Horizon posts record net income

MICHIGAN CITY – Horizon Bancorp has announced its unaudited financial results for 2012.  The bank reported net income of $19.5 million, up from $12.8 million in 2011, and the highest annual net income in the bank’s history.

Fourth quarter net income was $5.2 million, a 22 percent increase and the highest quarterly net income in the company’s history.

On July 17, Horizon completed its acquisition of Heartland Bancshares, Inc. On that date, Horizon recorded $229.5 million in assets and $218.7 million in liabilities. As a result of the acquisition and organic growth, total assets increased to a record $1.8 billion compared with $1.5 billion in 2011.

Craig M. Dwight, president and CEO, said, “It was gratifying that in a year in which we made a substantial acquisition, the entire Horizon team maintained a strong focus on growing the bank’s established business that consequently contributed to increased shareholder value. Our success in serving customers, expanding customer relationships and winning new customers led to organic year-over-year growth.  In addition to the growth provided by Heartland, we continued to expand Horizon’s size, scope, and access to new market opportunities in our other markets.”

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