|
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Date of report (Date of earliest event reported): January 23, 2013
|
||
Horizon Bancorp
|
||
(Exact Name of Registrant as Specified in Its Charter)
|
||
Indiana
|
000-10792
|
35-1562417
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
515 Franklin Square, Michigan City, Indiana
|
46360
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
|
(219) 879-0211
|
||
(Registrant’s Telephone Number, Including Area Code)
|
||
(Former Name or Former Address, if Changed Since Last Report)
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
(d) Exhibits
|
|||
Exhibit No.
|
Description
|
||
99.1
|
Press Release issued January 23, 2013
|
Date: January 23, 2013
|
Horizon Bancorp
|
|
By:
|
/s/ Mark E. Secor | |
Mark E. Secor,
|
||
Chief Financial Officer
|
Exhibit No.
|
Description
|
Location
|
||
99.1
|
Press Release issued January 23, 2013
|
Attached
|
·
|
Horizon’s net income of $19.5 million for the twelve months ending 2012 surpasses the $12.8 million earned in the prior year and represents the highest annual net income in the Company’s history.
|
·
|
Fourth quarter 2012 net income was $5.2 million or $.56 diluted earnings per share, a 22% increase in diluted earnings per share compared to 2011. In addition, this represents the highest quarterly net income in the Company’s history.
|
·
|
Horizon’s net income for 2012 was $19.5 million or $2.30 diluted earnings per share, a 52% increase in diluted earnings per share compared to the same period in 2011.
|
·
|
On July 17, 2012 Horizon completed its acquisition of Heartland Bancshares, Inc. (“Heartland”). On that date, Horizon recorded $229.5 million in assets and $218.7 million in liabilities.
|
·
|
As a result of the acquisition and organic growth, total assets increased to a record $1.8 billion at December 31, 2012, compared with $1.5 billion at December 31, 2011.
|
·
|
Total loans increased $207.5 million during 2012, consisting of $92.9 million in organic loan growth and $114.6 million net loans acquired from Heartland.
|
·
|
Total deposits increased $283.7 million during 2012, consisting of $72.5 million in organic deposit growth and $211.2 million in deposits acquired from Heartland.
|
·
|
Net interest income, after provisions for loan losses, for 2012 was $54.7 million compared with $42.8 million for 2011.
|
·
|
The provision for loan losses decreased to $3.5 million for the year ended December 31, 2012 compared to $5.3 million for 2011.
|
·
|
Net charge-offs in 2012 were $4.1 million compared to $5.5 million in 2011.
|
·
|
Substandard and 30 to 89 day delinquent loans in total decreased by $1.9 million during 2012 from $60.8 million at December 31, 2011 to $58.9 million at December 31, 2012 including $21.5 million at December 31, 2012 acquired from the Heartland merger.
|
·
|
Return on average assets was 1.13% in the fourth quarter of 2012 and 1.19% the year ended December 31, 2012.
|
·
|
Return on average common equity was 13.70% in fourth quarter 2012 and 14.72% for the year ended December 31, 2012.
|
·
|
Horizon Bank’s capital ratios continue to be well above the regulatory standards for well-capitalized banks.
