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Horizon Bancorp Q1 net income up 37%

Horizon Bancorp has reported net income of $2.53 million for the first quarter of 2008, a 37% increase, compared to $1.84 million for the same period of 2007.

The company reported diluted earnings of share of $0.78 for Q1 2008, compared to $0.57 for Q1 2007.

Net interest income was $8.92 million, an increase of $1.29 million from the first quarter of 2007. Non-interest expense increased $171,000 or 2.2% from the first quarter of 2007.

Craig Dwight, president and CEO, said: We are delighted to report record first quarter earnings. The first quarter performance is a result of Horizon’s focus on net interest margin and realizing a full quarter of cost saves that were initiated in 2007.

In addition, community banks that are liability sensitive are reaping the benefits of the recent reductions in interest rates by the Federal Open Market Committee and return of a normal yield curve.