Horizon Bancorp, Inc. releases 1Q financial highlights, more than 12 percent annual loan growth

In May 1, 2018

Earnings press release header image

Lake Havasu City, AZ – May 1, 2018 – Horizon Bancorp, Inc. (OTC Pink:HRRB), the holding company for Horizon Community Bank, announced an annual loan growth of 12.6 percent as of March 31, 2018, compared to the balance of loans outstanding at March 31, 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 and Henderson, NV in 2017. Deposit growth was also strong during the past 12 months with an annual deposit growth of 12.5 percent as of March 31, 2018, compared to the balance of deposits at March 31, 2017.

“Our growth in loans and assets over the last 12 months reflects in improvements in Interest Income on Loans, Total Interest Income, and Net Interest Income.  For the quarter ending 03/31/18 compared to the quarter ending 03/31/17, Interest Income on Loans increased 18.6 percent, Total Interest Income Increased 20.7 percent and Net Interest Income increased 19.2 percent,” stated Horizon Bancorp’s President & CEO Jerry Ernst.

Horizon Bancorp, Inc. logo - holding company for Horizon Community BankIts 2018 highlights include:

  • 17.9 percent twelve month noninterest deposit growth
  • 11.3 percent twelve month total asset growth
  • 12.6 percent twelve month loan growth
  • 12.9 percent twelve month deposit growth

About the Company

Holding company Horizon Bancorp, Inc. (OTC:HRRB) has $278 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 and Goodyear, Arizona and Henderson, Nevada. It has almost 80 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.

Forward Looking Statements

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.

Click here to view the full press release with unaudited financial information.

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