|
Contact:
|
Horizon Bancorp
|
Mark E. Secor
|
|
Chief Financial Officer
|
|
(219) 873-2611
|
|
Fax: (219) 874-9280
|
December 31
|
September 30
|
June 30
|
March 31
|
December 31
|
||||||||||||||||
2012
|
2012
|
2012
|
2012
|
2011
|
||||||||||||||||
Balance sheet:
|
||||||||||||||||||||
Total assets
|
$ | 1,847,677 | $ | 1,846,776 | $ | 1,563,265 | $ | 1,546,831 | $ | 1,547,162 | ||||||||||
Investment securities
|
482,801 | 503,804 | 441,715 | 440,601 | 438,145 | |||||||||||||||
Commercial loans
|
460,471 | 447,414 | 356,549 | 350,463 | 352,376 | |||||||||||||||
Mortgage warehouse loans
|
251,448 | 244,233 | 215,478 | 213,152 | 208,299 | |||||||||||||||
Residential mortgage loans
|
189,714 | 176,553 | 156,675 | 155,550 | 157,141 | |||||||||||||||
Consumer loans
|
289,084 | 286,848 | 268,437 | 269,388 | 265,377 | |||||||||||||||
Earning assets
|
1,700,595 | 1,690,348 | 1,460,544 | 1,451,746 | 1,447,818 | |||||||||||||||
Non-interest bearing deposit accounts
|
208,650 | 211,935 | 136,979 | 138,618 | 130,673 | |||||||||||||||
Interest bearing transaction accounts
|
769,822 | 767,202 | 634,907 | 641,128 | 538,083 | |||||||||||||||
Time deposits
|
315,131 | 327,834 | 273,903 | 284,875 | 341,109 | |||||||||||||||
Borrowings
|
345,764 | 333,150 | 339,880 | 310,889 | 370,111 | |||||||||||||||
Subordinated debentures
|
32,331 | 32,282 | 30,722 | 30,699 | 30,676 | |||||||||||||||
Common stockholders' equity
|
146,468 | 143,362 | 118,112 | 113,738 | 108,965 | |||||||||||||||
Total stockholders’ equity
|
158,968 | 155,862 | 130,612 | 126,238 | 121,465 | |||||||||||||||
Income statement:
|
Three months ended
|
|||||||||||||||||||
Net interest income
|
$ | 17,003 | $ | 14,999 | $ | 13,006 | $ | 13,198 | $ | 13,592 | ||||||||||
Provision for loan losses
|
1,715 | 1,041 | 209 | 559 | 838 | |||||||||||||||
Other income
|
7,924 | 7,710 | 6,555 | 5,142 | 4,999 | |||||||||||||||
Other expenses
|
15,844 | 14,840 | 12,180 | 11,160 | 13,089 | |||||||||||||||
Income tax expense
|
2,198 | 1,978 | 2,262 | 2,008 | 1,142 | |||||||||||||||
Net income
|
5,170 | 4,850 | 4,910 | 4,613 | 3,522 | |||||||||||||||
Preferred stock dividend
|
(156 | ) | (63 | ) | (106 | ) | (156 | ) | (63 | ) | ||||||||||
Net income available to common shareholders
|
$ | 5,014 | $ | 4,787 | $ | 4,804 | $ | 4,457 | $ | 3,459 | ||||||||||
Per share data:
|
||||||||||||||||||||
Basic earnings per share
|
$ | 0.58 | $ | 0.56 | $ | 0.65 | $ | 0.60 | $ | 0.47 | ||||||||||
Diluted earnings per share
|
0.56 | 0.54 | 0.62 | 0.59 | 0.46 | |||||||||||||||
Cash dividends declared per common share
|
0.10 | 0.10 | 0.09 | 0.09 | 0.08 | |||||||||||||||
Book value per common share
|
17.00 | 16.64 | 15.88 | 15.33 | 14.68 | |||||||||||||||
Tangible book value per common share
|
14.23 | 13.85 | 14.81 | 14.24 | 13.58 | |||||||||||||||
Market value - high
|
19.68 | 19.08 | 17.73 | 12.33 | 11.97 | |||||||||||||||
Market value - low
|
$ | 16.54 | $ | 17.67 | $ | 11.76 | $ | 11.53 | $ | 10.82 | ||||||||||
Weighted average shares outstanding - Basic
|
8,617,466 | 8,503,475 | 7,434,537 | 7,422,860 | 7,421,544 | |||||||||||||||
Weighted average shares outstanding - Diluted
|
8,964,315 | 8,838,659 | 7,728,519 | 7,598,490 | 7,576,052 | |||||||||||||||
Key ratios:
|
||||||||||||||||||||
Return on average assets
|
1.13 | % | 1.09 | % | 1.31 | % | 1.23 | % | 0.93 | % | ||||||||||
