Horizon Bancorp, Inc. reported a net income of $35.4 million, or $0.80 per diluted share, for the fiscal year ending December 31, 2024, marking an increase from $28.0 million, or $0.64 per diluted share, in 2023. The company's total interest income rose to $356.5 million, up from $312.3 million the previous year, driven by a significant increase in loan volumes and a favorable shift towards higher-yielding commercial loans. Net interest income also increased to $188.6 million, compared to $175.7 million in 2023, with a net interest margin of 2.68%, up from 2.54% in the prior year.
In terms of operational changes, Horizon completed the repositioning of $332.2 million in available-for-sale securities during the fourth quarter, resulting in a pre-tax loss of $39.1 million. This strategic decision was aimed at reallocating funds into higher-yielding loans. The total loans held for investment increased to $4.91 billion, reflecting an 11% year-over-year growth, primarily in commercial and residential mortgage loans. However, total deposits decreased by $126.4 million to $5.60 billion, largely due to a decline in time deposits.
Horizon’s workforce consisted of 841 full-time and 21 part-time employees as of December 31, 2024. The company continues to face competitive pressures in its primary markets of northern and central Indiana and southern and central Michigan, where it competes with various financial institutions, including larger banks and emerging fintech companies. The bank's market share remains strong, particularly in LaPorte County, where it is the largest bank.
The company’s outlook remains cautious, with management noting potential risks from economic conditions, interest rate fluctuations, and competition from non-bank financial service providers. Horizon has emphasized its commitment to maintaining strong credit quality, with non-performing assets at 0.35% of total assets, unchanged from the previous year. The company also reported a provision for credit losses of $5.4 million, reflecting the growth in its loan portfolio and the need to prepare for potential future losses.
Overall, Horizon Bancorp's financial performance in 2024 demonstrates a solid growth trajectory, although it remains vigilant regarding market conditions and competitive dynamics that could impact future results.
About HORIZON BANCORP INC /IN/
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