Q3 2024 Horizon Bancorp Inc Earnings Call Transcript
Key Points
- Horizon Bancorp (IN) (HBNC) reported positive net income growth for the third quarter of 2024, driven by expansion in net interest income and fee income.
- The company achieved a solid average loan growth of 10% annualized, primarily in commercial and mortgage loans.
- Horizon Bancorp (IN) (HBNC) maintained excellent credit quality with low past dues and nonperforming loan ratios.
- The deposit portfolio showed stability and growth, particularly in core noninterest-bearing balances.
- Strategic actions in the fourth quarter are expected to improve long-term shareholder value and operating performance in 2025.
- The quarter reflected slightly elevated expenses, which are expected to normalize as the company approaches 2025.
- Nonperforming loans increased in the quarter, primarily due to a few larger loans, although they are expected to resolve.
- The indirect auto loan portfolio continued to decline, impacting overall loan growth.
- The company anticipates a modest reduction in fee income in the fourth quarter due to seasonal declines in mortgage activity.
- The fourth quarter results are expected to be 'noisy' due to strategic actions, impacting clarity on some financial metrics.
Good morning, everyone and welcome to the Horizon Bancorp Inc conference call to discuss financial results for the third quarter of 2024. All participants will be in listen-only mode. Should you need assistance? Please sign conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions to ask a question. You may press star then one on your touch tone phone to withdraw your question. Please press star. Then two. Please note this event is being recorded before turning the call over to the management. Please remember that today's call may contain statements that are forward-looking in nature.
These statements are subject to risks uncertainties and other factors that could cause actual results to differ materially from those discussed, including those factors noted in the slide presentation.
Additional information about factors that could cause actual results to differ materially is contained in horizon's most recent form 10 K and its later filings with the Securities and Exchange Commission.
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