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. (NASDAQ: HBNC) is a prominent community bank holding company headquartered in Michigan City, Indiana. With a proud history dating back to 1873, Horizon Bancorp operates through its principal subsidiary, Horizon Bank, serving communities in Northern and Central Indiana, Central and Southwest Michigan, and Ohio.
The company offers a comprehensive suite of financial services including commercial and retail banking, corporate and individual trust and agency services. Horizon Bancorp's product portfolio spans commercial loans, real estate loans, mortgage warehouse loans, consumer loans, and other credit facilities, all designed to meet the diverse needs of its clientele.
Horizon Bancorp prides itself on its customer-centric philosophy. Each branch is led by seasoned local professionals empowered to make decisions that best serve their communities. This localized decision-making framework ensures that Horizon can provide tailored and effective solutions to its customers.
Recent achievements underscore Horizon's commitment to growth and innovation. On October 30, 2023, Horizon Bank announced the formation of a new equipment finance division, led by industry veteran Joel Mikolich. This strategic move aims to enhance Horizon's service offerings to small and medium-sized businesses nationwide, further diversifying its business model and revenue streams.
In terms of financial health, Horizon Bancorp has demonstrated stability and growth. As of September 30, 2023, the company reported total deposit balances of $5.70 billion. Although this represented a slight decline from the previous quarter, Horizon remains financially robust, with a well-capitalized balance sheet and ongoing efforts to optimize its investment portfolio and bank-owned life insurance policies.
Horizon Bancorp is a member of the FDIC and an Equal Housing Lender, underscoring its commitment to trust and integrity in serving its customers. The company’s common stock is actively traded on the NASDAQ Global Select Market under the symbol HBNC.
For investors and stakeholders, Horizon Bancorp continues to be a reliable entity with a strong foundation and a forward-looking approach, aiming to maximize shareholder value while fostering the economic prosperity of the communities it serves.
Horizon Bancorp reported Q3 2024 net income of $18.2 million, or $0.41 per diluted share, up from $14.1 million ($0.32) in Q2 2024. Net interest income increased for the fourth consecutive quarter to $46.9 million. The company maintained strong credit quality with annualized net charge-offs of 0.03%. Total loans held for investment remained at $4.8 billion, while deposits grew 1.7% to $5.7 billion. The company announced strategic actions including the repositioning of $325 million in securities and plans to sell its mortgage warehouse business in Q4 2024.
Horizon Bancorp, Inc. (NASDAQ GS: HBNC) has announced a conference call scheduled for October 24, 2024, at 7:30 a.m. CT to discuss its third quarter 2024 financial results. The company's Q3 news release will be published after market close on October 23, 2024, and will be available on their investor relations website. Participants can join the call by dialing specific numbers for the US, Canada, or international locations. A telephone replay of the call will be accessible until November 1, 2024.
Horizon Bank, an $8 billion financial institution and division of Horizon Bancorp, Inc. (NASDAQ GS: HBNC), has partnered with Blend (NYSE: BLND) to enhance its mortgage lending process. Blend's Mortgage Suite will provide Horizon Bank with a digital mortgage solution that streamlines the application experience, reduces origination costs, and boosts loan officer productivity.
Key features include:
- Advanced automation and mobile capabilities
- Seamless integration with existing infrastructure
- LO productivity tools for faster customer service
- Desktop and mobile access for loan officers
Blend processes over 20% of the nation's total mortgage origination volume and has demonstrated an average reduction of 8 days in loan cycle time, resulting in $914 in average cost savings per loan.
Horizon Bancorp (NASDAQ: HBNC) reported Q2 2024 results with EPS of $0.32, matching Q1 2024. Key highlights include:
- Net interest income increased to $45.3 million, up from $43.3 million in Q1 2024
- Net interest margin expanded to 2.64%, compared to 2.50% in Q1 2024
- Total loans grew 4.4% to $4.8 billion, driven by 5.6% commercial loan growth
- Credit quality remained strong with non-accrual loans declining to $18.3 million
- Deposits increased 0.9% to $5.6 billion
The company reported improved financial performance due to a strategic shift towards a more profitable earning asset mix and diligent expense management. Horizon's Indiana and Michigan markets continue to provide opportunities for organic growth.
Horizon Bancorp (NASDAQ GS: HBNC) has appointed Michele A. Samuels and Brian C. Walker as independent directors to the Board of its subsidiary, Horizon Bank, on June 18, 2024. Samuels, SVP and General Auditor at Blue Cross Blue Shield of Michigan, brings extensive audit and compliance experience. Walker, retired CEO of Herman Miller (now MillerKnoll), offers significant corporate leadership expertise. Both directors have impressive backgrounds in finance, auditing, and corporate governance.
These appointments aim to strengthen Horizon's leadership in its growing markets and enhance value creation for shareholders and communities. Samuels will serve on the Cyber Security and Audit Committees, while Walker joins the Compensation and ERM and Credit Policy Committees.
Horizon Bancorp (NASDAQ: HBNC) has announced a conference call to review its second quarter 2024 financial results. The call is scheduled for July 25, 2024, at 7:30 a.m. CT. The results will be disclosed on July 24, 2024, after market close, and will be available on Horizon’s investor relations website. Interested parties can access the call by dialing in from the U.S., Canada, or internationally. A replay of the call will be accessible starting approximately one hour after the call ends and will be available until August 2, 2024.
Horizon Bancorp, Inc. (NASDAQ: HBNC) announced the appointment of John R. Stewart, CFA, as the new Executive Vice President and Chief Financial Officer, effective May 20, 2024. Stewart brings 22 years of financial services experience, including roles in banking, investment management, and corporate finance. Most recently, he served as Deputy CFO of a $30 billion publicly traded bank. He succeeds Mark Secor, who becomes Chief Administration Officer after 16 years as CFO. Stewart's strategic planning and investor relations expertise are expected to enhance Horizon's growth and shareholder value. CEO Thomas Prame praised Secor's contributions, highlighting Horizon's expansion from $893 million to $7.8 billion and the successful integration of 12 mergers during his tenure.
FAQ
What is the current stock price of Horizon Bancorp (HBNC)?
What is the market cap of Horizon Bancorp (HBNC)?
What services does Horizon Bancorp, Inc. provide?
Where does Horizon Bancorp, Inc. operate?
What is the significance of Horizon Bancorp’s new equipment finance division?
How has Horizon Bancorp, Inc. performed financially recently?
Who leads Horizon Bancorp’s local branches?
How long has Horizon Bancorp, Inc. been in operation?
What stock exchange is Horizon Bancorp, Inc. listed on?
Is Horizon Bancorp, Inc. an FDIC member?
What was the recent financial event hosted by Horizon Bancorp, Inc.?
Where can more information about Horizon Bancorp, Inc. be found?
