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Sep 30, 2021
Horizon Bancorp Q3 2021 Earnings Report
Achieved record profitability with diluted EPS of $0.52.
Key Takeaways
Horizon Bancorp announced record net income of $23.1 million for Q3 2021, a 4.0% increase from the previous quarter and a 13.6% increase year-over-year. Diluted EPS reached $0.52, up from $0.50 in the linked quarter and $0.46 in Q3 2020. The company completed the acquisition of 14 branches in Michigan and experienced growth in net interest income and managed non-interest expenses effectively.
Completed acquisition of 14 branches in Michigan, adding approximately $206.8 million in loans and $846.4 million in deposits.
Net income reached a record $23.1 million, with diluted EPS of $0.52.
Pre-tax, pre-provision net income grew to a record $28.2 million, up 15.5% from the linked quarter.
Net interest income grew to a record $46.5 million, up 9.2% from the second quarter of 2021.
Horizon Bancorp
Horizon Bancorp
Forward Guidance
Horizon Bancorp did not provide specific forward guidance in this earnings report. The company's commentary focused on its current performance, recent acquisition, and positioning for future growth.