Horizon Bancorp Reports Q4 Loss on Securities Sale Despite Rising Interest Income

Horizon Bancorp, Inc. Reports Fourth Quarter 2024 Results and Successful Execution of Several Key Strategic Initiatives

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Insights

Horizon Bancorp's Q4 2024 results reflect a strategic transformation that prioritizes long-term profitability over short-term earnings. While the $39.1 million securities sale loss impacted quarterly results, this decisive move serves multiple strategic purposes:

The securities repositioning has already contributed to margin expansion, with NIM increasing by 31 basis points to 2.97%
Strong commercial loan growth of 22.4% annualized demonstrates successful execution of the company's core business strategy
The reduction in time deposits by $131.5 million shows effective high-cost funding management

The company's core franchise health indicators are robust:

Net interest income rose for the fifth straight quarter to $53.1 million
Non-maturity deposits grew for the third consecutive quarter
Credit quality remains excellent with minimal net charge-offs of 0.05% and non-performing assets at just 0.35%

The completion of expense restructuring initiatives and sale of the mortgage warehouse division (closing in Q1 2025) position the bank for improved efficiency and profitability. These moves, combined with the securities repositioning, should drive sustained margin expansion and earnings growth throughout 2025.

01/22/2025 - 04:05 PM

MICHIGAN CITY, Ind., Jan. 22, 2025 (GLOBE NEWSWIRE) -- (NASDAQ GS: HBNC) 鈥� Horizon Bancorp, Inc. (鈥淗orizon鈥� or the 鈥淐ompany鈥�), the parent company of Horizon Bank (the 鈥淏ank鈥�), announced its unaudited financial results for the three months and year ended December听31, 2024.

鈥淲e are very pleased with Horizon鈥檚 fourth quarter results, which displayed a significantly more profitable core business model and the successful completion of several major initiatives aimed at continuing this positive trajectory throughout 2025. During the quarter, the team exited lower-yielding securities at a favorable time, and capitalized on the opportunity to redeploy this liquidity into higher yielding loans and to exit higher-cost funding. These actions, combined with an impressive 22.4% annualized growth rate in commercial loans, increased the margin by 31 basis points from the third quarter. Additionally, the team completed its previously communicated fourth quarter initiatives aimed at restructuring its expense base to create greater efficiency in 2025鈥�, President and CEO, Thomas Prame said. 鈥淭he core franchise continues to have strong momentum, and we are positioned well to create greater returns for our shareholders in 2025.鈥�

Net loss for the three months ended December 31, 2024 was $10.9 million, or a loss of $0.25 per diluted share, compared to net income of $18.2 million, or $0.41, for the third quarter of 2024 and compared to a net loss of $25.2 million, or a loss of $0.58 per diluted share, for the fourth quarter of 2023. Net income for the three months ended December听31, 2024 was negatively impacted by the $39.1 million pre-tax loss on the sale of investment securities, and expenses directly related to the previously announced strategic initiatives. Partially offsetting these items was the reversal of the $5.1 million tax valuation allowance, which served to reduce the Company's tax liability in the fourth quarter of 2024. Net income for the three months ended December 31, 2023 was negatively impacted by the $31.6 million pre-tax loss on the sale of investment securities, tax expense of $8.6 million related to the termination of BOLI policies and the establishment of the tax valuation allowance.

Net income for the twelve months ended December听31, 2024 was $35.4 million or $0.80 per diluted share, compared to net income of $28.0 million, or $0.64, for the twelve months ended December听31, 2023.

Fourth Quarter 2024 Highlights

Net interest income increased for the fifth consecutive quarter to $53.1 million for the three months ended December 31, 2024, compared to $46.9 million for the three months ended September听30, 2024. The net interest margin, on a fully taxable equivalent ("FTE") basis¹, also expanded for the fifth consecutive quarter, to 2.97% compared with 2.66% for the three months ended September听30, 2024.

As previously disclosed, the Company completed the repositioning of $332.2 million of available-for-sale securities during the fourth quarter. While the sale resulted in a pre-tax loss of $39.1 million, the Company redeployed the proceeds received into higher-yielding loans and continued to manage down higher cost funding sources.

Total loans were $4.91 billion at December听31, 2024, up $108.6 million from September听30, 2024 balances. Consistent with the Company's stated growth strategy, the commercial portfolio showed continued organic growth momentum during the quarter, which was offset with planned run-off of lower-yielding indirect auto loans in the consumer loan portfolio. Loans held for sale (鈥淗FS鈥�) increased $65.5 million as a result of the Company鈥檚 transfer of its mortgage warehouse loan balances of $64.8 million at December听31, 2024.

Total deposits declined by $126.4 million during the quarter, to $5.60 billion at period end, with the majority of the decline in time deposits, which declined by $131.5 million. The Company's non-maturity deposit base continued to display strength, growing for the third consecutive quarter, including another quarter of relatively stable non-interest bearing deposit balances and growth in core relationship consumer and commercial portfolios.

Credit quality remained strong, with annualized net charge offs of 0.05% of average loans during the fourth quarter. Non-performing assets to total assets of 0.35% remains well within expected ranges, with no material change from the prior quarter. Provision for loan losses of $1.2 million reflects increased provision for unfunded commitments and net growth in commercial loans held for investment ("HFI"), partially offset by the elimination of the reserve associated with mortgage warehouse and the reduction of reserve related to the planned runoff of indirect auto in the current quarter, when compared with the prior quarter.

Continued the process for the sale of the mortgage warehouse division during the quarter. Sold the business for a gain, effective January 17th, which will be recognized in Q1 2025 results.

