Horizon Bank reports record Q2 profit
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Michigan City-based Horizon Bancorp Inc. (Nasdaq: HNBC) is reporting record second quarter net income of $24.9 million, compared to $22.2 million during the same period last year. Chief Executive Officer Craig Dwight says the results can be attributed to strong loan growth and the higher interest rate environment.
“This level of organic growth would not have been possible without the hard work and dedication from our team to meet the evolving needs of our customers,” said Dwight. “We remain committed to driving organic growth through our investments in commercial and consumer loan production, finding strategic opportunities to deploy capital, and leveraging our asset sensitive balance sheet and strong credit quality to achieve long–term shareholder value.”
The bank says the results reflect an increase in net interest income of $4.8 million and a decrease in non–interest expense of $242,000, which were offset by an increase in credit loss expense of $1.6 million and a decrease in non–interest income of $1.7 million.
“Net interest margin continues to expand, illustrating the Company’s highly asset sensitive balance sheet position,” said Dwight. “Both the expected additional rate increases, and loan volume will continue to positively impact net interest income and NIM through 2022. Pressure on deposit pricing so far has been limited and we believe will remain in line with or better than our competitors. This expectation reflects our confidence in the strength of our commercial and retail relationships.”
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