Growth in Kalamazoo and Indianapolis, coupled with new offices in Grand Rapids and Fort Wayne joined integration of three acquisitions in leading the way for Horizon Bancorp to achieve record 2016 net income in earning reports this week from the holding company’s headquarters in Michigan City, Indiana.
The anchor for Horizon Bank reports net income for the year ended December 31, 2016 was $23.9-million or $1.19 diluted earnings per share as compared to $20.5-million or $1.26 diluted earnings per share at year’s end in the previous year.
Excluding acquisition-related expenses, gain on sale of investment securities and the death benefit on bank owned life insurance, prepayment penalties on borrowings and purchase accounting adjustments, net income for the year increased 34.5-percent to $29.2-million or $1.45 diluted earnings per share compared to $21.7-million or $1.33 diluted earnings per share for 2015.
Horizon Chairman & CEO Craig Dwight says, “I am very pleased with Horizon’s 2016 results as evidenced by our organic loan growth, our ability to complete and integrate three bank acquisitions and our expansion into two new markets.” He calls Horizon’s results for 2016, “A true testament of the quality of the Horizon team, their work ethic and ability to move the company forward.”
Dwight says as a result of the hard work put forth over the past year, “Horizon is positioned well for the coming year.” He cites the bank’s balanced strategy of organic growth, expansion into new markets and well-executed acquisitions as contributing to “record net income for the year.” He reports core net income was $8.5-million for the fourth quarter and $29.2-million for all of ’16 representing an increase of 40.7-percent for the quarter and 34.5-percent for the year. Core diluted earnings per share were $0.38 for the fourth quarter and $1.45 for the year representing an increase of 14.4-percent for the quarter and 9.0-percent for the year.
Dwight says Horizon “Continued to experience strong growth in our Kalamazoo and Indianapolis markets where total loans increased $61.6-million during 2016,” adding that also in 2016, “Horizon opened loan and deposit production offices in Fort Wayne, Indiana and Grand Rapids, Michigan.”
In addition to the bank’s organic growth and expansion last year, Dwight says, “We completed the acquisitions of Kosciusko Financial and LaPorte Bancorp during the third quarter and the acquisition of CNB Bancorp during the fourth quarter.” He notes, “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.”
Dwight also reports that Horizon has also received regulatory approval for the purchase of certain assets and assumption of deposits from First Farmers Bank & Trust Company’s Bargersville, Indiana branch anticipated to close next week, “enhancing our presence in this attractive and growing central Indiana market.”
Horizon has multiple branch offices across Michigan’s Great Southwest.
