Horizon Bancorp Stock Price, News & Analysis

On April 26, 2023, Horizon Bancorp reported its financial results for Q1 2023, marking 150 years of continuous operations. Net income reached $18.2 million, or $0.42 per share, down from $21.2 million in Q4 2022 and $23.6 million in Q1 2022. Total deposits declined to $5.70 billion, a decrease of $155.8 million, primarily due to reduced municipal deposits. However, loan balances rose to $4.25 billion, with an annualized growth rate of 8.3%. The net interest margin decreased to 2.67% from 2.85% in Q4 2022. Despite challenges in the competitive deposit environment and rising interest rates, the company maintains a robust capital position, with a tangible capital ratio of 6.87% and an annualized dividend yield of 5.79% as of March 31, 2023. Looking ahead, Horizon aims to capitalize on new loan originations and prudent expense management.

Horizon Bancorp, Inc. (NASDAQ: HBNC) is set to announce its first quarter 2023 financial results on April 26, 2023, after market close. The company will host a conference call at 7:30 a.m. CT on April 27, 2023, to discuss these results. Horizon, a $7.9 billion asset bank holding company, provides diverse banking services across the Midwest, specializing in commercial lending, which constitutes over 50% of total loans. Investors can access the conference call via designated phone numbers, and a replay will be available after the call through May 4, 2023. More details are accessible on Horizon's Investor Relations website.

Horizon Bancorp, Inc. (NASDAQ: HBNC) has regained compliance with NASDAQ listing rule 5250(c)(1) by timely filing its 2022 Form 10-K with the SEC on March 15, 2023. The company had previously been notified of its non-compliance on March 6, 2023, due to the late filing. This compliance reinstatement resolves the issue, allowing Horizon to maintain its listing on NASDAQ. The firm operates as a $7.9 billion-asset commercial bank, offering a range of banking services across the Midwestern U.S.

Horizon Bancorp (NASDAQ: HBNC) received notice from NASDAQ for failing to timely file its Annual Report on Form 10-K for the year ending December 31, 2022, due on March 1, 2023. The company has 60 days to submit a compliance plan. Horizon stated it misclassified its status as an 'accelerated filer,' leading to the missed deadline. This marks the first instance in its history of non-compliance with NASDAQ rules. The company is addressing material weaknesses in financial reporting and does not expect significant changes to prior financial results. Horizon plans to file the 2022 Form 10-K soon and believes it can comply with all NASDAQ requirements.

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) will host its 2022 Virtual Investor Day on February 21, 2023, at 11:00 a.m. CT. The event, featuring key executives, will review the company's performance for 2022, outline strategies for 2023, and provide an outlook for the future. Notable presenters include Craig M. Dwight, Chairman & CEO, and Thomas M. Prame, President. Participants can join the live event or access presentation slides via the company's website. A replay will also be available post-event on the Investor Relations section.