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Sep 30, 2020
Horizon Bancorp Q3 2020 Earnings Report
Horizon Bancorp reported a healthy recovery in earnings, meaningful growth in pre–tax, pre–provision income, maintained sound asset quality metrics, continued to conservatively build reserves, tightly managed operating expenses, stabilized net interest income and margin, and benefited from very strong performance from its mortgage business.
Key Takeaways
Horizon Bancorp, Inc. reported net income of $20.3 million, or $0.46 diluted earnings per share, for the third quarter of 2020. The company saw a healthy recovery in earnings and meaningful growth in pre–tax, pre–provision income. Horizon maintained sound asset quality metrics and continued to conservatively build reserves, tightly managed operating expenses, stabilized net interest income and margin, and benefited from very strong performance from its mortgage business.
Earned net income of $20.3 million, or $0.46 diluted earnings per share.
Grew pre–tax, pre–provision net income to $26.7 million for the quarter.
Reported return on average assets (“ROAA”) of 1.40% and return on average common equity (“ROACE”) of 12.08% in the quarter.
Increased the allowance for credit losses (“ACL”) 2.2% during the quarter and 218.8% year–to–date to $56.3 million at period end.
Horizon Bancorp
Horizon Bancorp
Horizon Bancorp Revenue by Segment
Revenue by Segment
Gain on sale of mortgage loans Revenue
CapyFin.com Forward Guidance
Horizon Bancorp did not provide specific forward guidance in this earnings report.