Welcome to our dedicated page for Horizon Bancorp news (Ticker: HBNC), a resource for investors and traders seeking the latest updates and insights on Horizon Bancorp stock.
Horizon Bancorp, Inc. reports developments tied to its role as the commercial bank holding company for Horizon Bank. The company serves Midwestern customers through digital and virtual tools and branch operations in Indiana and Michigan, with retail banking, prime residential and other secured consumer lending, personal banking, wealth management, business banking, treasury management and equipment financing offerings.
Recurring news for HBNC centers on quarterly earnings, net interest margin, deposit gathering, loan growth, credit quality, capital generation and shareholder distributions. Company updates also cover board and leadership changes, conference calls, investor presentations and operating priorities within Horizon Bank’s community banking model.
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.
Horizon Bancorp (NASDAQ GS: HBNC) announced an 8.3% increase in its quarterly cash dividend, raising it from $0.12 to $0.13 per share. This change, effective April 16, 2021, pays to stockholders of record as of April 2, 2021. The annual dividend of $0.52 yields 2.66% based on the March 15, 2021 closing price. CEO Craig M. Dwight emphasized the company's strong balance sheet and operational efficiency, supported by approximately 17 quarters of cash on hand to sustain dividends and interest obligations.
Horizon Bancorp reported record financial results for Q4 2020, earning $21.9 million or $0.50 per diluted share, compared to $20.3 million in Q3 2020 and $18.5 million in Q4 2019. The bank's net interest income increased to $43.6 million, and total loans rose to $3.88 billion. Horizon maintained strong asset quality with non-performing loans at 0.69%. Despite increased non-interest expenses of $36.5 million, the company sees liquidity and capital strength as opportunities for growth in 2021, with a tangible book value per share rise to $11.78.
Horizon Bancorp, Inc. (NASDAQ: HBNC) will host a conference call on January 28, 2021, at 7:30 a.m. CT to discuss its fourth quarter 2020 financial results. The earnings release will be available after market close on January 27, 2021, on the company's website. Interested participants can join the call by dialing specific numbers based on their location. A playback of the call will be accessible until February 4, 2021. Horizon operates as a commercial bank holding company in Indiana and Michigan.
Horizon Bancorp, Inc. achieved the No. 3 ranking on the rankingbanking.com list of top 20 "performance powerhouses" in the U.S. for banks with less than $10 billion in assets, as of June 30, 2020. It also secured the top spot among Indiana banks, excelling in areas like board strength, technology, lending, and revenue growth. Horizon's loan and revenue growth ranked fourth nationally from December 2014 to December 2019, reflecting its strategic focus on customer service and market dynamics.