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Sep 30, 2024
Horizon Bancorp Q3 2024 Earnings Report
Reported earnings per share of $0.41 and net income of $18.2 million, demonstrating continued profitability improvement and accretive balance sheet initiatives.
Key Takeaways
Horizon Bancorp reported a net income of $18.2 million, or $0.41 per diluted share, for the third quarter of 2024. The company saw growth in net interest income and positive deposit growth, with strong credit quality maintained.
Net interest income increased for the fourth consecutive quarter to $46.9 million.
Total loans held for investment were $4.8 billion, with commercial portfolio growth offsetting planned run-off of lower-yielding indirect auto loans.
Positive deposit growth of 1.7% during the quarter, reaching $5.7 billion.
Credit quality remained strong, with annualized net charge offs of 0.03% of average loans.
Revenue by Segment
Forward Guidance
Horizon announced strategic actions taking place in the fourth quarter of 2024, which are designed to simplify its business, strengthen the balance sheet and improve long-term structural profitability.
Positive Outlook
- Completed the repositioning of about $325 million of available-for-sale securities in October.
- Signed a letter of intent to sell its mortgage warehouse business, which is expected to generate a gain-on-sale.
- The repositioning of securities is expected to improve the profitability of the business.
- The sale of the mortgage warehouse business is expected to improve the profitability of the business.
- These actions are expected to positively impact Horizon's financial performance in 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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