Return on average common stockholders' equity
|
13.70 | 13.96 | 16.43 | 15.90 | 12.74 | |||||||||||||||
Net interest margin
|
4.16 | 3.79 | 3.79 | 3.87 | 3.95 | |||||||||||||||
Loan loss reserve to total loans
|
1.52 | 1.58 | 1.83 | 1.94 | 1.89 | |||||||||||||||
Non-performing loans to loans
|
1.97 | 2.08 | 2.07 | 2.11 | 2.02 | |||||||||||||||
Average equity to average assets
|
8.71 | 8.45 | 8.61 | 8.33 | 7.96 | |||||||||||||||
Bank only capital ratios:
|
||||||||||||||||||||
Tier 1 capital to average assets
|
7.87 | 8.58 | 8.74 | 8.53 | 8.50 | |||||||||||||||
Tier 1 capital to risk weighted assets
|
10.91 | 11.25 | 12.01 | 11.82 | 11.86 | |||||||||||||||
Total capital to risk weighted assets
|
12.16 | 12.50 | 13.27 | 13.08 | 13.12 | |||||||||||||||
Loan data:
|
||||||||||||||||||||
Substandard loans
|
$ | 52,114 | $ | 57,079 | $ | 35,634 | $ | 46,643 | $ | 57,489 | ||||||||||
30 to 89 days delinquent
|
6,759 | 8,351 | 3,773 | 2,932 | 3,282 | |||||||||||||||
90 days and greater delinquent - accruing interest
|
$ | 51 | $ | 109 | $ | 13 | $ | 28 | $ | 37 | ||||||||||
Trouble debt restructures - accruing interest
|
3,702 | 3,356 | 3,092 | 3,188 | 3,540 | |||||||||||||||
Trouble debt restructures - non-accrual
|
6,649 | 5,062 | 2,786 | 2,439 | 2,198 | |||||||||||||||
Non-accrual loans
|
13,374 | 15,887 | 14,925 | 15,451 | 14,368 | |||||||||||||||
Total non-performing loans
|
$ | 23,776 | $ | 24,414 | $ | 20,816 | $ | 21,106 | $ | 20,143 |
December 31
|
December 31
|
|||||||
2012
|
2011
|
|||||||
Balance sheet:
|
||||||||
Total assets
|
$ | 1,847,677 | $ | 1,547,162 | ||||
Investment securities
|
482,801 | 438,145 | ||||||
Commercial loans
|
460,471 | 352,376 | ||||||
Mortgage warehouse loans
|
251,448 | 208,299 | ||||||
Residential mortgage loans
|
189,714 | 157,141 | ||||||
Consumer loans
|
289,084 | 265,377 | ||||||
Earning assets
|
1,700,595 | 1,447,818 | ||||||
Non-interest bearing deposit accounts
|
208,650 | 130,673 | ||||||
Interest bearing transaction accounts
|
769,822 | 538,083 | ||||||
Time deposits
|
315,131 | 341,109 | ||||||
Borrowings
|
345,764 | 370,111 | ||||||
Subordinated debentures
|
32,331 | 30,676 | ||||||
Common stockholders' equity
|
146,468 | 108,965 | ||||||
Total stockholders’ equity
|
158,968 | 121,465 | ||||||
Income statement:
|
Twelve months ended
|
|||||||
Net interest income
|
$ | 58,206 | $ | 48,113 | ||||
Provision for loan losses
|
3,524 | 5,282 | ||||||
Other income
|
27,331 | 20,299 | ||||||
Other expenses
|
54,024 | 46,147 | ||||||
Income tax expense
|
8,446 | 4,186 | ||||||
Net income
|
19,543 | 12,797 | ||||||
Preferred stock dividend
|
(481 | ) | (1,325 | ) | ||||
Net income available to common shareholders
|
$ | 19,062 | $ | 11,472 | ||||
Per share data:
|
||||||||
Basic earnings per share
|
$ | 2.39 | $ | 1.55 | ||||
Diluted earnings per share
|
2.30 | 1.51 | ||||||
Cash dividends declared per common share
|
0.38 | 0.31 | ||||||
Book value per common share
|
17.00 | 14.68 | ||||||
Tangible book value per common share
|
14.23 | 13.58 | ||||||
Market value - high
|
19.68 | 12.97 | ||||||
Market value - low
|
$ | 11.53 | $ | 10.82 | ||||
Weighted average shares outstanding - Basic
|
7,974,241 | 7,407,258 | ||||||
Weighted average shares outstanding - Diluted
|
8,271,177 | 7,588,394 | ||||||
Key ratios:
|
||||||||
Return on average assets
|
1.19 | % | 0.90 | % | ||||
