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.
On April 26, 2023, Horizon Bancorp reported its financial results for Q1 2023, marking 150 years of continuous operations. Net income reached $18.2 million, or $0.42 per share, down from $21.2 million in Q4 2022 and $23.6 million in Q1 2022. Total deposits declined to $5.70 billion, a decrease of $155.8 million, primarily due to reduced municipal deposits. However, loan balances rose to $4.25 billion, with an annualized growth rate of 8.3%. The net interest margin decreased to 2.67% from 2.85% in Q4 2022. Despite challenges in the competitive deposit environment and rising interest rates, the company maintains a robust capital position, with a tangible capital ratio of 6.87% and an annualized dividend yield of 5.79% as of March 31, 2023. Looking ahead, Horizon aims to capitalize on new loan originations and prudent expense management.
Horizon Bancorp, Inc. (NASDAQ: HBNC) is set to announce its first quarter 2023 financial results on April 26, 2023, after market close. The company will host a conference call at 7:30 a.m. CT on April 27, 2023, to discuss these results. Horizon, a $7.9 billion asset bank holding company, provides diverse banking services across the Midwest, specializing in commercial lending, which constitutes over 50% of total loans. Investors can access the conference call via designated phone numbers, and a replay will be available after the call through May 4, 2023. More details are accessible on Horizon's Investor Relations website.
Horizon Bancorp, Inc. (NASDAQ: HBNC) has regained compliance with NASDAQ listing rule 5250(c)(1) by timely filing its 2022 Form 10-K with the SEC on March 15, 2023. The company had previously been notified of its non-compliance on March 6, 2023, due to the late filing. This compliance reinstatement resolves the issue, allowing Horizon to maintain its listing on NASDAQ. The firm operates as a $7.9 billion-asset commercial bank, offering a range of banking services across the Midwestern U.S.
Horizon Bancorp (NASDAQ: HBNC) received notice from NASDAQ for failing to timely file its Annual Report on Form 10-K for the year ending December 31, 2022, due on March 1, 2023. The company has 60 days to submit a compliance plan. Horizon stated it misclassified its status as an 'accelerated filer,' leading to the missed deadline. This marks the first instance in its history of non-compliance with NASDAQ rules. The company is addressing material weaknesses in financial reporting and does not expect significant changes to prior financial results. Horizon plans to file the 2022 Form 10-K soon and believes it can comply with all NASDAQ requirements.
Horizon Bancorp, Inc. (NASDAQ GS: HBNC) will host its 2022 Virtual Investor Day on February 21, 2023, at 11:00 a.m. CT. The event, featuring key executives, will review the company's performance for 2022, outline strategies for 2023, and provide an outlook for the future. Notable presenters include Craig M. Dwight, Chairman & CEO, and Thomas M. Prame, President. Participants can join the live event or access presentation slides via the company's website. A replay will also be available post-event on the Investor Relations section.
Horizon Bancorp reported robust financial results for the year ending December 31, 2022, with record net income of $93.4 million, or $2.14 per diluted share, representing a 7.3% increase from $87.1 million in 2021. Total loans increased by 13.4% to $4.16 billion, driven by a 30.6% rise in consumer loans. Fourth-quarter net income was $21.2 million, down from $23.8 million in Q3 2022, largely due to lower net interest income and higher credit loss expenses. The return on average assets was 1.24%, and non-interest expense was managed effectively. The company's capital ratios exceeded regulatory requirements, signaling a strong financial position.
MICHIGAN CITY, Ind., Jan. 18, 2023 (GLOBE NEWSWIRE) -- Horizon Bancorp, Inc. (NASDAQ GS: HBNC) announced the appointment of Thomas M. Prame as CEO effective June 1, 2023. Prame, who joined Horizon in August 2022, will succeed Craig M. Dwight, who has served as CEO since 2001 and will retire on July 3, 2023, but remain Chairman of the Board. Under Dwight’s leadership, Horizon's assets grew from $400 million to $7.7 billion. The Board expressed confidence in Prame’s strategic focus and operational efficiency, aiming to enhance customer relationships and expand in Indiana and Michigan markets.
Horizon Bancorp, Inc. (NASDAQ GS: HBNC) announced the retirement of Daniel F. Hopp from its Board of Directors, effective December 31, 2022, after 18 years of service. Hopp's tenure included leadership during significant growth, expanding from 10 to over 70 offices and increasing assets from $904 million to $7.7 billion. Vanessa P. Williams has been appointed to the Board, effective January 1, 2023. She brings extensive experience in legal affairs and risk management, having previously served as Senior Vice President and General Counsel at Kelly Services. Her appointment aims to continue the legacy of strong governance.
Horizon Bancorp, Inc. (NASDAQ GS: HBNC) will hold a conference call on January 26, 2023, at 7:30 a.m. CT to discuss its fourth quarter 2022 financial results. The corresponding press release will be available after market close on January 25, 2023. Horizon Bancorp has $7.7 billion in assets and offers a variety of financial services across the Midwest. Their loan portfolio includes a significant focus on commercial lending, making up over half of total loans. For further details, visit their website.
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