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]

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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 ...