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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 ...

Company Performance - Horizon Bancorp reported quarterly earnings of $0.32 per share, exceeding the Zacks Consensus Estimate of $0.31 per share, but down from $0.41 per share a year ago [8] - The company posted revenues of $55.76 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.33%, but down from $57.16 million year-over-year [2] - Over the last four quarters, Horizon Bancorp has surpassed consensus EPS estimates four times [9] Stock Performance - Horizon Bancorp shares have increased approximately 7.4% since the beginning of the year, compared to the S&P 500's gain of 16.5% [3] - The current status of estimate revisions for Horizon Bancorp is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [5] Industry Outlook - The Zacks Industry Rank for Banks - Northeast, which includes Horizon Bancorp, is currently in the top 27% of over 250 Zacks industries, suggesting a favorable industry outlook [6] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [12]

Financial Performance - The company reported a net income of $14,140 million for the quarter ended June 30, 2024, compared to $13,991 million in the previous quarter and a loss of $25,215 million in the same quarter last year [1][8][10] - Basic and diluted earnings per share were both $0.32 for the quarter, consistent with the previous quarter, while showing a significant recovery from a loss of $0.58 per share in the same quarter last year [1][8][10] Balance Sheet Highlights - Total assets increased to $7,912,527 million as of June 30, 2024, from $7,855,707 million in the previous quarter [2][12] - Total interest-earning assets rose to $7,351,566 million, up from $7,306,564 million in the prior quarter [1][2] - Total liabilities stood at $7,185,862 million, reflecting a slight increase from $7,134,457 million in the previous quarter [2][12] Loan and Deposit Trends - Total loans held for investment increased to $4,822,840 million, up 4% from $4,618,175 million in the previous quarter and 13% year-over-year [2][3] - Savings and money market deposits rose to $3,364,726 million, a 2% increase from the previous quarter [2][3] - Time deposits increased by 4% to $1,178,389 million compared to the previous quarter [2][3] Credit Quality - Total non-accrual loans decreased by $0.8 million, or 4.1%, to 0.38% of total loans held for investment [10][12] - Total non-performing assets increased slightly by $0.2 million, or 0.8%, to $20.5 million compared to the previous quarter [10][12] - The allowance for credit losses increased to $52,215 million, reflecting a 4% increase from the previous quarter [5][10] Capital Ratios - As of June 30, 2024, the total capital ratio to risk-weighted assets was 13.36%, down from 13.75% in the previous quarter [12] - The Tier 1 capital ratio to risk-weighted assets was reported at 11.56%, compared to 11.89% in the previous quarter [12] - Common equity tier 1 capital ratio was 10.60%, down from 10.89% in the previous quarter [12]

"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 ...

MICHIGAN CITY, Ind., June 27, 2024 (GLOBE NEWSWIRE) -- (NASDAQ GS: HBNC) —Horizon Bancorp, Inc. ("Horizon" or the "Company") will host a conference call at 7:30 a.m. CT on Thursday, July 25, 2024 to review its second quarter 2024 financial results. Participants may access the live conference call on July 25, 2024 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 833- 974-2379 from the United States, 866-450-4696 from Canada or 1-412-317-5772 from international locations and requesting the "Horizon Bancorp Call." Pl ...

MICHIGAN CITY, Ind., May 13, 2024 (GLOBE NEWSWIRE) -- (NASDAQ GS: HBNC) – Horizon Bancorp, Inc. ("Horizon" or the "Company") announced today that John R. Stewart, CFA has been named Horizon's next Executive Vice President and Chief Financial Officer (CFO). Stewart will assume the responsibilities of CFO on May 20, 2024. Stewart has 22 years of financial services experience spanning banking, investment management and corporate finance at regional banks, global investment banks and institutional asset managem ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 For the transition period from________to Commission file number 0-10792 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 HORIZON BANCORP, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or o ...

Horizon Bancorp (HBNC) reported $53.22 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 3%. EPS of $0.32 for the same period compares to $0.43 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $53.9 million, representing a surprise of -1.27%. The company delivered an EPS surprise of +6.67%, with the consensus EPS estimate being $0.30.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Str ...

Horizon Bancorp (HBNC) came out with quarterly earnings of $0.32 per share, beating the Zacks Consensus Estimate of $0.30 per share. This compares to earnings of $0.43 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 6.67%. A quarter ago, it was expected that this bank holding company would post earnings of $0.29 per share when it actually produced earnings of $0.33, delivering a surprise of 13.79%.Over the last four quarters, ...