Net Income and Earnings - Net income for Q3 2024 was $18.2 million, or $0.41 per diluted share, compared to $14.1 million in Q2 2024 and $16.2 million in Q3 2023[2] - Net income for Q3 2024 was $18.180 million, compared to $14.140 million in Q2 2024 and $16.205 million in Q3 2023[32] - Basic earnings per share for Q3 2024 were $0.42, up from $0.32 in Q2 2024 and $0.37 in Q3 2023[32] - Net income (GAAP) increased to $18.180 million in Q3 2024 from $14.140 million in Q2 2024[43] Net Interest Income and Margin - Net interest income increased to $46.9 million in Q3 2024, up from $45.3 million in Q2 2024, with a net FTE interest margin of 2.66%[3] - Net interest income for Q3 2024 was $46.910 million, up from $45.279 million in Q2 2024 and $42.090 million in Q3 2023[32] - Net FTE interest income (non-GAAP) rose to $48,927 in Q3 2024, compared to $47,302 in Q2 2024 and $44,202 in Q3 2023[38] - Net interest margin (Non-GAAP) improved to 2.66% in Q3 2024, up from 2.64% in Q2 2024 and 2.41% in Q3 2023[38] - Net FTE interest income (non-GAAP) increased to $48.927 million in Q3 2024 from $47.302 million in Q2 2024[42] - Net FTE interest margin (non-GAAP) improved to 2.66% in Q3 2024 from 2.64% in Q2 2024[42] Loans and Credit Quality - Total loans held for investment remained stable at $4.8 billion, with commercial portfolio growth offset by planned run-off of lower-yielding indirect auto loans[3] - Annualized net charge-offs were 0.03% of average loans in Q3 2024, with non-performing assets to total assets at 0.32%[4] - Provision for credit losses in Q3 2024 was $1.0 million, down from $2.4 million in Q2 2024 and $0.3 million in Q3 2023[11] - Allowance for credit losses as a percentage of period-end loans HFI was 1.10% at September 30, 2024, compared to 1.08% at June 30, 2024[12] - Non-accrual loans increased by $5.3 million (29.0%) to 0.49% of total loans HFI, and non-performing assets rose by $5.1 million (25.0%) to $25.6 million as of September 30, 2024[22] - Net charge-offs decreased to $0.4 million in Q3 2024 from $0.6 million in Q2 2024, representing 0.03% annualized of average loans[23] - Provision for loan losses in Q3 2024 was $1.044 million, down from $2.369 million in Q2 2024 and $263,000 in Q3 2023[32] - Total loans receivable as of September 2024 were $75.488 million, compared to $71.880 million in June 2024 and $63.003 million in September 2023[32] - Gross loans held for investment (HFI) reached $4,803,996 thousand in Q3 2024, a 10% increase compared to Q3 2023[34] - Total commercial loans grew to $2,914,059 thousand in Q3 2024, up 13% from Q3 2023[36] - Residential real estate loans increased to $801,356 thousand in Q3 2024, a 19% rise compared to Q3 2023[36] - Loans receivable grew to $4,775,788 with an average rate of 6.32% in Q3 2024, up from $4,662,124 at 6.23% in Q2 2024 and $4,280,700 at 5.89% in Q3 2023[38] - Total non-accrual loans increased by 29% to $23.567 million in Q3 2024 compared to Q2 2024[40] - Total non-performing loans rose by 26% to $24.386 million in Q3 2024 compared to Q2 2024[40] - Net charge-offs decreased by 36% to $375 thousand in Q3 2024 compared to Q2 2024[40] - Total allowance for credit losses increased by 1% to $52.881 million in Q3 2024 compared to Q2 2024[40] Deposits and Liabilities - Deposit growth of 1.7% in Q3 2024, reaching $5.7 billion, driven by stable non-interest bearing deposits and growth in core relationship portfolios[3] - Total deposit balances grew by $96.9 million (1.7%) to $5.7 billion as of September 30, 2024, while total borrowings decreased by $86.4 million (7.0%) to $1.1 billion[19] - Total deposits as of September 2024 were $30.787 million, up from $28.447 million in June 2024 and $24.704 million in September 2023[32] - Total deposits reached $5,727,015 thousand in Q3 2024, a 2% increase from Q2 2024 and flat compared to Q3 2023[36] - Savings and money market deposits grew to $3,420,827 thousand in Q3 2024, up 3% from Q3 2023[36] - Time deposits increased to $1,220,653 thousand in Q3 2024, a 4% rise from Q2 2024 but a 2% decline from Q3 2023[36] - Interest bearing deposits increased to $3,386,177 with an average rate of 2.14% in Q3 2024, up from $3,334,490 at 2.03% in Q2 2024 and $3,267,594 at 1.54% in Q3 2023[38] - Time deposits grew to $1,189,148 with an average rate of 4.22% in Q3 2024, up from $1,134,590 at 4.12% in Q2 2024 and $1,271,104 at 3.76% in Q3 2023[38] - Borrowings decreased to $1,149,952 with an average rate of 3.54% in Q3 2024, compared to $1,184,172 at 3.49% in Q2 2024 and $1,180,452 at 3.50% in Q3 2023[38] - Total liabilities stood at $7,172,635 thousand in Q3 2024, down 1.3% from Q2 2024 and 1.3% from Q3 2023[34] Non-Interest Income and Expense - Non-interest income increased to $11.5 million in Q3 2024, up from $10.5 million in Q2 2024, due to higher realized gains on mortgage loan sales[13] - Total non-interest income for Q3 2024 was $11.5 million, compared to $10.5 million in Q2 2024, driven by increases in service charges, interchange fees, and gains on mortgage loans[14] - Non-interest income for Q3 2024 was $11.511 million, compared to $10.485 million in Q2 2024 and $11.830 million in Q3 2023[32] - Total non-interest expense increased to $39.3 million in Q3 2024 from $37.5 million in Q2 2024, primarily due to a $1.2 million rise in salaries and employee benefits and a $0.6 million increase in outside services and consultants[16] - Non-interest expense for Q3 2024 was $39.272 million, up from $37.522 million in Q2 2024 and $36.168 million in Q3 2023[32] Capital and Equity - Total capital ratio improved to 13.52% in Q3 2024, up from 13.41% in Q2 2024, with tangible common equity to tangible assets ratio rising to 7.58% from 7.22%[21][22] - Total stockholders' equity increased to $754,822 thousand in Q3 2024, up 3.9% from Q2 2024 and 8.9% from Q3 2023[34] - Total stockholders' equity (GAAP) increased to $754,822 thousand as of September 30, 2024, up from $693,369 thousand in September 2023[44][46] - Total tangible common equity (non-GAAP) rose to $588,544 thousand in September 2024, compared to $523,628 thousand in September 2023[44][46] - Tangible common equity to tangible assets ratio (non-GAAP) improved to 7.58% in September 2024 from 6.72% in September 2023[44] - Tangible book value per common share (non-GAAP) increased to $13.46 in September 2024, up from $12.00 in September 2023[46] - Return on average tangible common equity (ROACE) (non-GAAP) increased to 12.65% in Q3 2024 from 10.18% in Q2 2024[43] Assets and Investments - Total assets increased by $14.9 million (0.2%) to $7.93 billion as of September 30, 2024, driven by a $79.5 million (230.6%) increase in federal funds sold[18] - Total interest earning assets increased to $7,416,194 thousand in Q3 2024, up 0.9% from Q2 2024 and 1.5% from Q3 2023[34] - Total interest earning assets increased to $7,330,263 with an average rate of 5.04% in Q3 2024, compared to $7,212,788 at 4.96% in Q2 2024 and $7,286,611 at 4.59% in Q3 2023[38] - Total investment securities stood at $2,427,125 with an average rate of 2.38% in Q3 2024, compared to $2,441,370 at 2.39% in Q2 2024 and $2,871,079 at 2.35% in Q3 2023[38] - Federal Home Loan Bank stock interest income increased to $1,607 at an average rate of 11.88% in Q3 2024, compared to $1,521 at 11.36% in Q2 2024 and $618 at 7.10% in Q3 2023[38] - Total assets (GAAP) stood at $7,927,457 thousand as of September 30, 2024, slightly down from $7,959,434 thousand in September 2023[44] - Intangible assets decreased to $166,278 thousand in September 2024 from $169,741 thousand in September 2023[44][46] - Total tangible assets (non-GAAP) were $7,761,179 thousand in September 2024, compared to $7,789,693 thousand in September 2023[44] Strategic Actions and Outlook - Horizon announced the repositioning of $325 million of available-for-sale securities and the intended sale of its mortgage warehouse business in Q4 2024[6] - Horizon expects sustainable improvement in profitability from Q4 2024 strategic actions, positively impacting financial performance in 2025[5] Tax and Other Financial Metrics - Horizon's effective tax rate for Q3 2024 was -0.4%, down from 10.9% in Q2 2024, due to increased net realizable tax credits[17] - Total interest income for Q3 2024 was $90.888 million, compared to $86.981 million in Q2 2024 and $80.125 million in Q3 2023[32] - Total interest expense for Q3 2024 was $43.978 million, compared to $41.702 million in Q2 2024 and $38.035 million in Q3 2023[32] - Subordinated notes interest income remained stable at $830 with an average rate of 5.93% in Q3 2024, compared to $829 at 5.99% in Q2 2024 and $880 at 5.92% in Q3 2023[38] - Common shares outstanding remained stable at 43,712,059 in September 2024, similar to 43,648,501 in September 2023[46]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 26, 2024 HORIZON BANCORP, INC. (Exact name of registrant as specified in its charter) Indiana 000-10792 35-1562417 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 515 Franklin Street Michigan City, IN 46360 (Address of principal ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from________to Commission file number 0-10792 HORIZON BANCORP, INC. (Exact name of registrant as specified in its charter) Indiana 35-1562417 (State or other jurisdiction of ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades. While many investors like to look for momen ...

