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Dec 31, 2023
Horizon Bancorp Q4 2023 Earnings Report
Announced fourth quarter and full year 2023 results, successfully executed balance sheet restructuring for future earnings growth.
Key Takeaways
Horizon Bancorp announced positive Q4 results, featuring strong loan growth, stable core deposits, consistent net interest margin, and excellent asset quality. A successful balance sheet restructure provides liquidity for higher-yielding assets and future earnings growth. The team significantly progressed in building out its leasing platform.
Commercial loan growth totaled $85.7 million, increasing by 13.1% annualized during the quarter.
Deposits remained resilient, totaling $5.7 billion at period end.
Net interest margin increased to 2.43% compared to 2.41% in the linked quarter.
Cash totaled $519.4 million at period end.
Forward Guidance
This press release contains forward–looking statements regarding the financial performance, business prospects, growth and operating strategies of Horizon Bancorp, Inc.
Challenges Ahead
- Current financial conditions within the banking industry, including the effects of recent failures of other financial institutions, liquidity levels, and responses by the Federal Reserve, Department of the Treasury, and the Federal Deposit Insurance Corporation to address these issues
- Changes in the level and volatility of interest rates, changes in spreads on earning assets and changes in interest bearing liabilities
- Increased interest rate sensitivity
- The ability of Horizon to remediate its material weaknesses in its internal control over financial reporting
- Continuing increases in inflation
Historical Earnings Impact
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Avg. Return Before/After Earnings
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