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Horizon Bancorp (OTCPK: HRRB) announced it has secured all necessary regulatory approvals to proceed with the sale of substantially all assets and liabilities of Horizon Community Bank to Arizona Financial Credit Union. The transaction is set to close on September 30, 2022. Following the sale, Horizon Bancorp will voluntarily dissolve and distribute net cash proceeds to shareholders. The company plans two liquidating distributions after the sale's completion. Additionally, trading of Horizon Bancorp's stock on the OTC Pink Sheets will cease post-sale.
Horizon Bancorp, Inc. (HRRB) reported a 3.89% increase in total loans for Q2 2022, and a 4.93% rise excluding PPP effects. Despite these gains, total deposits and assets saw declines of 3.01% and 5.47%, respectively. The bank's net income for the quarter was $1,160,806, totaling $5,148,026 for the year. Improved asset quality showcased a non-performing assets ratio of 0.07%. Regulatory capital ratios are strong, with a Tier 1 leverage ratio of 8.65%, indicating a well-capitalized position.
Horizon Bancorp, Inc. (OTC Pink: HRRB) reported a 3.94% increase in total deposits for Q1 2022, alongside a 1.65% growth in total loans (excluding PPP). Total assets grew by 2.25%, with net income of $1,054,483 for the quarter and $5,370,700 over the last 12 months. The non-performing assets ratio improved to 0.07%, and demand deposits represented 37% of total deposits. However, accumulated comprehensive loss increased from $1,119,475 to $7,289,945 due to market adjustments. The upcoming annual shareholder vote on a proposed asset acquisition by Arizona Federal Credit Union is scheduled for June 15, 2022.
Horizon Community Bank has entered a definitive agreement for Arizona Federal Credit Union to acquire it in a purchase and assumption transaction. As of December 31, 2021, Horizon Community reported $539.5 million in total assets. The $91.4 million deal will enhance Arizona Federal's presence in western Arizona, adding 12,000 clients and expanding its services. The acquisition is subject to regulatory and shareholder approval and is expected to complete by the end of 2022. Post-transaction, the combined assets will exceed $3.3 billion, serving over 155,000 members.
Horizon Bancorp (OTC Pink: HRRB) reported a net income of $1,341,000 or $0.32 per share for Q4 2021, a 15.66% decrease from Q3 2021 but a 17.73% increase year-over-year. Annual net income rose 50.26% to $5,665,499, with earnings per share increasing 49.45% to $1.36. Book value per share improved by 10.89% to $9.06. The loan portfolio contracted 11.4% year-over-year, influenced by $32.9 million in forgiven PPP loans and $75 million in prepayments. The bank maintains ample capital and a low non-performing assets ratio of 0.10%.
Horizon Bancorp, Inc. (OTC Pink: HRRB) reported a net income of $1,590,000, or $0.38 per share, for Q3 2021, marking a 14.97% increase from Q2 2021 and a 45.47% rise compared to Q3 2020. Key highlights include a book value per share of $8.87 and improved asset quality with non-performing assets down to 0.16%. However, conventional loan growth decreased by 1.44%. The bank’s allowance for loan loss remains robust at 1.59%. Ralph Tapscott, CEO, noted challenges in loan funding due to supply chain issues and labor shortages, despite ongoing improvements in non-interest income.
Horizon Bancorp, Inc. (OTC Pink: HRRB) reported net income of $1,383,000 or $0.33 per share for Q2 2021, marking a 3.21% increase from Q1 2021 and a significant 50.82% rise year-over-year. Factors contributing to this growth include participation in the PPP program, reduced cost of funds at 0.19%, and strong conventional loan growth of $16,652,000. The company maintains a loan loss allowance of 1.48% and reported non-interest demand deposits making up 40% of total deposits. The bank aims to enhance efficiency and loan production amidst a competitive environment.
Horizon Bancorp (OTC Pink: HRRB) reported significant growth for the 12 months ending March 31, 2021, with total deposits increasing by 53.09% and total loans by 13.14%. Net income reached $1,339,281 for the quarter and $4,489,560 for the year, reflecting a 17.56% quarterly increase. Noninterest deposits surged 96.67%, while noninterest income saw a 13.29% decrease. Despite a decline in total loans by $10,382,752, the bank's capital ratios remain strong, and credit quality metrics show improvement.
Horizon Bancorp, Inc. (OTC Pink: HRRB) reported substantial growth in key financial metrics for the year ending December 31, 2020, with net income increasing 30.30% to $3,770,366 and total deposits rising 39.03%. The bank also experienced 17.60% growth in total loans and a 39.33% share of noninterest demand deposits. The credit quality remains stable, with no loans on payment deferral as of year-end. The bank's capital ratios indicate strong financial health, supporting continued participation in the Paycheck Protection Program.
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