Horizon Bancorp ( (HBNC) ) has released its Q4 earnings. Here is a breakdown of the information Horizon Bancorp presented to its investors.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Horizon Bancorp, Inc. is a commercial bank holding company based in Michigan City, Indiana, providing a range of financial services to customers in the Midwest through its subsidiary Horizon Bank.
In its latest earnings report, Horizon Bancorp announced a net loss of $10.9 million for the fourth quarter of 2024, impacted by strategic initiatives, yet demonstrated significant growth in core business areas and improvements in efficiency.
The company achieved a notable increase in net interest income for the fifth consecutive quarter, reaching $53.1 million, and saw a solid expansion in its net interest margin to 2.97%. Despite a pre-tax loss of $39.1 million from the sale of securities, the company successfully redeployed these funds into higher-yielding loans, boosting commercial loan growth by an impressive 22.4% annualized rate. Challenges included a decline in total deposits and an increase in non-interest expenses, particularly in salaries and benefits due to strategic restructuring.
Looking ahead, Horizon Bancorp is optimistic about its strategic positioning, aiming to enhance shareholder returns in 2025 by leveraging its strengthened core franchise and improved operational efficiencies.