________________________
¹ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

听

Financial Highlights

(Dollars in Thousands Except Share and Per Share Data and Ratios)

听

Three Months Ended

听

December 31,

听

September 30,

听

June 30,

听

March 31,

听

December 31,

听

2024

听

2024

听

2024

听

2024

听

2023

听

Income statement:

听

Net interest income

53,127

听

46,910

听

45,279

听

43,288

听

42,257

听

Credit loss expense

听

1,171

听

1,044

听

2,369

听

805

听

1,274

听

Non-interest (loss) income

听

(28,954

)

听

11,511

听

10,485

听

9,929

听

(20,449

)

Non-interest expense

听

44,935

听

39,272

听

37,522

听

37,107

听

39,330

听

Income tax (benefit) expense

听

(11,051

)

听

(75

)

听

1,733

听

1,314

听

6,419

听

Net (loss) income

(10,882

)

听

18,180

听

14,140

听

13,991

听

(25,215

)

听

Per share data:

听

Basic (loss) earnings per share

(0.25

)

听

0.42

听

0.32

听

0.32

听

(0.58

)

Diluted (loss) earnings per share

听

(0.25

)

听

0.41

听

0.32

听

0.32

听

(0.58

)

Cash dividends declared per common share

听

0.16

听

0.16

听

0.16

听

0.16

听

0.16

听

Book value per common share

听

17.46

听

17.27

听

16.62

听

16.49

听

16.47

听

Market value - High

听

18.76

听

16.57

听

12.74

听

14.44

听

14.65

听

Market value - Low

听

14.57

听

11.89

听

11.29

听

11.75

听

9.33

听

Weighted average shares outstanding - Basic

听

43,721,211

听

43,712,059

听

43,712,059

听

43,663,610

听

43,649,585

听

Weighted average shares outstanding - Diluted

听

43,721,211

听

44,112,321

听

43,987,187

听

43,874,036

听

43,649,585

听

Common shares outstanding (end of period)

听

43,722,086

听

43,712,059

听

43,712,059

听

43,726,380

听

43,652,063

听

Key ratios:

听

Return on average assets

(0.55

听

0.92

听

0.73

听

0.72

听

(1.27

Return on average stockholders' equity

听

(5.73

)

听

9.80

听

7.83

听

7.76

听

(14.23

)

Total equity to total assets

听

9.79

听

9.52

听

9.18

听

9.18

听

9.06

听

Total loans to deposit ratio

听

87.75

听

83.92

听

85.70

听

82.78

听

78.01

听

Allowance for credit losses to HFI loans

听

1.07

听

1.10

听

1.08

听

1.09

听

1.13

听

Annualized net charge-offs of average total loans⁽¹⁾

听

0.05

听

0.03

听

0.05

听

0.04

听

0.07

听

Efficiency ratio

听

185.89

听

67.22

听

67.29

听

69.73

听

180.35

听

Key metrics (Non-GAAP)⁽²⁾:

听

Net FTE interest margin

听

2.97

听

2.66

听

2.64

听

2.50

听

2.42

Return on average tangible common equity

听

(7.35

)

听

12.65

听

10.18

听

10.11

听

(18.76

)

Tangible common equity to tangible assets

听

7.83

听

7.58

听

7.22

听

7.20

听

7.08

听

Tangible book value per common share

13.68

听

13.46

听

12.80

听

12.65

听

12.60

听

⁽¹⁾Average total loans includes loans held for investment and held for sale.

⁽²⁾Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures.

Income Statement Highlights

Net Interest Income

Net interest income was $53.1 million in the fourth quarter of 2024, compared to $46.9 million in the third quarter of 2024, driven by strong expansion of the Company's net FTE interest margin, while average interest earning assets increased by $65.9 million, or 0.9% from the prior quarter. Horizon鈥檚 net FTE interest margin¹ was 2.97% for the fourth quarter of 2024, compared to 2.66% for the third quarter of 2024, attributable to the favorable mix shift in average interest earning assets toward higher-yielding loans and in the average funding mix toward lower-cost deposit balances, in addition to disciplined pricing strategies on both sides of the balance sheet. The fourth quarter net FTE interest margin did benefit by approximately five basis points related to interest recoveries on specific commercial loans.

Provision for Credit Losses

During the fourth quarter of 2024, the Company recorded a provision for credit losses of $1.2 million. This compares to a provision for credit losses of $1.0 million during the third quarter of 2024, and $1.3 million during the fourth quarter of 2023. The increase in the provision for credit losses during the fourth quarter of 2024 when compared with the third quarter of 2024 was primarily attributable to increased provision for unfunded commitments and net growth in commercial loans, partially offset by the elimination of the reserve associated with mortgage warehouse balances moved to HFS and the reduction of reserve related to the planned runoff of indirect auto in the current quarter, when compared with the prior quarter.

For the fourth quarter of 2024, the allowance for credit losses included net charge-offs of $0.6 million, or an annualized 0.05% of average loans outstanding, compared to net charge-offs of $0.4 million, or an annualized 0.03% of average loans outstanding for the third quarter of 2024, and net charge-offs of $0.8 million, or an annualized 0.07% of average loans outstanding, in the fourth quarter of 2023.

The Company鈥檚 allowance for credit losses as a percentage of period-end loans HFI was 1.07% at December听31, 2024, compared to 1.10% at September听30, 2024 and 1.13% at December听31, 2023.

Non-Interest Income

For the Quarter Ended

December 31,

听

September 30,

听

June 30,

听

March 31,

听

December 31,

(Dollars in Thousands)

2024

听

2024

听

2024

听

2024

听

2023

听

Non-interest Income

听

Service charges on deposit accounts

3,276

听

3,320

听

3,130

听

3,214

听

3,092

听

Wire transfer fees

124

听

123

听

113

听

101

听

103

听

Interchange fees

3,353

听

3,511

听

3,826

听

3,109

听

3,224

听

Fiduciary activities

1,313

听

1,394

听

1,372

听

1,315

听

1,352

听

Loss on sale of investment securities

(39,140

)

听

鈥�

听

鈥�

听

鈥�

听

(31,572

)

Gain on sale of mortgage loans

1,071

听

1,622

听

896

听

626

听

951

听

Mortgage servicing income net of impairment

376

听

412

听

450

听

439

听

724

听

Increase in cash value of bank owned life insurance

335

听

349

听

318

听

298

听

658

听

Other income

338

听

780

听

380

听

827

听

1,019

听

Total non-interest (loss) income

(28,954

)

听

11,511

听

10,485

听

9,929

听

(20,449

)

Total non-interest loss was $29.0 million in the fourth quarter of 2024, compared to non-interest income of $11.5 million in the third quarter of 2024. As previously disclosed, the Company completed the repositioning of $332.2 million of available-for-sale securities during the quarter resulting in a pre-tax loss on sale of investment securities of $39.1 million.