Horizon Bancorp, Inc. (NASDAQ:HBNC) Q2 2024 Earnings Call July 25, 2024 8:30 AM ET Company Participants Thomas Prame - President and Chief Executive Officer Lynn Kerber - Executive Vice President and Chief Commercial Banking Officer John Stewart - Executive Vice President and Chief Financial Officer Mark Secor - Executive Vice President and Chief Administration Officer Kathie DeRuiter - Executive Vice President and Senior Operations Officer Todd Etzler - Executive Vice President, Corporate Secretary and Gen ...

| --- | --- | --- | |--------------|-------|-------| | | | | | | | | | | | | | | | | | Investor | | | | Presentation | | | Beyond ordinary banking Important Information Forward-Looking Statements This presentation may contain forward–looking statements regarding the financial performance, business prospects, growth and operating strategies of Horizon Bancorp, Inc. and its affiliates (collectively, "Horizon"). For these statements, Horizon claims the protection of the safe harbor for forward-looking statemen ...

Horizon Bancorp (HBNC) reported $55.76 million in revenue for the quarter ended June 2024, representing a year-over-year decline of 2.4%. EPS of $0.32 for the same period compares to $0.41 a year ago. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. Here is how Horizon Bancorp pe ...

This quarterly report represents an earnings surprise of 3.23%. A quarter ago, it was expected that this bank holding company would post earnings of $0.30 per share when it actually produced earnings of $0.32, delivering a surprise of 6.67%. Horizon Bancorp, which belongs to the Zacks Banks - Northeast industry, posted revenues of $55.76 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.33%. This compares to year-ago revenues of $57.16 million. The company has topped cons ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------|------------|------------|-----------------|-------|--------|------------|------------|------------| | Net occupancy expenses | 3,192 | 3,546 | 3,260 | | 3,283 | 3,249 | 6,738 | 6,812 | | Data processing | 2,579 | 2,464 | 2,942 | | 2,999 | 3,016 | 5,043 | 5,685 | | Professional fees | 714 | 607 | 772 | | 707 | 633 | 1,321 | 1,166 | | Outside services and consultants | 3,058 | 3,359 | 2,394 | | 2,316 | 2,515 | 6,4 ...

"Michele and Brian are exceptional corporate and community leaders in several of Horizon Bank's fastest growing markets, with tremendous experience guiding enterprises that are among the largest and most sophisticated in their industries," said Thomas M. Prame, Chairman and President of Horizon Bank and Chief Executive Officer and President of the Company. "We are pleased to welcome them as our newest independent directors, their diverse backgrounds and extensive experience will be instrumental in shaping t ...