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Mar 31, 2023
Horizon Bancorp Q1 2023 Earnings Report
Horizon Bancorp reported first quarter 2023 results, marking its 150th anniversary of continuous banking operations.
Key Takeaways
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.
Forward Guidance
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.
Positive Outlook
- New loan originations replacing lower–yielding payoffs and paydowns
- Strong liquidity position
- Prudent deposit pricing
- Continued expense management discipline
- Active management of investment portfolio
Challenges Ahead
- Current financial conditions within the banking industry
- Changes in the level and volatility of interest rates
- Continuing increases in inflation
- Potential loss of fee income
- Rapid technological developments and changes
Historical Earnings Impact
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Avg. Return Before/After Earnings
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