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SUMMARY:
-- Horizon's year-to-date net income for the first nine months of 2009 was $7.1 million, which exceeds last year's net income for the same time period of $6.9 million.
-- Horizon's third quarter 2009 net income was $2.4 million or $0.61 diluted earnings per share.
-- Net interest margin for the third quarter increased compared to the prior quarter.
-- Horizon continued to experience strong residential mortgage loan volume through the third quarter.
-- Horizon's quarterly provision to the loan loss reserve increased by approximately $125,000 from the second quarter of 2009 increasing the allowance for loan losses to total loans to 1.58%.
-- Horizon's balance of Other Real Estate Owned of $1.7 million at September 30, 2009 was at its lowest level since September 30, 2008.
-- Horizon's non-performing loans increased by $2.0 million from June 30, 2009 to September 30, 2009.
-- Horizon's net loan charge-offs for the third quarter decreased from the previous two quarters.
-- Horizon's non-performing loans to total loans ratio as of September 30, 2009 was 1.87%, which compares favorably to National and State of Indiana peer averages.(1)
-- Horizon's capital ratios continue to be above the regulatory standards for well-capitalized banks.
Craig M. Dwight, Chief Executive Officer of Horizon Bancorp stated, "During the past five years our team of dedicated community bankers diligently worked to balance Horizon's revenue streams and loan portfolios to minimize risk during recessionary periods. This is best evidenced by our balanced loan portfolios, increasing market share in retail mortgages, and our disciplined credit culture. So far this approach has proven to be very effective during the current recession." In addition, Mr. Dwight commented, "We are proud of our year-to-date results as we continue to beat the national and regional banking trends."
Performance Highlights:
Net income for the third quarter of 2009 was $2.4 million or $.61 diluted earnings per share. This compares to $1.3 million or $.41 diluted earnings per share for the same quarter of the prior year. Net income for the nine months ended September 30, 2009 was $7.1 million or $1.84 diluted earnings per share. This compares to $6.9 million or $2.11 diluted earnings per share for the same period of the prior year.
Diluted earnings per share were reduced by $.11 per share for the three months and $.32 per share for the nine months ending September 30, 2009 resulting from the preferred stock dividends and the accretion of the discount on the preferred stock. The preferred stock was issued in the fourth quarter of 2008 and therefore did not impact the three or nine month periods ending September 30, 2008.
Net interest income increased $1.3 million for the three months and $5.7 million for the nine months ending September 30, 2009 compared to the same prior year periods, due to an increase in interest earning assets and a decrease in the cost of funds. The net interest margin increased to 3.64% for the nine months ending September 30, 2009 compared to 3.31% in the prior year for the same period and the third quarter net interest margin increased to 3.64% from 3.45% in the prior year.
The improvement in year-to-date net interest income over the same period of the prior year is a result of Horizon's ability to reduce the cost of interest bearing liabilities more than the reduction in the yields experienced on the interest earning assets. In addition, interest rate floors on over 50.0% of the Company's adjustable rate loans have helped in maintaining the yield on the interest earning assets.
The provision for loan losses was approximately $3.4 million for three months ending September 30, 2009 compared to $3.1 million for the same period the prior year. The third quarter provision is similar to the $3.3 million and $3.2 million reserves taken in the first and second quarters of 2009. Consumer loan charge-offs continue to add to the need for higher quarterly provisions for loan losses but appear to be stabilizing as the amount of consumer charge-offs have decreased over the last two quarters. However, the increase in non-performing loans has contributed to the need for additional provision expense for loan losses as specific reserves are identified for these loans.
Non-performing loans at September 30, 2009 increased to $16.5 million or 1.87% compared to $13.5 million or 1.49% of total loans on June 30, 2009, and $6.6 million or 0.77% at September 30, 2008. Horizon's non-performing loan statistics, while having increased from the prior quarter, still compare favorably to National and State of Indiana peer averages( 1) for the same ratio as of June 30, 2009 of 3.49% and 3.06%. The increase in the Company's non-performing loans can be attributed to the slower economy and continued local unemployment causing lower business revenues and increased consumer bankruptcies.