Non-Interest Expense

For the Quarter Ended

December 31,

听

September 30,

听

June 30,

听

March 31,

听

December 31,

(Dollars in Thousands)

2024

听

2024

听

2024

听

2024

听

2023

听

Non-interest Expense

听

Salaries and employee benefits

25,564

听

21,829

听

20,583

听

20,268

听

21,877

听

Net occupancy expenses

3,431

听

3,207

听

3,192

听

3,546

听

3,260

听

Data processing

2,841

听

2,977

听

2,579

听

2,464

听

2,942

听

Professional fees

736

听

676

听

714

听

607

听

772

听

Outside services and consultants

4,470

听

3,677

听

3,058

听

3,359

听

2,394

听

Loan expense

1,285

听

1,034

听

1,038

听

719

听

1,345

听

FDIC insurance expense

1,193

听

1,204

听

1,315

听

1,320

听

1,200

听

Core deposit intangible amortization

843

听

844

听

844

听

872

听

903

听

Other losses

371

听

297

听

515

听

508

听

Other expense

4,201

听

3,527

听

3,684

听

3,936

听

4,129

听

Total non-interest expense

44,935

听

39,272

听

37,522

听

37,107

听

39,330

听

Total non-interest expense was $44.9 million in the fourth quarter of 2024, compared with $39.3 million in the third quarter of 2024. The increase in non-interest expense during the fourth quarter of 2024 was primarily driven by a $3.7 million increase in salaries and employee benefits expense, which is mainly attributable to the acceleration of stock compensation expense and the expenses related to the termination of a legacy benefits program, in addition to increased incentive compensation accruals and higher medical benefit claims expense. Outside services and consultants expense increased by $793 thousand related to direct expenses for strategic initiatives executed in the fourth quarter and additional expense accruals.

Income Taxes

Horizon recorded a net tax benefit for the fourth quarter of 2024, which is reflective of the reduction to full-year pre-tax income, attributable to the realized securities loss, and the reversal of the $5.1 million tax valuation allowance.

Balance Sheet Highlights

Total assets decreased by $126.3 million, or 1.6%, to $7.80 billion as of December听31, 2024, from $7.93 billion as of September听30, 2024. The decrease in total assets is primarily due to proceeds from the sale of investment securities being partially utilized to pay down higher-cost time deposits, as the remaining proceeds from the sale were either reinvested in commercial loans or held in interest-bearing cash accounts.

Total investment securities decreased by $328.2 million, or 13.5%, to $2.1 billion as of December听31, 2024, from $2.4 billion as of September听30, 2024. As previously disclosed, the Company sold $332.2 million in book value of available-for-sale securities during the fourth quarter at a loss of $39.1 million. There were no purchases of investment securities during the fourth quarter of 2024.

Total loans were $4.91 billion at December听31, 2024, up $108.6 million from September听30, 2024 balances. Consistent with the Company's stated growth strategy, the commercial portfolio showed continued organic growth momentum during the quarter, which was offset with planned run-off of lower-yielding indirect auto loans in the consumer loan portfolio. Loans held for sale (鈥淗FS鈥�) increased $65.5 million as a result of the Company鈥檚 transfer of its mortgage warehouse loan balances of $64.8 million at December听31, 2024.

Total deposits decreased by $126.4 million, or 2.2%, to $5.6 billion as of December听31, 2024 when compared to balances as of September听30, 2024. Non-interest bearing deposits were relatively unchanged during the quarter, while savings and money market accounts grew by $25.9 million, or 0.8%. Time deposits declined by $131.5 million, or 10.8%, as the Company elected to use certain proceeds from the sale of investment securities to reduce higher-cost balances.

Total borrowings remained essentially unchanged during the quarter, at $1.1 billion as of December听31, 2024, while balances subject to repurchase agreements declined by $32.5 million, to $89.9 million.

________________________
¹ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

Capital

The following table presents the consolidated regulatory capital ratios of the Company for the previous three quarters, and the Company鈥檚 preliminary estimate of its consolidated regulatory capital ratios for the quarter ended December 31, 2024:

For the Quarter Ended

听

December 31,

听

September 30,

听

June 30,

听

March 31,

听

2024*

听

2024

听

2024

听

2024**

Consolidated Capital Ratios

听

Total capital (to risk-weighted assets)

听

13.84

听

13.45

听

13.41

听

13.75

Tier 1 capital (to risk-weighted assets)

听

11.96

听

11.63

听

11.59

听

11.89

Common equity tier 1 capital (to risk-weighted assets)

听

10.96

听

10.68

听

10.63

听

10.89

Tier 1 capital (to average assets)

听

8.87

听

9.02

听

9.02

听

8.91

*Preliminary estimate - may be subject to change

听

** Prior period was previously revised (see disclosure in Form 10-Q for the quarterly period ending June 30, 2024)

听

As of December听31, 2024, the ratio of total stockholders鈥� equity to total assets is 9.79%. Book value per common share was $17.46, increasing $0.19 during the fourth quarter of 2024.

Tangible common equity¹ totaled $598.1 million at December听31, 2024, and the ratio of tangible common equity to tangible assets¹ was 7.83% at December听31, 2024, up from 7.58% at September听30, 2024. Tangible book value, which excludes intangible assets from total equity, per common share¹ was $13.68, increasing $0.22 during the fourth quarter of 2024 behind the growth in retained earnings, excluding the securities loss that was previously in accumulated other comprehensive income, the recovery of the tax valuation allowance and a credit to additional paid-in capital from the closing out of the previously noted legacy benefits program.

Credit Quality

As of December听31, 2024, total non-accrual loans increased by $2.2 million, or 9%, from September听30, 2024, to 0.53% of total loans HFI. Total non-performing assets increased $1.8 million, or 7%, to $27.4 million, compared to $25.6 million as of September听30, 2024. The ratio of non-performing assets to total assets increased to 0.35% compared to 0.32% as of September听30, 2024.

As of December听31, 2024, net charge-offs increased by $243 thousand to $621 thousand, compared to $378 thousand as of September听30, 2024 and remain just 0.05% annualized of average loans.

________________________
¹ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

Earnings Conference Call

As previously announced, Horizon will host a conference call to review its fourth quarter financial results and operating performance.

Participants may access the live conference call on January听23, 2025 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 833-974-2379 from the United States, 866-450-4696 from Canada or 1-412-317-5772 from international locations and requesting the 鈥淗orizon Bancorp Call.鈥� Participants are asked to dial in approximately 10 minutes prior to the call.

A telephone replay of the call will be available approximately one hour after the end of the conference through February 1, 2025. The replay may be accessed by dialing 877-344-7529 from the United States, 855-669-9658 from Canada or 1鈥�412鈥�317-0088 from other international locations, and entering the access code 9847279.

