MICHIGAN CITY, Ind. (AP) — MICHIGAN CITY, Ind. (AP) — Horizon Bancorp (HBNC) on Wednesday reported first-quarter net income of $18.2 million.
The bank, based in Michigan City, Indiana, said it had earnings of 42 cents per share. Earnings, adjusted for non-recurring costs, came to 43 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.
The bank holding company posted revenue of $81.4 million in the period. Its revenue net of interest expense was $54.9 million, which missed Street forecasts. Three analysts surveyed by Zacks expected $57.6 million.
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