Return on average common stockholders' equity
|
14.72 | 11.20 | ||||||
Net interest margin
|
3.89 | 3.74 | ||||||
Loan loss reserve to total loans
|
1.52 | 1.89 | ||||||
Non-performing loans to loans
|
1.97 | 2.02 | ||||||
Average equity to average assets
|
8.63 | 8.30 | ||||||
Bank only capital ratios:
|
||||||||
Tier 1 capital to average assets
|
7.87 | 8.52 | ||||||
Tier 1 capital to risk weighted assets
|
10.91 | 11.89 | ||||||
Total capital to risk weighted assets
|
12.16 | 13.14 | ||||||
Loan data:
|
||||||||
Substandard loans
|
$ | 52,114 | $ | 57,489 | ||||
30 to 89 days delinquent
|
6,759 | 3,282 | ||||||
90 days and greater delinquent - accruing interest
|
$ | 51 | $ | 37 | ||||
Trouble debt restructures - accruing interest
|
3,702 | 3,540 | ||||||
Trouble debt restructures - non-accrual
|
6,649 | 2,198 | ||||||
Non-accrual loans
|
13,374 | 14,368 | ||||||
Total non-performing loans
|
$ | 23,776 | $ | 20,143 |
December 31
|
September 30
|
June 30
|
March 31
|
December 31
|
||||||||||||||||
2012
|
2012
|
2012
|
2012
|
2011
|
||||||||||||||||
Commercial
|
$ | 7,771 | $ | 8,058 | $ | 7,766 | $ | 8,435 | $ | 8,017 | ||||||||||
Real estate
|
3,204 | 2,974 | 2,946 | 3,025 | 2,472 | |||||||||||||||
Mortgage warehousing
|
1,705 | 1,716 | 1,695 | 1,694 | 1,695 | |||||||||||||||
Consumer
|
5,590 | 5,820 | 5,967 | 6,258 | 6,698 | |||||||||||||||
Unallocated
|
- | - | - | - | - | |||||||||||||||
Total
|
$ | 18,270 | $ | 18,568 | $ | 18,374 | $ | 19,412 | $ | 18,882 |
Three months ended
|
||||||||||||||||||||
December 31
|
September 30
|
June 30
|
March 31
|
December 31
|
||||||||||||||||
2012
|
2012
|
2012
|
2012
|
2011
|
||||||||||||||||
Commercial
|
$ | 1,326 | $ | 334 | $ | 278 | $ | (332 | ) | $ | 111 | |||||||||
Real estate
|
143 | 205 | 113 | 59 | 118 | |||||||||||||||
Mortgage warehousing
|
- | - | - | - | - | |||||||||||||||
Consumer
|
544 | 308 | 856 | 302 | 837 | |||||||||||||||
Total
|
$ | 2,013 | $ | 847 | $ | 1,247 | $ | 29 | $ | 1,066 |
Total Non-performing Loans
(Dollars in Thousands, Unaudited)
|
||||||||||||||||||||
December 31
|
September 30
|
June 30
|
March 31
|
December 31
|
||||||||||||||||
2012
|
2012
|
2012
|
2012
|
2011
|
||||||||||||||||
Commercial
|
$ | 10,693 | $ | 11,957 | $ | 8,796 | $ | 9,035 | $ | 7,958 | ||||||||||
Real estate
|
9,153 | 8,833 | 8,595 | 8,669 | 8,496 | |||||||||||||||
Mortgage warehousing
|
- | - | - | - | - | |||||||||||||||
Consumer
|
3,930 | 3,624 | 3,425 | 3,402 | 3,689 | |||||||||||||||
Total
|
$ | 23,776 | $ | 24,414 | $ | 20,816 | $ | 21,106 | $ | 20,143 |
Other Real Estate Owned and Repossessed Assets
(Dollars in Thousands, Unaudited)
|
||||||||||||||||||||
December 31
|
September 30
|
June 30
|
March 31
|
December 31
|
||||||||||||||||
2012
|
2012
|
2012
|
2012
|
2011
|
||||||||||||||||
Commercial
|
$ | 1,337 | $ | 1,867 | $ | 688 | $ | 94 | $ | 1,092 | ||||||||||
Real estate
|
1,228 | 716 | 338 | 709 | 1,708 | |||||||||||||||
Mortgage warehousing
|
- | - | - | - | - | |||||||||||||||
Consumer
|
11 | 72 | 43 | 86 | 49 | |||||||||||||||
Total
|
$ | 2,576 | $ | 2,655 | $ | 1,069 | $ | 889 | $ | 2,849 |
Three Months Ended
|
Three Months Ended
|
|||||||||||||||||||||||
December 31, 2012
|
December 31, 2011
|
|||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
|||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Interest-earning assets
|
||||||||||||||||||||||||
