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Dec 31, 2024
Horizon Bancorp Q4 2024 Earnings Report
Reported fourth quarter results, displaying a more profitable core business model and the successful completion of several major initiatives.
Key Takeaways
Horizon Bancorp reported a net loss of $10.9 million for Q4 2024, impacted by a $39.1 million pre-tax loss on the sale of investment securities and strategic initiative expenses, offset by a $5.1 million tax valuation allowance reversal. However, net interest income increased to $53.1 million, and the net interest margin expanded to 2.97%. Total loans reached $4.91 billion, with commercial portfolio growth offsetting a planned run-off of lower-yielding auto loans.
Net interest income increased for the fifth consecutive quarter to $53.1 million.
Net interest margin expanded for the fifth consecutive quarter to 2.97%.
Completed the repositioning of $332.2 million of available-for-sale securities, redeploying proceeds into higher-yielding loans.
Total loans were $4.91 billion, up $108.6 million from the prior quarter, driven by commercial portfolio growth.
Revenue by Segment
Forward Guidance
Horizon Bancorp did not provide specific forward guidance in the fourth quarter 2024 earnings report.
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