Horizon Bancorp reports Q4 net loss of $25.2M on balance sheet restructuring; adjusted EPS $0.33

HORIZON BANCORP INC /IN/

2023-FY EPS reported $0.64

Net loss of $25.2M ($0.58 diluted EPS) due to $38.7M after-tax balance sheet restructuring (sale of $382.7M securities, surrender of $112.8M BOLI).
Adjusted net income $14.1M ($0.33 diluted EPS) vs $16.2M ($0.37) in Q3 2023.
Commercial loans grew $85.7M (13.1% annualized); total loans $4.42B up 6.1% YoY.
Net interest margin improved to 2.43% from 2.41% linked quarter.
Deposits stable at $5.66B; non-performing loans 0.44%; net charge-offs 0.02%.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.99

HORIZON BANCORP INC /IN/ reported three and twelve months ended December 31, 2023 results: net income $25.2 million, EPS $0.58 per diluted share.

Period: three and twelve months ended December 31, 2023
Net income: $25.2 million
EPS: $0.58 per diluted share
Result: reported results

Exact text from the filing

For the quarter, the Company recorded a net loss of $25.2 million, or $0.58 per diluted share.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

HORIZON BANCORP INC /IN/ reported three months ended December 31, 2023 results: net income $14.1 million, EPS $0.33 per diluted share.

Period: three months ended December 31, 2023
Net income: $14.1 million
EPS: $0.33 per diluted share
Result: reported results

Exact text from the filing

Excluding the $38.7 million after-tax impact of the balance sheet repositioning and approximately $705,000 in extraordinary expenses associated with previously disclosed staffing changes, the launch of Horizon Equipment Finance and the expansion of the Bank's treasury management capabilities, adjusted net income was $14.1 million, or $0.33 per diluted share, in the quarter.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.99

HORIZON BANCORP INC /IN/ reported three months ended September 30, 2023 results: net income $16.2 million, EPS $0.37 per diluted share.

Period: three months ended September 30, 2023
Net income: $16.2 million
EPS: $0.37 per diluted share
Result: reported results

Exact text from the filing

This compared to third quarter 2023 net income of $16.2 million, or $0.37 per diluted share.

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HORIZON BANCORP INC /IN/ filing history →

Source: SEC EDGAR

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