Federal funds sold
|
$ | 3,094 | $ | 2 | 0.26 | % | $ | 2,084 | $ | 1 | 0.19 | % | ||||||||||||
Interest-earning deposits
|
498 | - | 0.00 | % | 2,591 | 1 | 0.15 | % | ||||||||||||||||
Investment securities - taxable
|
385,821 | 2,093 | 2.16 | % | 340,407 | 2,371 | 2.76 | % | ||||||||||||||||
Investment securities - non-taxable (1)
|
126,265 | 1,024 | 4.68 | % | 111,344 | 1,007 | 5.28 | % | ||||||||||||||||
Loans receivable (2)(3)(4)
|
1,157,474 | 17,341 | 5.97 | % | 957,651 | 14,080 | 5.84 | % | ||||||||||||||||
Total interest-earning assets (1)
|
1,673,152 | 20,460 | 4.98 | % | 1,414,077 | 17,460 | 5.04 | % | ||||||||||||||||
Noninterest-earning assets
|
||||||||||||||||||||||||
Cash and due from banks
|
24,726 | 16,065 | ||||||||||||||||||||||
Allowance for loan losses
|
(18,049 | ) | (19,208 | ) | ||||||||||||||||||||
Other assets
|
135,803 | 99,631 | ||||||||||||||||||||||
$ | 1,815,632 | $ | 1,510,565 | |||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||
Interest-bearing liabilities
|
||||||||||||||||||||||||
Interest-bearing deposits
|
$ | 1,107,786 | $ | 1,403 | 0.50 | % | $ | 882,213 | $ | 1,836 | 0.83 | % | ||||||||||||
Borrowings
|
293,200 | 1,531 | 2.08 | % | 331,769 | 1,574 | 1.88 | % | ||||||||||||||||
Subordinated debentures
|
33,799 | 523 | 6.16 | % | 31,446 | 458 | 5.78 | % | ||||||||||||||||
Total interest-bearing liabilities
|
1,434,785 | 3,457 | 0.96 | % | 1,245,428 | 3,868 | 1.23 | % | ||||||||||||||||
Noninterest-bearing liabilities
|
||||||||||||||||||||||||
Demand deposits
|
203,393 | 131,523 | ||||||||||||||||||||||
Accrued interest payable and other liabilities
|
19,317 | 13,372 | ||||||||||||||||||||||
Shareholders' equity
|
158,137 | 120,242 | ||||||||||||||||||||||
$ | 1,815,632 | $ | 1,510,565 | |||||||||||||||||||||
Net interest income/spread
|
$ | 17,003 | 4.02 | % | $ | 13,592 | 3.80 | % | ||||||||||||||||
Net interest income as a percent of average interest earning assets (1)
|
4.16 | % | 3.95 | % |
(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. The average rate 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.
|
(3)
|
Non-accruing loans for the purpose of the computations above are included in the daily average loan amounts outstanding. Loan totals are shown net of unearned income and deferred loans fees.
|
(4)
|
Loan fees and late fees included in interest on loans.
|
Twelve Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||||||
December 31, 2012
|
December 31, 2011
|
|||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
|||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Interest-earning assets
|
||||||||||||||||||||||||
Federal funds sold
|
$ | 5,609 | $ | 13 | 0.23 | % | $ | 20,307 | $ | 49 | 0.24 | % | ||||||||||||
Interest-earning deposits
|
2,770 | 6 | 0.22 | % | 7,262 | 2 | 0.03 | % | ||||||||||||||||
Investment securities - taxable
|
365,693 | 8,814 | 2.41 | % | 332,551 | 10,150 | 3.05 | % | ||||||||||||||||
Investment securities - non-taxable (1)
|
115,398 | 3,968 | 4.65 | % | 111,934 | 4,073 | 5.20 | % | ||||||||||||||||
Loans receivable (2)(3)(4)
|
1,043,620 | 59,727 | 5.73 | % | 862,498 | 50,340 | 5.84 | % | ||||||||||||||||
Total interest-earning assets (1)
|
1,533,090 | 72,528 | 4.83 | % | 1,334,552 | 64,614 | 4.98 | % | ||||||||||||||||
Noninterest-earning assets
|
||||||||||||||||||||||||
Cash and due from banks
|
19,365 | 15,834 | ||||||||||||||||||||||
