Horizon nets quarterly profit record – again

2012-07-19T12:00:00Z 2012-07-19T20:21:56Z Horizon nets quarterly profit record – againBy Bowdeya Tweh bowdeya.tweh@nwi.com, (219) 933-3316 nwitimes.com

The Michigan City-based parent of Horizon Bank said Wednesday its net income was up 59 percent to $4.9 million in the second quarter.

The $4.9 million, or 93 cents per share, Horizon Bancorp earned was the highest in the bank's 139-year history compared to the $3.1 million earned in the three months ended June 30.

Horizon President and CEO Craig Dwight said ongoing reductions in provisions for loan losses, increased revenue from mortgage operations and a focus on expense management helped the bank attain record earnings.

Net interest income was $13 million compared to $11.5 million in the second quarter of 2011.

The bank said the total dollar amount of substandard loans has fallen by $21.9 million in the first six months of 2012.

This week, Horizon completed the acquisition of the parent of Franklin, Ind.-based Heartland Community Bank.

Dwight said the acquisition should increase Horizon's level of substandard loans, but the bank would work with borrowers to either achieve a reasonable outcome. If unsuccessful, the bank said it would take actions to minimize loss to protect depositors and shareholders.

Income not from interest-generating assets was up 47 percent to $6.6 million and bank expenses were up 10.1 percent to $12.2 million in the second quarter.

The institution had more than $1.56 billion of assets and nearly $1.05 billion of deposits as of June 30.

In Thursday late morning trading, shares of Horizon Bancorp traded up 8.8 percent, or $2.22, to $27.47.

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