Horizon Bancorp(US:HBNC) Newsfilterยท2024-07-24 20:05Financial 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]