Allowance for loan losses
|
(18,738 | ) | (19,047 | ) | ||||||||||||||||||||
Other assets
|
112,739 | 98,069 | ||||||||||||||||||||||
$ | 1,646,456 | $ | 1,429,408 | |||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||
Interest-bearing liabilities
|
||||||||||||||||||||||||
Interest-bearing deposits
|
$ | 992,880 | $ | 6,206 | 0.63 | % | $ | 887,687 | $ | 8,346 | 0.94 | % | ||||||||||||
Borrowings
|
297,597 | 6,166 | 2.07 | % | 261,255 | 6,334 | 2.42 | % | ||||||||||||||||
Subordinated debentures
|
32,408 | 1,950 | 6.02 | % | 31,446 | 1,821 | 5.79 | % | ||||||||||||||||
Total interest-bearing liabilities
|
1,322,885 | 14,322 | 1.08 | % | 1,180,388 | 16,501 | 1.40 | % | ||||||||||||||||
Noninterest-bearing liabilities
|
||||||||||||||||||||||||
Demand deposits
|
165,340 | 119,504 | ||||||||||||||||||||||
Accrued interest payable and other liabilities
|
16,190 | 10,841 | ||||||||||||||||||||||
Shareholders' equity
|
142,041 | 118,675 | ||||||||||||||||||||||
$ | 1,646,456 | $ | 1,429,408 | |||||||||||||||||||||
Net interest income/spread
|
$ | 58,206 | 3.75 | % | $ | 48,113 | 3.58 | % | ||||||||||||||||
Net interest income as a percent of average interest earning assets (1)
|
3.89 | % | 3.74 | % |
(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. The average rate 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.
|
(3)
|
Non-accruing loans for the purpose of the computations above are included in the daily average loan amounts outstanding. Loan totals are shown net of unearned income and deferred loans fees.
|
(4)
|
Loan fees and late fees included in interest on loans.
|
December 31
|
December 31
|
|||||||
2012
|
2011
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Cash and due from banks
|
$ | 30,735 | $ | 20,447 | ||||
Investment securities, available for sale
|
482,801 | 431,045 | ||||||
Investment securities, held to maturity
|
- | 7,100 | ||||||
Loans held for sale
|
13,744 | 14,090 | ||||||
Loans, net of allowance for loan losses of $18,270 and $18,882
|
1,172,447 | 964,311 | ||||||
Premises and equipment
|
42,184 | 34,665 | ||||||
Federal Reserve and Federal Home Loan Bank stock
|
13,333 | 12,390 | ||||||
Goodwill
|
19,748 | 5,910 | ||||||
Other intangible assets
|
4,048 | 2,292 | ||||||
Interest receivable
|
7,716 | 6,671 | ||||||
Cash value life insurance
|
35,192 | 30,190 | ||||||
Other assets
|
25,729 | 18,051 | ||||||
Total assets
|
$ | 1,847,677 | $ | 1,547,162 | ||||
Liabilities
|
||||||||
Deposits
|
||||||||
Non-interest bearing
|
$ | 208,650 | $ | 130,673 | ||||
Interest bearing
|
1,084,953 | 879,192 | ||||||
Total deposits
|
1,293,603 | 1,009,865 | ||||||
Borrowings
|
345,764 | 370,111 | ||||||
Subordinated debentures
|
32,331 | 30,676 | ||||||
Interest payable
|
560 | 596 | ||||||
Other liabilities
|
16,451 | 14,449 | ||||||
Total liabilities
|
1,688,709 | 1,425,697 | ||||||
Commitments and contingent liabilities
|
||||||||
Stockholders’ Equity
|
||||||||
Preferred stock, $.01 par value, $1,000 liquidation value
|
||||||||
Authorized, 1,000,000 Series B shares
|
||||||||
Issued 12,500 and 12,500 shares
|
12,500 | 12,500 | ||||||
Common stock, no par value
|
||||||||
Authorized, 22,500,000 shares
|
||||||||
Issued, 8,693,471 and 7,450,794 shares
|
||||||||
Outstanding, 8,617,466 and 7,421,544 shares
|
- | - | ||||||
Additional paid-in capital
|
