Horizon Bank announced it would boost its quarterly dividend by 20%.
The Michigan City-based bank, which is publicly traded on the NASDAQ Global Select Market under the symbol HBNC, will raise its quarterly dividend to 12 cents per share, up from 10 cents per share. Horizon said that increase amounts to a dividend yield of 3.02% based on its share price of $15.91 at the close of business Tuesday.
The higher dividend will be paid on July 19 to anyone who owns Horizon Bank stock as of July 5.
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Dating back to 1873, Horizon Bank serves Northwest Indiana, Central Indiana and Michigan, and also offers mortgage lending throughout the Midwest.
Horizon has assets exceeding $5 billion and turned a profit of $10.8 million in the first quarter. Locally, Horizon Bank has branches in Chesterton, Crown Point, Hammond, LaPorte, Merrillville, Michigan City, Munster, Portage, Valparaiso, Wanatah, and Whiting.
It has been growing rapidly in recent years because of acquisitions, most recently Salin Bank and Trust in Indianapolis.