Horizon Bancorp, the parent company of Michigan City-based Horizon Bank, reported a third-quarter profit of $8.2 million, a 23.8 percent increase over the $6.6 million it made in the third quarter of 2016.
The bank earned $0.36 per share, up from $0.30 per share in the third quarter of last year.
"During the third quarter of 2017, Horizon’s balanced strategy of organic growth and well-executed acquisitions resulted in another solid quarter of earnings," Horizon Bank Chairman and Chief Executive Officer Craig Dwight said. "Core net income for the third quarter of 2017 increased 10.3 percent to $9.2 million when compared to the same period of 2016, while core net income for the first nine months of 2017 increased 22.5 percent to $25.4 million."
The bank has made $25.5 million during the first nine months of the year, up from $18.3 million during the same period last year. Horizon Bank has earned $1.13 per share so far this year. Return on average assets rose to 0.96 percent during the third quarter, up from 0.8 percent during the same period in 2016.
Loans rose 9.2 percent to $147.7 million during the first nine months of the year, including a 27.2 percent increase in consumer loans.
"Also, during the third quarter of 2017, Horizon closed the acquisition of Lafayette Community Bancorp adding an experienced team of bankers to take advantage of future opportunities in the growth market of Lafayette, Indiana," Dwight said.