Horizon Bank reports full-year, Q4 profits
Michigan City-based Horizon Bancorp Inc. is reporting full-year net income of $93.4 million compared to $87 million the previous year. The parent of Horizon Bank also reports fourth quarter net income of $21.2 million, compared to $21.4 million during the same period a year ago.
Chairman and CEO Craig Dwight says Horizon had “strong growth” in commercial and consumer loans through Q4. However, the institution is feeling the effects of the housing market downturn.
Horizon says residential mortgage origination volume in the fourth quarter decreased nearly 59% from Q4 of 2021.
“Our well diversified balance sheet and low credit risk profile has performed well through previous economic cycles and, given the strong markets we operate in, we expect similar performance throughout the current economic cycle,” said Dwight. “As we enter 2023, we believe we are well–positioned with talent, technology and solid pipelines to continue to support our loan growth goals for the year, and focus on reinvesting our cash flows into higher yielding assets.”
Horizon Bank recently announced Dwight will retire as CEO June 1. Current President Thomas Prame was named successor.
Dwight will remain as chairman of the board for both Horizon Bancorp and Horizon Bank.
Click here to access the earnings report.