Horizon Bancorp Stock Price, News & Analysis

Horizon Bancorp has successfully completed the acquisition of 14 branches across 11 counties in Michigan from TCF National Bank, enhancing its presence in the Midland market and expanding its footprint in Michigan's Lower Peninsula. The transaction, which reinforces Horizon Bank's low-cost deposit franchise, also adds over 50,000 retail and small business customers. Following the acquisition, Horizon Bank operates 88 branches, including 29 in Michigan, and emphasizes digital banking services for its clients.

Horizon Bank has received approval from the FDIC to acquire 14 branches of The Huntington National Bank across 11 Michigan counties.

This acquisition involves approximately $976 million in deposits and $278 million in associated loans, formerly operated by TCF National Bank.

Expected to close on September 18, 2021, this transaction marks Horizon's 15th acquisition since 2002 and will enhance its customer base by 50,000 accounts.

Horizon Bancorp (NASDAQ: HBNC) reported record net income of $22.2 million or $0.50 EPS for Q2 2021, an increase of 51.5% year-over-year. The company experienced growth in non-interest income (+36.7%) and a lower cost of interest-bearing liabilities (0.45%). Despite a decrease in loans to $3.36 billion, Horizon plans to acquire 14 TCF National Bank branches, expanding its deposit base. The return on average assets improved to 1.45%, while the efficiency ratio slightly rose to 57.73%.

Horizon Bancorp (NASDAQ GS: HBNC) will host a conference call on July 28, 2021, at 7:30 a.m. CT to discuss its second quarter 2021 financial results. The results will be released after market close on July 27, 2021, and will be available in the 'Investor Relations' section of the company's website. Participants can join the call by dialing designated numbers for the U.S., Canada, or international locations. A replay of the call will be available until August 4, 2021.

Horizon Bank has signed a purchase and assumption agreement to acquire 14 branches of TCF National Bank in 11 Michigan counties, with about $976 million in deposits and $278 million in loans. This strategic move will enhance Horizon's retail franchise, adding over 50,000 customer accounts and retaining the workforce. The acquisition is projected to be 17% accretive to 2022 earnings per share. Horizon will pay a 1.75% premium on deposits and anticipates a 21% internal rate of return.

Huntington Bancshares and TCF Financial Corporation announced that regulatory approvals from the Federal Reserve Board and the Office of the Comptroller of the Currency have been granted for their upcoming merger. As part of this agreement, TCF National Bank will divest 14 banking centers in Michigan to Horizon Bank, totaling approximately $975 million in deposits. The merger is anticipated to close around June 9, 2021, following the satisfaction of customary closing conditions. This merger aims to strengthen Huntington's market presence in the Midwest.

Horizon Bancorp released its inaugural Corporate Social Responsibility report highlighting its initiatives in diversity, equity, and inclusion. Key findings from 2020 include that minorities made up 14% of the workforce and 26% of new hires identified as minorities. Women represented 76% of the workforce and 30% of independent board directors. Horizon extended $86.7 million in community development loans and financed $13.5 million in renewable energy projects. The company donated nearly $820,000 to over 200 nonprofits in Indiana and Michigan during 2020.

Horizon Bancorp announced strong first-quarter results for 2021, with a net income of $20.4 million or $0.46 diluted EPS, down from $21.9 million in Q4 2020. The bank's assets surpassed $6 billion, reflecting solid profitability and reduced deposit costs. Notable metrics include a net interest margin of 3.29%, a return on average assets of 1.40%, and a return on common equity of 11.88%. Horizon is well-positioned for growth with cash reserves exceeding $127 million and a recent 8.3% dividend increase.

Horizon Bancorp (NASDAQ: HBNC) will hold a conference call on April 29, 2021, at 7:30 a.m. CT to discuss its Q1 2021 financial results. The accompanying news release will be available post-market on April 28, 2021, via the company's Investor Relations webpage. Horizon Bancorp, with assets of $5.9 billion, operates primarily through Horizon Bank, offering various banking services across the Midwest, including residential and commercial lending, alongside wealth management solutions.