Non-accrual loans totaled $15.6 million on September 30, 2009, up from $12.8 million on June 30, 2009, and $6.5 million on September 30, 2008. The increase in the three months ended September 30, 2009 was due to increases in commercial, mortgage, and consumer loans. Commercial loan non-accruals increased from $7.9 million on June 30, 2009 to $9.2 million on September 30, 2009. This was primarily due to one commercial loan totaling $1.6 million placed on non-accrual during the quarter. This loan is to a manufacturing company and is current and in the process of a restructure.
Loans to homebuilders and land developers totaled $2.7 million of commercial non-accrual loans on September 30, 2009, followed by loans to restaurant operators totaling $2.6 million. Mortgage loans on non-accrual increased from $3.8 million to $4.6 million during the quarter. Consumer loans on non-accrual increased from $1.2 million to $1.8 million during the quarter. The primary reason for the increase of consumer loans on non-accrual is the increase of borrowers under Chapter 13 bankruptcy repayment plans. Most consumer loans in bankruptcy are paying but are held as non-accrual loans until a stable payment pattern has been established under the plan.
Loans 90 days delinquent but still accruing totaled $856,000 on September 30, 2009, up from $687,000 on June 30, 2009, and $122,000 on September 30, 2008. Horizon's policy is to place loans over 90 days delinquent on non-accrual unless they are well secured and in the process of collection.
Other Real Estate Owned (OREO) totaled $1.7 million on September 30, 2009, down from $2.2 million on June 30, 2009, but up slightly from $1.4 million on September 30, 2008. The decline during the third quarter was due to the sale of six properties with a book balance of $806,000 partially offset by the addition of five properties with a book balance of $268,000. On September 30, 2009, OREO was comprised of 17 properties. Of these, 15 totaling $1.3 million were residential and the other two were commercial. Repossessed property totaled $142,000 on September 30, 2009, up from $115,000 on June 30, 2009. On September 30, 2009, repossessed property consisted of 15 automobiles and one boat.
The residential mortgage loan activity continued to be strong through the third quarter as evidenced by volumes higher than the prior year in both the conventional residential mortgage and mortgage warehouse business lines. Conventional residential mortgage refinancing activity has increased the gain on sale of loans by $2.7 million for the nine months ending September 30, 2009 when compared to the same period in the prior year.
The primary cost to originate residential mortgage loans is the commissions paid to mortgage originators and this accounted for most of the increase in salary and benefits, which was $1.6 million higher for the nine months ended September 30, 2009 when compared to the same period in the prior year.
A gain on the sale of securities of $422,000 was realized during the third quarter as our analysis determined that market conditions provided the opportunity to add these gains to capital without a negative impact to long term earnings.
Other items
Horizon Bancorp is a locally owned, independent, commercial bank holding company serving Northern Indiana and Southwest Michigan. Horizon also offers mortgage-banking services throughout the Midwest. Horizon Bancorp may be reached online at www.accesshorizon.com. Its common stock is traded on the NASDAQ Global Market under the symbol HBNC.
Statements in this press release which express "belief," "intention," "expectation," and similar expressions, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by, and information currently available to, such management. Such statements are inherently uncertain and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those contemplated by the forward-looking statements. Any forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
(1) National peer group: Consists of all insured commercial banks having assets between $1 Billion and $3 Billion as reported by the Uniform Bank Performance Report as of June 30, 2009. Indiana peer group: Consists of 18 publicly traded banks all headquartered in the State of Indiana as reported by the Uniform Bank Performance Reports as of June 30, 2009.
