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Jun 30, 2024
Horizon Bancorp Q2 2024 Earnings Report
Reported an EPS of $0.32, net interest margin expansion, and growth in net interest income and loans.
Key Takeaways
Horizon Bancorp reported a net income of $14.1 million, or $0.32 per diluted share, for the second quarter of 2024. The company saw an increase in net interest income and total loans, with credit quality remaining strong.
Net interest income increased to $45.3 million, marking the third consecutive quarter of growth.
Total loans held for investment increased by 4.4% during the quarter, reaching $4.8 billion.
Non-accrual loans decreased by $0.8 million to $18.3 million.
Deposits totaled $5.6 billion, increasing by 0.9% during the quarter.
Horizon Bancorp
Horizon Bancorp
Horizon Bancorp Revenue by Segment
Revenue by Segment
Service charges on deposit accounts Revenue
CapyFin.comWire transfer fees Revenue
CapyFin.comInterchange fees Revenue
CapyFin.comFiduciary activities Revenue
CapyFin.comGain on sale of mortgage loans Revenue
CapyFin.comMortgage servicing income Revenue
CapyFin.comIncrease in cash value of bank owned life insurance Revenue
CapyFin.comOther income Revenue
CapyFin.com Forward Guidance
The company remains committed to enhancing financial performance throughout 2024, focusing on revenue growth, balance sheet optimization, and expense management.
Positive Outlook
- Strategic shift of balance sheet toward a more profitable earning asset mix.
- Diligent expense management.
- Improving loan yields.
- Relative stability of funding costs.
- Excellent opportunities for organic growth in Indiana and Michigan markets.
Challenges Ahead
- Current financial conditions within the banking industry, including the effects of recent failures of other financial institutions.
- Changes in the level and volatility of interest rates.
- Continuing increases in inflation.
- Potential loss of fee income, including interchange fees.
- Cyber terrorism and data security breaches.