Horizon Bancorp. (HBNC) Wednesday reported first-quarter net income of $5.3 million or $0.58 per share, compared to $4.6 million or $0.59 per share last year.
On average, four analysts polled by Thomson Reuters estimated earnings of $0.58 per share for the quarter. Analysts' estimates typically exclude special items.
Earnings per share results for the reporting quarter reflect a higher share count.
Net interest income for the quarter was higher at $16 million, compared to $13 million in the prior year, and net interest margin improved to 4.10% from 3.87%.
Non-interest income for the quarter rose to $7.5 million from $5 million a year ago, due to robust increase in gain on sale of loans as well as higher fee income from fiduciary activities.
Analysts on consensus estimated total revenues of $24.06 million for the quarter.
Provision for loan losses for the quarter was higher at $2 million, compared to $560 thousand in the prior year.
CEO Craig Dwight said, "Record first quarter earnings demonstrated the contribution of new assets acquired in our acquisition of Heartland Bancshares, Inc. in mid-2012 and full realization of the transaction's synergies."
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