 2014. Net income and diluted earnings per share, excluding non-core items, increased 34.4-percent and 7.8-percent during the fourth quarter of 2015, respectively. He says on a full year basis, net income and diluted earnings per share, excluding non-core items, increased by 31.2-percent and 15.3-percent, respectively.
Other notes of interest from the financial results posted today:
- Commercial loans surpassed $800-million during the 4th quarter of 2015 for the first time in the company's history, ending the year at $805-million.
- Non-interest income for the year ending December 31, 2015 increased 15.7-percent or $4.1-million compared to the year ending December 31, 2014.
- Horizon's tangible book value per share increased to $16.53 at December 31, 2015, compared to $16.26 at December 31, 2014 and $14.97 at December 31, 2013.
- It is anticipated that the entire $12.5-million in funds received through the Small Business Lending Fund will be paid off with cash from the holding company on February 1, 2016.
Horizon Bancorp is a locally owned, independent, commercial bank holding company serving Southwestern and Central Michigan, Northern and Central Indiana through its commercial banking subsidiary Horizon Bank. Its common stock is traded on the NASDAQ Global Select Market under the symbol HBNC.
