MICHIGAN CITY, Ind. (AP) _ Horizon Bancorp (HBNC) on Wednesday reported second-quarter profit of $16.6 million.
The bank, based in Michigan City, Indiana, said it had earnings of 37 cents per share. Earnings, adjusted for one-time gains and costs, were 39 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.
The bank holding company posted revenue of $64.7 million in the period. Its revenue net of interest expense was $52.4 million, falling short of Street forecasts. Three analysts surveyed by Zacks expected $52.6 million.
Horizon Bancorp shares have climbed 5% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16.60, a fall of 20% in the last 12 months.