Horizon Bank had a record-setting second quarter, surpassing the $4 billion in assets threshold and earning a record $14.1 million, up from $9.1 million in the second quarter of 2018.
The Michigan City-based bank grew diluted earnings per share by 37 percent to $0.37 in the second quarter. Both the net income and diluted earnings per share were the highest in Horizon Bank's 145-year history.
“I am very pleased to announce record quarterly and year-to-date earnings for Horizon," Chairman and CEO Craig Dwight said. "Net income for the second quarter of 2018 increased $5 million, or 55.6 percent, to $14.1 million when compared to the prior year. Horizon’s net income and diluted earnings per share for the six months ended June 30, 2018 increased to $26.9 million and $0.70 per share compared to $17.3 million and $0.51 per share for the prior year.”
Loans increased by 6.6 percent during the first six months of the year to $92.4 million. Consumer loans soared by 20.5 percent.
"Loan growth was led by consumer and mortgage loan annualized growth of 20.5 percent and 9.3 percent, respectively," Dwight said. "Commercial loan payoffs totaling approximately $97.8 million during 2018 have tempered commercial loan growth. The majority of these payoffs were as a result of business and/or real estate assets being sold. The bank did originate approximately $141.0 million in commercial loans during the first six months of 2018; however, only 59.6 percent, or $84.0 million, of these loan originations had been funded as of June 30, 2018."
Horizon's Fort Wayne, Grand Rapids, Indianapolis and Kalamazoo branches grew loans by $34.3 million during the first six months, an annualized rate of 13.7 percent. The bank continues to grow, opening new loan production offices in Holland, Michigan and Noblesville, Indiana.
"The Noblesville office will be converted to a full-service branch location in the third quarter of 2018. Noblesville, Indiana is the county seat for Hamilton County, one of the fastest growing counties in the State of Indiana and contiguous to Indianapolis," Dwight said. "We look forward to providing Horizon’s exceptional service to both of these communities.”