Horizon Bancorp announces financial results
Horizon Bancorp announced its unaudited financial results for the three and six-month periods ended June 30, 2016. Net income for the second quarter of 2016 was $6.3 million or $.52 diluted earnings per share. Excluding acquisition-related expenses and gain on sale of investment securities, net income for the second quarter of 2016 increased 38.9% compared to the same period of 2015 to $7.2 million or $.59 diluted earnings per share. Net income for the first six months of 2016 was $11.7 million or $.96 diluted earnings per share. Horizon completed the acquisitions of Kosciusko and LaPorte Bancorp on June 1, 2016 and July 18, 2016, respectively. On July 12, 2016, Horizon announced the signing of a definitive merger agreement with CNB Bancorp in Attica, Indiana, which is expected to be completed in the fourth quarter of 2016.
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