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 announced the appointment of Vanessa Williams as an independent director on the Board of its subsidiary, Horizon Bank. Williams, currently Senior Vice President and General Counsel of Kelly Services, brings extensive experience in legal affairs and risk management. She will serve on the Compensation and Asset Liability and Operation Committees. Horizon Bancorp emphasizes that her leadership will support the company's strategy for growth and shareholder value creation.
On January 19, 2022, Horizon Bancorp announced the appointment of Vanessa Williams as an independent director at Horizon Bank. Williams, currently the Senior Vice President and General Counsel at Kelly Services, brings extensive experience in legal affairs and risk management to the board. She will also serve on the Compensation and Asset Liability & Operations Committees. This strategic move aims to enhance growth and shareholder value, as stated by Chairman and CEO Craig M. Dwight.
Horizon Bancorp, Inc. (NASDAQ GS: HBNC) announced a conference call scheduled for January 27, 2022, at 7:30 a.m. CT to discuss its fourth quarter 2021 financial results. The financial results will be released on January 26, 2022, after market close. Horizon, a $7.5 billion–asset bank holding company, serves customers in the Midwest with various banking services including personal and commercial lending. Participants can access the call via designated phone numbers for the US, Canada, and international locations.
Horizon Bancorp (NASDAQ GS: HBNC) will host its 2021 Virtual Investor Day on December 2, 2021, at 11:00 a.m. CT. The event will showcase the company's disciplined operations and recent branch acquisition in Michigan. Key executives, including CEO Craig Dwight and CFO Mark Secor, will present insights and engage in a live Q&A session. Investors can access the event and presentation slides via Horizon's website. A replay of the event will be available until March 2, 2022, reinforcing Horizon's commitment to transparency and investor engagement.
Horizon Bancorp reported strong financial results for Q3 2021, with a record net income of $23.1 million, a 4.0% increase from Q2 2021. The company completed its acquisition of 14 branches in Michigan, enhancing its low-cost deposit franchise. Net interest income reached a record $46.5 million, driven by organic loan growth and an efficiency ratio of 54.88%. Horizon's total deposits rose by $1.20 billion to $5.98 billion. However, the tangible book value per share decreased to $12.05 due to share repurchases and goodwill amortization. Cash dividends increased by 15.4% to $0.15 per share.
Horizon Bancorp, Inc. (NASDAQ: HBNC) will host a conference call on October 28, 2021, at 7:30 a.m. CT to discuss its third quarter 2021 financial results. The related press release will be available after market close on October 27, 2021, on the company's website. Participants can access the call by dialing specific numbers based on their location. A replay will be available until November 4, 2021. Horizon Bancorp provides a range of banking services, focusing on commercial lending and digital banking solutions.
Horizon Bancorp (NASDAQ GS: HBNC) announced a 15.4% increase in its quarterly cash dividend from $0.13 to $0.15 per share. This change will be effective for the dividend payable on October 22, 2021, to stockholders of record by October 8, 2021. The increase marks the second dividend hike in 2021, underscoring the company's strength and profitability, with an annual dividend yield of 3.61%. Horizon maintains a payout ratio of 31.3% based on the last 12 months’ diluted earnings per share and has 15 quarters of cash on hand at the holding company level to support this dividend.
Horizon Bancorp has successfully completed the acquisition of 14 branches across 11 counties in Michigan from TCF National Bank, enhancing its presence in the Midland market and expanding its footprint in Michigan's Lower Peninsula. The transaction, which reinforces Horizon Bank's low-cost deposit franchise, also adds over 50,000 retail and small business customers. Following the acquisition, Horizon Bank operates 88 branches, including 29 in Michigan, and emphasizes digital banking services for its clients.
Horizon Bank has received approval from the FDIC to acquire 14 branches of The Huntington National Bank across 11 Michigan counties.
This acquisition involves approximately $976 million in deposits and $278 million in associated loans, formerly operated by TCF National Bank.
Expected to close on September 18, 2021, this transaction marks Horizon's 15th acquisition since 2002 and will enhance its customer base by 50,000 accounts.
Horizon Bancorp (NASDAQ: HBNC) reported record net income of $22.2 million or $0.50 EPS for Q2 2021, an increase of 51.5% year-over-year. The company experienced growth in non-interest income (+36.7%) and a lower cost of interest-bearing liabilities (0.45%). Despite a decrease in loans to $3.36 billion, Horizon plans to acquire 14 TCF National Bank branches, expanding its deposit base. The return on average assets improved to 1.45%, while the efficiency ratio slightly rose to 57.73%.
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