Michigan City-based Horizon Bancorp Inc. (Nasdaq: HBNC) is reporting first quarter net income of $10.8 million, down from $12.8 million during the same period last year. Chief Executive Officer Craig Dwight of Horizon says merger expenses related to the acquisition of Salin Bancshares earlier this year impacted the results.
Horizon’s acquisition of Salin Bancshares Inc. was completed in March 2019, adding 20 banking centers in 10 Indiana counties to Horizon’s portfolio.
“Our merger with Salin provides entry into the attractive growth markets of Fort Wayne and Columbus, Indiana and complements our current Indiana locations. Salin Bank’s presence in the dynamic markets of Indianapolis and Lafayette, Indiana will add to Horizon’s current footprint. In addition, Salin has a talented team who will add depth and experience to our current sales, call center and operational network. Horizon’s strategic plan calls for continued expansion in the States of Indiana and Michigan with an emphasis on strong core deposit growth, investment in growth markets and to add mass and scale to gain additional efficiencies. Horizon’s merger with Salin fits well with our strategic plan.”
In 2019, Horizon says it plans to "cast a wider net to maximize merger opportunities and in order to seek lower cost funding by including Central Illinois and Northwest Ohio."
You can view the full first quarter earnings report by clicking here.