Horizon Bancorp(US:HBNC)2022-01-27 18:02Financial Performance Highlights - Diluted EPS reached $0.49 for the quarter, or an adjusted $0.54[6,8] - The consumer loans (excluding acquired loans) increased by 1.9% in Q4 and 2.7% YTD, reaching a record of $727.3 million[6] - Commercial loans (excluding PPP & acquired loans) increased by 2.4% in Q4 and YTD, reaching a record of $2.13 billion[6] - Net interest income was $49.976 million, up 7.4% compared to the previous quarter and 14.6% compared to the same quarter last year[8] - Average earning assets were $6.938 billion, up 15.0% compared to the previous quarter and 29.3% compared to the same quarter last year[8] Expense Management and Efficiency - The company maintained a non-interest expense to average assets ratio of 2.09%, or 1.95% excluding acquisition and ESOP settlement expenses[7] - The efficiency ratio was 62.69%, or an adjusted 58.25%[7,8] Loan Portfolio and Credit Quality - Total outstanding consumer loans reached $727 million as of December 31, 2021[55] - Total outstanding prime mortgage loans reached $594 million as of December 31, 2021[58] - Commercial loan portfolio, excluding PPP loans, increased approximately $51 million, or 10% annualized, during Q4 2021[9,60] - The allowance for credit losses to total loans was 1.51%[8] Deposits and Funding - Average total deposits were $5.910 billion, up 17.9% compared to the previous quarter and 31.7% compared to the same quarter last year[8] - Total deposits at $5.8 billion as of December 31, 2021, with non-interest bearing deposits accounting for 23%, interest bearing deposits 64%, and CDs 13%[48]