Horizon Bank is enjoying a record performance thus far in 2016, posting record earnings for the second quarter and the fist six months of the year this week. Net income for the second quarter came in at $6.3-million for the Michigan City-based bank, that's a record $.52 diluted earnings per share.
Excluding acquisition-related expenses and the gain on sale of investment securities, net income for the second quarters of 2016 increased 38.9-percent when compared to the same period of 2015 to $7.2-million or $.59 diluted earnings per share. When looking at the first six months of the year, net income checks in at $11.7-million or $.96 diluted earnings per share.
Excluding acquisition-related expenses, gain on sale of investment securities and the death benefit on bank owned life insurance, net income for the first six months of 2016 increased 24.1-percent compared to the same period of 2015 to $13.0 million or $1.07 diluted earnings per share.
Craig Dwight is Chairman and CEO of Horizon Bancorp. He says, “Horizon’s 2016 second quarter and year-to-date earnings illustrate, once again, our balanced and diversified revenue streams producing strong results. Core net income, excluding acquisition-related expenses, gain on sale of investment securities and the death benefit on bank owned life insurance, was $7.2 million for the second quarter and $13.0 million for the first six months of 2016. The increase in core net income translated to solid growth in Horizon’s core diluted earnings per share for both the second quarter and the first six months of 2016 compared to 2015.”
Dwight reports, “The second quarter of 2016 was highlighted by strong contributions from our retail and mortgage warehouse operations, an increase in net interest margin over the linked quarter, fee income growth and continued improvement in asset quality. Additionally, Horizon continued to build-out our existing growth markets and entered Fort Wayne, Indiana with a loan
production team that will focus on developing our commercial presence in Indiana’s second largest city.”
Horizon completed the acquisitions of Kosciusko and LaPorte Bancorp on June 1, 2016 and July 18, 2016, respectively. On July 12, 2016, Horizon announced the signing of a definitive merger agreement with CNB Bancorp in Attica, Indiana, which is expected to be completed in the fourth quarter of 2016.
Dwight concluded, “I could not be more pleased with the dedication and teamwork of all those involved in these mergers. Kosciusko fills the gap between Horizon’s central and northeast Indiana locations and adds a seasoned banking team in the growth market of Warsaw, Indiana and Kosciusko County. The LaPorte Bancorp acquisition is an in-market merger that adds experience and depth to Horizon’s team and cost saves through consolidation of branch office locations. The CNB Bancorp merger adds a seasoned banking team in Fountain County, Indiana and is a nice lead into the contiguous growth market of Lafayette, Indiana, home of Purdue University.”