About Horizon Bancorp, Inc.

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $7.8 billion-asset commercial bank holding company for Horizon Bank, which serves customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon's retail offerings include prime residential and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in-market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana's Michigan City, is available at horizonbank.com and investor.horizonbank.com.

Use of Non-GAAP Financial Measures

Certain information set forth in this press release refers to financial measures determined by methods other than in accordance with GAAP. Specifically, we have included non-GAAP financial measures relating to net income, diluted earnings per share, pre-tax, pre-provision net income, net interest margin, tangible stockholders鈥� equity and tangible book value per share, efficiency ratio, the return on average assets, the return on average common equity, and return on average tangible equity. In each case, we have identified special circumstances that we consider to be non-recurring and have excluded them. We believe that this shows the impact of such events as acquisition-related purchase accounting adjustments and swap termination fees, among others we have identified in our reconciliations. Horizon believes these non-GAAP financial measures are helpful to investors and provide a greater understanding of our business and financial results without giving effect to the purchase accounting impacts and one-time costs of acquisitions and non鈥搑ecurring items. These measures are not necessarily comparable to similar measures that may be presented by other companies and should not be considered in isolation or as a substitute for the related GAAP measure. See the tables and other information below and contained elsewhere in this press release for reconciliations of the non-GAAP information identified herein and its most comparable GAAP measures.

Forward Looking Statements

This press release may contain forward鈥搇ooking statements regarding the financial performance, business prospects, growth and operating strategies of Horizon Bancorp, Inc. and its affiliates (collectively, 鈥淗orizon鈥�). For these statements, Horizon claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Horizon, including the information in the filings we make with the Securities and Exchange Commission (the 鈥淪EC鈥�). Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management鈥檚 expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as 鈥渁nticipate,鈥� 鈥渆stimate,鈥� 鈥減roject,鈥� 鈥渋ntend,鈥� 鈥減lan,鈥� 鈥渂elieve,鈥� 鈥渨ill鈥� and similar expressions in connection with any discussion of future operating or financial performance.

Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: current financial conditions within the banking industry; changes in the level and volatility of interest rates, changes in spreads on earning assets and changes in interest bearing liabilities; increased interest rate sensitivity; the aggregate effects of elevated inflation levels in recent years; loss of key Horizon personnel; increases in disintermediation; potential loss of fee income, including interchange fees, as new and emerging alternative payment platforms take a greater market share of the payment systems; estimates of fair value of certain of Horizon鈥檚 assets and liabilities; changes in prepayment speeds, loan originations, credit losses, market values, collateral securing loans and other assets; changes in sources of liquidity; macroeconomic conditions and their impact on Horizon and its customers; legislative and regulatory actions and reforms; changes in accounting policies or procedures as may be adopted and required by regulatory agencies; litigation, regulatory enforcement, and legal compliance risk and costs; rapid technological developments and changes; cyber terrorism and data security breaches; the rising costs of cybersecurity; the ability of the U.S. federal government to manage federal debt limits; climate change and social justice initiatives; the inability to realize cost savings or revenues or to effectively implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; acts of terrorism, war and global conflicts, such as the Russia and Ukraine conflict and the Israel and Hamas conflict; and supply chain disruptions and delays. These and additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Horizon鈥檚 reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC鈥檚 website (www.sec.gov). Undue reliance should not be placed on the forward鈥搇ooking statements, which speak only as of the date hereof. Horizon does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward鈥搇ooking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.

听

Condensed Consolidated Statements of Income

听

(Dollars in Thousands Except Per Share Data, Unaudited)

听

Three Months Ended

听

Year Ended

听

December 31,

听

September 30,

听

June 30,

听

March 31,

听

December 31,

听

December 31,

听

December 31,

听

2024

听

2024

听

2024

听

2024

听

2023

听

2024

听

2023

听

Interest Income

听

Loans receivable

76,747

听

75,488

听

71,880

听

66,954

听

65,583

听

291,069

听

244,544

听

Investment securities - taxable

听

6,814

听

8,133

听

7,986

听

7,362

听

8,157

听

30,295

听

34,410

听

Investment securities - tax-exempt

听

6,301

听

6,310

听

6,377

听

6,451

听

6,767

听

25,439

听

28,384

听

Other

听

3,488

听

957

听

738

听

4,497

听

3,007

听

9,680

听

4,967

听

Total interest income

听

93,350

听

90,888

听

86,981

听

85,264

听

83,514

听

356,483

听

312,305

听

Interest Expense

听

Deposits

听

27,818

听

30,787

听

28,447

听

27,990

听

27,376

听

115,042

听

85,857

听

Borrowed funds

听

10,656

听

11,131

听

11,213

听

11,930

听

11,765

听

44,930

听

42,478

听

Subordinated notes

听

829

听

830

听

829

听

831

听

870

听

3,319

听

3,511

听

Junior subordinated debentures issued to capital trusts

听

920

听

1,230

听

1,213

听

1,225

听

1,246

听

4,588

听

4,715

听

Total interest expense

听

40,223

听

43,978

听

41,702

听

41,976

听

41,257

听

167,879

听

136,561

听

Net Interest Income

听

53,127

听

46,910

听

45,279

听

43,288

听

42,257

听

188,604

听

175,744

听

Provision for loan losses

听

1,171

听

1,044

听

2,369

听

805

听

1,274

听

5,389

听

2,459

听

Net Interest Income after Provision for Loan Losses

听

51,956

听

45,866

听

42,910

听

42,483

听

40,983

听

183,215

听

173,285

听

Non-interest Income

听

Service charges on deposit accounts

听

3,276

听

3,320

听

3,130

听

3,214

听

3,092

听

12,940

听

12,227

听

Wire transfer fees

听

124

听

123

听

113

听

101

听

103

听

461

听

448

听

Interchange fees

听

3,353

听

3,511

听

3,826

听

3,109

听

3,224

听

13,799

听

12,861

听

Fiduciary activities

听

1,313

听

1,394

听

1,372

听

1,315

听

1,352

听

5,394

听

5,080

听

Loss on sale of investment securities

听

(39,140

)

听

鈥�

听

鈥�

听

鈥�

听

(31,572

)

听

(39,140

)

听

(32,052

)

