Horizon Bancorp reported a net income of $18.2 million for the first quarter of 2023, with diluted earnings per share of $0.42. The results reflect stable deposits, growing loans, and low credit costs, along with meaningful non-interest expense reductions.
Deposits totaled $5.70 billion, with a slight decline primarily due to municipal and public depositor reductions.
Consumer and commercial deposits totaled $4.28 billion, showing a minimal decrease during the quarter.
Loan-to-deposit ratio was 74.5%, driven by growth in commercial, consumer, and residential balances.
Non-interest expense declined by 3.3% from the linked quarter and 2.1% from the prior year period, totaling $34.5 million.
Horizon believes it will continue to benefit from new loan originations, liquidity position, prudent deposit pricing, continued expense management, low credit costs, and active management of its investment portfolio.
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