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 its financial results for Q3 2022, highlighting a 7.8% annualized growth in loans, contributing to an increase in net interest income, which rose to $53.4 million. Despite lower residential mortgage lending and rising costs, net income was $23.8 million, showcasing a 3.3% year-over-year increase. Asset quality remained robust with 0.12% delinquency rates. However, unrealized losses on investments totaled $161.8 million, impacting tangible capital.
Horizon Bancorp, Inc. (NASDAQ GS: HBNC) announced the appointment of Thomas M. Prame as President, effective August 15, 2022. This strategic move aims to bolster Horizon’s leadership in its expansion efforts, focusing on lending teams, technology, and customer relationships. Prame brings extensive experience from First Midwest Bancorp, where he significantly enhanced digital technology and efficiency. His leadership is expected to advance Horizon’s growth in the Midwest markets, particularly Indiana and Michigan, fostering a technology-enabled business model for long-term success.
Horizon Bancorp (NASDAQ: HBNC) reported record earnings for Q2 2022, with net income reaching $24.9 million, a 5.5% increase from the prior quarter and 12.1% year-over-year. Diluted EPS rose to $0.57. Pre-tax, pre-provision net income surged 13.1% from the preceding quarter to $29.1 million. Total loans grew 6.2% to $3.89 billion, with consumer loans experiencing a 12.6% increase. However, the company recorded a one-time charge of $380,000 for closing seven branch locations.
Horizon Bancorp, Inc. (NASDAQ GS: HBNC) will hold a conference call on July 28, 2022, at 7:30 a.m. CT to discuss its second quarter 2022 financial results. The financial results will be released post-market on July 27, 2022. Investors can access the call by dialing the provided phone numbers, with a replay available until August 4, 2022. Horizon, a $7.4 billion–asset bank, offers a range of retail and business banking services across the Midwest, focusing on commercial lending, personal banking, and wealth management.
Horizon Bancorp (NASDAQ GS: HBNC) announced a 6.67% increase in its quarterly cash dividend from $0.15 to $0.16 per share. The new dividend is payable on July 22, 2022, to stockholders of record as of July 8, 2022. This increase underscores Horizon's strong profitability and robust balance sheet, enabling a 30-year uninterrupted dividend payment history. Chairman and CEO Craig M. Dwight emphasized the bank's operational efficiency and asset quality as critical factors in this decision.
Horizon Bancorp Inc. (NASDAQ: HBNC) announced the election of Michele M. Magnuson as the new Lead Director, effective July 1, 2022. This election occurred during the Board meeting on June 21, 2022, as the previous Lead Director, Daniel Hopp, will retire at year's end. Magnuson has over 33 years of banking experience, previously serving as President and CFO of LaPorte Bancorp. Her extensive industry knowledge and local familiarity are expected to enhance the Board's effectiveness. Magnuson's term will last until June 30, 2025.
Horizon Bancorp reported a record net income of $23.6 million for Q1 2022, a 10.0% increase from the previous quarter. Diluted earnings per share rose to $0.54, exceeding prior year results. Loan growth was significant with total loans reaching $3.66 billion, up 2.3% quarterly. The net interest margin improved to 2.99%. However, unrealized losses on investments amounted to $73.6 million, impacting tangible capital ratio to 6.94%. Horizon aims for continued organic growth supported by strong credit quality and a scalable business model.
Horizon Bancorp, Inc. (NASDAQ: HBNC) will host a conference call on April 28, 2022, at 7:30 a.m. CT to discuss its first quarter financial results. The earnings release will be issued after market close on April 27, 2022, and will be available on the company's website. Participants can access the live call by dialing in 10 minutes early. A replay will be available for a week post-call. Horizon Bancorp is a $7.4 billion commercial bank holding company, offering a range of personal and business banking services in the Midwest.
Horizon Bancorp, Inc. (NASDAQ GS: HBNC) announced a significant senior leadership restructuring effective April 1, 2022. Noe S. Najera will be promoted to Executive Vice President, overseeing consumer and mortgage lending. Lynn Kerber will become Chief Commercial Banking Officer, while Dennis Kuhn will serve as Regional President for Southwest Michigan. The changes follow the retirement of long-time President James D. Neff. Craig M. Dwight will assume the President role temporarily, with plans for a national search for a permanent successor.
Horizon, a $7.4 billion-asset bank, serves diverse Midwestern markets.
Horizon Bancorp announced record earnings for 2021, achieving net income of $87.1 million or $1.98 per diluted share. In Q4, net income was $21.4 million with an adjusted EPS of $0.54. Net interest income reached $50.0 million, up 7.4% sequentially. Although net interest margin decreased to 2.97%, the company is well-positioned for rising interest rates. Total loans declined to $3.60 billion, mainly due to a decrease in PPP loans. Horizon successfully integrated 14 acquired branches, contributing to stable deposit relationships.
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