Gain on sale of mortgage loans

听

1,071

听

1,622

听

896

听

626

听

951

听

4,215

听

4,323

听

Mortgage servicing income net of impairment

听

376

听

412

听

450

听

439

听

724

听

1,677

听

2,708

听

Increase in cash value of bank owned life insurance

听

335

听

349

听

318

听

298

听

658

听

1,300

听

3,709

听

Other income

听

338

听

780

听

380

听

827

听

1,019

听

2,325

听

2,694

听

Total non-interest (loss) income

听

(28,954

)

听

11,511

听

10,485

听

9,929

听

(20,449

)

听

2,971

听

11,998

听

Non-interest Expense

听

Salaries and employee benefits

听

25,564

听

21,829

听

20,583

听

20,268

听

21,877

听

88,244

听

80,809

听

Net occupancy expenses

听

3,431

听

3,207

听

3,192

听

3,546

听

3,260

听

13,376

听

13,355

听

Data processing

听

2,841

听

2,977

听

2,579

听

2,464

听

2,942

听

10,861

听

11,626

听

Professional fees

听

736

听

676

听

714

听

607

听

772

听

2,733

听

2,645

听

Outside services and consultants

听

4,470

听

3,677

听

3,058

听

3,359

听

2,394

听

14,564

听

9,942

听

Loan expense

听

1,285

听

1,034

听

1,038

听

719

听

1,345

听

4,076

听

4,980

听

FDIC insurance expense

听

1,193

听

1,204

听

1,315

听

1,320

听

1,200

听

5,032

听

3,880

听

Core deposit intangible amortization

听

843

听

844

听

844

听

872

听

903

听

3,403

听

3,612

听

Other losses

听

371

听

297

听

515

听

508

听

1,199

听

1,051

听

Other expense

听

4,201

听

3,527

听

3,684

听

3,936

听

4,129

听

15,348

听

14,384

听

Total non-interest expense

听

44,935

听

39,272

听

37,522

听

37,107

听

39,330

听

158,836

听

146,284

听

(Loss) Income Before Income Taxes

听

(21,933

)

听

18,105

听

15,873

听

15,305

听

(18,796

)

听

27,350

听

38,999

听

Income tax (benefit) expense

听

(11,051

)

听

(75

)

听

1,733

听

1,314

听

6,419

听

(8,079

)

听

11,018

听

Net (Loss) Income

(10,882

)

听

18,180

听

14,140

听

13,991

听

(25,215

)

听

35,429

听

27,981

听

Basic (Loss) Earnings Per Share

(0.25

)

听

0.42

听

0.32

听

0.32

听

(0.58

)

听

0.81

听

0.64

听

Diluted (Loss) Earnings Per Share

听

(0.25

)

听

0.41

听

0.32

听

0.32

听

(0.58

)

听

0.80

听

0.64

听

Condensed Consolidated Balance Sheet

听

(Dollar in Thousands)

听

December 31,
2024

听

September 30,
2024

听

June 30,
2024

听

March 31,
2024

听

December 31,
2023

Assets

听

Interest earning assets

听

Federal funds sold

鈥�

听

鈥�

听

453

听

鈥�

听

215

听

Interest earning deposits

听

201,131

听

126,019

听

38,957

听

170,882

听

413,528

听

Interest earning time deposits

听

735

听

735

听

1,715

听

1,715

听

2,205

听

Federal Home Loan Bank stock

听

53,826

听

53,826

听

53,826

听

53,826

听

34,509

听

Investment securities, available for sale

听

233,677

听

541,170

听

527,054

听

535,319

听

547,251

听

Investment securities, held to maturity

听

1,867,690

听

1,888,379

听

1,904,281

听

1,925,725

听

1,945,638

听

Loans held for sale

听

67,597

听

2,069

听

2,440

听

922

听

1,418

听

Gross loans held for investment (HFI)

听

4,847,040

听

4,803,996

听

4,822,840

听

4,618,175

听

4,417,630

听

Total Interest earning assets

听

7,271,696

听

7,416,194

听

7,351,566

听

7,306,564

听

7,362,394

听

Non-interest earning assets

听

Allowance for credit losses

听

(51,980

)

听

(52,881

)

听

(52,215

)

听

(50,387

)

听

(50,029

)

Cash

听

92,300

听

108,815

听

106,691

听

100,206

听

112,772

听

Cash value of life insurance

听

37,450

听

37,115

听

36,773

听

36,455

听

36,157

听

Other assets

听

152,635

听

119,026

听

165,656

听

160,593

听

177,061

听

Goodwill

听

155,211

听

155,211

听

155,211

听

155,211

听

155,211

听

Other intangible assets

听

10,223

听

11,067

听

11,910

听

12,754

听

13,626

听

Premises and equipment, net

听

93,864

听

93,544

听

93,695

听

94,303

听

94,583

听

Interest receivable

听

39,747

听

39,366

听

43,240

听

40,008

听

38,710

听

Total non-interest earning assets

听

529,450

听

511,263

听

560,961

听

549,143

听

578,091

听

Total assets

7,801,146

听

7,927,457

听

7,912,527

听

7,855,707

听

7,940,484

听

Liabilities

听

Savings and money market deposits

3,446,681

听

3,420,827

听

3,364,726

听

3,350,673

听

3,369,149

听

Time deposits

听

1,089,153

听

1,220,653

听

1,178,389

听

1,136,121

听

1,179,739

听

Borrowings

听

1,142,340

听

1,142,744

听

1,229,165

听

1,219,812

听

1,217,020

听

Repurchase agreements

听

89,912

听

122,399

听

128,169

听

139,309

听

136,030

听

Subordinated notes

听

55,738

听

55,703

听

55,668

听

55,634

听

55,543

听

Junior subordinated debentures issued to capital trusts

听

57,477

听

57,423

听

57,369

听

57,315

听

57,258

听

Total interest earning liabilities

听

5,881,301

听

6,019,749

听

6,013,486

听

5,958,864

听

6,014,739

听

Non-interest bearing deposits

听

1,064,818

听

1,085,535

听

1,087,040

听

1,093,076

听

1,116,005

听

Interest payable

听

11,137

听

11,400

听

11,240

听

7,853

听

22,249

听

Other liabilities

听

80,308

听

55,951

听

74,096

听

74,664

听

68,680

听

Total liabilities

7,037,564

听

7,172,635

听

7,185,862

听

7,134,457

听

7,221,673

听

Stockholders鈥� Equity

听

Preferred stock

鈥�

听

鈥�

听

鈥�

听

鈥�

听

鈥�

听

Common stock

听

鈥�

听

鈥�

听

鈥�

听

鈥�

听

鈥�

听

Additional paid-in capital

听

363,761

听

358,453

听

357,673

听

356,599

听

356,400

听

Retained earnings

听

436,122

听

454,050

听

442,977

听

435,927

听

429,021

听

Accumulated other comprehensive (loss)

