Acquisitions Drive Record Year For Horizon

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Horizon Bank is headquartered in Michigan City. Horizon Bank is headquartered in Michigan City.
MICHIGAN CITY -

Michigan City-based Horizon Bancorp (Nasdaq: HBNC) is reporting full-year net income of $23.9 million in 2016, up from $20.4 million the previous year. Chief Executive Officer Craig Dwight says the bank's organic loan growth and the completion of three acquisitions contributed to the record earnings.

Horizon acquired Mentone-based Kosciusko Financial Inc., LaPorte Bancorp Inc. and CNB Bancorp in Attica in 2016. Dwight says the bank is well positioned for the coming year.

"Each of these acquisitions was consistent with our philosophy of partnering with banks that hold similar core values and are committed to serving their local communities," said Dwight. "Finally, we received regulatory approval for the purchase of certain assets and assumption of deposits from First Farmers Bank & Trust Co.’s Bargersville, Indiana branch which we anticipate to close on February 3, 2017, enhancing our presence in this attractive and growing central Indiana market."

Horizon is also reporting fourth quarter net income of $5.6 million, down from $6.2 million during the same period in 2015.

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