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Horizon Bancorp (HBNC) Q3 Earnings: How Key Metrics Compare to Wall Street Estimates
HBNCHorizon Bancorp(HBNC) ZACKS·2024-10-24 00:05

Financial Performance - Horizon Bancorp reported 5842millioninrevenueforQ32024,aYoYincreaseof8458 42 million in revenue for Q3 2024, a YoY increase of 8 4% [1] - EPS for the quarter was 0 41, compared to 037ayearago,representingaYoYgrowth[1]−RevenuesurpassedtheZacksConsensusEstimateof0 37 a year ago, representing a YoY growth [1] - Revenue surpassed the Zacks Consensus Estimate of 58 23 million by 0 32% [1] - EPS exceeded the consensus estimate of 037by10810 37 by 10 81% [1] Key Metrics Analysis - Efficiency Ratio: 67 2%, higher than the three-analyst average estimate of 64 7% [2] - Net Interest Margin: 2 7%, in line with the three-analyst average estimate [2] - Net Charge-offs: 0%, below the two-analyst average estimate of 0 1% [2] - Average Balance of Total Interest Earning Assets: 7 33 billion, slightly above the 731billionestimate[2]−GainonSaleofMortgageLoans:7 31 billion estimate [2] - Gain on Sale of Mortgage Loans: 1 62 million, exceeding the 110millionestimate[2]−TotalNon−InterestIncome:1 10 million estimate [2] - Total Non-Interest Income: 11 51 million, higher than the 1085millionestimate[2]−NetInterestIncome:10 85 million estimate [2] - Net Interest Income: 46 91 million, slightly below the 4731millionestimate[2]−WireTransferFees:47 31 million estimate [2] - Wire Transfer Fees: 0 12 million, above the 011millionestimate[2]−MortgageServicingIncomeNetofImpairment:0 11 million estimate [2] - Mortgage Servicing Income Net of Impairment: 0 41 million, below the 048millionestimate[2]−ServiceChargesonDepositAccounts:0 48 million estimate [2] - Service Charges on Deposit Accounts: 3 32 million, above the 322millionestimate[2]−OtherIncome:3 22 million estimate [2] - Other Income: 0 78 million, exceeding the 065millionestimate[2]−FiduciaryActivities:0 65 million estimate [2] - Fiduciary Activities: 1 39 million, slightly below the $1 41 million estimate [2] Stock Performance - Horizon Bancorp shares returned -2 6% over the past month, underperforming the Zacks S&P 500 composite's +2 7% change [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance in the near term [3]