HORIZON BANCORP
Financial Highlights
(Unaudited
- dollars in thousands except share and per share data and ratios)
September 30 June 30 March 31 December 31 September 30
2009 2009 2009 2008 2008
Balance sheet:
Total assets $ 1,321,224 $ 1,343,296 $ 1,442,851 $ 1,306,857 $ 1,188,631
Short term investments 4,464 10,418 6,444 2,679 1,186
Investment securities 333,031 331,941 327,289 303,268 230,837
Commercial loans 312,573 313,857 313,840 310,842 304,997
Mortgage warehouse loans 145,270 163,083 186,058 123,287 101,992
Real estate loans 142,568 146,096 160,478 167,766 168,058
Installment loans 275,299 272,394 273,728 280,072 282,900
Earning assets 1,232,548 1,260,807 1,288,214 1,206,494 1,107,429
Non-interest bearing deposit accounts 87,725 83,940 81,000 83,642 86,093
Interest bearing transaction accounts 375,548 388,954 489,699 428,931 334,121
Time deposits 394,724 375,256 406,790 328,596 329,208
Borrowings 311,884 349,499 320,956 324,383 328,442
Long-term borrowings 27,837 27,837 27,837 27,837 27,837
Common stockholders' equity 89,566 82,965 82,236 79,196 75,072
Total stockholders' equity 113,833 107,194 106,427 103,350 75,072
Income statement: Three months ended
Net interest income $ 10,719 $ 11,263 $ 11,416 $ 9,689 $ 9,403
Provision for loan losses 3,416 3,290 3,197 2,163 3,137
Other income 4,542 4,516 4,494 3,369 3,351
Other expenses 8,929 9,928 9,397 8,230 8,283
Income tax expense 559 497 681 543 2
Net income 2,357 2,064 2,635 2,122 1,332
Preferred stock dividend (351 ) (350 ) (350 ) - -
Net income available to shareholders 2,006 1,714 2,285 2,122 1,332
Per share data:
Basic earnings per share $ 0.62 $ 0.53 $ 0.71 $ 0.64 $ 0.42
Diluted earnings per share 0.61 0.52 0.70 0.64 0.41
Cash dividends declared per common share 0.17 0.17 0.17 0.17 0.17
Book value per common share 27.46 25.85 25.62 24.68 23.39
Market value - high $ 17.50 $ 19.45 $ 13.21 $ 24.52 $ 25.73
Market value - low $ 15.00 $ 11.00 $ 10.50 $ 12.29 $ 16.36
Basic common shares outstanding 3,245,505 3,209,482 3,209,482 3,209,482 3,209,482
Diluted common shares outstanding 3,273,742 3,270,178 3,250,424 3,246,664 3,255,409
Key ratios:
Return on average assets 0.72 % 0.59 % 0.79 % 0.71 % 0.45 %
Return on average common stockholders' equity 9.12 8.01 11.18 10.49 6.97
Net interest margin 3.64 3.51 3.78 3.57 3.45
Loan loss reserve to loans 1.58 1.40 1.23 1.29 1.22
Non-performing loans to loans 1.87 1.49 1.11 0.89 0.77
Average equity to average assets 8.53 7.80 7.94 6.65 6.45
Bank only capital ratios:
Tier 1 capital to average assets 8.82 8.15 8.51 9.44 7.64
Tier 1 capital to risk weighted assets 12.10 11.88 11.45 11.89 10.04
Total capital to risk weighted assets 13.35 13.13 12.61 13.11 11.22
HORIZON BANCORP
Financial Highlights
(Unaudited
- dollars in thousands except share and per share data and ratios)
September 30 September 30
2009 2008
Balance sheet:
Total assets $ 1,321,224 $ 1,188,631
Short term investments 4,464 1,186
Investment securities 333,031 230,837
Commercial loans 312,573 304,997
Mortgage warehouse loans 145,270 101,992
Real estate loans 142,568 168,058
Installment loans 275,299 282,900
Earning assets 1,232,548 1,107,429
Non-interest bearing deposit accounts 87,725 86,093
Interest bearing transaction accounts 375,548 334,121
Time deposits 394,724 329,208
Borrowings 311,884 328,442
Long-term borrowings 27,837 27,837
Common stockholders' equity 89,566 75,072
Total stockholders' equity 113,833 75,072
Income statement: Nine months ended
Net interest income $ 33,398 $ 27,661
Provision for loan losses 9,903 5,405
Other income 13,552 10,462
Other expenses 28,254 24,549
Income tax expense 1,737 1,319
Net income 7,056 6,850
Preferred stock dividend (1,051 ) -
Net income available to shareholders 6,005 6,850
Per share data:
Basic earnings per share $ 1.86 $ 2.14
Diluted earnings per share 1.84 2.11
Cash dividends declared per common share 0.51 0.49
Book value per common share 27.46 23.39
Market value - high $ 19.45 $ 25.73
