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Horizon Bancorp Inc. (HBNC+0.53%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $7.8 billion, a decrease from $7.9 billion at the end of 2023, primarily due to a reduction in investment securities and interest-bearing deposits.
Net income for the year was $35.4 million, or $0.80 per diluted share, compared to $28.0 million, or $0.64 per diluted share, in 2023. The increase in net income was driven by higher net interest income and a decrease in income tax expense.
Net interest income rose to $188.6 million from $175.7 million in the previous year, with the net interest margin expanding to 2.68% from 2.54%. This was attributed to a favorable shift towards higher-yielding commercial loans.
Total loans held for investment increased by $429.4 million, or 9.7%, to $4.8 billion, with growth primarily in commercial and residential mortgage loans.
Credit quality remained strong, with non-performing assets to total assets at 0.35% and net charge-offs at 0.04% of average loans.
Total deposits decreased slightly to $5.6 billion, with a decline in time deposits offset by growth in non-maturity deposits.
The company reported an allowance for credit losses of $52.0 million, or 1.07% of total loans, reflecting an increase in provision for loan losses due to loan growth.
Horizon Bancorp's capital ratios remained above regulatory requirements, with a total capital ratio of 13.91% and a Tier 1 capital ratio of 12.00%.
The filing also details various regulatory and compliance matters, including the company's adherence to the Sarbanes-Oxley Act and Dodd-Frank Act requirements.
Horizon Bancorp continues to focus on expanding its commercial and residential lending operations while managing its investment portfolio to optimize yield and maintain liquidity.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Horizon Bancorp Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.