| Business Summary | | Horizon
Financial
Corp.
is
a
holding
company
for
Horizon
Bank
(the
Bank).
On
June
19,
1999,
the
Company
acquired
Bellingham
Bancorporation,
a
holding
company
for
the
Bank
of
Bellingham.
The
Bank's
business
activities
generally
are
limited
to
passive
investment
activities
and
oversight
of
its
investment
in
Horizon
Bank.
Horizon
was
organized
as
a
chartered
mutual
savings
and
loan
association
and
converted
to
a
federal
mutual
savings
and
loan
association.
The
Bank's
operations
are
conducted
through
15
full-service
office
facilities,
located
in
Whatcom,
Skagit
and
Snohomish
counties
in
Northwest
Washington. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Horizon
Financial
Corp.
is
a
bank
holding
company
for
Horizon
Bank,
a
state-chartered,
FDIC-insured
stock
savings
bank.
For
the
three
months
ended
6/30/01,
interest
income
increased
4%
to
$14
million.
Net
interest
income
after
loan
loss
provision
increased
5%
to
$6.1
million.
Net
income
increased
7%
to
$2.3
million.
Net
interest
income
reflects
loan
growth,
and
decreased
interest
costs
on
borrowings.
Earnings
also
reflect
gains
on
sales
of
loans. | More
from
Market Guide: Significant
Developments |
| | | | FY2001
Compensation | | Pay | Exer | |
| V. Lawrence Evans, 54 Chairman,
Pres, CEO | $321K | $47K | Richard Jacobson, 38 VP
and Sec. | -- | -- | Kelli Holz, 32 VP | -- | -- | Karen LePage, 60 VP | -- | -- | Dollar amounts are as of 31-Mar-2001 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.; "Exer" is the value of options excercised during the fiscal year. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|