Horizon Bancorp reports Q2 EPS 32c, consensus 31c

Reports net interest income was $45.3M in the second quarter of 2024, compared to $43.3M in the first quarter of 2024, driven by net FTE interest margin expansion during the quarter. Horizon’s net FTE interest margin1 was 2.64% for the second quarter of 2024, compared to 2.50% for the first quarter of 2024, attributable to the favorable mix shift in average interest earning assets toward higher-yielding loans against relatively stable costs of interest bearing liabilities. Interest accretion from the fair value of acquired loans did not contribute significantly to the second quarter net interest income, or net FTE interest margin.”We are proud of the Company’s performance during the second quarter, which was highlighted by sequential growth in revenue and pre-tax pre-provision income resulting from the strategic shift of Horizon’s balance sheet toward a more profitable earning asset mix, and diligent expense management. Importantly, the previously discussed balance sheet efforts drove improving loan yields, which coupled with the relative stability of our funding costs, yielded 14 basis points of net interest margin expansion in the quarter,” President and Chief Executive Officer Thomas M. Prame said. “In-market businesses and consumers remain at the center of Horizon’s strong credit performance and low-cost deposit franchise, and our Indiana and Michigan markets continue to provide excellent opportunities for organic growth. We are pleased with our performance during the first half of 2024, and remain committed to enhancing our financial performance throughout 2024.”