Horizon Bancorp ( (HBNC) ) has released its Q1 earnings. Here is a breakdown of the information Horizon Bancorp presented to its investors.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Horizon Bancorp, Inc., a commercial bank holding company based in Michigan City, Indiana, operates primarily in the banking sector, offering a wide range of financial services including consumer lending, personal banking, and business banking solutions across the Midwest.
Horizon Bancorp, Inc. reported strong financial results for the first quarter of 2025, showcasing a significant turnaround from the previous quarter’s losses. The company highlighted its sixth consecutive quarter of net interest margin expansion, robust loan growth, and a strategic sale of its mortgage warehouse business.
Key financial metrics for the quarter included a net income of $23.9 million, or $0.54 per diluted share, marking a substantial improvement from a net loss of $10.9 million in the previous quarter. The net interest margin increased to 3.04%, supported by a favorable shift in asset mix towards higher-yielding loans. Additionally, the company achieved a pre-tax gain of $7.0 million from the sale of its mortgage warehouse business, contributing to a rise in non-interest income.
The company also reported a decrease in non-interest expenses by $5.6 million, reflecting a more efficient expense base. Credit quality remained strong with low net charge-offs and stable non-performing assets. Total deposits grew by 2.9% to $5.8 billion, while total assets slightly decreased due to strategic asset sales.
Looking ahead, Horizon Bancorp, Inc. remains focused on maintaining its positive momentum and delivering long-term value to shareholders. The company’s management is optimistic about continuing to strengthen its core banking franchise and expanding its local relationship banking model to further enhance financial performance.