Horizon Bank profit jumps, president to retire
MICHIGAN CITY, Ind. (Inside INdiana Business) — Michigan City-based Horizon Bancorp Inc. (Nasdaq: HNBC) is reporting full-year net income of $87.1 million in 2021, up from $68.5 million the previous year. The parent of Horizon Bank also announced Wednesday that President Jim Neff plans to retire at the end of March.
Horizon is also reporting fourth quarter net income of $21.4 million, down slightly from $21.9 million during the same period in 2020.
“Horizon capped 2021 with record annual earnings and net interest income, as well as continued growth in commercial and consumer loans through the fourth quarter, mortgage production well in–line with our expectations, strong asset quality metrics and continued disciplined expense management,” Chief Executive Officer Craig Dwight said in a news release. “We enter 2022 with strong pipelines to support our loan growth goals for the year, successfully integrated a new team of advisors and customers onboarded through the September acquisition of 14 branches and low–cost deposits to expand Horizon’s Michigan franchise, and a balance sheet that is very well positioned for increasing short term interest rates.”
Horizon says Neff informed the company this week of his intention to retire on March 31. As a result of his decision, the bank has made several leadership changes.
Horizon has promoted Noe Najeria to executive vice president. In his new role, Najera will be responsible for consumer, mortgage, and mortgage warehouse lending, as well as CRA and fair lending programs.
Additionally, Executive Vice President Lynn Kerber will be promoted to Chief Commercial Banking Officer. She succeeds Dennis Kuhn, who has been appointed regional president for southwest Michigan.
“With Jim’s distinguished banking career of nearly 44 years and more than two decades on our executive management team, Horizon has benefitted greatly from his significant contributions, and we look forward to his continued friendship as we wish him the very best in retirement,” said Dwight. “In naming Noe, Lynn and Dennis to their new roles, we are able to draw from Horizon’s deep bench of highly experienced bankers to ensure that all our talented advisors have the leadership and resources they need to serve growing numbers of consumers and businesses in Indiana, Michigan and throughout the Midwest.”
The banking company says Dwight will assume the role of president upon Neff’s retirement until a permanent successor is found, the search for which will be conducted by an executive search firm.
You can connect to Horizon’s fourth quarter and full-year earnings report by clicking here.