Horizon Bancorp reports Q4 EPS 33c, consensus 31c

Reports Q4 Total non-interest income of negative $20.4M was $32.3M lower in the fourth quarter of 2023 when compared to the third quarter of 2023, primarily due to a $31.6M loss on sale of investment securities, a decrease in gain on sale of mortgage loans of $631,000 and a decrease of $397,000 in income from bank owned life insurance. revenue $, consensus $.”Horizon had a very positive and productive fourth quarter, led by strong loan growth, consistent core deposit balances, stabilized net interest margin and excellent asset quality,” President and Chief Executive Officer Thomas M. Prame said. “Additionally, we closed out the year with a successful restructure of our balance sheet, providing abundant liquidity to deploy into higher yielding assets and drive meaningful earnings growth in future quarters. Over the quarter, the team made significant progress building out our leasing platform, and we expect to see positive impacts from this effort in the second quarter of 2024. The franchise is experiencing positive momentum in its core business models and we are very optimistic about our position as we enter 2024 and our ability to create value for our shareholders and clients.”