Q3 profit hits new record for Horizon Bank

MICHIGAN CITY, Ind. (Inside INdiana Business) — Michigan City-based Horizon Bancorp Inc. (Nasdaq: HBNC) is reporting record third quarter net income of $23.1 million, up from $20.3 million during the same period a year ago. Chief Executive Officer Craig Dwight says the banking company is well positioned for “more significant loan growth” in the markets it serves.

During the quarter, the bank completed its acquisition of 14 branches in Michigan from The Huntington National Bank (Nasdaq: HBAN). Dwight says the acquisition, combined with record net interest income and continued operational efficiency contributed to the record quarter.

Dwight adds the bank saw a modest increase in non-performing, substandard and delinquent loans, which is “fully attributed to the portfolio acquired as part of our September branch acquisition as total non–performing loans, excluding acquired loans, decreased $206,000 from June 30, 2021.”

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