The following is a summary of the Horizon Bancorp, Inc. (HBNC) Q1 2024 Earnings Call Transcript:
Financial Performance:
Horizon reported an expanded net interest income for the second consecutive quarter.
The net interest margin was 2.5% for the quarter, improving to 2.53% at the end of March due to minimal charge-offs and low nonperforming loans.
Non-interest incomes and expenses for Q1 2024 remained relatively the same compared to the same period in 2023.
Business Progress:
Significant loan growth was observed in Horizon Bancorp's core business lines, along with an increase in their deposit portfolio, commercial, residential, and consumer loans.
The company remains optimistic about increasing the net interest margin in a flat-age environment.
They anticipate an annualized organic loan growth of 5-6% and total loan growth of 8-10% for Q2 2024.
The company's strategies focus on credit risk management for mitigating potential headwinds.
A rise in interest margin for the rest of the year is expected due to repricing of assets.
More details: Horizon Bancorp (IN) IR
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