31,965 | 11,736 | ||||||
Retained earnings
|
105,402 | 89,387 | ||||||
Accumulated other comprehensive income
|
9,101 | 7,842 | ||||||
Total stockholders’ equity
|
158,968 | 121,465 | ||||||
Total liabilities and stockholders’ equity
|
$ | 1,847,677 | $ | 1,547,162 |
Three Months Ended December 31
|
Twelve Months Ended December 31
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||||
Interest Income
|
||||||||||||||||
Loans receivable
|
$ | 17,341 | $ | 14,080 | $ | 59,727 | $ | 50,340 | ||||||||
Investment securities
|
||||||||||||||||
Taxable
|
2,095 | 2,373 | 8,833 | 10,201 | ||||||||||||
Tax exempt
|
1,024 | 1,007 | 3,968 | 4,073 | ||||||||||||
Total interest income
|
20,460 | 17,460 | 72,528 | 64,614 | ||||||||||||
Interest Expense
|
||||||||||||||||
Deposits
|
1,403 | 1,836 | 6,206 | 8,346 | ||||||||||||
Borrowed funds
|
1,531 | 1,574 | 6,166 | 6,334 | ||||||||||||
Subordinated debentures
|
523 | 458 | 1,950 | 1,821 | ||||||||||||
Total interest expense
|
3,457 | 3,868 | 14,322 | 16,501 | ||||||||||||
Net Interest Income
|
17,003 | 13,592 | 58,206 | 48,113 | ||||||||||||
Provision for loan losses
|
1,715 | 838 | 3,524 | 5,282 | ||||||||||||
Net Interest Income after Provision for Loan Losses
|
15,288 | 12,754 | 54,682 | 42,831 | ||||||||||||
Other Income
|
||||||||||||||||
Service charges on deposit accounts
|
993 | 742 | 3,470 | 3,164 | ||||||||||||
Wire transfer fees
|
249 | 207 | 892 | 619 | ||||||||||||
Interchange fees
|
895 | 689 | 3,122 | 2,594 | ||||||||||||
Fiduciary activities
|
1,069 | 1,072 | 3,997 | 3,983 | ||||||||||||
Gain on sale of securities
|
- | 23 | 2 | 1,777 | ||||||||||||
Gain on sale of mortgage loans
|
4,002 | 2,463 | 14,123 | 6,449 | ||||||||||||
Mortgage servicing income net of impairment
|
329 | (424 | ) | 234 | 267 | |||||||||||
Increase in cash value of bank owned life insurance
|
265 | 230 | 1,025 | 891 | ||||||||||||
Death benefit on officer life insurance
|
- | - | - | 453 | ||||||||||||
Other income
|
122 | (3 | ) | 466 | 102 | |||||||||||
Total other income
|
7,924 | 4,999 | 27,331 | 20,299 | ||||||||||||
Other Expenses
|
||||||||||||||||
Salaries and employee benefits
|
7,976 | 5,963 | 28,383 | 22,875 | ||||||||||||
Net occupancy expenses
|
1,313 | 1,091 | 4,529 | 4,267 | ||||||||||||
Data processing
|
834 | 556 | 2,717 | 2,006 | ||||||||||||
Professional fees
|
507 | 458 | 1,990 | 1,497 | ||||||||||||
Outside services and consultants
|
692 | 520 | 2,313 | 1,741 | ||||||||||||
Loan expense
|
1,397 | 1,310 | 4,276 | 3,586 | ||||||||||||
FDIC insurance expense
|
310 | 276 | 1,108 | 1,220 | ||||||||||||
Other losses
|
118 | 1,018 | 619 | 2,383 | ||||||||||||
Other expenses
|
2,697 | 1,897 | 8,089 | 6,572 | ||||||||||||
Total other expenses
|
15,844 | 13,089 | 54,024 | 46,147 | ||||||||||||
Income Before Income Tax
|
7,368 | 4,664 | 27,989 | 16,983 | ||||||||||||
Income tax expense
|
2,198 | 1,142 | 8,446 | 4,186 | ||||||||||||
Net Income
|
5,170 | 3,522 | 19,543 | 12,797 | ||||||||||||
Preferred stock dividend and discount accretion
|
(156 | ) | (63 | ) | (481 | ) | (1,325 | ) | ||||||||
Net Income Available to Common Shareholders
|
$ | 5,014 | $ | 3,459 | $ | 19,062 | $ | 11,472 | ||||||||
Basic Earnings Per Share
|
$ | 0.58 | $ | 0.47 | $ | 2.39 | $ | 1.55 | ||||||||
Diluted Earnings Per Share
|
0.56 | 0.46 | 2.30 | 1.51 |
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