Market value - low $ 10.50 $ 16.36
Basic common shares outstanding 3,221,622 3,208,362
Diluted common shares outstanding 3,270,154 3,246,208
Key ratios:
Return on average assets 0.70 % 0.75 %
Return on average common stockholders' equity 9.41 12.18
Net interest margin 3.64 3.31
Loan loss reserve to loans 1.58 1.22
Non-performing loans to loans 1.87 0.77
Average equity to average assets 8.08 6.13
Bank only capital ratios:
Tier 1 capital to average assets 8.82 7.64
Tier 1 capital to risk weighted assets 12.10 10.04
Total capital to risk weighted assets 13.35 11.22
HORIZON BANCORP
Allocation of the Allowance for
Loan and Lease Losses
(Dollars in Thousands)
September 30 June 30 March 31 December 31 September 30
2009 2009 2009 2008 2008
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Commercial $ 4,699 $ 3,076 $ 2,441 $ 3,202 $ 2,659
Real estate 1,599 1,511 1,038 973 1,115
Mortgage warehousing 1,480 1,453 1,428 1,354 1,341
Installment 6,146 6,609 6,682 5,881 5,410
Unallocated - - - - -
Total $ 13,924 $ 12,649 $ 11,589 $ 11,410 $ 10,525
Net Charge-offs
(Dollars in Thousands)
Three months ended
(Unaudited)
September 30 June 30 March 31 December 31 September 30
2009 2009 2009 2008 2008
Commercial $ 530 $ 262 $ 1,076 $ (5 ) $ 1,276
Real estate 22 214 50 26 (50 )
Mortgage warehousing - - - - -
Installment 1,589 1,754 1,892 1,257 1,198
Total $ 2,141 $ 2,230 $ 3,018 $ 1,278 $ 2,424
Total Non-performing Loans
(Dollars in Thousands)
September 30 June 30 March 31 December 31 September 30
2009 2009 2009 2008 2008
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Commercial $ 9,235 $ 7,959 $ 6,474 $ 5,167 $ 4,658
Real estate 4,926 3,764 2,446 1,904 1,362
Mortgage warehousing - - - - -
Installment 2,312 1,754 1,549 792 614
Total $ 16,473 $ 13,477 $ 10,469 $ 7,863 $ 6,634
Other Real Estate Owned and Repossessed Assets
(Dollars
in Thousands)
September 30 June 30 March 31 December 31 September 30
2009 2009 2009 2008 2008
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Commercial $ - $ - $ - $ - $ -
Real estate 1,671 2,212 2,492 2,874 1,357
Mortgage warehousing - - - - -
Installment 142 115 204 207 246
Total $ 1,813 $ 2,327 $ 2,696 $ 3,081 $ 1,603
HORIZON BANCORP AND SUBSIDIARIES
Average Balance
Sheets
(Dollar Amounts in Thousands)
Three Months Ended Three Months Ended
September 30, 2009 September 30, 2008
Average Average Average Average
Balance Interest Rate Balance Interest Rate
ASSETS
Interest-earning assets
Federal funds sold $ 10,711 $ 7 0.26 % $ 2,773 $ 9 1.29 %
Interest-earning deposits 7,783 - 0.00 % 1,691 8 1.88 %
Investment securities - taxable 248,165 2,666 4.26 % 173,217 2,155 4.95 %
Investment securities - non-taxable (1) 102,286 1,015 5.97 % 78,712 791 4.70 %
Loans receivable (2) 857,801 13,797 6.39 % 845,391 14,202 6.69 %
Total interest-earning assets (1) 1,226,746 17,485 5.83 % 1,101,784 17,165 6.25 %
Noninterest-earning assets
Cash and due from banks 15,277 17,483
Allowance for loan losses (12,513 ) (9,788 )
Other assets 77,734 70,996
$ 1,307,244 $ 1,180,475
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities
Interest-bearing deposits $ 756,567 $ 3,528 1.85 % $ 691,900 $ 4,261 2.45 %
Borrowings 317,224 2,897 3.62 % 296,844 3,108 4.17 %
Subordinated debentures 27,837 341 4.86 % 27,837 393 5.62 %
Total interest-bearing liabilities 1,101,628 6,766 2.44 % 1,016,581 7,762 3.04 %
Noninterest-bearing liabilities
Demand deposits 84,897 80,762
Accrued interest payable and other liabilities
9,238 7,105
Shareholders' equity 111,481 76,027
$ 1,307,244 $ 1,180,475
Net interest income/spread $ 10,719 3.39 % $ 9,403 3.21 %
Net interest income as a percent of average interest earning assets
(1)
3.64 % 3.45 %
(1) Securities balances represent daily average balances for the fair
value of securities. The average rate is calculated based on the
daily average balance for the amortized cost of securities. Interest
income is presented on a tax equivalent basis.
