Horizon Bancorp, Inc. has recently released its 10-Q report, providing an insight into its financial performance for the quarter ended March 31, 2024. The company operates as the bank holding company for Horizon Bank, offering a wide range of commercial and retail banking services, including various types of loans, deposit accounts, investment management, and insurance products. It operates through full-service offices in northern and central Indiana and southern and central Michigan.
In the first quarter of 2024, Horizon Bancorp reported total assets of $7.86 billion, a slight decrease from $7.94 billion at the end of 2023. The company's total liabilities stood at $7.13 billion, with stockholders' equity amounting to $721.25 million. The decrease in total assets indicates a cautious approach to managing the balance sheet, possibly to mitigate risks and optimize capital allocation.
The company reported net interest income of $43.29 million, compared to $45.24 million in the same period last year. This decline in net interest income may be attributed to changes in interest rates and the competitive lending environment. Additionally, Horizon Bancorp reported a net income of $13.99 million for the first quarter of 2024, down from $18.23 million in the same period in 2023. The decrease in net income might be a result of various factors, including changes in non-interest income and operating expenses.
Horizon Bancorp's non-interest income for the quarter was $9.93 million, slightly higher than the $9.62 million reported in the first quarter of 2023. This increase in non-interest income could indicate the company's efforts to diversify its revenue sources beyond traditional interest income. However, the company's non-interest expenses also rose to $37.11 million from $34.52 million in the same period last year, possibly impacting its overall profitability.
The company's cash and cash equivalents at the end of the quarter were $271.09 million, significantly lower than the $526.52 million reported at the end of 2023. This substantial decrease in cash and cash equivalents might be a result of changes in investing and financing activities, including the net change in loans and proceeds from borrowings.
As a result of these announcements, the company's shares have moved -0.3% on the market, and are now trading at a price of $12.65. For the full picture, make sure to review Horizon Bancorp's 10-Q report.
