Horizon Bank Reports ‘Historic’ Net Income in Q2

Horizon Bank is headquartered in Michigan City.

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In announcing its second quarter financial report, Michigan City-based Horizon Bancorp Inc. (Nasdaq: HBNC) said net income hit a record $16.6 million, compared to $14.1 million in the same period last year.

Horizon announced last fall the acquisition of Indianapolis-based Salin Bancshares Inc. in a deal valued at more than $135 million. The acquisition closed in the first quarter of this year. As a result of the purchase, Horizon closed five Salin full-service branches which were near existing Horizon offices. The company also closed three ‘legacy’ Horizon branches in April.

“Although the anticipated cost savings from the Salin acquisition have not been fully-realized, our team has been able to leverage new technologies and develop operational efficiencies,” commented Craig Dwight, chairman and CEO of Horizon.

Horizon also announced its board of directors authorized a stock repurchase program on July 16 for up to 2,250,000 shares of Horizon’s issued and outstanding common stock.

To read the full report, click here.