(2) Includes fees on loans. The inclusion of loan fees does not have a
material effect on the average interest rate.
HORIZON BANCORP AND SUBSIDIARIES
Average Balance
Sheets
(Dollar Amounts in Thousands)
Nine Months Ended Nine Months Ended
September 30, 2009 September 30, 2008
Average Average Average Average
Balance Interest Rate Balance Interest Rate
ASSETS
Interest-earning assets
Federal funds sold $ 27,647 $ 9 0.04 % $ 20,207 $ 434 2.87 %
Interest-earning deposits 6,979 54 1.03 % 6,816 140 2.74 %
Investment securities - taxable 247,168 8,270 4.47 % 174,293 6,360 4.87 %
Investment securities - non-taxable (1) 94,473 2,882 5.91 % 80,811 2,490 4.84 %
Loans receivable (2) 898,876 43,793 6.52 % 851,673 43,763 6.87 %
Total interest-earning assets (1) 1,275,143 55,008 5.91 % 1,133,800 53,187 6.32 %
Noninterest-earning assets
Cash and due from banks 15,370 17,365
Allowance for loan losses (11,742 ) (9,712 )
Other assets 76,613 69,000
$ 1,355,384 $ 1,210,453
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities
Interest-bearing deposits $ 797,523 $ 11,517 1.93 % $ 747,171 $ 15,552 2.78 %
Borrowings 328,763 9,011 3.66 % 275,848 8,782 4.25 %
Subordinated debentures 27,837 1,082 5.20 % 27,837 1,192 5.72 %
Total interest-bearing liabilities 1,154,123 21,610 2.50 % 1,050,856 25,526 3.24 %
Noninterest-bearing liabilities
Demand deposits 82,548 76,940
Accrued interest payable and other liabilities
9,180 7,211
Shareholders' equity 109,533 75,446
$ 1,355,384 $ 1,210,453
Net interest income/spread $ 33,398 3.41 % $ 27,661 3.08 %
Net interest income as a percent of average interest earning assets
(1)
3.64 % 3.31 %
(1) Securities balances represent daily average balances for the fair
value of securities. The average rate is calculated based on the
daily average balance for the amortized cost of securities. Interest
income is presented on a tax equivalent basis.
(2) Includes fees on loans. The inclusion of loan fees does not have a
material effect on the average interest rate.
