Horizon Bancorp, Inc. Releases 4Q Financial Highlights, More Than 26% Growth in Annual Pre-Tax Income
LAKE HAVASU CITY, Ariz.--(BUSINESS WIRE)--Feb 1, 2019--Horizon Bancorp, Inc. (OTC Pink: HRRB), the holding company for Horizon Community Bank, announced a growth in annual pre-tax income of 26% for the year ended December 31, 2018, over the same period, prior year. Total loan growth was over 13% for the year ended December 31, 2018. Pre-tax income through 12/31/18 totaled $3,212,170, an improvement of $669,651 over the year ended 2017. The loan growth was steady in all of the bank’s branches and loan production offices, and included the establishment of new loan production offices in Goodyear, AZ in 2017 and Phoenix, AZ in 2018. Deposit growth was also strong during the past 12 months with an annual deposit growth over 12% as of December 31, 2018, compared to the balance of deposits at December 31, 2017.
“Our growth in loans and assets over the last 12 months reflects improvements in Interest Income on Loans, Total Interest Income, and Net Interest Income. For the quarter ending 12/31/18 compared to the quarter ending 12/31/17, Interest Income on Loans increased 22.43%, Total Interest Income Increased 24.56% and Net Interest Income increased 20.82%,” stated Horizon Bancorp’s President & CEO Jerry Ernst. Pre-tax income at 12/31/18 totaled $3,212,170, with income taxes of $721,138 resulting in net income of $2,491,032. Pre-tax income at 12/31/17 totaled $2,542,519, with an income tax credit of $408,357 resulting in net income of $2,950,876.
Its 2018 highlights include:15.8 percent twelve month noninterest deposit growth 13.2 percent twelve month total asset growth 13.1 percent twelve month loan growth 12.2 percent twelve month deposit growth
About the Company
Holding company Horizon Bancorp, Inc. (OTC:HRRB) has $297 million in assets and is headquartered in Lake Havasu City, Arizona. It owns as its sole subsidiary Horizon Community Bank, a locally owned and operated bank with branches in Fort Mohave, Lake Havasu City, Mesa, Parker and Quartzsite, Arizona, plus loan offices in Kingman, Goodyear and Phoenix, Arizona. It has 83 employees and provides high-touch, customized commercial financial services to those in the healthcare, transportation, real estate and technology industries, as well as general commercial and consumer services. FDIC insured. Learn more at http://www.horizoncommunitybank.com.
This press release may include forward-looking statements about Horizon Bancorp, Inc. and Horizon Community Bank. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: Annualized, proforma and projected or estimated numbers in this release are illustrative only, are not forecasts and may not reflect actual results. All forward-looking statements are based on information available at the time of this release, and Horizon Bancorp, Inc. and Horizon Community Bank assume no obligation to update any forward-looking statements.
Unaudited Financial Information follows.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190201005007/en/
CONTACT: Horizon Bancorp, Inc.
Jerry Ernst, President/CEO
Ross Johnson, EVP/CFO,email@example.com
KEYWORD: UNITED STATES NORTH AMERICA ARIZONA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: Horizon Bancorp, Inc.
Copyright Business Wire 2019.
PUB: 02/01/2019 09:00 AM/DISC: 02/01/2019 09:00 AM