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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.
Horizon Bancorp
Horizon Bancorp
Forward Guidance
Horizon Bancorp did not provide specific forward guidance in the fourth quarter 2024 earnings report.