Horizon Bank reports profit increase for Q1
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Michigan City-based Horizon Bancorp Inc. is reporting first-quarter net income of $23.9 million, up from $14 million during the same period last year.
CEO Thomas Prame says the results represent continued positive momentum in the bank’s core financial metrics.
“Our results were highlighted by a sixth consecutive quarter of margin expansion, now above 3%, strong loan growth with exceptional credit metrics and a core funding base that continues to deliver value, even in an uncertain economic environment,” Prame said in a news release. “We are pleased with our first quarter results and the positive momentum across our community banking model.”
The earnings also represent a turnaround from the previous quarter, where Horizon reported a net loss of $10.9 million.
During the quarter, Horizon announced that former CEO Craig Dwight would step down as chair of the bank’s board of directors when his term expires on May 1. Dwight retired as CEO of the parent of Horizon Bank in 2023 and was succeeded by Prame.
You can connect to the full earnings report by clicking here.