Horizon Bancorp Stock Price, News & Analysis

Horizon Bancorp reported Q3 2024 net income of $18.2 million, or $0.41 per diluted share, up from $14.1 million ($0.32) in Q2 2024. Net interest income increased for the fourth consecutive quarter to $46.9 million. The company maintained strong credit quality with annualized net charge-offs of 0.03%. Total loans held for investment remained at $4.8 billion, while deposits grew 1.7% to $5.7 billion. The company announced strategic actions including the repositioning of $325 million in securities and plans to sell its mortgage warehouse business in Q4 2024.

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) has announced a conference call scheduled for October 24, 2024, at 7:30 a.m. CT to discuss its third quarter 2024 financial results. The company's Q3 news release will be published after market close on October 23, 2024, and will be available on their investor relations website. Participants can join the call by dialing specific numbers for the US, Canada, or international locations. A telephone replay of the call will be accessible until November 1, 2024.

Horizon Bank, an $8 billion financial institution and division of Horizon Bancorp, Inc. (NASDAQ GS: HBNC), has partnered with Blend (NYSE: BLND) to enhance its mortgage lending process. Blend's Mortgage Suite will provide Horizon Bank with a digital mortgage solution that streamlines the application experience, reduces origination costs, and boosts loan officer productivity.

Key features include:

• Advanced automation and mobile capabilities
• Seamless integration with existing infrastructure
• LO productivity tools for faster customer service
• Desktop and mobile access for loan officers

Blend processes over 20% of the nation's total mortgage origination volume and has demonstrated an average reduction of 8 days in loan cycle time, resulting in $914 in average cost savings per loan.

Horizon Bancorp (NASDAQ: HBNC) reported Q2 2024 results with EPS of $0.32, matching Q1 2024. Key highlights include:

- Net interest income increased to $45.3 million, up from $43.3 million in Q1 2024

- Net interest margin expanded to 2.64%, compared to 2.50% in Q1 2024

- Total loans grew 4.4% to $4.8 billion, driven by 5.6% commercial loan growth

- Credit quality remained strong with non-accrual loans declining to $18.3 million

- Deposits increased 0.9% to $5.6 billion

The company reported improved financial performance due to a strategic shift towards a more profitable earning asset mix and diligent expense management. Horizon's Indiana and Michigan markets continue to provide opportunities for organic growth.

Horizon Bancorp (NASDAQ GS: HBNC) has appointed Michele A. Samuels and Brian C. Walker as independent directors to the Board of its subsidiary, Horizon Bank, on June 18, 2024. Samuels, SVP and General Auditor at Blue Cross Blue Shield of Michigan, brings extensive audit and compliance experience. Walker, retired CEO of Herman Miller (now MillerKnoll), offers significant corporate leadership expertise. Both directors have impressive backgrounds in finance, auditing, and corporate governance.

These appointments aim to strengthen Horizon's leadership in its growing markets and enhance value creation for shareholders and communities. Samuels will serve on the Cyber Security and Audit Committees, while Walker joins the Compensation and ERM and Credit Policy Committees.

Horizon Bancorp (NASDAQ: HBNC) has announced a conference call to review its second quarter 2024 financial results. The call is scheduled for July 25, 2024, at 7:30 a.m. CT. The results will be disclosed on July 24, 2024, after market close, and will be available on Horizon’s investor relations website. Interested parties can access the call by dialing in from the U.S., Canada, or internationally. A replay of the call will be accessible starting approximately one hour after the call ends and will be available until August 2, 2024.

Horizon Bancorp, Inc. (NASDAQ: HBNC) announced the appointment of John R. Stewart, CFA, as the new Executive Vice President and Chief Financial Officer, effective May 20, 2024. Stewart brings 22 years of financial services experience, including roles in banking, investment management, and corporate finance. Most recently, he served as Deputy CFO of a $30 billion publicly traded bank. He succeeds Mark Secor, who becomes Chief Administration Officer after 16 years as CFO. Stewart's strategic planning and investor relations expertise are expected to enhance Horizon's growth and shareholder value. CEO Thomas Prame praised Secor's contributions, highlighting Horizon's expansion from $893 million to $7.8 billion and the successful integration of 12 mergers during his tenure.