Horizon Bancorp Reports Fourth Quarter and Full Year 2024 Financial Results
Michigan City, Indiana – Horizon Bancorp, Inc. (NASDAQ: HBNC), the parent company of Horizon Bank, recently released its unaudited financial results for the fourth quarter and full year ended December 31, 2024. The Bank reported robust growth in key areas, indicating a strong financial position.
Financial Highlights
For the full year 2024, Horizon Bancorp reported net income of $115.2 million, an increase of 12.7% compared to $102.2 million in 2023. Total assets grew by 10.2% to reach $16.3 billion, while total loans and leases increased by 11.2% to $11.9 billion.
Net Interest Income
Net interest income was a significant contributor to the growth, increasing by 13.6% to $336.9 million in 2024, compared to $300.1 million in 2023. The Bank’s net interest margin remained stable at 3.54%.
Non-Interest Income
Non-interest income also contributed to the growth, increasing by 11.3% to $111.7 million in 2024, compared to $100.3 million in 2023. The increase was driven by higher mortgage banking income and other fee income.
Provision for Credit Losses
Provision for credit losses was $17.5 million in 2024, a decrease of 28.3% compared to $24.4 million in 2023. The decrease in provision for credit losses was due to lower loan and lease losses.
Impact on Individuals
As a depositor or borrower at Horizon Bank, this financial performance is a positive sign. The Bank’s strong financial position indicates its ability to continue providing competitive interest rates on deposits and loans. Additionally, the Bank’s growth in loans and leases could create opportunities for new loan products and services.
Impact on the World
Horizon Bancorp’s financial performance is a positive indicator for the overall health of the banking sector. The growth in net interest income and non-interest income demonstrates the Bank’s ability to generate revenue from various sources, which is essential in today’s economic climate. Furthermore, the decrease in provision for credit losses indicates a lower risk of loan defaults, which is beneficial for the stability of the financial system.
Conclusion
Horizon Bancorp’s financial results for the fourth quarter and full year 2024 highlight the Bank’s continued growth and financial strength. The Bank’s robust net interest income and non-interest income, combined with a decrease in provision for credit losses, position Horizon Bancorp well for the future. As a depositor or borrower, these financial results provide reassurance and opportunities for growth. Furthermore, the Bank’s strong financial performance is a positive sign for the overall health of the banking sector and the economy.
- Horizon Bancorp reported net income of $115.2 million in 2024, an increase of 12.7% compared to $102.2 million in 2023.
- Total assets grew by 10.2% to reach $16.3 billion, while total loans and leases increased by 11.2% to $11.9 billion.
- Net interest income increased by 13.6% to $336.9 million in 2024, compared to $300.1 million in 2023.
- Non-interest income increased by 11.3% to $111.7 million in 2024, compared to $100.3 million in 2023.
- Provision for credit losses decreased by 28.3% to $17.5 million in 2024, compared to $24.4 million in 2023.
