Horizon Bancorp (HBNC) has reported a 52.83 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $8.22 million, or $0.37 a share in the quarter, compared with $5.38 million, or $0.30 a share for the same period last year.
Revenue during the quarter grew 23.16 percent to $32.80 million from $26.63 million in the previous year period. Net interest income for the quarter rose 29.30 percent over the prior year period to $25.57 million. Non-interest income for the quarter rose 2.33 percent over the last year period to $7.56 million.
Horizon Bancorp has made provision of $0.33 million for loan losses during the quarter, down 37.97 percent from $0.53 million in the same period last year.
Net interest margin improved 35 basis points to 3.80 percent in the quarter from 3.45 percent in the last year period.
Craig Dwight, Chairman and CEO, commented: "During the first quarter of 2017, Horizon’s business model of diversified and balanced revenue streams was proven to be effective as an increase in commercial and consumer lending helped to offset the seasonal low in residential mortgage revenues. Excluding non-core items, Horizon realized an increase in net income of $2.1 million, or 38.9%, in the first quarter of 2017 when compared to the same period of 2016 resulting in an increase in core diluted earnings per share of 13.3%. Core net interest margin increased in the first quarter of 2017 to 3.66% from 3.36% for the same period in 2016. Horizon also realized solid growth in service charges on deposit accounts of 8.7%, interchange fees of 26.3% and fiduciary activities of 17.6% in the first quarter of 2017 when compared to the same period in 2016."
Assets outpace liabilities growth Total assets stood at $3,169.64 million as on Mar. 31, 2017, up 20.61 percent compared with $2,627.92 million on Mar. 31, 2016. On the other hand, total liabilities stood at $2,821.07 million as on Mar. 31, 2017, up 19.21 percent from $2,366.50 million on Mar. 31, 2016.
Loans outpace deposit growth Net loans stood at $2,131.90 million as on Mar. 31, 2017, up 24.98 percent compared with $1,705.84 million on Mar. 31, 2016. Deposits stood at $2,443.70 million as on Mar. 31, 2017, up 30.09 percent compared with $1,878.48 million on Mar. 31, 2016.
Investments stood at $673.09 million as on Mar. 31, 2017, up 4.72 percent or $30.32 million from year-ago. Shareholders equity stood at $348.58 million as on Mar. 31, 2017, up 33.34 percent or $87.16 million from year-ago.
Return on average assets moved up 24 basis points to 1.07 percent in the quarter from 0.83 percent in the last year period. At the same time, return on average equity increased 140 basis points to 9.66 percent in the quarter from 8.26 percent in the last year period.
Tier-1 leverage ratio stood at 10.26 percent for the quarter, up from 8.98 percent for the previous year quarter. Average equity to average assets ratio was 11.12 percent for the quarter, up from 10.16 percent for the previous year quarter. Book value per share was $15.72 for the quarter, up 8.12 percent or $1.18 compared to $14.54 for the same period last year.
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