听

(36,301

)

听

(57,681

)

听

(73,985

)

听

(71,276

)

听

(66,609

)

Total stockholders鈥� equity

763,582

听

754,822

听

726,665

听

721,250

听

718,812

听

Total liabilities and stockholders鈥� equity

7,801,146

听

7,927,457

听

7,912,527

听

7,855,707

听

7,940,485

听

Loans and Deposits

听

(Dollars in Thousands)

听

December 31,

听

September 30,

听

June 30,

听

March 31,

听

December 31,

听

% Change

听

2024

听

2024

听

2024

听

2024

听

2023

听

Q4'24 vs
Q3'24

听

Q4'24 vs
Q4'23

Commercial:

听

Commercial real estate

2,202,858

听

2,105,459

听

2,117,772

听

1,984,723

听

1,962,097

听

Commercial & Industrial

听

875,297

听

808,600

听

786,788

听

765,043

听

712,863

听

Total commercial

听

3,078,155

听

2,914,059

听

2,904,560

听

2,749,766

听

2,674,960

听

Residential AG真人官方 estate

听

802,909

听

801,356

听

797,956

听

782,071

听

681,136

听

鈥�

听

Mortgage warehouse

听

鈥�

听

80,437

听

68,917

听

56,548

听

45,078

听

(100

听

(100

Consumer

听

965,976

听

1,008,144

听

1,051,407

听

1,029,790

听

1,016,456

听

Total loans held for investment

听

4,847,040

听

4,803,996

听

4,822,840

听

4,618,175

听

4,417,630

听

Loans held for sale

听

67,597

听

2,069

听

2,440

听

922

听

1,418

听

3167

听

4667

Total loans

听

4,914,637

听

4,806,065

听

4,825,280

听

4,619,097

听

4,419,048

听

Deposits:

听

Interest bearing deposits

听

Savings and money market deposits

3,446,681

听

3,420,827

听

3,364,726

听

3,350,673

听

3,369,149

听

Time deposits

1,089,153

听

1,220,653

听

1,178,389

听

1,136,121

听

1,179,739

听

(11

听

Total Interest bearing deposits

听

4,535,834

听

4,641,480

听

4,543,115

听

4,486,794

听

4,548,888

听

鈥�

Non-interest bearing deposits

听

Non-interest bearing deposits

1,064,818

听

1,085,535

听

1,087,040

听

1,093,076

听

1,116,005

听

Total deposits

5,600,652

听

5,727,015

听

5,630,155

听

5,579,870

听

5,664,893

听

听	听
听	Average Balance Sheet
听	(Dollars in Thousands, Unaudited)
听	Three Months Ended
听	December 31, 2024							September 30, 2024							December 31, 2023
听	Average Balance⁽⁸⁾			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾		Average Balance⁽⁸⁾			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾		Average Balance⁽⁸⁾			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾
Assets
Interest earning assets	听			听		听		听			听		听		听			听		听
Interest earning deposits (incl. Fed Funds Sold)	$	290,693	听	$	3,488	4.77	%	$	73,524	听	$	957	5.18	%	听	221,375	听	听	3,007	5.39	%
Federal Home Loan Bank stock	听	53,826	听	听	1,516	11.20	%	听	53,826	听	听	1,607	11.88	%	听	34,509	听	听	719	8.27	%
Investment securities - taxable ⁽¹⁾	听	1,079,377	听	听	5,298	1.95	%	听	1,301,830	听	听	6,526	1.99	%	听	1,517,572	听	听	7,438	1.94	%
Investment securities - non-taxable⁽¹⁾	听	1,129,622	听	听	7,976	2.81	%	听	1,125,295	听	听	7,987	2.82	%	听	1,172,157	听	听	8,566	2.90	%
Total investment securities	听	2,208,999	听	听	13,274	2.39	%	听	2,427,125	听	听	14,513	2.38	%	听	2,689,729	听	听	16,004	6.04	%
Loans receivable ^{(2) (3)}	听	4,842,660	听	听	77,142	6.34	%	听	4,775,788	听	听	75,828	6.32	%	听	4,327,930	听	听	65,897	6.04	%
Total interest earning assets	听	7,396,178	听	听	95,420	5.13	%	听	7,330,263	听	听	92,905	5.04	%	听	7,273,543	听	听	85,627	4.67	%
Non-interest earning assets	听			听		听		听			听		听		听			听		听
Cash and due from banks	听	85,776	听	听		听		听	108,609	听	听		听		听	103,255	听	听		听
Allowance for credit losses	听	(52,697	)	听		听		听	(52,111	)	听		听		听	(49,586	)	听		听
Other assets	听	409,332	听	听		听		听	471,259	听	听		听		听	553,604	听	听		听
Total average assets	$	7,838,589	听	听		听		$	7,858,020	听	听		听		$	7,880,816	听	听		听
听	听			听		听		听			听		听		听			听		听
Liabilities and Stockholders' Equity
Interest bearing liabilities	听			听		听		听			听		听		听			听		听
Interest bearing deposits	$	3,417,610	听	$	16,197	1.89	%	$	3,386,177	听	$	18,185	2.14	%	听	3,303,469	听	听	15,116	1.82	%
Time deposits	听	1,160,527	听	听	11,621	3.98	%	听	1,189,148	听	听	12,602	4.22	%	听	1,205,799	听	听	12,260	4.03	%
Borrowings	听	1,130,301	听	听	10,138	3.57	%	听	1,149,952	听	听	10,221	3.54	%	听	1,206,462	听	听	10,812	3.56	%
Repurchase agreements	听	91,960	听	听	518	2.24	%	听	123,524	听	听	910	2.93	%	听	132,524	听	听	953	2.85	%
Subordinated notes	听	55,717	听	听	829	5.92	%	听	55,681	听	听	830	5.93	%	听	58,221	听	听	870	5.93	%
Junior subordinated debentures issued to capital trusts	听	57,443	听	听	920	6.37	%	听	57,389	听	听	1,230	8.53	%	听	57,222	听	听	1,246	8.64	%
Total interest bearing liabilities	听	5,913,558	听	听	40,223	2.71	%	听	5,961,871	听	听	43,978	2.93	%	听	5,963,697	听	听	41,257	2.74	%
Non-interest bearing liabilities
Demand deposits	听	1,099,574	听	听		听		听	1,083,214	听	听		听		听	1,125,164	听	听		听
Accrued interest payable and other liabilities	听	70,117	听	听		听		听	74,563	听	听		听		听	89,162	听	听		听
Stockholders' equity	听	755,340	听	听		听		听	738,372	听	听		听		听	702,793	听	听		听
Total average liabilities and stockholders' equity	$	7,838,589	听	听		听		$	7,858,020	听	听		听		$	7,880,816	听	听		听
Net FTE interest income (non-GAAP) ⁽⁵⁾	听			$	55,197	听		听			$	48,927	听		听			$	44,370	听
Less FTE adjustments ⁽⁴⁾	听			听	2,070	听		听			听	2,017	听		听			听	2113	听
Net Interest Income	听			$	53,127	听		听			$	46,910	听		听			$	42,257	听
Net FTE interest margin (Non-GAAP) ⁽⁴⁾⁽⁵⁾	听			听		2.97	%	听			听		2.66	%	听			听		2.42	%
⁽¹⁾ Securities balances represent daily average balances for the fair value of securities. The average rate is calculated based on the daily average balance for the amortized cost of securities.
⁽²⁾ Includes fees on loans held for sale and held for investment. The inclusion of loan fees does not have a material effect on the average interest rate.
⁽³⁾ Non-accruing loans for the purpose of the computation above are included in the daily average loan amounts outstanding. Loan totals are shown net of unearned income and deferred loan fees.
⁽⁴⁾ Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company's performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax-exempt loans and securities to an FTE basis utilizing a 21% tax rate.
⁽⁵⁾ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
⁽⁶⁾ Includes dividend income on Federal Home Loan Bank stock

