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 reported strong third-quarter results for 2020, with net income of $20.3 million or $0.46 diluted EPS, up from $14.6 million in Q2 2020. Pre-tax, pre-provision income grew to $26.7 million. The company maintained stable asset quality, with non-performing loans at 0.72% of total loans. The allowance for credit losses increased to $56.3 million, reflecting prudent reserve building. Total loans rose by 11.1% year-over-year, led by commercial lending. The tangible book value per share reached an all-time high of $11.29.
Horizon Bancorp, Inc. (NASDAQ: HBNC) will host a conference call on October 29, 2020, at 7:30 a.m. CT to discuss its third quarter 2020 financial results. The earnings release will be available after market close on October 28, 2020, on its Investor Relations website. Participants can join the call by calling 877-317-6789 (U.S.), 866-450-4696 (Canada), or 412-317-6789 (international). A replay will be accessible until November 5, 2020.
Horizon Bancorp reported strong second quarter 2020 results with net income of $14.6 million or $0.33 diluted EPS, up from $11.7 million in Q1 2020. Pre-tax, pre-provision net income increased to $23.7 million, reflecting successful mortgage lending with record volume of $252.8 million. The company maintained solid asset quality, with non-performing loans at 0.70% of total loans, while the allowance for credit losses rose 211.8% year-to-date to $55.1 million. Tangible book value per share reached $10.87, the highest in company history.
Horizon Bancorp will host a conference call on July 30, 2020, at 7:30 a.m. CT to discuss its Q2 2020 financial results. The results will be released on July 29, 2020, after market close, and will be available on the company's website. Participants can access the call by dialing specific numbers based on their location, with a replay available until August 6, 2020. Horizon operates in Indiana and Michigan as a commercial bank holding company and its stock trades under the symbol HBNC.
Horizon Bancorp announced a public offering of $60 million in subordinated notes with an interest rate of 5.625% fixed until July 1, 2025, after which it will transition to a floating rate. The offering is expected to close on June 24, 2020, and the funds will be used for general corporate purposes. These notes are designed to qualify as Tier 2 capital. The announcement includes a reminder for investors to review the relevant prospectus for complete details.
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