Horizon Bancorp Stock Price, News & Analysis

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.

Horizon Bancorp reported a record net income of $23.6 million for Q1 2022, a 10.0% increase from the previous quarter. Diluted earnings per share rose to $0.54, exceeding prior year results. Loan growth was significant with total loans reaching $3.66 billion, up 2.3% quarterly. The net interest margin improved to 2.99%. However, unrealized losses on investments amounted to $73.6 million, impacting tangible capital ratio to 6.94%. Horizon aims for continued organic growth supported by strong credit quality and a scalable business model.

Horizon Bancorp, Inc. (NASDAQ: HBNC) will host a conference call on April 28, 2022, at 7:30 a.m. CT to discuss its first quarter financial results. The earnings release will be issued after market close on April 27, 2022, and will be available on the company's website. Participants can access the live call by dialing in 10 minutes early. A replay will be available for a week post-call. Horizon Bancorp is a $7.4 billion commercial bank holding company, offering a range of personal and business banking services in the Midwest.

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) announced a significant senior leadership restructuring effective April 1, 2022. Noe S. Najera will be promoted to Executive Vice President, overseeing consumer and mortgage lending. Lynn Kerber will become Chief Commercial Banking Officer, while Dennis Kuhn will serve as Regional President for Southwest Michigan. The changes follow the retirement of long-time President James D. Neff. Craig M. Dwight will assume the President role temporarily, with plans for a national search for a permanent successor.

Horizon, a $7.4 billion-asset bank, serves diverse Midwestern markets.