听

Credit Quality

听

(Dollars in Thousands Except Ratios)

听

Quarter Ended

听

December 31,

听

September 30,

听

June 30,

听

March 31,

听

December 31,

听

% Change

听

2024

听

2024

听

2024

听

2024

听

2023

听

4Q24 vs
3Q24

听

4Q24 vs
4Q23

Non-accrual loans

听

Commercial

听

5,658

听

6,830

听

4,321

听

5,493

听

7,362

听

(17

听

(23

Residential AG真人官方 estate

听

11,215

听

9,529

听

8,489

听

8,725

听

8,058

听

Mortgage warehouse

听

鈥�

听

鈥�

听

鈥�

听

鈥�

听

鈥�

听

鈥�

听

鈥�

Consumer

听

8,919

听

7,208

听

5,453

听

4,835

听

4,290

听

108

Total non-accrual loans

25,792

听

23,567

听

18,263

听

19,053

听

19,710

听

90 days and greater delinquent - accruing interest

听

1,166

听

819

听

1,039

听

108

听

559

听

109

Total non-performing loans

26,958

听

24,386

听

19,302

听

19,161

听

20,269

听

Other real estate owned

听

Commercial

听

407

听

1,158

听

1,111

听

1,124

听

1,124

听

(65

听

(64

Residential AG真人官方 estate

听

鈥�

听

鈥�

听

鈥�

听

鈥�

听

182

听

鈥�

听

(100

Mortgage warehouse

听

鈥�

听

鈥�

听

鈥�

听

鈥�

听

鈥�

听

鈥�

听

鈥�

Consumer

听

205

听

(52

听

(92

Total other real estate owned

424

听

1,194

听

1,168

听

1,174

听

1,511

听

(64

听

(72

听

Total non-performing assets

27,382

听

25,580

听

20,470

听

20,335

听

21,780

听

Loan data:

听

Accruing 30 to 89 days past due loans

听

23,075

听

18,087

听

19,785

听

15,154

听

16,595

听

Substandard loans

听

43,235

听

59,775

听

51,221

听

47,469

听

49,526

听

(28

听

(13

Net charge-offs (recoveries)

听

Commercial

听

(37

)

听

(52

)

听

(57

)

听

233

听

(29

听

(116

Residential AG真人官方 estate

听

(10

)

听

)

听

)

听

)

听

(148

Mortgage warehouse

听

鈥�

听

鈥�

听

鈥�

听

鈥�

听

鈥�

听

鈥�

听

鈥�

Consumer

听

668

听

439

听

534

听

488

听

531

听

Total net charge-offs

621

听

378

听

587

听

426

听

785

听

(21

听

Allowance for credit losses

听

Commercial

听

31,029

听

32,854

听

31,941

听

30,514

听

29,736

听

Residential AG真人官方 estate

听

3,115

听

2,675

听

2,588

听

2,655

听

2,503

听

Mortgage warehouse

听

鈥�

听

862

听

736

听

659

听

481

听

(100

听

(100

Consumer

听

17,837

听

16,490

听

16,950

听

16,559

听

17,309

听

Total allowance for credit losses

51,981

听

52,881

听

52,215

听

50,387

听

50,029

听

Credit quality ratios

听

Non-accrual loans to HFI loans

听

0.53

听

0.49

听

0.38

听

0.41

听

0.45

听

Non-performing assets to total assets

听

0.35

听

0.32

听

0.26

听

0.26

听

0.27

听

Annualized net charge-offs of average total loans

听

0.05

听

0.03

听

0.05

听

0.04

听

0.07

听

Allowance for credit losses to HFI loans

听

1.07

听

1.10

听

1.08

听

1.09

听

1.13

听

Non鈥揋AAP Reconciliation of Net Fully-Taxable Equivalent ("FTE") Interest Margin

(Dollars in Thousands, Unaudited)

听

Three Months Ended

听

December 31,

听

September 30,

听

June 30,

听

March 31,

听

December 31,

听

2024

听

2024

听

2024

听

2024

听

2023

听

Interest income (GAAP)

(A)

93,350

听

90,888

听

86,981

听

85,264

听

83,514

听

Taxable-equivalent adjustment:

听

Investment securities - tax exempt ⁽¹⁾

听

1,675

听

1,677

听

1,695

听

1,715

听

1,799

听

Loan receivable ⁽²⁾

听

395

听

340

听

328

听

353

听

314

听

Interest income (non-GAAP)

