Horizon Bancorp (HBNC.O: Quote, Profile, Research) said it increased its loan loss provision for the fourth quarter to address credit quality deterioration in its wholesale mortgage and indirect auto loan portfolios.
Horizon increased its provision for loan and lease losses expense by $1.4 million and the total provision expense for the fourth quarter is now expected to be about $1.8 million, the bank holding company said in a statement.
Despite the additional charge, Horizon said it expects 2007 earings will exceed those of 2006.
(Reporting by Sweta Singh; Editing by Gopakumar Warrier)
((sweta.singh@reuters.com ; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: sweta.singh.reuters.com@reuters.net)) Keywords: HORIZONBANCORP/LOANLOSS
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http://www.reuters.com/article/bankingfinancial-SP/idUSWNAS542520080102
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