Horizon Bank shareholders are going to see a 15.4 percent boost in their dividends going forward.
The board of directors of the Michigan City-based bank, one of the largest in Northwest Indiana by market share, voted to increase the quarterly dividend 15 cents per share, up from 13 cents per share the previous quarter.
That represents a dividend yield of 1.99 percent based on the share price of $30.16 Tuesday. Anyone who holds Horizon stock, which is publicly traded on the NASDAQ Global Select Market under the symbol HBNC, as of April 6, will get a dividend of 15.4 cents per share on April 20.
Horizon Bank raised profits by 38 percent to $33.1 million last year, or $1.43 per share. The bank, which serves Indiana and Michigan, has branches in Chesterton, Crown Point, Hammond, LaPorte, Merrillville, Michigan City, Munster, Portage, Valparaiso and Whiting, as well as in New Buffalo and Three Oaks just across the state line in Michigan.