(B)

听

95,420

听

92,905

听

89,004

听

87,332

听

85,627

听

Interest expense (GAAP)

(C)

听

40,223

听

43,978

听

41,702

听

41,976

听

41,257

听

Net interest income (GAAP)

(D) =(A) - (C)

听

53,127

听

46,910

听

45,279

听

43,288

听

42,257

听

Net FTE interest income (non-GAAP)

(E) = (B) - (C)

听

55,197

听

48,927

听

47,302

听

45,356

听

44,370

听

Average interest earning assets

(F)

听

7,396,178

听

7,330,263

听

7,212,788

听

7,293,559

听

7,239,034

听

Net FTE interest margin (non-GAAP)

(G) = (E*) / (F)

听

2.97

听

2.66

听

2.64

听

2.50

听

2.43

听

⁽¹⁾The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity

⁽²⁾ The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment

*Annualized

Non鈥揋AAP Reconciliation of Return on Average Tangible Common Equity

(Dollars in Thousands, Unaudited)

听

Three Months Ended

听

December 31,

听

September 30,

听

June 30,

听

March 31,

听

December 31,

听

2024

听

2024

听

2024

听

2024

听

2023

听

Net income (loss) (GAAP)

(A)

(10,882

)

听

18,180

听

14,140

听

13,991

听

(25,215

)

听

Average stockholders' equity

(B)

755,340

听

738,372

听

726,332

听

725,083

听

702,793

听

Average intangible assets

(C)

听

165,973

听

166,819

听

167,659

听

168,519

听

169,401

听

Average tangible equity (Non-GAAP)

(D) = (B) - (C)

589,367

听

571,553

听

558,673

听

556,564

听

533,392

听

Return on average tangible common equity ("ROACE") (non-GAAP)

(E) = (A*) / (D)

(7.35

听

12.65

听

10.18

听

10.11

听

(18.76

*Annualized

听

Non鈥揋AAP Reconciliation of Tangible Common Equity to Tangible Assets

(Dollars in Thousands, Unaudited)

听

Three Months Ended

听

December 31,

听

September 30,

听

June 30,

听

March 31,

听

December 31,

听

2024

听

2024

听

2024

听

2024

听

2023

听

Total stockholders' equity (GAAP)

(A)

763,582

听

754,822

听

726,665

听

721,250

听

718,812

听

Intangible assets (end of period)

(B)

听

165,434

听

166,278

听

167,121

听

167,965

听

168,837

听

Total tangible common equity (non-GAAP)

598,148

听

588,544

听

559,544

听

553,285

听

549,975

听

Total assets (GAAP)

(D)

听

7,801,146

听

7,927,457

听

7,912,527

听

7,855,707

听

7,940,485

听

Intangible assets (end of period)

(B)

听

165,434

听

166,278

听

167,121

听

167,965

听

168,837

听

Total tangible assets (non-GAAP)

(E) = (D) - (B)

7,635,712

听

7,761,179

听

7,745,406

听

7,687,742

听

7,771,648

听

Tangible common equity to tangible assets (Non-GAAP)

(G) = (C) / (E)

听

7.83

听

7.58

听

7.22

听

7.20

听

7.08

Non鈥揋AAP Reconciliation of Tangible Book Value Per Share

(Dollars in Thousands, Unaudited)

听

Three Months Ended

听

December 31,

听

September 30,

听

June 30,

听

March 31,

听

December 31,

听

2024

听

2024

听

2024

听

2024

听

2023

听

Total stockholders' equity (GAAP)

(A)

763,582

听

754,822

听

726,665

听

721,250

听

718,812

听

Intangible assets (end of period)

(B)

听

165,434

听

166,278

听

167,121

听

167,965

听

168,837

听

Total tangible common equity (non-GAAP)

598,148

听

588,544

听

559,544

听

553,285

听

549,975

听

Common shares outstanding

(D)

听

43,722,086

听

43,712,059

听

43,712,059

听

43,726,380

听

43,652,063

听

Tangible book value per common share (non-GAAP)

(E) = (C) / (D)

13.68

听

13.46

听

12.80

听

12.65

听

12.60

听

Contact:	John R. Stewart, CFA
听	EVP, Chief Financial Officer
Phone:	(219) 814鈥�5833
Fax:	(219) 874鈥�9280
Date:	January 22, 2025

FAQ

What caused Horizon Bancorp's Q4 2024 net loss of $10.9 million?

The net loss was primarily due to a $39.1 million pre-tax loss on investment securities sale, partially offset by a $5.1 million tax valuation allowance reversal.

How much did HBNC's net interest margin improve in Q4 2024?

HBNC's net interest margin expanded by 31 basis points to 2.97% in Q4 2024, compared to 2.66% in Q3 2024.

What was HBNC's commercial loan growth rate in Q4 2024?

HBNC achieved a 22.4% annualized growth rate in commercial loans during Q4 2024.

How much did HBNC's total deposits change in Q4 2024?

Total deposits declined by $126.4 million to $5.60 billion, with the majority of the decline in time deposits.

What was HBNC's credit quality performance in Q4 2024?

Credit quality remained strong with annualized net charge-offs of 0.05% and non-performing assets to total assets ratio of 0.35%.

AG真人官方

Horizon Bancorp, Inc. Reports Fourth Quarter 2024 Results and Successful Execution of Several Key Strategic Initiatives

Insights

FAQ

What caused Horizon Bancorp's Q4 2024 net loss of $10.9 million?

How much did HBNC's net interest margin improve in Q4 2024?

What was HBNC's commercial loan growth rate in Q4 2024?

How much did HBNC's total deposits change in Q4 2024?

What was HBNC's credit quality performance in Q4 2024?

NASDAQ:HBNC

HBNC Rankings

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HBNC Stock Data

Horizon Bancorp, Inc. Reports Fourth Quarter 2024 Results and Successful Execution of Several Key Strategic Initiatives

Insights

Financial Analyst positive

FAQ

What caused Horizon Bancorp's Q4 2024 net loss of $10.9 million?

How much did HBNC's net interest margin improve in Q4 2024?

What was HBNC's commercial loan growth rate in Q4 2024?

How much did HBNC's total deposits change in Q4 2024?

What was HBNC's credit quality performance in Q4 2024?

NASDAQ:HBNC

HBNC Rankings

HBNC Latest News

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