Horizon Bancorp Stock Price, News & Analysis

MICHIGAN CITY, Ind., Jan. 18, 2023 (GLOBE NEWSWIRE) -- Horizon Bancorp, Inc. (NASDAQ GS: HBNC) announced the appointment of Thomas M. Prame as CEO effective June 1, 2023. Prame, who joined Horizon in August 2022, will succeed Craig M. Dwight, who has served as CEO since 2001 and will retire on July 3, 2023, but remain Chairman of the Board. Under Dwight’s leadership, Horizon's assets grew from $400 million to $7.7 billion. The Board expressed confidence in Prame’s strategic focus and operational efficiency, aiming to enhance customer relationships and expand in Indiana and Michigan markets.

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) announced the retirement of Daniel F. Hopp from its Board of Directors, effective December 31, 2022, after 18 years of service. Hopp's tenure included leadership during significant growth, expanding from 10 to over 70 offices and increasing assets from $904 million to $7.7 billion. Vanessa P. Williams has been appointed to the Board, effective January 1, 2023. She brings extensive experience in legal affairs and risk management, having previously served as Senior Vice President and General Counsel at Kelly Services. Her appointment aims to continue the legacy of strong governance.

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) will hold a conference call on January 26, 2023, at 7:30 a.m. CT to discuss its fourth quarter 2022 financial results. The corresponding press release will be available after market close on January 25, 2023. Horizon Bancorp has $7.7 billion in assets and offers a variety of financial services across the Midwest. Their loan portfolio includes a significant focus on commercial lending, making up over half of total loans. For further details, visit their website.

Horizon Bancorp reported its financial results for Q3 2022, highlighting a 7.8% annualized growth in loans, contributing to an increase in net interest income, which rose to $53.4 million. Despite lower residential mortgage lending and rising costs, net income was $23.8 million, showcasing a 3.3% year-over-year increase. Asset quality remained robust with 0.12% delinquency rates. However, unrealized losses on investments totaled $161.8 million, impacting tangible capital.

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) announced the appointment of Thomas M. Prame as President, effective August 15, 2022. This strategic move aims to bolster Horizon’s leadership in its expansion efforts, focusing on lending teams, technology, and customer relationships. Prame brings extensive experience from First Midwest Bancorp, where he significantly enhanced digital technology and efficiency. His leadership is expected to advance Horizon’s growth in the Midwest markets, particularly Indiana and Michigan, fostering a technology-enabled business model for long-term success.

Horizon Bancorp (NASDAQ: HBNC) reported record earnings for Q2 2022, with net income reaching $24.9 million, a 5.5% increase from the prior quarter and 12.1% year-over-year. Diluted EPS rose to $0.57. Pre-tax, pre-provision net income surged 13.1% from the preceding quarter to $29.1 million. Total loans grew 6.2% to $3.89 billion, with consumer loans experiencing a 12.6% increase. However, the company recorded a one-time charge of $380,000 for closing seven branch locations.

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) will hold a conference call on July 28, 2022, at 7:30 a.m. CT to discuss its second quarter 2022 financial results. The financial results will be released post-market on July 27, 2022. Investors can access the call by dialing the provided phone numbers, with a replay available until August 4, 2022. Horizon, a $7.4 billion–asset bank, offers a range of retail and business banking services across the Midwest, focusing on commercial lending, personal banking, and wealth management.

Horizon Bancorp (NASDAQ GS: HBNC) announced a 6.67% increase in its quarterly cash dividend from $0.15 to $0.16 per share. The new dividend is payable on July 22, 2022, to stockholders of record as of July 8, 2022. This increase underscores Horizon's strong profitability and robust balance sheet, enabling a 30-year uninterrupted dividend payment history. Chairman and CEO Craig M. Dwight emphasized the bank's operational efficiency and asset quality as critical factors in this decision.

Horizon Bancorp Inc. (NASDAQ: HBNC) announced the election of Michele M. Magnuson as the new Lead Director, effective July 1, 2022. This election occurred during the Board meeting on June 21, 2022, as the previous Lead Director, Daniel Hopp, will retire at year's end. Magnuson has over 33 years of banking experience, previously serving as President and CFO of LaPorte Bancorp. Her extensive industry knowledge and local familiarity are expected to enhance the Board's effectiveness. Magnuson's term will last until June 30, 2025.