HORIZON BANCORP AND SUBSIDIARIES
Condensed
Consolidated Balance Sheets
(Dollar Amounts in Thousands)
September 30 December 31
2009 2008
(Unaudited)
Assets
Cash and due from banks $ 10,848 $ 36,001
Cash and cash equivalents 10,848 36,001
Interest-bearing deposits 4,464 2,679
Investment securities, available for sale 333,031 301,638
Investment securities, held to maturity 15,661 1,630
Loans held for sale 6,119 5,955
Loans, net of allowance for loan losses of $13,924 and $11,410 861,785 870,557
Premises and equipment 29,972 28,280
Federal Reserve and Federal Home Loan Bank stock 13,225 12,625
Goodwill 5,787 5,787
Other intangible assets 1,521 1,751
Interest receivable 6,222 5,708
Cash value life insurance 22,966 22,451
Deferred tax asset 146 2,580
Other assets 9,477 9,215
Total assets $ 1,321,224 $ 1,306,857
Liabilities
Deposits
Non-interest bearing $ 87,725 $ 83,642
Interest bearing 770,272 757,527
Total deposits 857,997 841,169
Borrowings 311,884 324,383
Subordinated debentures 27,837 27,837
Interest payable 1,304 1,910
Other liabilities 8,369 8,208
Total liabilities 1,207,391 1,203,507
Commitments and contingent liabilities
Stockholders' Equity
Preferred stock, no par value, $1,000 liquidation value
Authorized, 1,000,000 shares
Issued 25,000 shares
Common stock, $.2222 stated value 24,267 24,154
Authorized, 22,500,000 shares
Issued, 3,271,631 and 3,254,482 shares 1,118 1,114
Additional paid-in capital 9,974 9,650
Retained earnings 72,255 67,804
Accumulated other comprehensive income 6,219 628
Total stockholders' equity 113,833 103,350
Total liabilities and stockholders' equity $ 1,321,224 $ 1,306,857
HORIZON BANCORP AND SUBSIDIARIES
Condensed
Consolidated Statements of Income
(Dollar Amounts in
Thousands, Except Per Share Data)
Three Months Ended Nine Months Ended
September 30 September 30
2009 2008 2009 2008
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Interest Income
Loans receivable $ 13,797 $ 14,202 $ 43,793 $ 43,763
Investment securities
Taxable 2,673 2,172 8,333 6,934
Tax exempt 1,015 791 2,882 2,490
Total interest income 17,485 17,165 55,008 53,187
Interest Expense
Deposits 3,528 4,261 11,517 15,552
Borrowed funds 2,897 3,108 9,011 8,782
Subordinated debentures 341 393 1,082 1,192
Total interest expense 6,766 7,762 21,610 25,526
Net Interest Income 10,719 9,403 33,398 27,661
Provision for loan losses 3,416 3,137 9,903 5,405
Net Interest Income after Provision for Loan Losses 7,303 6,266 23,495 22,256
Other Income
Service charges on deposit accounts 972 1,065 2,880 2,975
Wire transfer fees 201 155 709 382
Interchange fees 514 216 1,358 618
Fiduciary activities 745 911 2,486 2,817
Gain (loss) on sale of securities 422 - 422 (15 )
Gain on sale of loans 1,277 657 4,861 2,122
Mortgage servicing net of impairment 35 3 (131 ) 8
Increase in cash surrender value of bank owned life insurance 206 252 547 701
Death benefit on officer life insurance - - - 538
Other income 170 92 420 316
Total other income 4,542 3,351 13,552 10,462
Other Expenses
Salaries and employee benefits 4,539 4,203 14,264 12,698
Net occupancy expenses 941 944 2,872 2,834
Data processing 419 391 1,194 1,073
Professional fees 316 263 1,021 803
Outside services and consultants 366 328 1,043 940
Loan expense 631 593 1,841 1,603
FDIC deposit expense 400 146 1,751 404
Other losses (25 ) 25 442 267
Other Expenses 1,342 1,390 3,826 3,927
Total other expenses 8,929 8,283 28,254 24,549
Income Before Income Tax 2,916 1,334 8,793 8,169
Income tax expense 559 2 1,737 1,319
Net Income 2,357 1,332 7,056 6,850
Preferred stock dividend and discount accretion (351 ) - (1,051 ) -
Net Income Available to Common Shareholders $ 2,006 $ 1,332 $ 6,005 $ 6,850
Basic Earnings Per Share $ 0.62 $ 0.42 $ 1.86 $ 2.14
Diluted Earnings Per Share $ 0.61 $ 0.41 $ 1.84 $ 2.11
SOURCE: Horizon Bancorp
Horizon Bancorp Mark E. Secor, Chief Financial Officer, 219-873-2611 Fax: 219-874-9280
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