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EX - 99.1 2 hbnc - 202103312021 earningsr.htm EX - 99.1 HORIZON ™™ BANCORP , INC . Contract : Mark E. Secor Chief Financial Officer Phone : ( 219 ) 873-2611 Fax : ( 219 ) 874-9280 Date : April 28 , 2021 FOR IMMEDIATE RELEASE Horizon Bancorp , Inc. Announces First Quarter 2021 Financial Results - Michigan City , Indiana , April 28 , 2021 ( GLOBE NEWSWIRE ) - ( NASDAQ GS : HBNC ) — Horizon Bancorp , Inc. ( " Horizon " or the " Company " ) announced its unaudited financial results for the three months ending March 31 , 2021 . " Horizon completed the first quarter with over $ 6 billion in assets , strong profitability , modest provision expense , further reductions in deposit costs , and continued improvement in key asset quality metrics , “ Chairman and CEO Craig M. Dwight said . " Coming off a record year of residential lending , we were very pleased with mortgage activity and fee income in what has historically been our seasonally lightest volume quarter . In addition , our commercial pipeline of approved and unfunded loans and lines of credit , coupled with the current outlook of the businesses and communities we serve in growing Indiana and Michigan markets , leads us to anticipate improving demand from customer investments in plant and equipment , logistics and distribution , infrastructure , and other financing needs in a recovery economy . Given our balance sheet , highly efficient operations and talented workforce , we believe Horizon is very well positioned to capitalize on significant organic and strategic growth opportunities within our attractive Midwestern markets . " First Quarter 2021 Highlights • • Earned net income of $ 20.4 million , or $ 0.46 diluted earnings per share , compared to $ 21.9 million , or $ 0.50 diluted earnings per share , for the fourth quarter of 2020 and $ 11.7 million , or $ 0.26 diluted earnings per share , for the first quarter of 2020 . Pre - tax , pre - provision net income totaled a first - quarter record $ 24.2 million , compared to $ 26.9 million for the fourth quarter of 2020 and $ 21.8 million for the first three months of 2020. This non - GAAP financial measure is utilized by banks to provide a greater understanding of pre - tax profitability before giving effect to credit loss expense . ( See the " Non - GAAP Reconciliation of Pre - Tax , Pre - Provision Income " table below . ) Non - interest expense was $ 32.2 million in the quarter , or 2.20 % of average assets on an annualized basis , compared to $ 36.5 million , or 2.47 % , in the fourth quarter of 2020 and $ 31.1 million , or 2.38 % , in the first quarter of 2020 . The efficiency ratio for the period was 57.03 % compared to 57.54 % for the fourth quarter of 2020 and 58.79 % for the first quarter of 2020. The adjusted efficiency ratio was 57.97 % compared to 56.48 % for the fourth quarter of 2020 and 59.43 % for the first quarter of 2020. ( See the " Non - GAAP Calculation and Reconciliation of Efficiency Ratio and Adjusted Efficiency Ratio " table below . ) Generated return on average assets ( " ROAA ” ) of 1.40 % and return on average common equity ( " ROACE ” ) of 11.88 % in the quarter , as well as adjusted ROAA of 1.35 % and adjusted ROACE of 11.46 % , excluding the impact of gains on sale of investment securities , net of tax . ( See the " Non - GAAP Reconciliation of Return on Average Assets " and the " Non - GAAP Reconciliation of Return on Average Common Equity " tables below . ) 1