Heartland BancCorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports net charge-offs for the Fourth Quarter Ended December 31, 2016
January 17, 2017 at 05:47 pm EST
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Heartland BancCorp reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total interest income of $8,340,164 against $31,855,692 a year ago. Net interest income was $7,279,136 against $27,758,407 a year ago. Net interest income after provision for loan losses was $7,144,136 against $27,113,407 a year ago. Income before income tax was $3,023,410 against $11,135,048 a year ago. Net income was $2,161,952 against $7,988,259 a year ago. Diluted earnings per share was $1.33 against $1.77 a year ago. Return on average assets was 1.12% against 1.59% a year ago. Return on average equity was 12.24% against 17.51% a year ago. Total revenues (net interest income before the provision for loan losses, plus non-interest income) were $8.2 million in the fourth quarter, compared to $8.3 million in the fourth quarter a year ago.
For the year, the company reported total interest income of $7,480,854 against $28,754,809 a year ago. Net interest income was $6,589,824 against $25,448,933 a year ago. Net interest income after provision for loan losses was $6,469,824 against $24,688,933 a year ago. Income before income tax was $3,589,065 against $11,083,267 a year ago. Net income was $ 8,127,700 against $2,808,819 a year ago. Diluted earnings per share was $4.97 against $5.13 a year ago. Return on average assets was 1.05% against 1.18% a year ago. Return on average equity was 11.49% against 12.91% a year ago. Book value per common share was $45.10 against $42.67 a year ago. Tangible book value per common share was $44.83 against $42.40 a year ago.
For the quarter, the company's net charge-offs were $304,000 in the fourth quarter compared to $251,000 in the preceding quarter, and $54,000
in the fourth quarter a year ago.
Heartland BancCorp is a financial holding company. The Companyâs principal activity is the ownership and management of its subsidiaries, Heartland Bank (the Bank) and TransCounty Title Agency, LLC. The Bank is primarily engaged in providing a full range of banking and financial services to individual and corporate customers in central Ohio and northern Kentucky. The Bank operates approximately 19 full-service offices located in Fairfield, Franklin and Licking Counties of Central Ohio and Boone, Campbell and Kenton counties of Northern Kentucky. It offers personal banking, business banking and lending services and products. Personal banking offering includes checking, savings, online banking, mobile wallet, rate center, debit and credit cards, and additional products and services. Business banking offering includes checking, savings, treasury management, products and services, and rate center. Lending solutions include home mortgage, personal loan, business loan, agribusiness and other.
Heartland BancCorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports net charge-offs for the Fourth Quarter Ended December 31, 2016